COMPANY ANNOUNCEMENT
Company Announcement no. 47 –
The Board of Directors of
Key points for the 2023 Annual Report
- Revenue amounted to
DKK 29,7 million (DKK 24,5 million in 2022). - Operating profit (EBITDA) amounted to
DKK 4,80 million (DKK 0,52 million in 2022). - DAC successfully completed three technology demonstrations on the
International Space Station (ISS) during Andreas Mogensen’s six-monthHuginn Mission . - DAC’s modified Virtual Reality (VR) experiment “VR for Exercise” was used over 30 times by five different ISS astronauts. The VR headset – used together with DAC’s FERGO exercise ergometer to simulate a terrestrial cycling experience – demonstrated the potential to enhance significantly the exercise experience of astronauts on orbit.
- DAC’s FERGO ergometer, which
NASA purchased, launched, installed on the ISS, has been approved for operational use bySpace Station crew members. FERGO replaces the CEVIS ergometer that DAC has been providing toNASA since 1992. ESA extended its contract with DAC for support of astronaut health monitoring on ISS for 2024.- Development, production, and assembly of DAC’s E4D multifunction exercise device has continued on schedule. Several E4D ergometer modules were assembled and tested.
Management review
DAC’s old CEVIS ergometer on the
In connection with the Danish ESA astronaut Andreas Mogensen’s six-month
These demonstrations have supported the development of new technologies for use by space agencies, commercial human spaceflight companies on orbit and in extreme environments on Earth.
The first demonstration involved the on-orbit testing of DAC’s wearable sensor technology called SpaceWear.
The third “VR for Exercise” demonstration involved using DAC’s Virtual Reality system to demonstrate enhanced astronaut exercise experiences. Used together with the FERGO ergometer,
Development and manufacturing of the multifunctional E4D multifunctional exercise device for
DAC’s contract with
DAC passed this year’s annual supervisory audit for the 7th year in a row, which is a check of the company’s (AS/EN9100 standard rev. D) quality control authorization by Bureau Veritas. DAC therefore continues to be one of few space companies in
“DAC had a satisfying 2023 with earnings before tax of
Material errors in previous years
During the preparation of the annual accounts for 2023, it has been established that the annual accounts for 2022 contained a material error, due to error in the model for assessing the stage-of-completion of work-in-progress. The error has been corrected in the annual accounts for 2023, and the correction has been made via the opening equity and comparative figures have been restated. The corrected error reduces the equity per
Expectations for the 2024 fiscal year.
In the fiscal year 2024 Danish Aerospace Company’s expectations are:
- Total Revenue (incl. other income) of
DKK 22-24 million ; and - Operating profit (EBITDA) of approx.
DKK 2-3 million .
DAC’s
Attached to this document:
Appendix 1 –
Appendix 2 – Changes in Equity 2023
Appendix 3 – Cash Flow 2023
The Audited Annual Report for 2023 will be available on the company’s website by
Annual Reports -
For further information, please contact:
Chairman of the Board of Directors
Mobil: +45 40 17 75 31
CEO
Mobil: +45 40 29 41 62
Certified Adviser:
Baker Tilly Corporate Finance P/S
(CVR-nr. 40073310)
Poul Bundgaards Vej 1, 1.,
DK-2500 Valby
Tel.: +45 33 45 10 00
www.bakertilly.dk
About
The company has developed five generations respiratory equipment for spaceflight, bicycle ergometers for astronauts, countermeasures, adapted several commercial medical equipment for spaceflight and has participated in the development of the minus eighty-degree Celsius freezers.
The Company’s quality system is certified in obligation to BS
Note: This is a translation of the corresponding Company Announcement in Danish. In case of discrepancies between the Danish wording and the English translation, the Danish wording prevails.
Appendix 1 – Key figures 2023
DKK in thousands. | 2023 | 2022 | ||||
Income statement: | ||||||
Revenue | 29.715 | 24.470 | ||||
Gross profit | 20.649 | 15.177 | ||||
Other operating income | 2.166 | 828 | ||||
EBITDA | 4.803 | 517 | ||||
Profit /loss from operating activities | 4.042 | -251 | ||||
Net financials | -730 | 656 | ||||
Net profit or loss for the year | 2.020 | -351 | ||||
Statement of financial position: | ||||||
Balance sheet total | 34.242 | 22.237 | ||||
Investments in property, plant and equipment | 36 | 256 | ||||
Equity | 12.052 | 9.858 | ||||
Key figures in %: | ||||||
Gross margin (%) | 69,49 | 62,02 | ||||
EBITDA margin (% ) | 16,16 | 2,11 | ||||
Equity ratio (%) | 35,2 | 44,33 | ||||
Share performance: | ||||||
Earnings per share (DKK) | 0,19 | -0,03 | ||||
P/E ratio | 18,15 | -127,97 | ||||
P/B ratio | 3,04 | 4,56 | ||||
Total number of shares | 10.908.330 | 10.908.330 | ||||
Closing share price (DKK) | 3,36 | 4,12 | ||||
Calculations of key figures and ratios do, in all material respects, follow the recommendations of the Danish | ||||||
Appendix 2 – Changes in Equity 2023
All amounts in DKK. | Contributed capital | Reserve for development costs | Retained earnings | Total |
Equity | 1.090.833 | 1.052.856 | 19.162.537 | 21.306.226 |
Correction of significant errors relating to previous years | 0 | 0 | -11.448.161 | -11.448.161 |
Adjusted equity | 1.090.833 | 1.052.856 | 7.714.376 | 9.858.065 |
Retained earnings for the year | 0 | 0 | 2.019.741 | 2.019.741 |
Transferred from retained earnings | 0 | 978.827 | -978.827 | 0 |
Foreign currency translation adjustments | 0 | 0 | 173.969 | 173.969 |
1.090.833 | 2.031.683 | 8.929.259 | 12.051.775 |
Appendix 3 – Cash flow 2023
All a mounts in DKK. | |||
Note | 2023 | 2022 | |
Net profit or loss for the year | 2.019.741 | -351.191 | |
19 | Adjustments | 2.783.546 | 868.090 |
20 | Change in working capital | -13.139.104 | -7.575.407 |
Cash flows from operating activities before net financials | -8.335.817 | -7.058.508 | |
Interest received, etc. | 245.657 | 702.588 | |
Interest paid, etc. | -976.014 | -46.428 | |
Cash flows from ordinary activities | -9.066.174 | -6.402.348 | |
Income tax paid | 122.472 | 31.807 | |
Cash flows from operating activities | -8.943.702 | -6.370.541 | |
Purchase of intangible assets | -1.799.254 | -856.520 | |
Purchase of property, plant, and equipment | -35.734 | -255.566 | |
Cash flows from investment activities | -1.834.988 | -1.112.086 | |
Changes in short-term bank loans | 10.755.763 | 4.906.187 | |
Cash flows from financing activities | 10.755.763 | 4.906.187 | |
Change in cash and cash equivalents | -22.927 | -2.576.440 | |
Cash and cash equivalents at | 106.433 | 2.682.873 | |
Cash and cash equivalents at | 83.506 | 106.433 | |
Cash and cash equivalents | |||
Cash and cash equivalents | 83.506 | 106.433 | |
Cash and cash equivalents at | 83.506 | 106.433 |
Attachment
- Danish_Aerospace_Company_AS-2023-Årsrapport
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