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2022, DKK
08.06.2023
Bruttoresultat

214''

Primær drift

64.305'

Årets resultat

139''

Aktiver

2.549''

Kortfristede aktiver

1.012''

Egenkapital

898''

Afkastningsgrad

3 %

Soliditetsgrad

35 %

Likviditetsgrad

99 %

Resultat
08.06.2023
Årsrapport
2022
08.06.2023
2021
03.06.2022
2020
18.06.2021
2019
19.06.2020
2018
03.06.2019
2017
31.05.2018
2016
07.06.2017
2015
21.06.2016
Nettoomsætning1.195.375.0001.199.117.0001.117.179.0001.065.043.0001.018.561.0001.183.963.0001.148.622.000974.366.000
Bruttoresultat214.486.000224.604.000207.533.000198.752.000126.259.000267.271.000250.602.000208.112.000
Resultat af primær drift64.305.00092.482.00075.481.00042.130.000-43.861.000127.662.000110.060.00081.462.000
Indtægter af kapitalandele (tilknyttede og associerede) 92.588.00064.434.00067.754.00063.829.0000000
Finansielle indtægter14.024.0009.397.0005.070.00016.647.00016.209.0003.665.0002.785.0007.905.000
Finansieringsomkostninger-27.339.000-26.800.000-27.206.000-19.661.000-63.417.000-28.997.000-22.448.000-25.704.000
Andre finansielle omkostninger00000000
Resultat før skat143.555.000139.513.000121.099.000102.945.000-77.208.00094.886.000111.747.00080.221.000
Resultat138.564.000127.341.000115.292.00093.845.000-66.285.00072.356.00091.441.00066.489.000
Forslag til udbytte00-100.000.0000000-10.000.000
Aktiver
08.06.2023
Årsrapport
2022
08.06.2023
2021
03.06.2022
2020
18.06.2021
2019
19.06.2020
2018
03.06.2019
2017
31.05.2018
2016
07.06.2017
2015
21.06.2016
Kortfristede varebeholdninger369.862.000330.782.000336.694.000274.336.000254.383.000246.085.000219.582.000205.949.000
Kortfristede tilgodehavender fra salg og tjenesteydelser 405.094.000419.968.000388.084.000408.577.000402.841.000528.283.000385.476.000379.197.000
Likvider237.364.000161.518.00094.307.000226.991.000105.739.000415.00034.826.00094.000
Kortfristede aktiver1.012.320.000912.268.000819.085.000909.904.000762.963.000774.783.000639.884.000585.240.000
Immaterielle aktiver og goodwill546.987.000524.779.000507.960.000430.608.000403.262.000375.704.000385.506.000421.891.000
Finansielle anlægsaktiver641.429.000539.888.000507.404.000401.277.000341.458.000348.115.000292.864.000282.800.000
Materielle aktiver347.852.000356.724.000395.789.000388.696.000351.606.000330.877.000307.945.000277.637.000
Langfristede aktiver1.536.268.0001.421.391.0001.411.153.0001.220.581.0001.096.326.0001.054.696.000986.315.000982.328.000
Aktiver2.548.588.0002.333.659.0002.230.238.0002.130.485.0001.859.289.0001.829.479.0001.626.199.0001.567.568.000
Aktiver
08.06.2023
Passiver
08.06.2023
Årsrapport
2022
08.06.2023
2021
03.06.2022
2020
18.06.2021
2019
19.06.2020
2018
03.06.2019
2017
31.05.2018
2016
07.06.2017
2015
21.06.2016
Forslag til udbytte00100.000.000000010.000.000
Egenkapital898.159.000744.704.000730.531.000680.276.000578.956.000663.357.000562.190.000571.776.000
Hensatte forpligtelser152.344.000161.562.000147.977.000136.009.000259.781.000134.154.000131.039.000134.381.000
Langfristet gæld til banker0000000139.437.000
Anden langfristet gæld65.096.00061.481.00059.438.00029.286.0000000
Leverandører af varer og tjenesteydelser91.421.000101.982.00099.204.00093.499.000106.821.00090.034.000105.329.00086.599.000
Kortfristede forpligtelser1.017.960.000893.774.000864.193.000797.196.000503.344.000515.483.000510.419.000517.875.000
Gældsforpligtelser1.498.085.0001.427.393.0001.351.730.0001.314.200.0001.020.552.0001.031.968.000932.970.000861.411.000
Forpligtelser1.498.085.0001.427.393.0001.351.730.0001.314.200.0001.020.552.0001.031.968.000932.970.000861.411.000
Passiver2.548.588.0002.333.659.0002.230.238.0002.130.485.0001.859.289.0001.829.479.0001.626.199.0001.567.568.000
Passiver
08.06.2023
Nøgletal
08.06.2023
Årsrapport
2022
08.06.2023
2021
03.06.2022
2020
18.06.2021
2019
19.06.2020
2018
03.06.2019
2017
31.05.2018
2016
07.06.2017
2015
21.06.2016
Afkastningsgrad 2,5 %4,0 %3,4 %2,0 %-2,4 %7,0 %6,8 %5,2 %
Dækningsgrad 17,9 %18,7 %18,6 %18,7 %12,4 %22,6 %21,8 %21,4 %
Resultatgrad 11,6 %10,6 %10,3 %8,8 %-6,5 %6,1 %8,0 %6,8 %
Varelagerets omsætningshastighed 3,2 3,6 3,3 3,9 4,0 4,8 5,2 4,7
Egenkapitals-forretning 15,4 %17,1 %15,8 %13,8 %-11,4 %10,9 %16,3 %11,6 %
Payout-ratio Na.Na.86,7 %Na.Na.Na.Na.15,0 %
Gældsdæknings-nøgletal 235,2 %345,1 %277,4 %214,3 %-69,2 %440,3 %490,3 %316,9 %
Soliditestgrad 35,2 %31,9 %32,8 %31,9 %31,1 %36,3 %34,6 %36,5 %
Likviditetsgrad 99,4 %102,1 %94,8 %114,1 %151,6 %150,3 %125,4 %113,0 %
Resultat
08.06.2023
Gæld
08.06.2023
Årsrapport
08.06.2023
Nyeste:01.03.2022- 28.02.2023(offentliggjort: 08.06.2023)
Beretning
08.06.2023
Dato for ledelsens godkendelse af årsrapporten:2023-05-22
Ledelsespåtegning:Statement by the Board of Directors and Executive Management
Statement by Management on the annual report
Identifikation af den godkendte årsrapport:The Board of Directors and Executive Management have today discussed and approved the Annual Report of Terma A/S for the 2022/23 fiscal year.
Management's review
Beskrivelse af virksomhedens væsentligste aktiviteter:Business ActivitiesTerma provides mission-critical solutions for the ærospace, defense, and security industry. Terma is guided by one overall purpose: to deliver security for people using advanced technology. Security is a means of maintaining and developing prosperity and protecting human lives and sovereignty. Terma has four Business Areas covering Æronautics, Surveillance & Mission Solutions, Space and Support & Services. The four business areas operate across and with support from the four regions in which Terma has organized its global business: Europe, North & Central America, Asia Pacific, and Middle East & North Africa. Æronautics provides a full range of manufacturing services within complex ærostructures and electronics, as well as solutions for aircraft self-protection and audio management. The Æronautics portfolio is balanced featuring long-term program positions with stable revenue base as well as higher-growth business to expand market presence. In ærostructures, Terma is a key supplier to the F-35 program with over 80 part numbers. F-35 revenue has grown over the past years to a plateau, which will not grow further during the next few years. To accelerate growth and mitigate near-term growth challenges, Æronautics seeks to expand beyond core markets to diversify the portfolio and increase exposure to higher-growth market areas. This includes missile components, land radar, unmanned platforms, special mission aircraft, and rotary wing aircraft. Surveillance & Mission Systems provides radars for coastal surveillance and traffic control in ports and airports, radars for naval vessels, as well as radars for wind turbine interference mitigation and aircraft detection lighting control. The activities also cover command, control, and communications solutions for naval vessels and air defense systems, self-protection systems for naval vessels, and systems for security surveillance of critical infrastructures. The focus of Terma’s SCANTER radar products continues to be on reliable long-range detection of small targets in difficult weather conditions at sea, on land, and in the air. SCANTER is the leading radar in the coastal surveillance and vessel traffic services segments. Terma saw a significant growth in the naval market, affirming Terma’s leading surface surveillance radar position. The growth was also supported by the introduction of a new drone detection and identification capability, in conjunction with AI delivering world-class defense against drones. Demand was also strong for security and radar solutions, supporting oil platforms, wind farms, and energy centers, because of the increasing demand for sustainable energy from windfarms and recently the impact of national safety. Space develops and supplies electronics, software, and services for satellites, space control centers, and for test and validation related to development of new satellites. The worldwide space market is developing positively, and our product development has placed Terma in a comfortable position for several new opportunities in Europe and in the U. S. Terma’s acquisition of Atos’ EGSE business adds new, important competencies and offerings to foster Terma’s existing EGSE business. It allows us to expand our portfolio even further and play a bigger role in e. g. European Space Agency missions. The Support & Services area saw a recovery in activity as the access to customers was restored after the COVID-19 pandemic and travel restrictions were lifted. The Terma Lifecare concept was further developed and matured with Lifecare Service Level solutions for customers using Terma’s Wind Farm Aircraft Detection Lighting System solutions in the U. S. and Critical Infrastructure Protection solutions in the Middle East. Support & Services also enhanced its digital service offering Connect Lite, a desktop monitoring and dashboard tool, which allows Terma customers to oversee their radar systems. The solution works only inside the customer network, making Connect Lite a highly secure solution. In the Europe region, Terma further established the role as the Danish prime defence and security company, taking on more responsibility towards the Danish society and Danish Defence – including the role as turn-key supplier on several capabilities and projects. Terma’s European footprint was increased with the expansion of the company to Austria, Czech Republic, and Romania following the acquisition of Atos’ EGSE space business. In the domain of aircraft self-protection systems, Terma continued to support existing installed bases such as the F-16 and C-130 and increased the focus on offering podded solutions for helicopters such as the NH-90. North & Central America remains a crucial aspect of Terma’s growth constituting more than 50% of total revenue, and with the continuation of large programs such as the F-35 and emergence of next generation self protection systems requirements. The presence of many key customers, including Lockheed Martin Æronautics, Northrop Grumman Corporation, Marvin Engineering, and Raytheon Technologies is instrumental in building relationships that nurture future business with these industry giants. Furthermore, the U. S. Airforce and Foreign Military Sales have continued to be an integral sales channel for aircraft and coastal surveillance. After being disrupted by the COVID-19 pandemic for more than two years Asia Pacific saw a rebound year in 2022/23 for the entire region. Most paused programs were restarted, which resulted in a growing activity for the region. Particularly the naval business experienced growth in the Asia Pacific region, and Terma’s leading technologies within drone detection and classification are expected to be a further catalyst for this growth. Terma’s strong presence in Indonesia, with offices in both Surabaya and Jakarta, proved to be imperative and critical in order to deliver as per plan and promise for the in-country programs. In the Middle East & North Africa region, sales of radars for coastal surveillance, vessel traffic services, ground surveillance, airport surveillance, as well as sales and installation of Critical Infrastructure Protection (CIP) continued over the past year. Terma’s CIP solutions are primarily supplied in the Middle East and North African region. OperationsAt the facility in Grenå, Terma manufactures advanced ærostructures in metal and composite materials. From the production facilities in Lystrup Terma delivers advanced electronics components and systems. Operating within the defense industry implies high standards regarding quality and precision. Terma has invested and continues to invest in advanced production equipment to continuously improve efficiency and maintain its competitiveness. Both factories saw high on-time-delivery rates and improved efficiencies, despite challenges from temporary material shortages and supplier quality issues. The performance and our firm commitment to quality is recognized by our customers, and Terma recently won a prestigious Northrop Grumman award. Terma successfully passed the AS9100 recertification audit in September 2022. The audit covered all Terma’s major sites. As supplier of mission-critical solutions to the ærospace, defense, and security industries, the AS9100 certification is essential to Terma, and more than 50% of our revenue is dependent on this certification. Technology & Innovation launched a new strategy under the name HORIZON, reflecting the changing environment around Terma. Going forward, value creation for our customers will also mean solving complex challenges through innovation and delivering end-to-end multi-domain operations solutions, advanced analytics, unparalleled cyber resilience, and a modern secure and interoperable digital backbone. The HORIZON strategy is focused on technology proximity to our customers, public authorities, universities, and the private sector to ensure that we create and maintain strong partnerships in technology and innovation.
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