Statement by Management on the annual report
Identifikation af den godkendte årsrapport:We have on this day presented the annual report for the financial year 07. 06. 22 - 31. 12. 22 for Flow Danish TopCo ApS.
Management's review
Beskrivelse af virksomhedens væsentligste aktiviteter:Primary activities
The parent company's activities comprise to act as a holding company, to carry out investment and maintenance, as well as other related activities.
The group's designs, produces, markets, and services pumps and pumping systems, environmental equipment and solutions related to these.
The group’s activity is divided into the business segments:
Marine & Offshore
Industry
Oil Spill Response
Defence & Fuel
Utility
The product range, which is completed by agency products from leading manufacturers on the world market, is also supplemented by associated services in the form of projecting and installation of pumping systems including automation/controls and aftersales service through the well-developed group network of subsidiaries and service centres.
Annual Activities As of 31 October 2022, a change of owner has taken place in DESMI Group as One Equity Partners is the new majority shareholder via their commercial foundation VIII. It is the expectation that the change of owner will support the continued growth of the DESMI group. 2022 was affected negatively by the impact of the Covid-19 pandemic lasting for longer than originally assumed, and at the same time, global political tensions in general and in particular the war in Ukraine have had a negative impact on the business. In consequence, particularly the situation in the global supply chain has been difficult because long lead times from sub suppliers of critical components, prolonged transportation times, and high freight rates have caused delays of deliveries, long lead times, increased inventories, and erosion of the profit performance. Even though the situation in the global supply chain is the same for all suppliers, it is our perception that the turnover also is influenced by these circumstances. Delays of deliveries have caused postponement of the compliance date for installation of Ballast Water Management Systems (BWMS), and it has not been possible or attractive to remove vessels from operations to install scrubber systems because of lacking transport capacity and high freight rates. The technical solutions for BWMS, which are introduced to the market, have resulted in increased competitiveness in the sale of BWMS, DESMI has increased market share, and the sale of BWMS is a significant growth driver for DESMI. The sale within this area has increased by 95% in 2022 and reflects the success, which DESMI has experienced with the efforts made to ensure its part of the retrofit market that is expected to fade out with the legislation in 2024. The sale of pumps for scrubber systems is still an important activity for the group, and DESMI holds a high market share.
In 2022, the price difference between high-sulphur (HSFO) and low-sulphur (LSFO) fuel oil has been maintained at a high level, which is a precondition for a good investment case at the shipowners. However, this has not had the full influence on the demand, and it is estimated that there is an unexploited potential in the market. DESMI DeServe A/S was established in 2020 with a view to construct a global service organisation and strengthening of the aftersales business. This work has continued into 2022, and DESMI appears with a global service organisation supporting all business areas. The focus on handing-over the responsibility for the sale of spareparts is strengthened, and the turnover related to the sale of spareparts has increased by 31% from 2021 until 2022. The order book has been maintained at a high level during 2022 and is considered to be at a very satisfactory level.
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