Doms Aps

Management's review

FINANCIAL HIGHLIGHTSKey FiguresKey Figures in DKK '000 2023 2022 2021 2020 2019Profit/lossGross Profit 101,366 69,615 75,521 76,102 78,360Index129 89 96 97 100Operating Profit 51,311 15,734 23,284 20,157 19,168Index268 82 121 105 100Total net financials 2,662 -4,077 4,203 737 -680Index-392 600 -618 -108 100100Profit before tax 53,973 11,657 27,487 20,894 15,302Index353 76 180 137 100Profit for the year 42,059 8,290 21,406 16,127 11,808Index356 70 181 137 100BalanceTotal assets 153,744 146,161 144,826 126,162 97,078Investments in property, plant 0 0 0 0 0and equipmentIndexEquity 114,612 116,554 109,669 88,263 61,433Ratios2023 2022 2021 2020 2019ProfitabilityReturn on equity 37% 7% 22% 22% 21%Equity RatioEquity ratio 75% 80% 74% 67% 63%OthersNumber of employees( average) 75 76 76 82 86The financial ratios stated under "Financial highlights" have been calculated as follows:Profit/loss for the year x100Return on equity Average equityEquity ratioEquity, end of year x 100Total assetsDevelopment in activities and financial affairsThe income statement for the period 01.01.23 - 31.12.23 shows a gross profit of DKK 101,416 thousand against DKK 70,785 thousand for the period 01.01.22-31.12.22, an operating profit of DKK 49,508 thousand against 15,734 thousand for the period 01.01.22-31.12.22 and a profit of DKK 42,059 thousand against DKK 8,290 thousand for the period 01.01.22-31.12.22. The balance sheet shows equity of DKK 114,612 thousand.Management consider the 2023 performance to be extraordinary and significantly above the expected gross profit of DKK 72-75 million and operating profit of DKK 20-22 million as communicated in the annual report for 2022. The extraordinary development is due to large order backlog going into 2023 and increased production capacity enabling us to fulfil this large backlog and additional orders taken in 2023. In particular we see strong sales into Western Europe region for customer projects and additionally increase sales volume in South East Asia.OutlookManagement expects the company in 2024 will be generating an expected gross profit of 36-40m DKK and operating profit of 20-25m DKK. Business model for PSS selling activity has changed since December 2023 where the distribution has now moved to Gilbarco GmbH in Germany. The impact of this change has reduced the overall revenue in DOMS ApS for PSS products however the lost of sales will be compensated via royalty payments from Germany.Knowledge resourcesIt is essential to the company's continued development that it can attract and retain highly qualified staff, including engineers and technicians with expertise in the area of hardware and software development as well as project management.The introduction of new regulations and executive orders in the industry calls for ongoing staff training. Therefore, the company currently arranges a number of training sessions for the employees.Financial risksThe company is not exposed to risks beyond those risks that are common in the Company’sbusiness sector.External environmentThe company is eco-concious and is making an ongoing effort to reduce the environmentalimpact of its operations. Also, though regular training and dissemination of information to allemployees, the company seeks to foster a responsible and reasonable attitude to theenvironment as well as security issues.Research and development activitiesThe company has no R&D expenses which fulfil the criteria for capitalisation were incurredin the year under review.Subsequent eventsNo important events have occurred after the end of the financial year.

Description of significant activities of entity

Primary activitiesDoms ApS' ('the Company's') primary activities relate to the sale, installation and service offuel retail equipment.In Denmark, the Company's main activity consists of technical service and installations tocustomers in the fuel retail industry and the supply of related equipment.Internationally, the company's main activity consists in the supply and sale of electronicssystems for forecourt management at fuel retailers (PSS 5000).