Virksomhedsform
Aktieselskab
Etableret
2005
Størrelse
Mellemstore
Ansatte
55
Omsætning
- DKK
Bruttofortj.
3.263.840 DKK
Primært resultat (EBIT)
-25.127.123 DKK
Årets resultat
-26.376.010 DKK
Egenkapital
-14.464.411 DKK
annonce

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Stamoplysninger baseret på CVR

NavnFalck Schmidt Defence Systems A/S
CVR28490259
AdresseOslogade 1, 5000 Odense C
BrancheFremstilling af militære kampkøretøjer [304000]
Etableret/nedlagt18-02-2005 - 11-03-2021 (16 år)
Første regnskabsperiode18-02-2005 til 31-12-2005
VirksomhedsformAktieselskab
Antal ansatte4 (årsværk:3)
ReklamebeskyttelseNej
Regnskabsperiode01-01 til 31-12
Selskabskapital575.000 DKK
575.000 DKK (11-03-2005 - 11-03-2021)
500.000 DKK (18-02-2005 - 10-03-2005)
Vedtægter seneste31-01-2011

Medlem af brancherne

Regnskab

 201620152014
Valuta/enhed000' DKK000' DKK000' DKK
Omsætning
-
-
-
-
-
-
Bruttofortjeneste
3.264
-84%
19.901
+42%
14.003
-68%
Årets resultat
-26.376
-
-8.682
-
-11.159
-
Egenkapital
-14.464
-
11.912
-42%
20.594
-37%
Balance
81.494
+28%
63.577
+8%
58.992
-19%

Ledelsesberetning

The overall growth in activities from 2008 to 2012 has not been sustainable in the following years. Several programs incl. programs where the company has been successful have moved to the right resulting in significantly growing order backlog but also that earnings in 2015 although growing compared to 2014 did not match the expenses. Two major programs played a role – new APC´s for the Danish army where the company will have a sizeable contract, but first to have any effect in 2017 and growing the following years. Also programs cancelled have contributed to the cost base but not to the turnover/earnings.

The Order backlog is now more than 150 mio. DKK. Also worth mentioning the Space programs are on a steady growth path.

Export share of total turnover in 2014 to 2016 was more than 95% - and expectations are the same for 2017.

The Result for 2016 is negative and not acceptable but equals the expectations in late 2016 as programs showed to be delayed into 2017 and following years.

The continued development of new technologies gives a broad span of technology based possibilities for the company in its portfolio of solutions and competencies which individually and collectively as a basis shall provide superior ability and survivability for the soldier.

Carbon composite based structures (with/without armor capability) for defence, aerospace and space applications.
Integrated electromechanical solutions (no hydraulic).
Integrated software and controls.
Masts and platforms with a stability that can enable targeting, launch and guidance of missiles from larger heights as well as mobility with vehicle based sensors and weapons elevated.

Auxiliary Power Units (APU´s) – power supply for mobile platforms based on diesel technology – today on conventional diesel engines but with future solutions based on unique engine technology.
Further engagement into Space business.

These capabilities are today unique on the world market and are expected to contribute significantly to the future growth.

Furthermore in 2016 the company continued to work the defence market in 3 new areas:
Research and development incl. investment in Different engine technology for APU´s for the defence and aerospace market
Significant investment in state of the art technology on the Elevated (Based on mast systems providing a world-class capability for mobile reconnaissance. This work is aiming at also provide not only subsystems but also total turnkey solutions as systems integrator.
Continued work to achieve position to develop and manufacture next generation combat vehicle hulls in composites – incl. Composites with extra blast absorption (Mine and IED´s) as well as lightweight kinetic energy protection.

These technologies will also secure continued growth and a broader market access.

Based on the intensive development and sales/demo activities the booked contracts level for the coming years is now growing. These contracts has put the company back in a profit and growth mode and will create a stable base for more than 5 years to come.

The development in activities has resulted in expectations for 2017 of a reasonable profit level and increased profit levels in the years to follow. The budget for 2017 with the existing and ongoing volume of orders is showing a positive and satisfactory result which give the management confidence in the progress and the financial situation for the company and shows that we are catching up with the many delays.

Information on non-financial issues
As a result of the above mentioned development and expectations for 2017 is that the company has a growing work force that will continue to grow.
The company participates in several international exhibitions on several continents as part of the marketing and networking. In 2016 the company attended the following exhibitions:

IDEX, Abu Dhabi, UAE
AUSA - Winter - Ft. Lauderdale - USA
EUROSATORY, Paris
Cansec, Canada
AUSA Fall - Washington DC – USA
A number of smaller exhibiths

In 2016 audits have been carried out based on EN/ISO 9001 and NATO AQAP 2110 by BVQI resulting in renewed QA-certificates.

Uncertainties on calculations and estimates
The company only manufactures to order. Conservative principles are used for calculating profits etc.

Business risks
The market for defence equipment is contrary to the commercial market and industrial market not dependent on the normal business cycles. The development in this market is driven by political initiatives as result of security political development.

Risks are thus especially related to changes in procurements that can be changed short-term based on the political decisions and developments.

This also means that expectations to the coming development are subject to the same political security/insecurity where projects can be moved in time and extent - not only as a result of requirement assessments but as a result of political compromises.

Being an order based company this means that the result of each year is under significant influence from the political process on procurements.

Due to the large share of revenue exports also currency is a risk factor. The risk associated with currency are secured to the extent possible.

As stated above the schedule delays and cancellation of program(s) has caused 2016 to be a year with a net loss.

Financial risks
The financial risks are considered low. The cash flow is based on government funds providing a relatively high security of payment. Having a base with a good portion of the business based on USD the fluctuation of the USD rate is closely monitored and rates secured as seen applicable.

Cashflow and capital resources
The negative result and the investments in 2015 and 2016 has increased to need for further credit. The granted credits and the expectations to getting further credit are expected big enough to accomplish the estimated activities for 2017 and coming years. Also agreements are made increasing credits. FSDS has basically agreed to also work with Industri Udvikling to increase the capital base. We refer to note 1.

The reduced cash availability especially for 2017 is worked extensively with the focus to increase the working cash. Management has a running focus on cash flow to secure the continued growth.




Knowledge resources
The strategic goals are based on a know-how heavy organization and thus to have a quite large number of engineers as well as an ongoing relation to knowledge institutions i.e. RISOE, DTU, SDU etc.

The co-operation with knowledge institutions had continued in 2016.

Environmental issues
The company complies with environmental regulations.

Within the defence area the environmental consciousness is growing including decommissioning of equipment as part of development activities and the avoidance of hazardous materials. Water based coatings are used where possible.

Development activities
Research and development activities are based on several areas and fora, including NATO/NIAG, WEAG. EUROPA MOU as well as between the company and the national defence procurement agencies respectively international defence contractors.

These activities are collectively focused on survivability/safety of the soldier. Development of technologies and products shall provide the optimum of protection in the role in which the equipment is used.

Objectively survivability can best be achieved by keeping the soldier out of harms way respectively providing best possible protection.

The company thus focuses on:

Elevated mobile solutions where sensors or weapons are elevated and potentially remotely controlled keeping the operator in defilade and under protection.
Army ground equipment and vehicles
Forcus on future programs for the NAVY
Composite structures including protection with low weight to strength and protection ratio.
Development of electronics and systems incl. Power supply solutions – over time to include the application of novel cyclone engine technology.
Development and supply of components for Space applications.

Several patents have been applied for as well as been issued in 2016.

The investments in 2016 has especially concentrated on two focus areas;
Development of elevated solutions for mobile reconnaissance proving the user ability to carry out reconnaissance while on the move and under protection. The system developed provides unmatched stability and weight to performance ratio by use of high performance materials (Carbon fiber etc.) and patented drive systems and manufacturing methods. First sale that was expected in 2014 was concluded in 2015 – New reconnaissance systems to the Canadian Army providing unmatched mobile reconnaissance. Deliveries are now ongoing.
Further development of the Standardized elevated platforms that provides a range of solutions with capability of up to 400kg/900lbs payload (Sensors,Weapons etc.) and elevated heights of up to 16m/55 ft. 3 standard ranges are developed from Light weight Masts (LWM) to High Mobility Masts (HMM) and Elevated Mast Platform (EMP).
Novel engine/APU technology providing unmatched capability in terms of size, weight, noise and multifuel capability

This technology provides the following products and applications:

Masts (EMP – Elevated Mast Platform)
Masts are primarily developed to increase protection for the operator on vehicles maintaining situational awareness while staying under protection.
Use of masts further provides the capability, also under defilade and during mobility to observe and engage in combat.
Resources are used to continuously develop the capability also reducing weight by use of composites.
The significant increase in request for information and proposals has shown a big need for
these products.
Increase in sales in coming years is expected.

MSLP = Missile Stand Lifting Platform
MSLP is a new product developed in co-operation with a national defense command. This product and technologies developed are expected to contribute significantly to the future sales and revenue.

This mast elevates to approx. 20 meters.
This gives unique possibilities for an optimal position for an air-defence-system. (Stealth design and the possibility to get cover from the forest). This maintains the possibility to detect, target and track incoming aircraft.

With this mast system it is for the first time in history proven possible to fire guided surface to air missiles from an 18-20 m mast. The system completed live missile firing trials in May 2008 and in 2014 with Radar with a result by far exceeding the contractual as well as the expected performace.

Based on the already established interest management expects production of this product type within the next 12-18 months.

REMS = Radar Elevated Mast System.
A modified MSLP to elevates sensors (Radar).

Structural composite solutions
The company has in the prior period moved activities which since 2009 have moved from research and development to product solutions. Furthermore the company has taken the first steps to also use these technologies on airframes and products related to the aircraft industry. Developments are all based on methods based on – out of autoclave – technology while applying nano technology.

Focus is on lightweight structural components with integrated protection/armour with the goal to improve the protection and structural integrity relative to weight throughout the product line. In the EMP and MSLP structural parts are in carbon composites as well as vehicle components and structures with integrated protection.

European Space Agency has contracted with the company to develop unique composite structure capabilities. (Pure carbon).

The company does use and see strategic alliances as a means to further develop this area and will also in the future continue this effort.

VETRONICS and APU´s.
The electronics area has continued in 2015 and also the focus apart from the manufacture of VETRONICS the focus is on development of drive systems incl. the software portion. In the same period the company has further engaged in power system solutions for mobile systems (APU´s Auxiliary Power Units). Simple VETRONICS solutions and products are expected to get under increased costs pressure. Investment is planned for 2017 to automate part of the manufacturing/assembly work on the Vetronics.

SPACE-activities
In 2016 the corporation has delivered products and satellite structures and contracted deliveries for the ESA Solar Orbiter, Exo-Mars as well as several other programs.

Research and Development
Funds are continuously used out of the overhead of sales to further develop products, technologies and programs. In 2016 a larger number of millions have been spent as IR&D funds.
The company further participates in national and international research- and development programs – typically the company finances 50% of the overall costs.

Representation abroad
Based on agencies and agreements representation is established in a number of locations.
21-06-2017

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