Rovsing

Earnings Release • Nov 18, 2016

Announcement no 245 - 18 November 2016

Highlights Q1 2016/17:

In the first quarter of 2016/17 Rovsing continued the strong sales growth. The
sales grew by 61 % compared to same period last year.

Q1 2016/17 was dominated by continued activities for large Power SCOE contracts
and the ramp-up of the DSTE products and systems.

In August 2016, Rovsing signed the agreement for deliveries of stand-alone
Solar Array Simulator (SAS) modules to the MetOp-SG Satellite Programme.

In the summer, Rovsing won OHB System in Bremen, Germany as a new customer for
its standards products and entered OHB’s supplier base for future EGSE systems.

In September 2016, Rovsing signed the Distributor Agreement for the Chinese
mainland with Shanghai Keliang Information Tech. & Eng. Co. Ltd (Keliang) for
Rovsing’s Power SCOE products.

Rovsing was contracted by ESA/ESTEC to provide technical training for a Galileo
IOV EGSE system that Rovsing delivered earlier to the industry prime.

Financial highlights Q1 2016/17:

-- Turnover for the period was DKK 9.0 mio. (Q1 2015/16: DKK 5.6 mio.) with an
EBITDA of DKK -0.2 mio. (Q1 2015/16: DKK -0.1) The EBITDA is impacted by
considerable investments in SAS and DSTE production ramp-up and knowledge
transfer (cf. Annual Report 2015/16).

-- Equity amounts to DKK 15.2 mio. (30/9 2015: DKK 25.9 mio.).

Outlook for 2016/17

For the financial year 2016/17, Rovsing confirms its outlook of an expected
turnover of DKK 32-35 mio. with an expected EBITDA of DKK 0-2 mio.

The very strong sales growth continues to challenge the liquidity situation in
Rovsing. To pursue and support the full growth potential of the increased
activities, Rovsing will investigate the option of increasing the capital by
way of a direct listing of up to 10 % of the share capital.

Further information

Rovsing A/S, Cristian Bank, CEO (cbk@rovsing.dk)