Annual report 2020/21
ProInvent A/S
CVR 14 24 89 94 

ProInvent has had a busy 2020/21 performing 52 customer projects and reached a total revenue amounted to DKK 96 million. ProInvent has a talented team, now counting 71 employees strong. All comparative figures for the current year and previous four years are here:

See the annual report 2020/2021

See the annual report 2019/2020

See the annual report 2018/2019

Fiscal year2020/212019/202018/192017/182016/17Calculation formulas
Revenue96.03385.56443.73529.87224.873
Gross profit*45.84534.30118.86714.81813.565 * = Revenue – cost of sales – other external costs
Profit before growth costs*2.2583.5731.5391.667578* = Profit for the year + cost spend on growth
EBITDA*1.201(201)522396825* = Gross profit – Staff cost
EBIT*(285)(1.265)160167578* = Operation profit
Net financials(617)(62)454.262651
Profit for the year(690)(1.027)1394.3811.095
Equity2.7363.4254.4524.3134.832
Extended equity*6.7363.4254.4524.3134.832* = Equity + subordinate loan capital
Total assets36.18223.98420.06410.23311.961
Ratios
Executed projects no*5255583733* = The number of big, midsize and small projects
Project size in average*18501.550750800720* = Project size in average = Revenue/ Executed projects no
Growth ratio*12%95%47%20%10%* = Revenue current year/year before
Equity ratio*18,6%14.3%22%42%40%* = Extended equity/Total assets
Current ratio*118%75%94%117%71%* = Current assets/Current liabilities other than provisions
Employees
Start6140282121
Average6653302421
End7161402821

Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.

ProInvent focuses on pharmaceutical and medico customers, and essential projects are delivered to Novo Nordisk, Bavarian Nordic, Coloplast, Radiometer Medical, Widex, Agilent Technologies this year UNEEG, Chr. Hansen, Novozymes, Natus, Demant, Ambu and Umicore among others.
2020/21 has been a great year for the Manufacturing Technology Development area. This department in ProInvent has delivered many projects to the customer's sites. Innovation, development and design are made in Denmark; however, equipment is often installed abroad. ProInvent's export amounted to DKK 71 million, which means 74% of revenue. The export goes to Hungary, Germany, France, USA and China.
As the global health crisis continued partly in 2021, the circumstances have required invention of new ways of collaboration. ProInvent automation resource have been established in Hungary and projects are delivered and commissioned remotely in China. The year has been filled with many challenges in large and complicated projects. However, by the end of the year, we can proudly say that we have overcome these challenges due to great perseverance and successful collaboration with our customers.
2020/21 has also been a great year for the Product Development area in ProInvent. The area has more than doubled in size and now consists of 20 employees and associates with expectations of further growth. Customer feedback is very positive due to the team's results and impact on customer projects and organizations.

The Leadership Team considers the profit before growth costs DKK 2,2 million and EBITDA amount to DKK 1,2 million as satisfactory, but current year loss at bottom line amounted to 0,7 million, is not. The loss is due to a big project whose complexity was underestimated and turned out to be very complicated in combination with the costs associated with ProInvent's growth and the influence of the global health crises; seen in this light, the result is satisfactory.Based on a really good order book and continued order intake, Management is planning moderate growth and better but limited operational earnings. To strengthen ProInvents financial situation, we have received support from the Danish Growth Fond, with DKK 4 million. Counting this support, the extended equity amounts to 6,7 million DKK. The Leadership Team considers the current ratio at 118% as very good. The equity ratio at 18,6% is considered as good. On this basis, our aim to grow the company moderately is realistic.

ProInvent has been committed to the United Nation's Global Compact for years, and we contribute to relevant UN Sustainable Development Goals. We do this by acting respectfully and minimizing our footprint. ProInvent's prioritization of sustainability is anchored in the Management team and is reflected in the technologies we work with and the solutions we supply. By providing our customers with products and solutions with the newest technology, we contribute to our customers' business's increased efficiency and sustainability.

In the Annual Report, you can read the income statement on page 16, the balance sheet on page 17, the changes in equity on page 19, and how ProInvent actively supports the achievement of the 17 Sustainable Development Goals and concentrated our efforts on four of the goals, on page 11.

January 17th, 2022
Leif Dalum, CEO