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FINANCIAL STATEMENTS Message from the CEO ANNUAL REPORT 2016201720182019 2 ASETEK A/S - ANNUAL REPORT 2019 Asetek A/S BOARD OF DIRECTORS COMPENSATION COMMITTEE Assensvej 2 Jukka Pertola, Chairman Jukka Pertola DK-9220 Aalborg East Chris J. Christopher, Vice Chairman Chris J. Christopher Denmark Erik Damsgaard Jørgen Smidt Jørgen Smidt Phone: +45 9645 0047 Maria Hjorth EXECUTIVE MANAGEMENT Fax: +45 9645 0048 André Sloth Eriksen, CEO Web: www.asetek.com NOMINATION COMMITTEE Peter Dam Madsen, CFO Mail: [email protected] Ib Sønderby Claus Berner Møller AUDITOR CVR-number: 3488 0522 Jørgen Smidt PwC, State Authorized Public Accountants ISIN-number: DK0060477263 Nobelparken, Jens Chr. Skous Vej 1 LEI: 213800ATZVDWWKJ8NI47 AUDIT COMMITTEE DK-8000 Aarhus C Chris J. Christopher Phone: +45 8932 0000 Erik Damsgaard CVR-no 33 77 12 31 Maria Hjorth EXECUTIVE MANAGEMENT André Sloth Eriksen Peter Dam Madsen CEO CFO LIQUID COOLING DONE RIGHT ASETEK A/S - ANNUAL REPORT 2019 3 CONTENTS MANAGEMENT REPORT FINANCIAL STATEMENTS Message from the CEO .................................................................................... 4 CONSOLIDATED FINANCIAL STATEMENTS ................................... 30 PARENT COMPANY FINANCIAL STATEMENTS ............................ 58 OVERVIEW The Year 2019 Outlined .................................................................................... 8 MANAGEMENT STATEMENT ................................................................... 65 Asetek at a glance ............................................................................................... 9 INDEPENDENT AUDITOR’S REPORT ...................................................66 Five-year summary ........................................................................................... 10 OTHER INFORMATION PERFORMANCE AND OUTLOOK Stock exchange releases ................................................................................69 Performance in 2019 .........................................................................................14 Definitions of ratios and metrics .................................................................70 Expectations for 2020 .....................................................................................15 GOVERNANCE Corporate governance .....................................................................................19 Risk management .............................................................................................22 Corporate social responsibility ....................................................................23 Shareholder information ................................................................................25 ARTICLES Unique Asetek coolers with raving reviews ............................................12 Asetek's journey to alter the political climate ........................................16 Elevating our Brand with Influencers and Enthusiasts .....................26 LIQUID COOLING DONE RIGHT 4 2020 certainly looks interesting for Asetek, and we welcome you to join us on the journey. MESSAGE FROM THE CEO SOWING SEEDS FOR THE FUTURE DEAR READER, CHALLENGES FROM CHINA results that all politicians should pursue in their desire of Aalborg speaks positively about its potential. There to minimize global CO2 emissions. is also a short animation video, which we use to create The year 2019 was truly an exciting, groundbreaking, Among the challenges we felt were the fear of global political interest around Asetek’s liquid cooling tech- and – as often before – challenging year for Asetek. We recession. And with our manufacturing located in Chi- Asetek’s own demonstration data center in Aalborg, nologies from a climate perspective. disrupted our own beliefs, steered toward new, exciting na, we clearly felt the U.S.-China trade conflict, which Denmark, takes center stage in working to create this directions and hopefully also sowed the right seeds for resulted in tariffs that impacted our ability to compete. political understanding. In late 2019, the Asetek data 2020 certainly looks interesting for Asetek, and we future successes for our company’s unique water-cooling We could see how our customers were challenged with center was connected to the local district heating sys- welcome you to join us on the journey. technology for PC’s and data centers. their cash flows as they were charged with 25% tariffs. tems and thus joined the circular economy. The district heating company is under the City of Aalborg, and Our fantastic engineering team moved us many important the inauguration garnered significant attention from steps forward by developing new market-relevant prod- CONNECTED TO CITY OF AALBORG’S DISTRICT Best regards, politicians, city and government officials, scientists and ucts and updates to existing products. Our handle on the HEATING UTILITY COMPANY media; because it solidified how Asetek’s climate-rel- expanding gaming and enthusiast market got stronger, As you can read further in this annual report, Asetek evant technology is reliable and profitable in a real-life placing us in an excellent position for future profitability. André S. Eriksen, and I have – after careful consideration – begun work- application. CEO and Founder of Asetek Also in 2019, our hard-working sales and marketing team ing on the political scene. We are now trying to build Asetek’s small datacenter, built with Asetek’s own sowed the seeds to land our most important data center acceptance and support for the idea that the European InRackCDU’s which liquid cool up to 80 servers, now agreement to date in early 2020.This is the company’s Community require data centers to recapture the heat up 5-10 households in Aalborg year-round. first ever design win with a true global server OEM and vast amounts of waste heat for reuse in the heating Think about what the CO2 impact could be if, Google, an important, significant step in maturing our data center infrastructure. Actually, all households in eleven of the Facebook, Apple and others started using the same business. Energy efficiency, density and waste heat re- EU’s largest capitals could be heated year-round from integrated technology. covery is increasingly on the data center agenda and now just the excess heat from data centers in the EU, if they we will be able to reach a broad range of end-customers integrated Asetek’s liquid cooling. With this technolo- On Asetek’s new website, www.greenerdatacenters. worldwide. For now, we must keep the name of this new gy, Asetek can deliver 60C hot water without a need for com, please watch the short video about the district global OEM to ourselves. external heat pumps. Asetek technology can deliver the heating project in Aalborg, where the mayour of City LIQUID COOLING DONE RIGHT 5 CEO André Sloth Eriksen (right), and CFO Peter Dam Madsen LIQUID COOLING DONE RIGHT 6 LIQUID COOLING DONE RIGHT 7 The Year 2019 Outlined ......................................................................................8 MANAGEMENT REPORT Asetek at a glance .................................................................................................9 Five-year summary .............................................................................................10 Performance in 2019 .......................................................................................... 14 Expectations for 2020 ......................................................................................15 Corporate governance ...................................................................................... 19 Risk management .............................................................................................. 22 Corporate social responsibility ..................................................................... 23 Shareholder information ................................................................................. 25 LIQUID COOLING DONE RIGHT 8 MANAGEMENT REPORT - OVERVIEW THE YEAR 2019 OUTLINED // During the year, Asetek earned operating income of The 645LT liquid cooler, a new design for small form // Asetek executed a rebranding to strengthen its Gam- $ 1.0 million ($4.4 million) and Adjusted EBITDA of $6.2 factor PC cases. The 645LT combines Asetek’s latest ing and Enthusiast market position as well as increase // Revenue of $54.3 million in softer market, 19% million ($9.4 million). generation of pump technology (Gen6) and unique awareness of Asetek and its story of innovation in deliv- decline from record level in 2018 tube design to enable space-saving and ease of ering the best in performance, quality and reliability. / Operating profit (adjusted EBITDA) from the Gaming installation. As part of this rebranding, the Company initiated // Gross margins grew to 42% from 39% in 2018 and Enthusiast segment was $14.6 million for the year, a launch of a redesigned corporate website. decrease from $20.7 million in 2018. / Asetek’s sixth generation (Gen6) high performance // Adjusted EBITDA of $6.2 million compared with liquid coolers are powering an expanding range of // At its Denmark headquarters, Asetek launched a new $9.4 million in 2018 / Operating loss (adjusted EBITDA) from the data premium gaming gear: gaming/eSports academy outfitted with high-end center segment was $4.3 million for the year, improved // Asetek strengthened its position in the gaming machines, state-of-the-art gear and high-speed from 2018 ($7.3 million). The improved results reflect the GIGABYTE’s new AORUS CPU coolers and the and enthusiast market in 2019 through rebranding, connectivity. The academy
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