[年报]春秋电子(603890):ASETEK2024年度报告及审计报告
原标题:春秋电子:Asetek2024年度报告及审计报告 tered in Denmark and has operations in China and Malaysia with a total of 114 employees. In 2024 Asetek recorded revenue of $52.5 million. Asetek A/S Visiting address: Skjoldet 20 DK-9230 Svenstrup J Denmark Email: investor.relations@asetek.com www.asetek.com CVR number: 3488 0522 Annual report for the financial year 1 January to 31 December 2024. This annual report is approved by the Board of Directors as of March 7, 2025. The Board will submit this report for approval at the Annual General Meeting on April 28, 2025. This annual report contains prospective information based on Asetek’s current expectations. This information is by nature uncertain and associated with risk. Even if company management considers expectations based on such prospective information to be reasonable, no guarantee can be given that these expectations will prove to be cor- CONTENT Asetek in brief 4 Consolidated statement of comprehensive income 362024 in brief 6 Consolidated balance sheet 37 Comments from CEO 7 Consolidated statement of changes in equity 38Asetek as an investment 9 Consolidated cash flow statement 39Strategic framework 10 Notes40 Business model 11 Comprehensive income statement, parent company 63Business segments 13 Balance sheet, parent company 64 Liquid cooling 14 Statement of changes in equity, parent company 65SimSports 16 Statement of cash flows, parent company 66 Share and shareholders 19 Notes, parent company 67 Management report 23 Management statement 72 Corporate governance 25 Independent auditor’s reports 73 Risk management 30 Definitions of ratios and metrics 79 Corporate social responsibility 33 Five year summary 34 FOUNDED ON INNOVATION. DRIVEN BY EXCELLENCE Asetek has been an innovative force in the global liquid cooling manufacturing industry for more than Why we do it 25 years. In 2021 we introduced products for SimSports gaming. Asetek is headquartered in Denmark and With our market-leading and high-quality product offering our goal is to meet our clients′ requirements for has operations in China and Taiwan with a total of 114 employees. The Asetek share is listed on Nasdaq performance, design and longer product lifecycles. Our product development centers around our customers’ Copenhagen. In 2024 the company recorded revenue of 52.5 million USD. needs and reflect an innovative engineering approach combined with superior performance. The Asetek brand name has become synonymous with high product quality in all categories, which is confirmed by great Who we are reviews and feedback from gamers and hardware enthusiasts around the world. We are in business to push We are a high-tech company with a long history in mechatronic innovation, focusing on gaming hardware. limits and redefine what’s possible. Since our foundation we have disrupted the PC cooling market, setting new standards for performance and Revenue per year, $ million Owner type distribution REVENUE 2024 GROSS PROFIT 2024 79.8 76.3 Private Individuals 20.7% Fund company 15.5% 15.8% 52.5 50.6 Other 13.5% Pension & Insurance 13.2% of revenue invested $52.5 $21.9 Investment & PE 1.6% Treasury Shares 1.3% in research and KEY CONCEPTS FOR UNDERSTANDING ASETEK79.8 76.3 Private Individuals 20.7% 72.7 Fund company 15.5% 50.6 Other 13.5% Pension & Insurance 13.2% KEY MILESTONES AND EVENTS 2024 Investment & PE 1.6% Treasury Shares 1.3% Unknown owner type 34.3% 2020 2021 2022 2023 Despite strong growth in the SimSports segment, In March, Asetek’s share was delisted from the Oslo In September, the new headquarters and R&D Revenue per quarter, $ million Revenue per year, $ million Owner type distribution the relatively larger Liquid Cooling segment Stock Exchange and has since been listed exclusively center in Svenstrup, near Aalborg, were completed. experienced declining revenue in 2024. During the on Nasdaq Copenhagen. 79.8 15.4 Foreign ownership 76.3 Private Individuals 20.7% year, Ase72.tek also delis7 ted its shares from the Oslo 45 12.7 Fund company 15.5% 12.2 12,2 Stock Exchange and is now solely listed on Nasdaq Other 13.5% 50.6 New Liquid Cooling products Copenhagen. The year concluded with a decision Pension & Insurance 13.2% 21 of a capital increase, enabling continued expan- Investment & PE 1.6% Foreign ownership 42.5% launched during 2024 Treasury Shares 1.3% Danish ownership 54.5% sion in the SimSports segment. New SimSports products Unknown owner type 34.3% Norwegian ownership 3.0% Q1 Q2 Q3 Q4 2020 2021 2022 2023 launched during 2024 In October, Asetek entered into a license agreement with Xbox. Adjusted EBITDA per quarter, $ million Revenue per quarter, $ million The Designed for Xbox license In October, Asetek appointed Maja Sand-Grimnitz agreement enables Asetek to as VP Brand and Digital and Henrik Lindskou-Mour- Foreign ownership 15.4 0,4 expand into the global console itsen as VP Global Sales, with the aim of strength- 0.2 12.7 12.2 12,2 0.0 Volume per market ening the company’s commercial focus within its market with existing and future leadership team. sim racing products, making Foreign ownership 42.5% Aquis 0.7% -0.5 the company’s acclaimed sim Danish ownership 54.5% Cboe Global Markets 11.6% In December, it was announced that 219,925,366 Norwegian ownership 3.0% Euronext 43.6% Q1 Q2 Q3 Q4 racing products available to new shares were subscribed for in the rights issue Q1 Q2 Q3 Q4 ITG 0.2% millions of gamers worldwide. at a subscription price of DKK 0.40 per share, corre- LSE Group 1.8% Nasdaq 42.1% sponding to gross proceeds of DKK 88 million. Adjusted EBITDA per quarter, $ million Sigma-X 0.04% 0,4SimSports business. get amount, the new liquidity provides flexibility to Against the challenging Liquid Cooling backdrop, adjust and optimize investments. We are confident We recognize that increased global geopolitical ten- Liquid cooling – transition, then management and the board took decisive actions in our ability to grow the sim racing business. Asking sions are creating uncertainties regarding new tariffs to cut costs, strengthen commercial management shareholders for capital after a challenging year was profitable growth and potential global supply chain disturbances. We and ultimately raise capital to maintain a strong far from ideal, and trust shown by both existing and For Liquid Cooling, our largest segment, we have are monitoring the situation and are prepared to foundation for delivering future value creation new shareholders is highly appreciated. always emphasized the challenges of predicting address any future challenges with a combination of through our market leading liquid cooling and sim During the year, we also reduced our workforce, revenue. In 2024, this was especially evident as we measures. racing products. primarily in Denmark, and closed the U.S. operation. faced a rapid and unexpected decrease in revenue. In September 2024, the new headquarters Following the turnaround measures, 2025 will It is always sad to part ways with colleagues, some This was due to a combination of high customer in- and R&D center was completed after a four-year likely be a transitional year before growth resumes of whom have been with us for many years. Howev- ventories and two of our largest customers moving process. With a new base of operations, stronger in earnest in 2026. This is supported by ongoing er, the cost-savings were necessary to create a more to dual sourcing to strengthen their supply chains. balance sheet and leaner organization, we have customer dialogues and our plan to expand the ad- efficient organization and structure. The U.S. closure While this is a logical step – just as we maintain dual However, there were also positive developments. is expected to remain largely at the same level as Next for us, is the completion and launch of a prod- 25 years of innovation – with more to come When excluding the two above-mentioned custom- in 2024. The business will remain profitable, as it uct line targeting the mass gaming market, followed We are confident that Asetek is going into 2025 ers, all our other customers grew year-over-year. has been for many years. Asetek has a track record by Asetek products with Xbox support. Both are set with a stronger foundation, and we have, over time, Also, at the end of 2024, Asetek secured a new of quickly adapting to changing market conditions to launch in the second half of 2025, significantly delivered strong growth and built a sizeable global customer – one of the world’s largest PC manu- and will do so again this time. We are the technol- expanding the addressable market and are expected business. We also know that it does not always facturers – which also required a second source, ogy leader with a strong position in the premium to drive strong revenue growth in the coming years. move in straight line. this time to our benefit. Out of the five biggest PC segment, and as long as we continue to innovate, Having the best products is not enough. Beyond As result of our innovation drive and focus on ex- manufacturers globally, three are now using Asetek Asetek’s products and services will continue to be in delivering on the product roadmap, our focus in cellence, far more than 10 million end users world- Liquid Cooling products. demand by both new and existing customers. 2025 will be on attracting top talent to strengthen wide have bought and used our products which we In 2024, Asetek introduced the strategy of com- sales channels as well as building up the SimSports have conceptualized, designed, manufactured and plementing our high-end products with a value-ori- brand. A strategic priority is to ensure our products sold. Our innovative products, both in liquid cooling SimSports – expanding our sim racing ented offering to expand our addressable liquid are readily available in all relevant channels, wheth- and sim racing, have won several global awards. universe cooling market. This initiative will gradually gain er it is our own web shop, resellers or on platforms With that in mind, I would like to extend a spe- For our SimSports business, 2024 was another traction from 2026. Furthermore, we are enhancing like Amazon. cial thank you to all my colleagues, our customers, positive year with multiple product launches and the commercial capabilities of the organization, ap- As we stated in December, we expect EBITDA our shareholders, our partners and suppliers. It has strong revenue growth. In less than three years, plying a sharper commercial focus in all aspects of improvement compared to 2024, but we do not been a challenging year, but we now look forward Asetek has become a premium player in the growing decision-making and integrating even deeper with anticipate the SimSports segment reaching profit- with confidence to the next 25 years. sim racing market, going from zero to $10 million of our customers. As part of this, in 2024, the com- ability in 2025. This is according to plan as Asetek annual revenue. We now offer several product lines mercial expertise within the executive management purposefully move in the right direction by optimiz- André S. Eriksen, designed as an open ecosystem, which have re- team was strengthened. ing SimSports investments and creating a strong Founder and CEO ceived highly positive feedback from end-users and We have a clear plan for resuming growth in platform for a growing profitable business. reviewers. Additionally, during the year, we entered Liquid Cooling from 2026, as communicated in into an agreement with Xbox to launch products connection with the rights issue. For 2025, revenue with console support.FIVE REASONS TO INVEST IN ASETEK Asetek is well positioned to capitalize on the its competitive strengths through innovation, operational excellence and a leading position as a premium supplier of high-quality gaming hardware. 1. 2. 3. 4. 5. Large and growing addressable market Leveraging a leading premium Strong innovation capability supporting Profitable Liquid Cooling business Strong SimSports growth potential segment position future growth provides a foundation for SimSports growth strategy Asetek is strategically positioned in the Asetek has a leading position in the Continuous product development is Asetek invented the all-in-one liquid In 2024, revenue in the SimSports expanding gaming market. The rising premium segment of the gaming hard- crucial for maintaining and strength- cooler and has been solving thermal segment increased by 24% compared interest in gaming is driving the liquid ware market. Since 2000, we design, ening competitiveness in an industry challenges for 25 years. Our business with 2023. Growth in 2024 was mainly cooling market, as high-performance manufacture, and sell high-quality liquid that is characterized by competition segment Liquid Cooling has over the driven by a combination of multiple PC hardware demands efficient cooling cooling solutions to most major PC and and technological progress. Asetek is last 10 years generated total revenues new products and a strong increase in solutions. Simultaneously, the growing Enthusiast gaming brands. In 2021, renowned for being an innovative, high- exceeding $540 million with an average new end-users and resellers globally. demand for high-performance gaming Asetek expanded its business into the tech and entrepreneurial company that adjusted EBITDA margin of 29%. The Gaming simulation is a rapidly expand- setups is boosting the simulation hard- rapidly growing SimSports market for provides products with very high quality. profitable Liquid Cooling operation ing segment of the gaming hardware ware market, as consumers seek more racing simulator gear. Asetek has earned At Asetek, product development centers provides a financial foundation for market, and the demand for gaming realistic and competitive gameplay. The a leading position in the premium seg- around customers’ needs and reflects the growth strategy of the SimSports simulation is linked to the growth of the demand for liquid cooling solutions is ment of both the Liquid Cooling as well an innovative engineering approach business. The strategic fit and synergies overall hardware accessories market. For to a large extent linked to the growth of as SimSports market. The leading market combined with superior performance. between the two segments are visible the coming three years, this market is the overall PC gaming hardware market position combined with our strong brand The company has two R&D centers – one and will act as a driver for future value projected to show an annual growth rate (which, however, includes gaming lap- name and high-quality products can be in Denmark and one in China. In 2024, creation. of approximately 13.7%, reaching USD 1 tops, which do not need liquid cooling). leveraged into increasing the address- Asetek spent 15.8% of total revenue, 115.3 billion by 2027. The overall PC gaming hardware market able market. This is accomplished by or USD 8.3 million on R&D, securing 1 Statista (2024), Gaming Hardware, Gaming Acces- is expected to show an annual growth targeting the Liquid Cooling mid-market continued competitiveness trough future sories – Worldwide rate of approximately 5.2%, reaching segment and launching a new SimSports launches of world-class products. 1 $69.0 billion by 2027. product line with strong value offering towards entry-level end-users, including ASETEK′S APPROACH TO VALUE CREATION Asetek’s strategy is based on operational excellence, innovative product development, superior customer service and expansion of the addressable market. In that way we will secure long-term sustainable organic growth. The goal is to be the leading brand in the markets in which we operate.The strategic framework at Asetek consists of core Strategic focus areas values, goals, strategic focus areas and operational to achieve annual revenue exceeding $50 million business unit as well as within SimSports. This will in both our Liquid Cooling and SimSports segments be accomplished by new product launches and by by the end of the medium-term period. Our market updating the existing product range, targeting the in the Liquid Cooling segment is characterized by low-end of the premium market. Doing this, we will low visibility and volatile market dynamics meaning strengthen Asetek’s market position in all product that the growth between different years can vary categories and market segments we focus on.substantially. That is why we also publish annual A GLOBAL PLATFORM SUPPORTING GROWTHMarketing and customer service quence, our marketing efforts mainly focus on we know that they happily share their experience The sales, marketing and product management leveraging this position and building the Asetek and trust in us. Our dedicated marketing and sales teams, based principally in Denmark and Taiwan, SimSports brand name. The overall marketing strat- teams are responsible for providing customer ser- oversee customer relationships to facilitate commu- egy will benefit both SimSports sales channels – cur- vice and support, making it easier to establish closer nication and development, ensuring that the devel- rently done through online reviews using influencers relations to them. In the end, it is our customers that oped product meets or exceeds customer demands. and strategic partnerships as well as presence on can tell us how we can provide a premium customer- Considering our history and DNA, Asetek is tradeshows and other key events. centric experience.in many ways synonymous with innovative and Delighted customers are our best ambassadors, and high-quality liquid cooling solutions. As a conse- Xiamen ? Product management ? R&D ? Sourcing Aalborg ? Outsourced manufacturing ? E-commerce ? Quality ? Product management ? Order management ? R&D and prototyping ? Sourcing ? In-house manufacturing ? Quality ? Order management Taipei ? Branding and outbound ? Sales marketing ? Product management ? Finance ? Management Malaysia ? Outsourced manufacturing ? Quality Our Simsports products are sold via a selec- and product quality. Direct-to-consumer (DtC) B2B2C tive distribution network with our primary sales White-label OEM partners ? Own webshop ? Resellers 3) By leveraging cross-selling opportunities, Asetek channels being our own webshop where products approach to partners ?Amazon US ? Distributors can introduce SimSports Products to existing are sold globally, directly to end-users (DtC), and Liquid Cooling customers, and vice versa, resellers (B2B2C) offering our products to end-users expanding the customer base and increasing through online stores and select physical stores. market reach. Synergies include the potential Products are also sold via select distribution part- to increase sales in the liquid cooler segment ners operating specific geographies. End-users End-users through new sales channels opened by SimSports, as well as bundle SimSports products with liquid coolers to resellers. MARKET LEADER WITHIN PREMIUM LIQUID COOLING SOLUTIONS Asetek invented the all-in-one liquid cooler and has been solving thermal challenges ever since. Since the beginning, liquid coolers from Asetek have delivered high performance while providing superior reliability. which can significantly improve the performance of Asetek is one of the global leaders in premium liquid the computer. However, it also generates additional cooling solutions for computer hardware enthusi- Why is liquid cooling better heat, making an effective cooling system essential. asts and gamers. Asetek’s Gaming and Enthusiast LIQUID COOLING than air cooling? Components like CPUs, GPUs, memory modules, products are all-in-one coolers that provide reliable, Air cooling systems use a fan and heat sink to REVENUE 2024 chipsets and hard drives are particularly vulnerable maintenance-free liquid cooling to gaming and move heat away from the CPU. A liquid cool- to overheating, which can lead to temporary mal- high-performance PC customers as well as eSports ing system uses a water pump and radiator functions or permanent failure. athletes to enjoy top-tier performance from their to move heat away from the CPU. The main Liquid cooling systems, which use a closed loop equipment. $42.8 advantages of liquid cooling compared of fluid to transfer heat away from the CPU, can ef- The two most common cooling methods to to air cooling are: million fectively dissipate this heat and allow for sustained cool computer hardware are air cooling and liquid overclocking without the risk of overheating or cooling. Air cooling is the most widespread, though 1. Liquid c ooling is more efficient at removing damaging the hardware. it typically offers lower performance. Liquid cooling, heat from components than air cooling on the other hand, provides superior cooling effi- 2. Liquid cooling is not affected by dust build- ciency, especially for high-performance hardware, up or other air flow obstructions but it tends to be more expensive than air cooling. LIQUID COOLING AVERAGE 3. Liquid c ooling is typically quieter than the Beyond functionality, liquid coolers have evolved What is liquid cooling?fans used for air cooling ANNUAL ADJUSTED EBITDA into branding and design tools, incorporating Liquid cooling is a system used to lower the features like LED lighting and customisable displays, temperature of a computer or other elec- MARGIN, LAST 10 YEARS appealing to enthusiasts and gamers who value tronic device by circulating a coolant through aesthetics as part of their setup. its internal components. The coolant, which One of the key factors in the performance of a is usually water or a water-based solution, 29% gaming computer is the cooling system, which helps absorbs heat from the PC and carries it away, prevent overheating and maintain optimal perfor- keeping the PC cooler than if it were relying mance. Liquid cooling systems have gained popular- on air cooling alone.ity among gamers due to their ability to effectively dissipate heat and allow for overclocking of the CPU. Overclocking refers to the process of increasing the clock speed of the CPU beyond its factory-set limits, ASETEK SIMSPORTS – PRODUCTS FOR EVERY TYPE OF SIM RACERdesign combined with sublime performance and Asetek aims to establish itself as a key player in the market, leveraging its expertise in both realms to offer a more integrated and authentic simracing active users (MAUs) over the past twelve months broader audience. In the past three years, the trend experience. from May 2023 to April 2024, reflecting strong in the major racing gaming segment has generally 2 community commitment. SIMSPORTS shown growth in monthly active users, and the mar-Strong growth opportunity ket has further generated spikes in the segment’s REVENUE 2024 The gaming simulation market is a growing industry. Increased interest in racing1 performance when new gaming titles are released. The market is driven by the increasing demand for The significant growth in demand for simracing The gaming simulation market encompasses high-quality, immersive gaming experiences that solutions is also driven by the increasing popularity major racing games like Gran Turismo, F1, BeamNG. $9.6 allow gamers to feel as though they are participating of real-life motorsports. Events like Formula 1 have drive and Forza Motorsport. Looking at the top 25 in real-life events, and the improvements in graphics expanded into a mass market audience, further fue- major racing games, the market boasts 60.4 million million and processing power have enhanced the realism led by the influence of media such as Netflix series lifetime players as of April 2024, with a robust HIGH QUALITY SIM RACING GEAR Asetek offers pedals, wheelbases, and steering wheels across three product lines, each offering the Pedals Wheelbase Steering wheel user distinct categories of hardware with varying features, authenticity, and price. Invicta is the premium product line, offering an immersive and authentic sim racing experience.PRIMARY LISTING ON NASDAQ COPENHAGEN AND COMPLETED RIGHTS ISSUE In 2024, Asetek’s shares were delisted from the Oslo Stock Exchange (Oslo B?rs) and primarily listed on Nasdaq Copenhagen. At the end of the year, a rights issue with preferential rights for existing sharehold- ers was initiated, which was completed on January 6, 2025. The rights issue raised gross proceeds of DKK 88 million for Asetek. and executive management held a total of 3.2 reports and meetings with analysts, investors and Primary listing on Nasdaq Copenhagen Share price development and turnoverpercent of the capital and votes. Other members of the media at various events, seminars, one-on-one Since the company’s IPO on February 11, 2013, The Asetek share trades under the symbol ASTK on management held an additional 0.83 percent of the meetings and during visits to Asetek offices. Inter- the Asetek share had been listed on the Oslo Nasdaq Copenhagen and the share’s ISIN code is capital and votes. The total number of shareholders ested parties can download presentation materials Stock Exchange. On May 17, 2023, the share was DK0060477263 (Technology: Computer Hardware), in Asetek was 7,240 at January 6, 2025. and listen to audio recordings from presentations of dual-listed on Nasdaq and Asetek announced segment Small Cap. At the close of 2024, Asetek’s quarterly reports on Asetek’s website. the intention to delist its shares from Oslo Stock share price was DKK 0.479. This is equivalent to Financial information regarding Asetek is avail- Exchange. In December 2023, an extraordinary a market capitalization of DKK 47.1 million. The Concentration Capital able to download from https://ir.asetek.com/over- general meeting approved the de-listing of Asetek’s highest price quoted during the financial year of (Jan 6, 2025) Shares and votes view/default.aspx. This includes financial reports, shares, followed by an approval from Oslo Stock 2024 was DKK 3.68 (March 1) and the lowest price The 10 largest press releases and other presentations. The compa- Exchange in the same month. As a result of both was DKK 0.45 (December 27). In 2024, the total owners 144,176,879 45.31% ny’s press releases are distributed via Cision and are approvals, Asetek’s shares were de-listed from the turnover of Asetek shares traded on all marketplac- The 20 largest also available on the company’s website. Oslo Stock Exchange effective March 26, 2024, and es amounted to 131.2 million shares, correspond- owners 165,351,405 51.99% have since had a primary listing solely on Nasdaq ing to 133 percent of the total number of shares at The 30 largest Copenhagen. December 31, 2024. owners 177,318,367 55.72% Financial calendar 2025April 28, 2025 Q1 2025 financial report Rights issue Share capital Share repurschases April 28, 2025 Annual General Meeting On November 7, 2024, Asetek announced its After registration of the share capital increase In 2024, no shares were repurchased. As of August 19, 2025 Q2 2025 financial report intention to carry out a rights issue with preemptive following the rights issue, the share capital in Asetek December 31, 2024, Asetek holds a total of rights for existing shareholders. The purpose was to amounted to DKK 31,823,925.80 divided into 1,256,115 treasury shares. November 04, 2025 Q3 2025 financial report increase financial flexibility and enable continued 318,239,258 shares with a nominal value of DKK March 16, 2026 Q4 and annual 2025 investments in the SimSports segment to capitalize 0.10. All shares are of the same class and the same Investor Relations (IR) at Asetek financial report on future growth opportunities. Each shareholder share of capital and earnings. Each share entitles Aseteks’ goal is that the company should be valued could subscribe for three new shares for every the holder to one vote at the General Meeting and on the basis of relevant, correct and current Shareholder contact share they held on the record date, at a price of DKK each shareholder is entitled to vote for all shares information. This involves a clear financial commu- Per Anders Nyman, Head of Investor Relations 0.40 per share. The rights issue was completed on held by the shareholder.nication strategy, reliable information and regular Mobile: +45 2566 6869 January 6, 2025, and raised gross proceeds of DKK contact with various stakeholders in the financial investor.relations@asetek.com 88 million for Asetek. Ownership structure markets. The management and Board of Directors 10% return on foreign invested assets ($0.8 million principally reflects the refinancing of short-term of an equity rights offering in November 2024. As the range of $52 to $55 million, with an adjusted effect in 2023). debt in 2024. of December 31, 2024, the Company had working EBITDA margin of 1% to 4%. The Company’s actual Asetek had a total comprehensive loss of $25.3 capital of $4.4 million and long-term debt of $19.2 results for 2024 were total revenue of $52.5 million million for 2024, compared with total comprehen- Statement of cash flows million. Upon subsequent completion of a rights of- and adjusted EBITDA margin of 1%. The results sive income of $6.7 million in 2023. Comprehensive Net cash provided by operating activities was $1.2 fering on January 6, 2025, the Company generated did not meet management’s expectations at the loss included a negative $1.3 million translation million in 2024 ($16.3 million provided in 2023). net proceeds of $10.5 million through the issuance beginning of the year. Revenue and adjusted EBITDA adjustment in 2024 (positive $0.7 million in 2023). The change was principally due to operating loss of 219.9 million new common shares of stock. In achievement for the year was within the range of generated in 2024 compared with operating income May 2023, the Company issued 71.2 million new the revised expectations communicated on July 1, Balance sheet in 2023. common shares in an equity rights offering, raising 2024. Asetek’s total assets at December 31, 2024 were Cash used by investing activities was $10.1 net proceeds of $16.1 million. $79.4 million, compared with $102.7 million at million compared with $27.4 million used in 2023. While there is no assurance that the Company EXPECTATIONS FOR 2025 the end of 2023. The principal factors affecting The construction of Asetek’s headquarters facility will generate sufficient revenue or operating prof- Recently there has been a shift in the liquid cooling the change were as follows: Property, plant and was completed in Q3 2024, with property, plant its in the future, Asetek’s management estimate market toward more affordable gaming PC’s, which equipment decreased by $8.9 million, principally as and equipment additions totaling $7.8 million that the Company’s cash position and the liquidity in turn increases the demand for cheaper liquid a result of a required non-cash impairment charge ($24.9 million in 2023). Additions to capitalized available from its operations, external borrowings cooling options. This shift has impeded revenue of $13.8 million as a consequence of an assessed assets under development associated with future and other sources available, after the results of growth in the Liquid Cooling segment, as Asetek impairment within the cash generating units. products was $2.3 million, a decrease of $0.2 the rights offering on January 6, 2025, is sufficient has historically focused on the premium market. In Deferred tax assets decreased by $5.7 million due to million from 2023. to satisfy its working capital requirements for the 2025, the Company is expanding its product range uncertainties regarding their future recoverability. Cash provided by financing activities was $5.0 foreseeable future, based on financial forecasts. to include products for the mid-range market, Cash and equivalents decreased by $5.8 million due million in 2024 compared with $12.3 million provid- To the extent necessary to fund expansion or aiming to capture a broader consumer base in an to cash requirements of the business. Inventories ed in 2023. $5.7 million was drawn on credit facili- other liquidity needs, management will consider increasingly competitive environment. As a result decreased by $2.4 million associated with the ties in 2024 to finance completion of the Company’s offerings of debt, equity, or a combination thereof, of these market dynamics, the Company expects reduced operating volumes. headquarters building. Funds provided by financing depending on the cost of capital and the status of revenue for 2025 at the Group level to be in the Total liabilities increased by $1.6 million in in 2023 included a rights offering which generated financial markets at that time. range of $52-58 million, with an adjusted EBITDA 2024, due to offsetting factors. Short-term debt net proceeds of $16.1 million. margin of 3–5%. The Group revenue outlook is decreased by $12.9 million and long-term debt Net decrease in cash and cash equivalents was 2024 RESULTS vs. EXPECTATIONS derived from expected revenue in the Liquid Cooling increased by $16.6 million principally as a result $5.8 million in 2024, compared with an increase of In the 2023 report, the Company communicated segment in the range of $40 to $43 million, and in of net $5.7 million in funds drawn to complete $1.7 million in 2023. Cash and cash equivalents at expectations of revenue growth between -5% to the SimSports segment $12 to $15 million. For the construction of a new headquarters building. Upon December 31, 2024 was $3.3 million ($9.1 million 5% for 2024 (equivalent to estimated total revenue full fiscal year 2025, the Liquid Cooling segment is completion of construction in 2024, $19.3 million in 2023). of $72.5 to $81.1 million), with expected adjusted expected to achieve a gross margin in the range of of debt was refinanced to a longer term structure, EBITDA margin to be in the range of 12% to 17%. 40-45%, while the SimSports segment is expected to maturing in March 2028. This increase in liabilities Liquidity and financing In June 2024, the Company received updated rev- reach a gross margin of 30–35%. was offset by exchange rate effects of a stronger In mid-2024, the Company experienced a decline enue forecasts from its OEM partners indicating a The potential impact of the geopolitical situation U.S. dollar, lower accrued employee compensation in revenue resulting from a weakened gaming potentially weak second half of 2024 and therefore and U.S. import tariffs remains uncertain and will associated with fewer employees, and reduced hardware market while it continued to invest in temporarily suspended its revenue guidance. After depend on various factors beyond the Company’s transaction volumes in accounts payable. the growing SimSports business as well as finish a detailed customer review which revealed that the control, as well as the Company’s ability to mitigate Working capital (current assets minus current construction of its new headquarters. As a result, liquid cooling market rebound would be weaker any potential effects. liabilities) totaled $4.4 million at December 31, a projected near-term cash shortfall required that than anticipated, Asetek reduced guidance on July CORPORATE GOVERNANCE The objective of corporate governance is to ensure The general meeting Financial reporting Ordinarily, the Chairman of the Board proposes the that Asetek is managed as efficiently as possible in The General Meeting has the final authority over The Board of Directors receives regular financial agenda for each Board meeting. Besides the Board order to create shareholder value. This is achieved the Company. The Board of Directors emphasize reports on the Company’s business and financial Members, Board meetings are attended by the through a clear division of responsibilities be- that shareholders are given detailed information status. Executive Board. tween the Annual General Meeting, the Board and and an adequate basis for the decisions to be made Other participants are summoned as needed. the executive management, as well as through by the General Meeting. Notification of meetings and The Board approves decisions of particular impor- clear regulations and transparent processes. The General Meeting elects the Board of Direc- discussion of items tance to the Company including the strategies and tors, which currently consists of five members. The The Board schedules regular meetings each year. strategic plans, the approval of significant invest- Framework for corporate governance board members are elected for one year at a time Ordinarily, the Board meets eight to ten times a ments, and the approval of business acquisitions In this process, Asetek uses the corporate gov- with the option for re-election. year, of which four are quarterly update telecon- and disposals. ernance recommendations from Nasdaq Copen- ferences. The meetings are typically conducted at hagen as an important source of inspiration. The Amendment of Articles of Association either the facility in Aalborg, Denmark or via web Conflicts of interest recommendations can be found at: https://www. Unless otherwise required by the Danish Companies based conferencing. Additional meetings may be In a situation involving a member of the Board nasdaqcom/market-regulation/nordic/copenhagen Act, resolutions to amend the Articles of Association convened on an ad hoc basis. personally, this member will exclude him or herself The Board of Directors is fundamentally in full must be approved by at least 2/3 of the votes cast All Board members receive regular information from the discussions and voting on the issue. agreement with Danish Committee on Corporate as well as at least 2/3 of the voting share capital rep- about the Company’s operational and financial pro- Governance recommendations for good company resented at the General Meeting. gress in advance of the scheduled Board meetings. Use of Committees governance. Asetek endeavors to follow the relevant The Board members also regularly receive oper- Currently, the Company has a Nomination recommendations for the Company, which support Board responsibilities ations reports and participate in strategy reviews. Committee, an Audit Committee and a the business and ensure value for the Company’s The Board of Directors’ main tasks include partici- The Company’s business plan, strategy and risks are Compensation Committee. stakeholders. The statutory report on Corporate pating in, developing, and adopting the Company’s regularly reviewed and evaluated by the Board. The （未完）  |