The annual accounts for Blue Ocean Robotics Group reveal a financial prosperity that is a result of an optimization of the company’s activities and increased focus on partnerships with regard to the development of own robotics solutions through the partnership model, RoBi-X.
ODENSE, DENMARK – JUNE 27th, 2017
The annual accounts for Blue Ocean Robotics ApS show a profit of DKK 2,793,170. Furthermore, Blue Ocean Robotics Holding and associated companies (defined as ”Blue Ocean Robotics Group”) show a profit of DKK 762,847. The result is an improvement compared to 2015 and the management regards the results as satisfactory.
Summary of the annual accounts for Blue Ocean Robotics ApS
The company’s income statement for 2016 shows a profit of DKK 2,793,170.
The company’s balance as of December 31th, 2016 shows an equity of DKK 4,393,456.
The sales partner network has been expanded and now accounts for 20 countries across regions including Europe, the Middle East, North America, Southeast Asia and Australia.
At the company’s Danish headquarters, the staff includes 45 employees divided between full-time and part-time employees.
Summary of the annual accounts for Blue Ocean Robotics Holding ApS
The company’s income statement for 2016 shows a profit of DKK 762,847.
The company’s balance as of December 31th, 2016 shows an equity of DKK 17,812,595.
6 new international JVF have been established. This is an increase of 150% compared to 2015.
The staff of the company and in the associated companies includes 110 employees divided between full-time and part-time employees.
The annual accounts of 2016 are characterized by the maturing of robotics technology within areas of healthcare, education, telepresence, drones and offshore. Besides, there is an increased interest in the Blue Ocean Robotics Group’s partnership program, RoBi-X, where innovative solutions are being designed, developed and commercialized in collaboration with public and private partners, customers, and end-users. From there, the robotics solutions are being spun-out as spin-out companies or the intellectual property is being sold per license.
Development of results and equity
The development of the income statement and balance have been influenced positively by the sale of intellectual property rights for the Multi Tower Robot to Multi Tower Company IVS, for DKK 7,000,000. This is in line with the company’s optimization of activities. From being a reseller and developer of third-party robots, the company is now primarily developing their own robots in partnership with companies that are being spun-out into new companies for upscaling production and sales activities.
In Blue Ocean Robotics ApS, the result of the year has been increased from DKK 913,149 in 2015 to DKK 2,793,170 in 2016, and the company’s equity has been increased from DKK 1,600,286 in 2015 to 4,393,456 in 2016.
In Blue Ocean Robotics Holding, the result of the year has been increased from DKK -22,574 in 2015 to DKK 762,847 in 2016 and at the same time, the company’s equity has been increased from DKK 6,905,874 in 2015 to 17,812,595 in 2016.
From 2015 to 2016, Blue Ocean Robotics ApS has expanded the staff with nearly 100% with a total number of 45 employees divided between full-time and part-time employees at the headquarters in Odense. In 2016, a larger number of employees are focused on developing robots such as the UV-Disinfection Robot and development platforms such as ROBILE that is used for in-house development of mobile robots. The same is present across the Blue Ocean Robotics Group that makes up nearly 110 employees.
During the financial year, Blue Ocean Robotics Group has built a significant international presence. This is a result of distribution agreements with companies in 20 countries and the establishments of six new international JVF, that now account for 12 countries in total including Denmark:
Lithuania (As of May 2017 renamed Baltics)
Furthermore, the Blue Ocean Robotics Group has made a sales agreement of equity in its sister company, Scape Technologies A/S, with a Chinese business partner. Development activities have been converted to joint ownerships in 10 companies:
Scape Technologies A/S
Green Robotics ApS
Multi Tower Company IVS
UV-DR Company IVS
KUBO Robotics ApS
The management finds it satisfactory that the overall growth within the key areas is on par with the expectations.
Expectations for 2017 for the Blue Ocean Robotics Group
The Blue Ocean Robotics Group want to continue a balanced strategy with a central focus on partnership developments within the framework of RoBi-X, where the growth and the company’s value creation must be at the maximum without providing operational deficits.
The expectations for Blue Ocean Robotics in 2017 are in line with the growth results for 2016:
More than 16 projects are in progress which includes the in-house development of robots and technology that can support the development process.
Development activities are expected to be converted to 14-16 robot companies by the end of 2017.
The staff is expected to expand up to 10-15% divided between part-time and full-time employees with a special accession of Robot Engineering profiles that will support the development of robots.
It is expected that there will be an increase of 2-3 new international Joint Venture Franchises that will support Blue Ocean Robotics’ presence in 14-15 countries by the end of 2017. Furthermore, it is expected that the international sales partner network will be expanded in the countries where Blue Ocean Robotics is present.
Comments from the management
Across the management of Blue Ocean Robotics, we find the results of the financial year for 2016 satisfactory. It is particularly positive that the optimization of the company’s activities to focus on development in partnership with customers through RoBi-X and the subsequent separation of IP and spin-out, fulfill a need in the market that has not been fulfilled so far. The restructuring has led to partnership developments with both private and public companies among other things. Thus, there is a solid foundation for continuing in the same direction, says Claus Risager, Rune K. Larsen and John Erland Østergaard, Co-CEOs for Blue Ocean Robotics and continues:
“New jobs are being developed in Blue Ocean Robotics, Odense Robotics and in RoboCluster in general. There are a lot of job opportunities for companies that integrate robotics and convert their business model into a more digital and robotic form. This is no matter what sector we are looking at. However, our attitude, an attitude that is probably shared across the robot cluster, is that the talent mass in robot technology is not big enough. Therefore, we must think creatively in our recruitment, which the government and various interest groups need to support.”
The Chairman of the Board, Jørn Tolstrup Rohde, agrees and comments on a group level:
“It is satisfactory that a wider international presence has been established during the financial year and that there has been a growth of companies in the Blue Ocean Robotics Group that fulfills specific market needs. The company’s partnership program, RoBi-X, fulfills a demand not only in Denmark but also internationally among both public and private companies. Across industries, we are experiencing a higher interest in developing new robotics technology that can support companies’ business foundation. The objectives of the group’s expansion during 2017 are therefore considered realistic.”
About Blue Ocean Robotics
We Create and Commercialize Robots! Blue Ocean Robotics apply robot technology to create solutions and innovation for end-users and new businesses in partnerships. Through the RoBi-X partnership program, we create robots to improve quality-of-life, working environments, and productivity. The RoBi-X partnership program is for anyone looking to optimize their business, their way-of-doing and improve competitiveness.