Annual report 2020-2021

Historic profits for Eltronic Group: Sales round the billion mark

This week, Eltronic Group will present its annual accounts for 2021 showing that the company has had sales of DKK 1,041 million. That is a growth rate of 45 percent compared to the same period last year. At the same time, Eltronic Group realized earnings of DKK 66.7 million.

The key to the Group’s success: skilled employees

The success comes from organic growth based on rising demand for Eltronic Group’s core competencies. At the end of the fiscal year, the company counted more than 900 employees. According to the founder and CEO of Eltronic Group, Lars Jensen, it is the efforts of the employees, in particular, that have made it possible to raise the bar and achieve historically good results.

“We have rounded a milestone that we can be proud of. Remarkable efforts have been made at all levels of the Group, and I am proud of our employees, who have once again gone the extra mile. It is because of them that we can present very satisfactory annual accounts for 2021. At the same time, we also operate in a market where there is more and more demand for precisely the thing we are good at and passionate about. No matter what we’re working on, our mission is always to improve our customers’ competitiveness”, he says.

Greater focus on core business and megatrends

One of the major events of the past year has been the merger of the companies Eltronic Wind Solutions, Sonne, BIIR, and Blaaholm under the name Enabl. The merger, which legally did not come into force until November 1, 2021, has made Eltronic Group an even stronger supplier to the wind industry.

Becoming a major player in the wind industry is in line with Eltronic Group’s strategy. In focus is the development and scaling of three technology areas that the Group believes are crucial in the industry of tomorrow. Therefore, Eltronic Group spent 2021 intensifying its focus on automation and digitization, x-to-power, and power-to-x.

In the field of automation and digitalization, several Eltronic Group companies help customers in the manufacturing industry to optimize their production and reduce their carbon footprint, including through artificial intelligence in control platforms and products.

Power-to-x technology is the process of converting green electricity into green fuels such as hydrogen, ammonia, and green methanol via electrolysis. It is Enabl, the Group’s largest company, that represents Eltronic Group in this field.

The less familiar concept x-to-power is the process whereby x, which could be methanol, for example, can be used as fuel. Within x-to-power, the company Eltronic FuelTech is working to develop fuel systems that help ensure, e.g., the maritime industry cleaner operations.
With solid orders and a wide range of activities, Eltronic Group has been able to affirm its value and presence in the three key areas of industry in 2021.

Investments in a stronger organization

Growth and scaling require an organization that can keep up. That’s why, in 2021, Eltronic Group has invested in implementing the right internal processes, structures and systems.
“When a company grows in the way we have in recent years, due diligence is extremely important. We depend on our organization matching our business at all times. That is why we have invested resources to develop and strengthen the organization for further growth”, Lars Jensen explains.

Structured sustainability efforts and data-driven carbon footprint

Sustainability has been another key focus in 2021. The Eltronic Group has launched sustainability initiatives that will lead to a more holistic and structured approach to the issue in the coming years.

“We have really committed to working with ESG reporting and laid the foundation for how we gather data and further develop our sustainability work. It is our ambition to be able to label products with their carbon footprint within a few years so that consumers can choose a product based on how sustainable it is,” says Lars Jensen.

Expectations for further growth in 2022

In the coming years, the Eltronic Group strategy is to grow further in the global market, and the Group expects to see an increase in activities in 2022. This also means that more employees will be needed both in Denmark and abroad.

About Eltronic Group

Eltronic Group is a knowledge and technology company that, since its inception in 2000, has specialized in the development of production technology for the maritime, manufacturing and wind industries, among others.

At the beginning of the fiscal year in November 2020, Eltronic Group had a total of 685 employees. That includes freelancers, which on average equal 54 full-time employees (FTE). At the end of the fiscal year in October 2021, Eltronic Group had 909 employees. That includes freelancers equivalent to 76 full-time employees (FTE).

At the end of the fiscal year, the Group consists of the following companies: Eltronic A/S, Eltronic Fueltech A/S, Enabl A/S, Data Intelligence A/S, Dynatest A/S, TS Tech A/S (70%), HE Marine A/S.

As of November 19, 2021, Eltronic Group has acquired 50% ownership in Epcido A/S, which specializes in the installation, service and commissioning of logistics centers. With the acquisition of Epcido, which employs 30 full-time employees and approximately 100 freelancers, the Group will have rounded 1,000 employees in the new fiscal year.

The Group is headquartered in Hedensted, but has locations worldwide.