XCSE:RTX ESEF Annual Report
RTX A/S (XCSE:RTX)
ESEF Annual Report
2024-01-30
For: 2023-12-31
View Original
Added on
September 23, 2026
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Interim report for Q1 2023/24
(the period 01.10.2023 - 31.12.2023)
Announcement
to Nasdaq Copenhagen A/S and the media
Nørresundby, 25 January 2024
Announcement no. 06/2024
No. of pages: 17
“In Q1, RTX reached a significant milestone with the signing of a strategic collaboration agreement, which can enable significant growth in the
Healthcare segment of 100-200% by 2025-26. During Q1, RTX also experienced the consequences of high product inventory levels at our
customers leading to low order intake and revenue. This is as expected and in line with what we communicated in our annual report in November
2023. We gradually see improvement in product demand and we maintain strong relations with our large global customers, who have a long-term
commitment and show continued interest in developing new business with RTX. As already communicated, 2023/24 will be a challenging year,
but we believe business will gradually improve during the year, and we maintain our outlook for the year as communicated in the annual report for
2022/23.”
Peter Røpke, CEO
Q1 shows a challenging start of the year, as expected.
However, RTX reached a significant milestone with the signing
of a strategic agreement in the Healthcare Segment.
The business environment of
RTX over the past years
The past three years have witnessed changes in
our customers’ businesses. Challenges such as
COVID-related production restrictions, compo-
nent shortages, the surge in remote work, and
volatile order horizons from 3 to 18 months have
reshaped the market dynamics. As previously
described RTX has actively faced these chal-
lenges during the past years, securing compo-
nents, growing revenue for RTX and fulfilling
customer orders have enabled them to either
maintain or expand their market reach.
Now, our customers are typically placing orders
for existing products with a 3-months horizon.
Thereby, we are returning to the normal ordering
lead time, which was found prior to 2020. In
our efforts to understand the future market and
demand we are in close contact with our existing
key customers, who amount for up to 80% of
our revenue. Long-term, our customers’ confi-
dence remains strong in the product range, with
no products declared End-of-Life (EOL) and a
continuous demand for development of new
features and integrations. However, the reorder
visibility remains on 3 months allowing custom-
EBIT per quarter
DKK million
Revenue per quarter
DKK million
EBITDA per quarter
DKK million
ers to optimize their inventory and still deliver on
time and quality.
Highlights Q1 2023/24
The financial result of Q1 is disappointing,
as expected. It reflects the changes in the
business environment of RTX, but it is also a
consequence of the strong Q4 of the financial
year 2022/23. For RTX the top ten customers
represent the majority of the total revenue.
Consequently timing of the delivery of individual
orders can heavily influence the result between
quarters, as often highlighted.
Net revenue in Q1 2023/24 reached DKK 81.9 million.
As expected, we see an extraordinarily low revenue,
where customers have postponed reordering in their
effort to reduce inventory and working capital towards
year end.
In addition to the above, we are exposed to a weaker
USD exchange rate compared to last year. The majority
of our revenue and direct production costs are in USD.
Adjusted for the exchange rate effect compared to last
year, the fx corrected revenue amounts to DKK 85.3
million.
Gross profit in Q1 2023/24 reached DKK 31.9 million,
which is 68.6% below last year. RTX has large custom-
ers with a broad portfolio of products with different
gross margins, and therefore the mix sold in the quarter
heavily impacts the gross profit. The gross profit for Q1
2023/24 is impacted by the low overall revenue and
a product mix which represents a below average gross
margin.
Gross margin in Q1 2023/24 reached 38.9%, which
is 6.9 percentage points below full year 2022/23. The
gross margin for Q1 2023/24 is impacted by revenue
mix of products. During the next quarters of 2023/24,
we expect a positive development of gross margin from
product mix combined with our efforts to improve indi-
vidual gross margin per product.
EBITDA in Q1 2023/24 was DKK -30.5 million, 172.5%
below last year. The result is impacted by the signifi-
cantly lower revenue and gross margin. During the end
of 2023, cost reduction initiatives were taken, which we
expect to see the impact of in Q3 2023/24.
EBIT in Q1 2023/24 amounted to DKK -41.2 million, as
depreciation was in line with previous periods.
Cash flows from operations (CFFO) in Q1 2023/24
was DKK -18.6 million. This is a result of lower revenue
combined with reduction in working capital.
Outlook for 2023/24
RTX maintains the outlook for the financial year
2023/24 as communicated on 13 November 2023 and
in our annual report for 2022/23, with revenue of DKK
580-630 million, EBITDA of DKK 45-60 million and
EBIT of DKK 5-20 million.
Revenue for 2023/24: 80% of revenue is expected
to come from existing products, and 20% from new
product and module launches. RTX financial Q1 shows
revenue of DKK 81.9 million and we foresee Q2 to
reach revenue between DKK 120-130 million based on
the current order book and delivery plan. With the slow
H1 2023/24, the outlook for H2 2023/24 reflects a
stepwise return to a normalized production and delivery
pattern, where Q4 2023/24 is anticipated to be the
strongest quarter. We only expect to approach a fully
normalized run rate of product sales by the end of
2023/24, and it will vary from customer to customer.
Gross margin dynamics are influenced by the product
mix. The Q1 2023/24 delivery of low-margin products
is expected to be balanced by higher-margin products
in the remaining quarters.
Capacity costs for 2023/24 are expected to end
lower than for 2022/23. This is a result of cost con-
trolling measures implemented by management in Q1
2023/24 and expected to be maintained throughout
the year. The impact of the efforts will be most evident
in H2 2023/24.
Inventory, comprising components, finished goods,
and goods in transit, will see a reduction during the rest
of the financial year 2023/24 as revenue grows and
inflow of components has stopped. The absolute size
of the inventory reduction depends on development in
revenue.
During the past years, the electronic industry has
experienced extraordinary supply chain challenges, but
we are now in a situation where we see a high level of
channel stocking at our customers. Our customers are
working to reduce their stock levels and working capi-
tal, and this combined with a normalized order horizon
of 3 months compared to previously 18 months, has re-
sulted in customers postponing new product orders. All
our customers express continued belief in the products
we have jointly developed and expect demand to pick
up as stock reaches a normalized level.
Strategic agreement
30 November 2023, RTX signed a firm agreement
with a large global Healthcare company on a strategic
collaboration to bring to market a new generation of
2
RTX interim report for Q1 2023/24
Enquiries and further information:
CEO, Peter Røpke or CFO, Mille Tram Lux
tel +45 96 32 23 00
Investor and analyst conference call
On Friday, 26 January 2024 at 11:00 am CET,
RTX will hold a conference call for investors
and analysts hosted by Danske Bank. In this
conference call, the Company’s management
will comment on the interim report for the
first quarter of the financial year 2023/24.
To register for the conference call, please
e-mail vonh@danskebank.dk.
Financial calendar
Expected publication of financial
information for the financial year
2023/24:
7 May 2024
Interim report Q2 2023/24
28 August 2024
Interim report Q3 2023/24
28 November 2024
Annual report for 2023/24
wireless infrastructure for patient monitoring solutions
for the hospital Healthcare sector. This partnership is
expected to result in new product announcements from
the second half of 2024 and revenue increase in the
segment of 100-200% by 2025/26.
Long-term ambition
We believe in reaching the long-term ambition in
2025/26 of revenue above DKK 1 billion and EBITDA
margin above 16%. We base this on a combination
of returning to normalized revenue patterns in all 3
segments, combined with new product launches, which
are currently under development together with key cus-
tomers. Finally, the newly signed contract in Healthcare
is expected to significantly contribute to the growing
the revenue and reaching our ambition.
Looking at our 3 segments we see a normalized annual
revenue of existing products of DKK 600-700 million.
Enterprise segment is characterized by long-term
cooperation with large global customers. ProAudio is
characterized by cooperation with key global players
in the segment and growth in customer base. Health-
care has always been the smallest segment, but the
segment where we expect the highest growth rates in
the long term. With the contract signed in November
2023, we now have the possibility to reach custom-
ers in the Healthcare segment, which was previously
not possible. With the new agreement we now have
access to all relevant IP rights, and therefore RTX can
approach more customers.
All in all, the 2025/26 ambition reflects a normalized
revenue in the existing business, combined with contin-
uous product introduction with existing global custom-
ers, establishment of cooperation with new customers
and high growth in Healthcare as a consequence of the
strategic effort and contract signed.
Share buyback
Based on the revised capital policy announced on 29
August 2023, RTX announced on 30 November 2023,
that RTX would initiate a share buyback program up
to DKK 20 million during 2023/24. By the end of Q1
2023/24, 45,236 shares had been purchased under
the Safe Harbour Program at a value of DKK 3.2 mil-
lion, and the program continues up to the announced
DKK 20 million under the regulations of Safe Harbour
and RTX’s capital policy.
RTX A/S
Peter Thostrup Peter Røpke
Chair President and CEO
3
RTX interim report for Q1 2023/24
Group Financial Highlights and Key Ratios
(non-audited)
Amounts in DKK million
Q1
2023/24
Q1
2022/23
FY
2022/23
Key ratios (percentage)
Growth in net turnover -60.5% 64.2% 18.0
Profit margin -50.3% 15.6% 8.7
Return on invested capital
(2)
6.2% 39.5% 28.7
Return on equity
(2)
-1.6% 17.2% 13.2
Equity ratio 72.1% 62.7% 65.2
Employment
Average number of full-time employees 298 294 299
Average number of FTE employed directly 265 261 267
Revenue per employee (DKK ‘000)
(3)
275 706 2,618
Operating profit per employee (DKK ‘000)
(3)
-138 110 227
Shares (number of shares in thousands)
Average number of shares in distribution 8,201 8,183 8,200
Average number of diluted shares 8,118 8,182 8,195
Share data (DKK per share at DKK 5)
Profit/loss for the year (EPS), per share
(3)
-4.2 2.1 5.7
Profit/loss for the year, diluted (DEPS), per share
(3)
-4.3 2.1 5.7
Dividends, per share - - -
Equity value, per share 41.5 42.7 45.9
Listed price, per share 69.0 117.8 83.6
Note: The Group’s financial year runs from 1 October to 30 September. Definitions of the key ratios used are stated in the annual report for 2022/23 in the
accounting policies.
(1)
Equals total of cash and current equity investments
(2)
Calculated over a 12 months’ period.
(3)
Not annualized.
Amounts in DKK million
Q1
2023/24
Q1
2022/23
FY
2022/23
Income statement items
Revenue 81.9 207.5 782.8
Gross Profit 31.9 101.5 358.4
EBITDA -30.5 42.0 107.5
EBITDA % -37.2% 20.2% 13.7%
Operating profit/loss (EBIT) -41.2 32.3 67.9
Net financials -3.2 -9.8 -8.7
Profit/loss before tax -44.4 22.5 59.2
Profit/loss for the period -34.6 17.5 46.7
Balance sheet items
Net liquidity postion
(1)
115.5 91.5 137.7
Total assets 470.0 556.8 578.1
Equity 338.8 349.2 377.7
Liabilities 131.2 207.6 201.0
Other key figures
Development cost financed by RTX before capitalization 9.3 12.4 33.2
Capitalized development costs 3.6 3.4 13.5
Depreciation, amortization and impairment 10.7 9.7 39.6
Cash flow from operations -18.6 22.1 97.0
Cash flow from investments -4.5 -6.0 -26.7
Investment in property, plant and equipment 0.5 1.5 10.2
Increase/decrease in cash and cash equivalents -27.7 14.8 62.5
4
RTX interim report for Q1 2023/24
Revenue vacuum
RTX has a customer portfolio comprising very large
global companies, with whom RTX has strong partner-
ships on designing and producing wireless solutions.
During the fiscal year 2022/23, we shipped high
volumes as our customers filled up stocks. In the first
quarter of 2023/24, we have seen a very low volume
delivered as customers have been working to reduce
their stock to a more normalized level, and their re-
quired order horizons is back to 3 months compared to
18 months last year.
Revenue for Q1 2023/24 amounted to DKK 81.9
million (Q1 2022/23: DKK 207.5 million). Revenue in
Q1 2022/23 was exceptionally high, as components in
high volumes became available and deliveries of prod-
ucts possible again. In Q1 2023/24, we see an extraor-
dinarily low revenue. Revenue is impacted by a very a
strong Q4 2022/23, where large deliveries to global
customers were made combined with the customers’
target of reducing inventory and working capital to-
wards year end. In addition, we are exposed to a weaker
USD exchange rate compared to last year, which
affects the revenue. Large shipments in 2022/23 and
customers focus on working capital reduction impact
the revenue for Q1.
• Enterprise segment: Revenue in Q1 2023/24 was
DKK 44.5 million (Q1 2022/23: DKK 154.8 million),
which is 71.2% lower than last year.
• ProAudio segment: Revenue in Q1 2023/24 was
DKK 23.8 million (Q1 2022/23: DKK 38.6 million),
which is 38.2% lower than last year.
• Healthcare segment: Revenue in Q1 2023/24 was
DKK 13.5 million (Q1 2022/23: DKK 14.1 million),
which is 4.2% lower than last year. Focus on com-
pleting the strategic agreement in the Healthcare
segment has had priority in the quarter and a part
of the expected deliveries was postponed to Q2
2023/24. We are currently in a transition phase to
next generation products, and consequently we also
see the effect in lower product sale.
DKK million
Q1
23/24
Change
(%, YoY)
Enterprise revenue 44.5 -71.2%
ProAudio revenue 23.8 -38.2%
Healthcare revenue 13.5 -4.2%
Total 81.9 60.5%
Management report for Q1 2023/24
Strategic signing of agreement in Healthcare segment creating the foundation of significant
growth on a 3-years’ horizon. Disappointing financial result in Q1 2023/24.
Revenue
Q1 2023/24
82 DKKm
-61% YoY growth
5
RTX interim report for Q1 2023/24
Gross profit for Q1 2023/24 amounted to DKK 31.9
million (Q1 2022/23: DKK 101.5 million). The variance
is mainly driven by lower product sales volume and the
product mix.
Gross margin for Q1 2023/24 amounted to 38.9% (Q1
2022/23: 48.9%). The gross margin is impacted by
revenue mix of products. During the next quarters of
2023/24, we expect a positive development of gross
margin from product mix combined with our efforts to
improve individual gross margin per product.
DKK million
Q1
23/24
Change
(%, YoY)
Gross profit 31.9 -68.6%
Gross margin 38.9% -10.0pp
Capacity costs, which consist mainly of staff costs and
other external expenses, amounted to DKK 65.9 million
in Q1 (before capitalization of development costs)
compared to DKK 62.9 million in Q1 2022/23. We have
increased customer focused activities and otherwise
exercised cost cautiousness in other capacity costs and
organisational development. During Q1 2023/24, we
have furthermore initiated cost reduction initiatives, of
which we expect to see the impact in Q3 2023/24. The
initiatives reflect a balanced effort to bridge the short-
term revenue reduction with the long-term growth ambi-
tion, where we need skilled and experienced employees
to keep developing our customer portfolio and products.
DKK million
Q1
23/24
Change
(%, YoY)
Capacity costs
(1)
65.9 4.9%
Value of own work
capitalized 3.6 7.3%
Depreciation etc.
(2)
10.7 10.5%
(1) Staff costs and other external expenses
(2) Depreciation, amortization and impairment
Capitalized development costs: RTX continues to
invest in development activities of new product fea-
tures and product development for the future product
portfolio in the ProAudio and Healthcare segments. In
total, the Group capitalized development costs of DKK
3.6 million in Q1 2023/24 (Q1 2022/23: DKK 3.4
million).
Depreciations and amortizations increased to DKK
10.7 million in Q1 2023/24 (Q1 2022/23: DKK 9.7
million) as new products have been released and depre-
ciation initiated.
EBITDA in Q1 2023/24 reached DKK -30.5 million (Q1
2022/23: DKK 42.0 million). It is a result of a combina-
tion of a significantly lower revenue from product sales.
EBIT in Q1 2023/24 reached DKK -41.2 million (Q1
2022/23: DKK 32.3 million), as depreciation level is
in line with previous periods around DKK 10 million per
quarter.
Profit before tax in Q1 2023/24 reached DKK -44.4
million (Q1 2022/23: DKK 22.5 million).
DKK million
Q1
23/24
Change
(YoY)
EBITDA -30.5 -72.5
EBIT -41.2 -73.5
Profit/loss before tax -44.4 -66.9
EPS (DKK per share) -4.2 -6.3
Equity, Assets and Cash Flow
Cash flows from operations (CFFO) amounted to DKK
-18.6 million in Q1 2023/24 compared to DKK 22.1 mil-
lion in Q1 2022/23. CFFO was negatively impacted by
operating result and positively impacted by the working
capital development.
DKK million
Q1
23/24
Change
(YoY)
CFFO
(1)
-18.6 -40.8
Net liquidity position
(2)
115.5 24.0
The net liquidity position of RTX amounted to DKK
115.5 million at the end of Q1 2023/24 compared to
DKK 91.5 million at the end of Q1 last year. The level is
positively impacted by the cash generated via earnings
over last 12 months’ period and negatively impacted by
operating result for the quarter.
Gross profit
Q1 2023/24
32 DKKm
-69% YoY growth
6
RTX interim report for Q1 2023/24
Total assets were DKK 470.0 million at the end of Q1
2023/24 compared to DKK 556.8 million at the end of
Q1 2022/23. The decrease in assets is primarily due to
decrease in receivables being significantly lower than
last year due to the lower activity in the quarter.
Return on Invested Capital is calculated over a 12
months period, and is impacted by the low revenue. For
Q1 2023/24 ROIC was 6.2% (Q1 2022/23: 38.6 %).
The equity ratio of RTX continues to be at a solid level
at 72.1% at the end of Q1 2023/24 (Q1 2022/23:
62.7%).
Outlook for 2023/24
RTX maintains the outlook for the financial year
2023/24 as communicated on 13 November 2023 and
in our annual report for 2022/23, with revenue of DKK
580-630 million, EBITDA of DKK 45-60 million and
EBIT of DKK 5-20 million.
Revenue for 2023/24: 80% of revenue is expected
to come from existing products, and 20% from new
product and module launches. RTX financial Q1 shows
revenue of DKK 81.9 million and we foresee Q2 to
reach revenue between DKK 120-130 million based on
the current order book and delivery plan. With the slow
H1 2023/24, the outlook for H2 2023/24 reflects a
stepwise return to a normalized production and delivery
pattern, where Q4 2023/24 is anticipated to be the
strongest quarter. We only expect to approach a fully
normalized run rate of product sales by the end of
2023/24, and it will vary from customer to customer.
Gross margin dynamics are influenced by the product
mix. The Q1 2023/24 delivery of low-margin products
is expected to be balanced by higher-margin products
in the remaining quarters.
Capacity costs for 2023/24 are expected to end
lower than for 2022/23. This is a result of cost con-
trolling measures implemented by management in Q1
2023/24 and expected to be maintained throughout
the year. The impact of the efforts will be most evident
in H2 2023/24.
Inventory, comprising components, finished goods,
and goods in transit, will see a reduction during the rest
of the financial year 2023/24 as revenue grows and
inflow of components has stopped. The absolute size
of the inventory reduction depends on development in
revenue.
During the past years, the electronic industry has
experienced extraordinary supply chain challenges,
but we are now in a situation where we see a high level
of channel stocking at our customers. Our customers
are working to reduce their stock levels and working
capital, and this combined with a normalized order ho-
rizon of 3 months compared to 18 months, has resulted
in customers postponing new product orders. All our
customers express continued belief the product we
Equity ratio
72%
ROIC
6%
have jointly developed and expect demand to pick up
as stock reaches a normalized level.
The outlook is based on dialogue with key customers
on their expectations for 2023/24, combined with our
market insight on new customers and products. The
USD FX rate creates some uncertainty regarding the
full-year outlook as the vast majority of revenue and
cost of sales are USD denominated. For a full list of
assumptions behind the outlook, refer to the annual
report for 2022/23 (pages 34-35).
Strategic agreement
30 November 2023, RTX signed a firm agreement
with a large global Healthcare company on a strategic
collaboration to bring to market a new generation of
wireless infrastructure for patient monitoring solutions
for the hospital Healthcare sector. This partnership is
expected to result in new product announcements from
the second half of 2024 and revenue increase in the
segment of 100-200% by 2025/26.
7
RTX interim report for Q1 2023/24
Outlook
2023/24
580-630
million DKK
Normalised
revenue
New Business
- Enterprise
New Business
- ProAudio
New Business
- Healthcare
100
125
50
125
2025/26
Ambition
1 billion
DKK
20%
20%
60%
Enterprise ProAudio Healthcare
Share buyback
Based on the revised capital policy announced on 29
August 2023, RTX announced on 30 November 2023,
that RTX would initiate a share buyback program up
to DKK 20 million during 2023/24. By the end of Q1
2023/24, 45,236 shares had been purchased under
the Safe Harbour Program at a value of DKK 3.2 mil-
lion, and the program continues up to the announced
DKK 20 million under the regulations of Safe Harbour
and RTX’s capital policy.
Long-term ambition
We believe in reaching the long-term ambition in
2025/26 of revenue above DKK 1 billion and EBITDA
margin above 16%. We base this on a combination
of returning to normalized revenue patterns in all 3
segments, combined with new product launches, which
are currently under development together with key cus-
tomers. Finally, the newly signed contract in Healthcare
is expected to significantly contribute to the growing
the revenue and reaching our ambition.
Looking at our 3 segments we see a normalized annual
revenue of existing products of DKK 600-700 million.
Enterprise segment is characterized by long-term cooper-
ation with large global customers. ProAudio is character-
ized by cooperation with some of the key global players
in the segment and growth in customer base. Healthcare
has always been the smallest segment, but the segment
where we expect the highest growth rates in the long
term. With the contract signed in November 2023, we
now have the possibility to reach customers in the Health-
care segment, which previously was not possible. With
the new agreement we now have access to all relevant IP
rights, and therefore RTX can approach more customers.
All in all, the 2025/26 ambition reflects a normalized
revenue in the existing business, combined with contin-
uous product introduction with existing global custom-
ers, establishment of cooperation with new customers
and high growth in Healthcare as a consequence of the
strategic effort and contract signed.
Risks and uncertainties for
the 2023/24 financial year
Forward-looking statements:
The above statements on the
Group’s future conditions,
including in particular, future
revenue and operating profit
(EBITDA), reflect Management’s
current outlook and carry some
uncertainty. These statements can
be affected by several risks and
uncertainties, which mean that
actual developments and results
can be materially different from the
expectations expressed directly
or indirectly in this interim report.
These risks and uncertainties
include, but are not limited to,
general economic conditions and
developments, changes in demand
for RTX’s products and services,
competition, technological
changes, fluctuations in currencies,
component availability and
fluctuations in sub-contractor
supplies as well as legislative
and/or regulatory changes.
Long-Term ambition
DKK million
8
RTX interim report for Q1 2023/24
Amounts in DKK ‘000 Note
Q1
2023/24
Q1
2022/23
FY
2022/23
Revenue 3 81,900 207,510 782,777
Value of own work capitalized 4 3,623 3,378 13,525
Cost of sales -50,037 -106,042 -424,346
Other external expenses -19,293 -16,441 -72,419
Staff costs -46,650 -46,410 -192,013
Operating profit/loss before depreciation and amortization (EBITDA) -30,457 41,995 107,524
Depreciation, amortization and impairment 4 -10,699 -9,680 -39,628
Operating profit/loss (EBIT) -41,156 32,315 67,896
Financial income 5 3,096 2,652 3,840
Financial expenses 5 -6,329 -12,496 -12,569
Profit/loss before tax -44,389 22,471 59,167
Tax on profit/loss 9,766 -4,974 -12,452
Profit/loss for the period -34,623 17,497 46,715
Earnings per share
Earnings per share (DKK) -4.2 2.1 5.7
Earnings per share, diluted (DKK) -4.3 2.1 5.7
Income Statement
(non-audited)
Statement of
Comprehensive Income
(non-audited)
Amounts in DKK ‘000 Note
Q1
2023/24
Q1
2022/23
FY
2022/23
Profit/loss for the period -34,623 17,497 46,715
Items that can be reclassified subsequently to the income statement
Exchange rate adjustments of foreign subsidiaries -1,734 -3,516 -3,289
Fair value adjustment relating to hedging instruments 113 2,614 1,852
Tax on hedging instruments -25 -575 -407
Fair value of hedging instruments reclassified to the income statement 180 330 -27
Tax on hedging instruments reclassified -40 -73 6
Other comprehensive income, net of tax -1,506 -1,220 -1,865
Comprehensive income for the period -36,129 16,277 44,850
9
RTX interim report for Q1 2023/24
Amounts in DKK ‘000 31.12.23 31.12.22 30.09.23
Assets
Own completed development projects 21,317 32,681
Own development projects in progress 23,646 21,324
Software 928 -
Goodwill 7,797 7,797
Intangible assets 53,688 61,802
Right-of-use assets (lease assets) 49,345 52,900
Plant and machinery 18,693 17,163
Other fixtures, tools and equipment 3,708 4,241
Leasehold improvements 10,405 11,023
Tangible assets 82,151 85,327
Deposits 6,712 6,745
Deferred tax assets 5,537 1,982
Other non-current assets 12,249 8,727
Total non-current assets 148,088 155,856
Inventories 107,704 117,552 102,167
Trade receivables 83,540 174,249
Contract development projects in progress 1,914 3,056
Income taxes 307 - -
Other receivables 5,969 9,311
Prepaid expenses 6,973 5,331
Receivables 98,703 191,947
Current asset investments in the trading portfolio 32,476 30,871
Current asset investments 32,476 30,871
Cash at bank and in hand 83,007 60,596
Total current assets 321,890 400,966
Total assets 469,978 556,822
Balance Sheet
(non-audited)
Amounts in DKK ‘000 31.12.23 31.12.22 30.09.23
Equity and liabilities
Share capital 42,339 42,339 42,339
Share premium account 170,439 170,439 170,439
Currency adjustments 7,117 8,624 8,851
Cash flow hedging -65 579 -293
Retained earnings 118,932 127,220 155,769
Equity 338,762 349,201 377,105
Lease liabilities 48,821 51,468 49,517
Deferred tax liabilities - 3,588 6,154
Provisions 1,389 1,855 1,389
Other payables - 13,629 724
Non-current liabilities 50,210 70,540 57,784
Lease liabilities 5,896 6,369 6,896
Prepayments received from customers 11,203 19,716 16,113
Trade payables 30,806 65,184 57,599
Contract development projects in progress 4,008 5,636 3,817
Income taxes 210 14,759 17,779
Provisions 2,716 1,306 2,716
Other payables 26,167 24,111 38,280
Current liabilities 81,006 137,081 143,200
Total liabilities 131,216 207,621 200,984
Total equity and liabilities 469,978 556,822 578,089
10
RTX interim report for Q1 2023/24
Amounts in DKK ‘000
Share
capital
Share
premium
Currency
adjust-
ments
Cash flow
hedging
Retained
earnings Total
Equity at 1 October 2022 42,339 170,439 12,140 -1,717 108,439 331,640
Profit/loss for the period - - - - 17,497 17,497
Exchange rate adjustments
of foreign subsidiaries - - -3,516 - - -3,516
Fair value adjustment relating
to hedging instruments - - - 2,614 - 2,614
Tax on hedging instruments - - - -575 - -575
Fair value of hedging instruments
reclassified to the income statement - - - 330 - 330
Tax on hedging instruments reclassified - - - -73 - -73
Other comprehensive income,
net of tax - - -3,516 2,296 - -1,220
Comprehensive income for the period - - -3,516 2,296 17,497 16,277
Share-based remuneration - - - - 1,270 1,270
Current tax on equity transactions - - - - - -
Deferred tax on equity transactions - - - - 14 14
Other transactions - - - - 1,284 1,284
Equity at 31 December 2022 42,339 170,439 8,624 579 127,220 349,201
Amounts in DKK ‘000
Share
capital
Share
premium
Currency
adjust-
ments
Cash flow
hedging
Retained
earnings Total
Equity at 1 October 2023 42,339 170,439 8,851 -293 155,769 377,105
Profit/loss for the period - - - - -34,623 -34,623
Exchange rate adjustments
of foreign subsidiaries - - -1,734 - - -1,734
Fair value adjustment relating
to hedging instruments - - - 113 - 113
Tax on hedging instruments - - - -25 - -25
Fair value of hedging instruments
reclassified to the income statement - - - 180 - 180
Tax on hedging instruments reclassified - - - -40 - -40
Other comprehensive income,
net of tax - - -1,734 228 - -1,506
Comprehensive income for the period - - -1,734 228 -34.623 -36,129
Share-based remuneration - - - - 897 897
Current tax on equity transactions - - - - -154 -154
Deferred tax on equity transactions - - - - - -
Acquisition of treasury shares - - - - -2,957 -2,957
Other transactions - - - - -2,214 -2,214
Equity at 31 December 2023 42,339 170,439 7,117 -65 118,932 338,762
Share capital of DKK 42,339,190 consists of 8,467,838 shares at DKK 5 (DKK 42,339,190 consisting of 8,467,838
shares at 31 December 2022). The Group holds 300,264 treasury shares at 31 December 2023 (284,924 shares at
31 December 2022). There are no shares carrying special rights.
Equity Statement
(non-audited)
11
RTX interim report for Q1 2023/24
Cash Flow Statement
(non-audited)
Amounts in DKK ‘000
Q1
2023/24
Q1
2022/23
FY
2022/23
Operating profit/loss (EBIT) -41,156 32,315 67,896
Reversal of items with no effects on cash flow
Depreciation, amortization and impairment 10,699 9,680 39,628
Other items with no effects on cash flow -5,880 -8,174 -9,903
Change in working capital
Change in inventories -5,647 -15,797 8,243
Change in receivables 88,729 31,884 35,891
Change in trade payables, etc. -44,349 -19,667 -31,410
Cash flow from operating activities 2,396 30,241 110,345
Financial income received 1,687 1,961 2,991
Financial expenses paid -4,968 -9,872 -12,944
Income taxes paid -17,732 -192 -3,400
Cash flow from operations -18,617 22,138 96,992
Investments in own development projects -3,931 -4,427 -15,442
Acquisition of intangible assets - - -1,040
Acquisition of property, plant and equipment -530 -1,518 -10,236
Sale of tangible assets - - 49
Deposits on leaseholds 45 72 60
Acquisition / sale of current asset
investments in the trading portofolio, net -38 -97 -97
Cash flow from investments -4,454 -5,970 -26,706
Amounts in DKK ‘000
Q1
2023/24
Q1
2022/23
FY
2022/23
Repayment of lease liabilities -1,696 -1,359 -7,822
Acquisition of treasury shares -2,957 - -
Paid dividend - - -
Cash flow from financing activities -4,653 -1,359 -7,822
Increase/decrease in cash and cash equivalents -27,724 14,809 62,464
Exchange rate adjustments on cash 4,060 2,062 482
Cash and cash equivalents at the beginning of the period, net 106,671 43,725 43,725
Cash and cash equivalents at the end of the period, net 83,007 60,596 106,671
Cash and cash equivalents at the end of the period,
net are composed as follows:
Cash at bank and in hand 83,007 60,596 106,671
Cash and cash equivalents at the end of the period, net 83,007 60,596 106,671
12
RTX interim report for Q1 2023/24
Notes
1 Accounting policies
The interim report is presented in accordance with IAS 34 “Interim Financial Reporting” as adopted by the EU and additional
Danish disclosure requirements for interim reporting of listed companies. An interim report has not been prepared for the
Parent.
The accounting policies applied in this interim report are consistent with those applied in the Company’s 2022/23 annual
report which was presented in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and
additional Danish disclosure requirements for annual reports of listed companies. We refer to the 2022/23 annual report for
a more detailed description of the accounting policies.
The applied accounting policies are unchanged compared to the annual report for 2022/23. New or amended standards and
interpretations becoming effective for the financial year 2023/24 have no material impact on the interim report.
2 Estimates and assumptions
The preparation of interim reports requires management to make financial estimates and assumptions that affect the appli-
cation of accounting policy and recognised assets, liabilities, income and expenses. Actual results might be different from
these estimates.
The material estimates that management make when applying the accounting principles of the Group and the material un-
certainty connected with these estimates and assumptions are unchanged in the preparation of the interim report compared
to the preparation of the annual report as per 30 September 2023.
3 Segment information
In accordance with internal reporting, RTX reports on the three target markets segments; Enterprise, ProAudio and Health-
care. Costs are reported by allocating costs directly attributable to the three reportable market segments whereas common
functions costs etc. (primarily other external expenses, staff costs and depreciations related to IT, finance, overall manage-
ment, joint facilities, joint technology projects, and supply chain management) are reported as non-allocated in accordance
with internal reporting.
3 Segment information (continued)
Amounts in DKK ‘000
Q1
2023/24
Q1
2022/23
FY
2022/23
Revenue
Enterprise 44,530 154,794 527,061
ProAudio 23,830 38,589 186,070
Healthcare 13,540 14,127 69,646
Group 81,900 207,510 782,777
EBITDA
Enterprise -1,186 64,207 160,811
ProAudio 8,322 13,145 70,469
Healthcare 316 4,002 29,928
Non-allocated -37,909 -39,359 -153,684
Group -30,457 41,995 107,524
EBIT
Enterprise -6,616 59,445 141,162
ProAudio 6,744 11,532 64,466
Healthcare 52 3,784 29,388
Non-allocated -41,336 -42,446 -167,120
Group -41,156 32,315 67,896
13
RTX interim report for Q1 2023/24
Notes
3 Segment information (continued)
Amounts in DKK ‘000
Q1
2023/24
Q1
2022/23
FY
2022/23
Revenue, geographical segments
Denmark 3,551 635 12,370
France 2,729 46,722 116,908
Germany 3,152 24,536 86,215
Other Europe 16,215 26,951 98,945
USA 32,089 40,591 261,330
Hong Kong 4,988 41,808 93,546
Other Asia and Pacific 19,176 24,813 110,413
Other - 1,454 3,050
Group 81,900 207,510 782,777
Revenue distributed to geographic area according to the geographical location of the customer entity being invoiced.
4 Development costs
Amounts in DKK ‘000
Q1
2023/24
Q1
2022/23
FY
2022/23
Development cost incurred before capitalization 9,333 12,412 33,177
Value of own work capitalized
(1)
-3,613 -2,788 -11,789
Total amortization and impairment on development projects 6,039 6,053 24,002
Development costs recognized in the profit/loss account 11,759 15,677 45,390
(1)
Total value of own capitalized of DKK 3.6 million in Q3 2022/23 according to the income statement includes own
tangible assets of DKK 0.0 million (Q3 2022/23: DKK 0.6 million).
14
RTX interim report for Q1 2023/24
Notes
6 Fair value hierarchy for financial instruments
The below indicates the classification of the financial instruments divided in accordance with the fair value hierarchy:
• Listed prices in an active market for the same type of instrument (level 1)
• Listed prices in an active market for similar assets or liabilities or other valuation methods, where all significant
input is based on observable market data (level 2)
• Valuation methods, where any significant input is not based on observable market data (level 3)
Amounts in DKK ‘000 Level 1 Level 2 Level 3 Total
Financial instruments (hedging), asset - 39 - 39
Bonds listed on the stock exchange, in the trading portfolio 32,476 - - 32,476
Financial net assets at fair value at 31 December 2023 32,476 39 - 32,515
Financial instruments (hedging), asset - 1,032 - 1,032
Bonds listed on the stock exchange, in the trading portfolio 30,871 - - 30,871
Financial net assets at fair value at 31 December 2022 30,871 1,032 - 31,903
Financial hedging instruments comprise standard foreign exchange forward contracts with the USD/DKK exchange
rate as the main element affecting the fair value of the contracts.
5 Financial items
Amounts in DKK ‘000
Q1
2023/24
Q1
2022/23
FY
2022/23
Fair value adjustments of investments in trading portfolio 1,409 691 849
Gain on hedging instruments (net) 406 1,675 1,094
Other financial income 1,281 286 1,897
Total financial income 3,096 2,652 3,840
Exchange rate losses (net) 5,472 11,814 8,673
Financing element, IFRS 16 596 575 2,448
Other financial costs 261 107 1,448
Total financial expenses 6,329 12,496 12,569
15
RTX interim report for Q1 2023/24
Management’s Statement
Executive Board
Board of Directors
16
RTX interim report for Q1 2023/24
Design and production: Noted
RTX A/S
Stroemmen 6
9400 Noerresundby
Denmark
rtx.dk