XCSE:RTX ESEF Annual Report
RTX A/S (XCSE:RTX)
ESEF Annual Report
2023-08-31
For: 2023-06-30
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Interim report for Q3 and 9M 2022/23
(the period 01.10.2022 - 30.06.2023)
Announcement
to Nasdaq Copenhagen A/S and the media
Nørresundby, 29 August 2023
Announcement no. 16/2023
No. of pages: 16
“In the third quarter of 2022/23, RTX delivered a solid revenue in line with our expectations. For the first nine months of 2022/23 we have
grown our revenue by 31% compared to same period last year. Strong partnerships and framework agreements with large global customers
facilitate long-term commitment and revenue stream from product volume growth. We still see the aftermaths of the shortage in electronics
components affecting customer inventory levels and demand patterns, and we expect this will continue into our next financial year. We maintain
the ambitious outlook for 2022/23, comprising a solid growth in both revenue and EBITDA.”
Peter Røpke, CEO
Maintaining ambitious revenue and EBITDA guidance
Highlights Q3 & 9M 2022/23
Net revenue in the first 9M of 2022/23
reached DKK 557.4 million, which is 31% above
last year. The revenue in Q3 is on par with last
year. This reflects both the aftermath of the
component scarcity and our ability to deliver
high volume products to our large global cus-
tomers, with whom we have long-term partner-
ships and common interest in delivering robust
products in high volumes.
Gross profit in the first 9M of 2022/23
increased by 29% to DKK 257.5 million. RTX
has large customers with a broad portfolio of
products, and the mix impacts the gross profit.
In Q3, the gross profit increased by 14% to DKK
81.9 million.
Gross margin is maintained at a high level,
46.2% in the first 9M of 2022/23, compared
to 46.8% last year. The gross margin for Q3 is
48.2%, impacted by revenue from development
projects on the new product portfolio.
EBITDA in the first 9M of 2022/23 was DKK
64.1 million, 96% above last year. Last year’s Q4
was extraordinarily high, and we expect a more
normalized Q4 this year. EBITDA in Q3 was DKK
14.3 million, 11% below last year, primarily as a
result of increased capacity costs, lower capital-
ization of own development, partially compen-
sated by higher gross profit. EBIT in the first 9M
of 2022/23 increased to DKK 34.8 million.
EBIT
DKK million
Revenue
DKK million
EBITDA
DKK million
Cash flows from operations (CFFO) in the first
9M of 2022/23 was DKK 43.4 million, more
than double of last year. Cash flow in Q3 was
DKK 6.7 million. Compared to last year, the cash
flow is impacted by a stronger operating result
and the development in working capital.
Outlook for 2022/23
RTX maintains the outlook for the financial year
2022/23 as communicated on 29 November
2022 in our annual report for 2021/22, with
revenue of DKK 700-760 million, EBITDA of
DKK 85-105 million and EBIT of DKK 45-65
million.
Long-Term Financial Ambition
During the past years, the electronic industry has
experienced extraordinary supply chain challenges, but
we are coming back to a more normalized supply chain
situation. However, we see a higher level of channel
stocking at our customers and consequently, the
reordering points could be postponed. Furthermore, we
have limited insight into the development of the market
demand of our customers’ customers. In addition, we
are exposed to a weaker USD exchange rate compared
to last year. These factors combined will to some ex-
tent affect revenue development in RTX in the first 2-3
quarters of the next financial year.
However, we have a solid strategy plan, long-term cus-
tomer relations and new product introductions which
make us confident in our long-term ambition.
For the next three years towards 2025/26, our am-
bition is to achieve a growth in revenue surpassing a
revenue of DKK 1 billion, while increasing profitability
and reaching an EBITDA margin above 16% by the fiscal
year 2025/26.
Capital policy
Due to our strong performance and recovery after some
challenging years, we have revised our capital policy.
RTX now targets a net liquidity position (total cash
funds plus current securities less any bank debt) of
DKK 80-100 million.
The guiding principle for the policy on capital alloca-
tion and structure of RTX is to: (i) maintain sufficient
financial flexibility to realize RTX’s strategic objectives,
including investments into growth opportunities as
well as balance sheet robustness needed for long-term
framework agreements, which is needed to support
operations. At the same time (ii) ensuring a financial
structure maximizing the return for our shareholders.
Thereby, any excess capital after the funding of growth
opportunities and after ensuring such robustness,
should be returned to shareholders.
RTX A/ S
Peter Thostrup Peter Røpke
Chair President and CEO
Enquiries and further information:
CEO, Peter Røpke or CFO, Mille Tram Lux
tel +45 96 32 23 00
Investor and analyst conference call
On Wednesday, 30 August 2023 at 9:00
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 third quarter and first 9 months
of the financial year 2022/23.
To register for the conference call, please
e-mail vonh@danskebank.dk.
Financial calendar
Expected publication of financial information
for the financial year 2022/23:
30 November 2023
Annual report for 2022/23
2
RTX interim report for Q3 and 9M 2022/23
Group Financial Highlights and Key Ratios
(non-audited)
Amounts in DKK million
Q3
2022/23
Q3
2021/22
9M
2022/23
9M
2021/22
FY
2021/22
Key ratios (percentage)
Growth in net turnover 3.1% 36.6% 31.0% 57.3% 45.1%
Profit margin 2.6% 3.6% 6.2% 0.7% 6.9%
Return on invested capital
(2)
35.6% 30.9% 35.6% 30.9% 25.6%
Return on equity
(2)
17.4% 11.3% 17.4% 11.3% 10.9%
Equity ratio 62.4% 56.7% 62.4% 56.7% 59.6%
Employment
Average number of full-time employees 299 283 296 280 282
Average number of FTE employed directly 267 249 264 247 249
Revenue per employee (DKK ‘000)
(3)
568 582 1,883 1,519 2,352
Operating profit per employee (DKK ‘000)
(3)
15 21 118 10 162
Shares (number of shares in thousands)
Average number of shares in distribution 8,209 8,183 8,197 8,164 8,169
Average number of diluted shares 8,205 8,220 8,202 8,195 8,198
Share data (DKK per share at DKK 5)
Profit/loss for the year (EPS), per share
(3)
0.4 0.2 2.2 -0.5 4.2
Profit/loss for the year, diluted (DEPS), per share
(3)
0.4 0.2 2.2 -0.5 4.1
Dividends, per share - - - - -
Equity value, per share 42.6 35.5 42.6 35.5 40.5
Listed price, per share 108.0 138.0 108.0 138.0 115.0
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 2021/22 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
Q3
2022/23
Q3
2021/22
9M
2022/23
9M
2021/22
FY
2021/22
Income statement items
Revenue 169.9 164.8 557.4 425.4 663.3
Gross Profit 81.9 71.9 257.5 199.3 309.3
EBITDA 14.3 16.1 64.1 32.8 85.4
EBITDA % 8.4% 9.7% 11.5% 7.7% 12.9%
Operating profit/loss (EBIT) 4.4 5.9 34.8 2.9 45.6
Net financials -0.5 -4.1 -12.1 -7.8 -3.4
Profit/loss before tax 3.9 1.8 22.7 -5.0 42.3
Profit/loss for the period 3.1 1.4 17.7 -4.2 33.9
Balance sheet items
Net liquidity postion
(1)
91.6 104.2 91.6 104.2 73.8
Total assets 560.5 512.7 560.5 512.7 556.8
Equity 350.0 290.9 350.0 290.9 331.6
Liabilities 210.5 221.9 210.5 221.9 225.2
Other key figures
Development cost financed by RTX
before capitalization 8.4 8.4 26.5 23.1 30.6
Capitalized development costs 2.1 4.5 8.7 12.1 15.8
Depreciation, amortization and impairment 9.9 10.1 29.3 29.9 39.7
Cash flow from operations 6.7 -0.2 43.4 20.8 -0.0
Cash flow from investments -8.3 10.8 -23.4 -4.7 30.5
Investment in property, plant and equipment 4.9 2.4 10.6 9.0 11.4
Increase/decrease in cash and cash equivalents -4.4 9.2 13.9 11.9 24.9
3
RTX interim report for Q3 and 9M 2022/23
Revenue growth
RTX has a customer portfolio comprising very large
ships on designing and producing wireless solutions.
During the first two quarters of the fiscal year, we
shipped high volumes as our customers filled up stocks
and saw a more normalized Q3 volume-wise.
Revenue for Q3 increased by 3.1% to DKK 169.9 million
in Q3 2022/23 (Q3 2021/22: DKK 164.8 million) and
was affected by periodization effects from strong rev-
enue in H1 of the fiscal year. In the Healthcare segment
the growth is impacted by income on development of
the new product portfolio. FX corrected revenue growth
was 5.4% for the quarter, as revenue compared to last
year was negatively impacted by the weaker average
US dollar in the quarter.
Revenue for 9M increased significantly by 31.0% to
DKK 557.4 million in 9M 2022/23 (9M 2021/22: DKK
425.4 million). The increase is driven by both improve-
ment in product demand and component availability.
The growth is reflected in the Enterprise and ProAudio
segments, where higher volumes of products have been
sold to key partners. FX corrected revenue growth was
25.4% for 9M 2022/23 as revenue compared to last
year was positively impacted by the stronger US dollar
in the period.
• Enterprise segment: Revenue in Q3 was DKK
107.3 million, which is 18.3% lower than last year.
Revenue for 9M 2022/23 increased significantly
by 23.8% to DKK 377.8 million. Large framework
agreements with long-term customers aided by new
product launches contributed significantly to the
increase.
• ProAudio segment: Revenue in Q3 was DKK 33.7
million, which is 49.0% higher than last year. Rev-
enue for 9M 2022/23 increased by 50.0% to DKK
125.0 million. Strong demand for RTX’s product
solutions and modules and a continued demand
for products related to live events, are the primary
drivers for growth in ProAudio.
• Healthcare segment: Revenue in Q3 was DKK
28.9 million, which is 167.0% higher than last year.
Revenue for 9M 2022/23 increased by 47.6% to
DKK 54.6 million. The revenue and gross margin
are affected by income on development projects
on the new product portfolio. We are currently in
a transition phase to next generation products,
and consequently we also see the effect in lower
product sale.
DKK million
Q3
22/23
Change
(%, YoY)
9M
22/23
Change
(%, YoY)
Enterprise revenue 107.3 -18.3% 337.8 23.8%
ProAudio revenue 33.7 49.0% 125.0 50.0%
Healthcare revenue 28.9 167.0% 54.6 47.6%
Total 169.9 3.1% 557.4 31.0%
Management report for Q3 & 9M 2022/23
Product sales in Enterprise and ProAudio segments contribute to a revenue growth
of 31% for the first nine months of 2022/23 compared to last year.
Revenue
Q3 2022/23
170 DKKm
9M 2022/23
557 DKKm
31% YoY growth
4
RTX interim report for Q3 and 9M 2022/23
Gross profit for Q3 increased by 14.0% to DKK 81.9
million (Q3 2021/22: DKK 71.9 million). The improve-
ment is driven by higher product sales volume, the
product mix and the component availability at a more
normalized level. Gross profit for 9M 2022/23
increased by 29.2% to DKK 257.5 million, driven by the
strong revenue growth.
The supply situation with component scarcity in the
global electronics industry was stable in the quarter.
There are still some constraints in component availabil-
ity, and electronics component prices remain high, but
in general the component availability is approaching a
normalized level.
Gross margin for Q3 increased to 48.2% (Q3
2021/22: 43.7%). Compared to last year, it was
positively impacted by the product mix realized. Gross
margin for 9M 2022/23 was 46.2% (9M 2021/22:
46.8%). Compared to last year, the gross margin was
impacted by a number of factors: positively by a higher
share of revenue from development projects and
negatively by different product mix realized (primarily in
H1 2022/23).
DKK million
Q3
22/23
Change
(%, YoY)
9M
22/23
Change
(%, YoY)
Gross profit 81.9 +10.0 257.5 +58.2
Gross margin 48.2% +4.5pp 46.2% -0.6pp
Capacity costs, which consist mainly of staff costs and
other external expenses, amounted to DKK 69.6 million
in Q3 (before capitalization of development costs)
compared to DKK 60.3 million in Q3 of last year. We
have managed to lower the attrition rate and attract
highly skilled employees and close the resource gap we
have had since the end of the previous financial year,
2021/22. The increase in capacity costs, comprises
regulations of salaries, spend on external consultants
assisting with development as well as increase in travel
and trade fair activity. In 9M 2022/23, capacity costs
were DKK 202.0 million (9M 2021/22: DKK 178.6
million).
DKK million
Q3
22/23
Change
(%, YoY)
9M
22/23
Change
(%, YoY)
Capacity costs
(1)
69.6 15.4% 202.0 13.1%
Value of own work
capitalized 2.1 -53.2% 8.7 -27.9%
Depreciation etc.
(2)
9.9 -2.0% 29.3 -1.9%
(1) Staff costs and other external expenses
(2) Depreciation, amortization and impairment
Capitalized development costs: RTX continues to
fund development activities of e.g. cloud-based prod-
uct deployment, new product features and product
development for the future product portfolio in the
Healthcare segment. In total, the Group capitalized
development costs of DKK 2.1 million in Q3 2022/23
(Q3 2021/22: DKK 4.5 million) and of DKK 8.7 million
in 9M 2022/23 (9M 2021/22: DKK 12.1 million).
Depreciations and amortizations have been at a
relatively stable level of DKK 9.9 million in Q3 (Q3
2021/22: DKK 10.1 million) and is also largely on par
with previous quarters.
Gross profit
Q3 2022/23
82 DKKm
9M 2022/23
258 DKKm
29% YoY growth
5
RTX interim report for Q3 and 9M 2022/23
EBITDA in Q3 reached DKK 14.3 million (Q3 2021/22:
DKK 16.1 million). It is a result of a combination of high-
er gross margin and higher capacity costs, compared to
last year. EBITDA for 9M 2022/23 increased by 95.8%
to DKK 64.1 million (9M 2021/22: DKK 32.8 million),
which is a result of higher volume on product sales and
moderate increase in capacity costs.
EBIT in Q3 reached DKK 4.4 million (Q3 2021/22:
DKK 5.9 million), as depreciation level is in line with
previous periods around DKK 10 million per quarter.
EBIT for 9M 2022/23 increased significantly to DKK
34.8 million (9M 2021/22: DKK 2.9 million), which is
a result of higher EBITDA and a stable level of depreci-
ation.
Profit before tax in Q3 reached DKK 3.9 million (Q3
2021/22: DKK 1.8 million). In 9M 2022/23, profit
before tax increased significantly to DKK 22.7 million
(9M 2021/22: DKK -5.0 million).
DKK million
Q3
22/23
Change
(YoY)
9M
22/23
Change
(YoY)
EBITDA 14.3 -1.7 64.1 +31.4
EBIT 4.4 -1.5 34.8 +31.9
Profit/loss
before tax 3.9 +2.1 22.7 +27.7
EPS (DKK per share) 0.4 +0.2 2.2 +2.7
Equity, Assets and Cash Flow
Cash flows from operations (CFFO) amounted to DKK
6.7 million in Q3 2022/23 compared to DKK -0.2 mil-
lion in Q3 2021/22. CFFO fro 9M 2022/23 reached
DKK 43.4 million (9M 2021/22: DKK 20.8 million).
Compared to last year, CFFO was positively impacted
by both operating result and the working capital devel-
opment.
DKK million
Q3
22/23
Change
(YoY)
9M
22/23
Change
(YoY)
CFFO
(1)
6.7 +6.9 43.4 +22.6
Net liquidity
position
(2)
91.6 -12.6 91.6 -12.6
The net liquidity position of RTX amounted to DKK
91.6 million at the end of Q3 2022/23 compared
to DKK 104.2 million at the end of Q3 last year. The
level is impacted by the cash generated via earnings
combined with higher working capital and capitalized
development costs. To secure revenue, RTX contracted
critical components during the period of component
shortage. This is reflected in the inventory level, which
is expected to decrease within the next year as com-
ponents are included in finished goods and sold to our
customers.
Equity ratio
63%
ROIC
36%
Total assets were DKK 560.5 million at the end of Q3
2022/23 compared to DKK 512.7 million at the end of
Q3 last year.
Return on Invested Capital continues to be high
and has increased to 35.6% for 9M 2022/23 (9M
2021/22: 30.9 %).
The equity ratio of RTX continues to be at a solid level
at 62.4% at the end of Q3 2022/23 (Q3 2021/22:
56.7%).
Outlook for 2022/23
RTX maintains the ambitious guidance for the financial
year 2022/23, as communicated on 29 November
2022 in our annual report for 2021/22, with revenue of
DKK 700-760 million, EBITDA of DKK 85-105 million
and EBIT of DKK 45-65 million.
In line with our strategy to operate a product volume
driven business, 2022/23 is expected to be impacted
by an increase in product sales, while revenue from en-
gineering declined. This impacts the gross margin. The
product mix realized in 2022/23 is not representing a
fully normalized demand situation across the portfolio
and new product introductions have an impact.
6
RTX interim report for Q3 and 9M 2022/23
Capital policy
Due to our strong performance and recovery after some
challenging years, we have revised our capital policy.
RTX now targets a net liquidity position (total cash
funds plus current securities less any bank debt) of
DKK 80-100 million.
The outlook is based on a strong result for 9M
2022/23 and a solid order book for the remaining
2022/23. 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 2021/22 (pages 20-21) .
Long-Term Financial Ambition
During the past years, the electronic industry has
experienced extraordinary supply chain challenges,
but we are coming back to a more normalized sup-
ply chain situation. However, we see a higher level of
channel stocking at our customers and consequently
the reordering points could be postponed. Furthermore,
we have limited insight into the development of the
market demand of our customers’ customers. These
factors combined will to some extent affect revenue
development in RTX in the first 2-3 quarters of the
next financial year.
However, we have a solid strategy plan, long-term
customer relations and new product introductions
which make us confident in our long-term ambition. For
the next three years towards 2025/26, our ambition
is to achieve a growth in revenue surpassing a reve-
nue of DKK 1 billion, while increasing profitability and
reaching an EBITDA margin above 16% by the fiscal
year 2025/26.
Risks and uncertainties for the
2022/23 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 a number of 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.
7
RTX interim report for Q3 and 9M 2022/23
Amounts in DKK ‘000 Note
Q3
2022/23
Q3
2021/22
9M
2022/23
9M
2021/22
FY
2021/22
Revenue 3 169,885 164,753 557,382 425,438 663,289
Value of own work capitalized 4 2,092 4,474 8,693 12,053 15,759
Cost of sales -88,013 -92,828 -299,889 -226,157 -354,037
Other external expenses -18,176 -15,458 -52,599 -47,198 -62,376
Staff costs -51,463 -44,878 -149,450 -131,381 -177,280
Operating profit/loss before depreciation
and amortization (EBITDA) 14,325 16,063 64,137 32,755 85,355
Depreciation, amortization and impairment 4 -9.929 -10,135 -29,345 -29,904 -39,714
Operating profit/loss (EBIT) 4,396 5,928 34,792 2,851 45,641
Financial income 5 1,085 2,648 3,515 5,642 13,480
Financial expenses 5 -1,568 -6,761 -15,638 -13,476 -16,846
Profit/loss before tax 3,913 1,815 22,669 -4,983 42,275
Tax on profit/loss -825 -399 -4,986 818 -8,359
Profit/loss for the period 3,088 1,416 17,683 -4,165 33,916
Earnings per share
Earnings per share (DKK) 0.4 0.2 2.2 -0.5 4.2
Earnings per share, diluted (DKK) 0.4 0.2 2.2 -0.5 4.1
Income Statement
(non-audited)
Statement of
Comprehensive Income
(non-audited)
Amounts in DKK ‘000 Note
Q3
2022/23
Q3
2021/22
9M
2022/23
9M
2021/22
FY
2021/22
Profit/loss for the period 3,088 1,416 17,683 -4,165 33,916
Items that can be reclassified
subsequently to the income statement
Exchange rate adjustments
of foreign subsidiaries -55 2,335 -4,391 3,683 6,168
Fair value adjustment relating
to hedging instruments -178 -1,910 2,644 -2,622 -4,904
Tax on hedging instruments 39 420 -582 577 1,079
Fair value of hedging instruments
reclassified to the income statement -350 847 -507 1,488 2,965
Tax on hedging instruments reclassified 77 -186 112 -327 -652
Other comprehensive income, net of tax -467 1,506 -2,724 2,799 4,656
Comprehensive income for the period 2,621 2,922 14,959 -1,366 38,572
8
RTX interim report for Q3 and 9M 2022/23
Amounts in DKK ‘000 30.06.23 30.06.22 30.09.22
Assets
Own completed development projects 25,453 42,948 38,734
Own development projects in progress 25,228 13,481 16,896
Goodwill 7,797 7,797 7,797
Intangible assets 58,478 64,226 63,427
Right-of-use assets (lease assets) 53,064 55,577 54,384
Plant and machinery 23,319 16,577 16,724
Other fixtures, tools and equipment 4,526 3,853 4,575
Leasehold improvements 10,375 11,641 11,273
Tangible assets 91,284 87,648 86,956
Deposits 6,739 7,024 6,817
Deferred tax assets 1.889 1,653 2,151
Other non-current assets 8,628 8,677 8,968
Total non-current assets 158,390 160,551 159,351
Inventories 121,723 84,394 102,494
Trade receivables 148,641 144,818 195,485
Contract development projects in progress 25,967 3,249 8,037
Income taxes - 420 -
Other receivables 6,514 3,821 13,103
Prepaid expenses 7,724 11,255 4,545
Receivables 188,846 163,563 221,170
Current asset investments in the trading portfolio 31,105 73,963 30,083
Current asset investments 31,105 73,963 30,083
Cash at bank and in hand 60,455 30,268 43,725
Total current assets 402,129 352,188 397,472
Total assets 560,519 512,739 556,823
Balance Sheet
(non-audited)
Amounts in DKK ‘000 30.06.23 30.06.22 30.09.22
Equity and liabilities
Share capital 42,339 42,339 42,339
Share premium account 170,439 170,439 170,439
Currency adjustments 7,749 9,655 12,140
Cash flow hedging -50 -1,338 -1,717
Retained earnings 129,527 69,770 108,439
Equity 350,004 290,865 331,640
Lease liabilities 51,630 53,997 52,896
Deferred tax liabilities 4,144 5,412 3,347
Provisions 1,855 1,149 1,855
Other payables 13,782 13,465 13,389
Non-current liabilities 71,411 74,023 71,487
Lease liabilities 6,555 6,101 6,300
Prepayments received from customers 16,557 10,194 8,169
Trade payables 68,008 89,492 80,517
Contract development projects in progress 9,329 6,821 7,515
Income taxes 12,287 273 11,049
Provisions 1,613 1,731 1,793
Other payables 24,755 33,239 38,353
Current liabilities 139,104 147,851 153,696
Total liabilities 210,515 221,874 225,183
Total equity and liabilities 560,519 512,739 556,823
9
RTX interim report for Q3 and 9M 2022/23
Amounts in DKK ‘000
Share
capital
Share
premium
Currency
adjust-
ments
Cash flow
hedging
Retained
earnings Total
Equity at 1 October 2021 43,214 203,714 5,972 -204 35,837 288,533
Profit/loss for the period - - - - -4,165 -4,165
Exchange rate adjustments
of foreign subsidiaries - - 3,683 - - 3,683
Fair value adjustment relating
to hedging instruments - - - -2,622 - -2,622
Tax on hedging instruments - - - - 577 577
Fair value of hedging instruments
reclassified to the income statement - - - 1,488 - 1,488
Tax on hedging instruments reclassified - - - - -327 -327
Other comprehensive income,
net of tax - - 3,683 -1,134 250 2,799
Comprehensive income for the period - - 3,683 -1,134 -3,915 -1,366
Share-based remuneration - - - - 3,725 3,725
Current tax on equity transactions - - - - 1,301 1,301
Deferred tax on equity transactions - - - - -1,308 -1,308
Annulment of treasury shares -875 -33,275 - - 34,130 -20
Other transactions -875 -33,275 - - 37,848 3,698
Equity at 30 June 2022 42,339 170,439 9,655 -1,338 69,770 290,865
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 - - - - 17,683 17,683
Exchange rate adjustments
of foreign subsidiaries - - -4,391 - - -4,391
Fair value adjustment relating
to hedging instruments - - - 2,644 - 2,644
Tax on hedging instruments - - - -582 - -582
Fair value of hedging instruments
reclassified to the income statement - - - -507 - -507
Tax on hedging instruments reclassified - - - 112 - 112
Other comprehensive income,
net of tax - - -4,391 1,667 - -2,724
Comprehensive income for the period - - -4,391 1,667 17,683 14,959
Share-based remuneration - - - - 3,427 3,427
Current tax on equity transactions - - - - 641 641
Deferred tax on equity transactions - - - - -663 -663
Annulment of treasury shares - - - - - -
Other transactions - - - - 3,405 3,405
Equity at 30 June 2023 42,339 170,439 7,749 -50 129,527 350,004
Share capital of DKK 42,339,190 consists of 8,467,838 shares at DKK 5 (DKK 43,214,190 consisting of 8,467,838
shares at 30 June 2022). The Group holds 258,528 treasury shares at 30 June 2023 (284,924 shares at 30 June
2022). There are no shares carrying special rights.
Equity Statement
(non-audited)
10
RTX interim report for Q3 and 9M 2022/23
Cash Flow Statement
(non-audited)
Amounts in DKK ‘000
Q3
2022/23
Q3
2021/22
9M
2022/23
9M
2021/22
FY
2021/22
Operating profit/loss (EBIT) 4,396 5,928 34,792 2,851 45,641
Reversal of items with no effects on cash flow
Depreciation, amortization and impairment 9,929 10,135 29,345 29,904 39,714
Other items with no effects on cash flow 2,247 2,638 -4,349 8,074 15,051
Change in working capital
Change in inventories -7,903 -28,409 -18,321 -54,052 -73,498
Change in receivables -5,535 -26,923 35,180 3,088 -55,579
Change in trade payables, etc. 6,945 34,851 -15,512 27,629 22,361
Cash flow from operating activities 10,079 -1,780 61,135 17,494 -6,310
Financial income received 185 4,149 2,316 7,986 13,968
Financial expenses paid -1,940 -2,441 -16,472 -4,673 -6,962
Income taxes paid -1,600 -96 -3,608 -54 -724
Cash flow from operations 6,724 -168 43,371 20,753 -28
Investments in own development projects -3,677 -5,798 -13,037 -13,735 -19,064
Acquisition of property, plant and equipment -4,873 -2,384 -10,622 -9,012 -11,415
Sale of tangible assets - - - 2 24
Deposits on leaseholds -9 59 78 -188 19
Acquisition / sale of current asset
investments in the trading portofolio, net 274 18,909 177 18,186 60,985
Cash flow from investments -8,285 10,786 -23,404 -4,747 30,549
Amounts in DKK ‘000
Q3
2022/23
Q3
2021/22
9M
2022/23
9M
2021/22
FY
2021/22
Repayment of lease liabilities -2,791 -1,385 -6,050 -4,130 -5,660
Acquisition of treasury shares - - - - -
Paid dividend - - - - -
Cash flow from financing activities -2,791 -1,385 -6,050 -4,130 -5,660
Increase/decrease in cash and cash equivalents -4,352 9,233 13,917 11,876 24,861
Exchange rate adjustments on cash -244 -89 2,813 -1,069 -597
Cash and cash equivalents
at the beginning of the period, net 65,051 21,124 43,725 19,461 19,461
Cash and cash equivalents
at the end of the period, net 60,455 30,268 60,455 30,268 43,725
Cash and cash equivalents at the end of
the period, net are composed as follows:
Cash at bank and in hand 60,455 30,268 60,455 30,268 43,725
Cash and cash equivalents
at the end of the period, net 60,455 30,268 60,455 30,268 43,725
11
RTX interim report for Q3 and 9M 2022/23
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 2021/22 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 2021/22 annual report for
a more detailed description of the accounting policies.
The applied accounting policies are unchanged compared to the annual report for 2021/22. New or amended standards and
interpretations becoming effective for the financial year 2022/23 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 2022.
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
Q3
2022/23
Q3
2021/22
9M
2022/23
9M
2021/22
FY
2021/22
Revenue
Enterprise 107,342 131,348 377,820 305,120 493,141
ProAudio 33,651 22,584 125,005 83,357 114,056
Healthcare 28,892 10,821 54,557 36,961 56,092
Group 169,885 164,753 557,382 425,438 663,289
EBITDA
Enterprise 24,512 43,874 117,755 95,124 173,128
ProAudio 11,757 8,773 44,045 36,811 47,776
Healthcare 20,890 1,854 26,126 5,782 8,886
Non-allocated -42,834 -38,438 -123,789 -104,962 -144,435
Group 14,325 16,063 64,137 32,755 85,355
EBIT
Enterprise 19,810 38,770 103,596 80,032 153,161
ProAudio 10,194 6,866 39,112 30,848 40,194
Healthcare 20,805 1,787 25,604 5,278 8,014
Non-allocated -46,413 -41,495 -133,520 -113,307 -155,728
Group 4,396 5,928 34,792 2,851 45,641
12
RTX interim report for Q3 and 9M 2022/23
Notes
3 Segment information (continued)
Amounts in DKK ‘000
Q3
2022/23
Q3
2021/22
9M
2022/23
9M
2021/22
FY
2021/22
Revenue, geographical segments
Denmark 512 1,265 6,483 3,540 4,016
France 12,536 35,127 89,880 103,114 168,999
Germany 10,864 19,372 66,780 45,383 63,109
Other Europe 30,771 29,175 81,837 66,180 98,869
USA 77,599 31,899 177,057 88,962 139,635
Hong Kong 14,938 35,859 63,401 61,309 114,277
Other Asia and Pacific 22,661 10,102 68,928 53,153 68,219
Other 4 1,954 3,016 3,869 6,165
Group 169,885 164,753 557,382 425,438 663,289
Revenue distributed to geographic area according to the geographical location of the customer entity being invoiced.
4 Development costs
Amounts in DKK ‘000
Q3
2022/23
Q3
2021/22
9M
2022/23
9M
2021/22
FY
2021/22
Development cost incurred before capitalization 8,401 8,357 26,466 23,107 30,568
Value of own work capitalized
(1)
-1,766 -3,668 -7,301 -9,426 -12,401
Total amortization and impairment
on development projects 6,199 6,592 18,421 19,499 25,627
Development costs recognized
in the profit/loss account 12,834 11,281 37,586 33,180 43,794
(1)
Total value of own capitalized of DKK 2.1 million in Q3 2022/23 according to the income statement includes
own tangible assets of DKK 0.3 million (Q3 2021/22: DKK 0.8 million). Total value of own capitalized of DKK
8.7 million in 9M 2022/23 according to the income statement includes own tangible assets of DKK 1.4 million
(9M 2021/22: DKK 2.6 million).
13
RTX interim report for Q3 and 9M 2022/23
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 - 315 - 315
Bonds listed on the stock exchange, in the trading portfolio 31,105 - - 31,105
Financial net assets at fair value at 30 June 2023 31,105 315 - 31,420
Financial instruments (hedging), liability - -2,998 - -2,998
Bonds listed on the stock exchange, in the trading portfolio 73,963 - - 73,963
Financial net assets at fair value at 30 June 2022 73,963 -2,998 - 70,965
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
Q3
2022/23
Q3
2021/22
9M
2022/23
9M
2021/22
FY
2021/22
Exchange rate gains (net) 280 2,611 - 4,947 9,502
Fair value adjustments of investments
in trading portfolio 171 - 1,199 - -
Gain on hedging instruments (net) - - 1,056 - -
Other financial income 634 37 1,260 695 3,978
Total financial income 1,085 2,648 3,515 5,642 13,480
Exchange rate losses (net) - - 13,008 - -
Fair value adjustments of investments
in trading portfolio - 4,320 - 8,803 9,884
Financing element, IFRS 16 694 586 1,830 1,771 2,387
Loss on hedging instruments (net) 449 1,619 - 2,238 3,793
Other financial costs 425 236 800 664 782
Total financial expenses 1,568 6,761 15,638 13,476 16,846
14
RTX interim report for Q3 and 9M 2022/23
Management’s Statement
Executive Board
Board of Directors
15
RTX interim report for Q3 and 9M 2022/23
