XCSE:RTX ESEF Annual Report
RTX A/S (XCSE:RTX)
ESEF Annual Report
2022-09-06
For: 2022-06-30
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Interim report for Q3 and 9M 2021/22
(the period 01.10.2021 - 30.06.2022)
Announcement
to Nasdaq Copenhagen A/S and the media
Nørresundby, 30 August 2022
Announcement no. 15/2022
No. of pages: 17
“The revenue growth of RTX continued in the third quarter of 2021/22 with growth of more than 36%. For the first nine months of 2021/22 we
have grown our revenue by more than 57% over last year. The strong demand confirms the belief we have in the growth opportunities from our
large framework agreements. The challenging supply situation with component scarcity in the electronics industry continued in the quarter but it
was stabilized and did not worsen. However, the global component scarcity did impact gross margin both via higher component costs due to the
need to secure components in the spot buy market and through the effect on the realized product mix. Based on the strong demand situation,
we updated our outlook for the financial year on 7 July with an upgrade of our revenue outlook and a specification of our earnings outlook”
Peter Røpke, CEO
RTX Growth Continues in Q3 2021/22
Highlights Q3 2021/22
• Net revenue increased by 36.6% to DKK 164.8 million
in Q3 2021/22 (Q3 2020/21: DKK 120.6 million)
driven by continued demand improvements in the
Enterprise segment. Component scarcity in the global
electronics industry and other supply challenges con-
tinue to impact revenue. Such supply challenges have
postponed deliveries and revenue of approximately
DKK 90 million into future periods. This is roughly the
same amount postponed from Q2 into Q3 and there-
fore the net effect on revenue in Q3 has been limited.
Going forward, RTX will only comment on the devel-
opment in postponed deliveries and revenue if it has
a significant impact on the period being reported on.
• Enterprise segment: Revenue increased by
60.0% to DKK 131.3 million. The growth is seen
broadly in the segment especially for the large
framework agreement customers.
• ProAudio segment: Revenue decreased by
12.6% to DKK 22.6 million. While recurring rev-
enue from product sales and royalty are on the
same level as last year, revenue from engineering
services decreased compared to last year in line
with the strategy to focus on creating recurring
revenue. Supply challenges had a negative im-
pact on revenue in Q3.
• Healthcare segment: Revenue decreased by
14.7% to DKK 10.8 million as the volume distribu-
tion over the financial year, as expected, is more
even compared to last year which was signifi-
cantly backloaded.
FX corrected revenue growth was 19.6% as revenue
compared to last year was positively impacted by
the stronger US dollar.
Q3 2021/22
Revenue
165 DKKm
EBITDA
16 DKKm
EBIT
6 DKKm
EBIT per quarter
DKK million
Revenue per quarter
DKK million
EBITDA per quarter
DKK million
• Gross profit increased by 18.2% to DKK 71.9 million
in Q3 2021/22 (Q3 2020/21: DKK 60.8 million)
driven by the revenue growth. The gross margin
decreased to 43.7% (Q3 2020/21: 50.4%). Com-
pared to last year, the gross margin is negatively
impacted by the revenue mix with a lower share of
revenue from engineering services, by the specific
product mix realized given shortages on specific
components in the quarter as well as by increased
component costs compared to last year due to the
component scarcity and high prices on components
(including in the spot buy market). Increases in sales
prices have partly counterbalanced the component
price increases. A further negative impact on the
gross margin in the quarter has been customer
payments to cover extraordinary component costs
(meaning that such extraordinary additional com-
ponent costs are carried by the customers, but at
roughly zero margin).
• The strong growth in revenue drove improvements
in operating performance with EBITDA increasing
by 59.6% to DKK 16.1 million in Q3 2021/22 (Q3
2020/21: DKK 10.1 million) and EBIT increasing
by 99.5% to DKK 5.9 million in Q3 2021/22 (Q3
2020/21: DKK 3.0 million).
• Cash flows from operations (CFFO) in Q3 2021/22
amounted to DKK -0.2 million compared to DKK
22.1 million in Q3 2020/21. Compared to last year,
CFFO was positively impacted by the increased
earnings and negatively impacted by the working
capital development with higher inventories (both
finished goods in transit towards customers and
component buffer stocks) and higher receivables.
Summary 9M 2021/22
• Driven by a strong improvement in demand, net
revenue increased by 57.3% to DKK 425.4 million
in 9M 2021/22 (9M 2020/21: DKK 270.4 million).
The growth could have been even stronger had it not
been for the global component scarcity in the elec-
tronics industry and other supply chain impediments
which has had an adverse impact on deliveries and
revenue especially in Q1 and Q2 of 2021/22. All
segments have contributed to the strong growth.
Enterprise segment revenue increased by 73.2% to
DKK 305.1 million in 9M 2021/22, while ProAudio
segment revenue increased by 25.5% to DKK 83.4
million and Healthcare segment revenue increased
by 32.8% to DKK 37.0 million. FX corrected revenue
growth of RTX in 9M 2021/22 was 44.2% as reve-
nue compared to last year was positively impacted
by the stronger US dollar.
• Gross profit amounted to DKK 199.3 million in 9M
2021/22 – an increase of 41.2% (9M 2020/21:
DKK 141.1 million) due to the revenue growth. The
gross margin reached 46.8% in the first nine months
(9M 2020/21: 52.2%). Compared to last year,
the gross margin is impacted by a lower share of
revenue from engineering services and by increases
in component costs (whether paid for by customers
or by RTX), partly counterbalanced by sales price
increases. The stronger revenue has driven signifi-
cantly higher earnings in 9M 2021/22 with EBIT-
DA of DKK 32.8 million (9M 2020/21: DKK -12.7
million) and EBIT of DKK 2.9 million (9M 2020/21:
DKK -33.6 million).
• Cash flow from operations (CFFO) amounted to
DKK 20.8 million in 9M 2021/22 (9M 2020/21:
DKK 32.0 million).
9M 2021/22
Revenue
425 DKKm
EBITDA
33 DKKm
EBIT
3 DKKm
2
RTX interim report for Q3 and 9M 2021/22
Outlook for 2021/22
• On 7 July 2022, RTX updated the outlook for
the financial year (see company announcement
13/2022). RTX now expects revenue of DKK 550
to 610 million, EBITDA of DKK 50 to 70 million and
EBIT of DKK 10 to 30 million for 2021/22.
• On 7 July 2022, the revenue outlook was upgrad-
ed to DKK 550 to 610 million (from previously
above DKK 520 million). The increase in expected
revenue reflects the strong demand situation and
the relatively wide interval for the expected revenue
reflects the continued significant uncertainty on the
global electronics supply markets from component
shortages and other supply challenges. So, while
the order book for 2021/22 is very strong and at
a record high level, the global component scarcity
– especially related to semiconductors and other
electronic components – and the supply chain dis-
ruptions from temporary lockdowns in Asia and the
global logistic challenges continue to create some
uncertainty for the financial year and therefore for
the outlook for 2021/22.
Enquiries and further information:
CEO, Peter Røpke,
tel +45 96 32 23 00
CFO, Morten Axel Petersen,
tel +45 96 32 23 00
Investor and analyst conference call
On Wednesday, 31 August 2022 at 9.00 am
CET, RTX will hold a conference call for in-
vestors and analysts hosted by Danske Bank.
In this conference call, the Company’s man-
agement will comment on the interim report
for the third quarter and the first nine months
of the financial year 2021/22.
To register for the conference call, please
e-mail vonh@danskebank.dk.
• The expected EBITDA was specified from previously
above DKK 50 million to now DKK 50 to 70 million
and the expected EBIT from previously above DKK
10 million to now DKK 10 to 30 million. The adjust-
ments in the expected earnings levels are driven by
the expected revenue and gross margin levels where
revenue is higher but where the gross margin is neg-
atively impacted by the product mix expected to be
realized given the component shortages and by the
need to secure components in the spot buy market
and through other channels.
• The actual performance in 2021/22 will now
therefore primarily depend on the supply situation
towards the end of the financial year. Determinants
of the actual supply situation towards the end of the
year are factors such as component deliveries, lock-
downs affecting production, shipping and logistic
impediments etc.
• For the list of assumptions behind the outlook, refer
to the annual report for 2020/21 (pages 22-23)
and to company announcement 13/2022.
RTX A/S
Peter Thostrup Peter Røpke
Chair CEO
3
RTX interim report for Q3 and 9M 2021/22
Group Financial Highlights and Key Ratios
(non-audited)
Amounts in DKK million
Q3
2021/22
Q3
2020/21
9M
2021/22
9M
2020/21
FY
2020/21
Key ratios (percentage)
Growth in net turnover 36.6% -23.9% 57.3% -32.3% -17.8%
Profit margin 3.6% 2.5% 0.7% -12.4% 1.3%
Return on invested capital
(1)
30.9% 6.1% 30.9% 6.1% 10.7%
Return on equity
(1)
11.3% -2.6% 11.3% -2.6% 1.1%
Equity ratio 56.7% 59.0% 56.7% 59.0% 59.5%
Employment
Average number of full-time employees 283 285 280 287 286
Average number of FTE employed directly 249 256 247 259 257
Revenue per employee (DKK ‘000)
(2)
582 423 1,519 942 1,598
Operating profit per employee (DKK ‘000)
(2)
21 10 10 -117 21
Shares (number of shares in thousands)
Average number of shares in distribution 8,183 8,208 8,164 8,275 8,243
Average number of diluted shares 8,220 8,377 8,195 8,471 8,302
Share data (DKK per share at DKK 5)
Profit/loss for the year (EPS), per share
(2)
0.2 0.2 -0.5 -3.8 0.4
Profit/loss for the year, diluted (DEPS), per share
(2)
0.2 0.2 -0.5 -3.7 0.4
Dividends, per share - - - - 0.0
Equity value, per share 35.5 31.5 35.5 31.5 34.4
Listed price, per share 138.0 174.8 138.0 174.8 165.0
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 2020/21 in the
accounting policies.
(1)
Calculated over a 12 months’ period.
(2)
Not annualized.
Amounts in DKK million
Q3
2021/22
Q3
2020/21
9M
2021/22
9M
2020/21
FY
2020/21
Income statement items
Revenue 164.8 120.6 425.4 270.4 457.2
Gross Profit 71.9 60.8 199.3 141.1 239.1
EBITDA 16.1 10.1 32.8 -12.7 37. 3
EBITDA % 9.7% 8.3% 7.7 % -4.7% 8.2%
Operating profit/loss (EBIT) 5.9 3.0 2.9 -33.6 6.1
Net financials -4.1 -1.1 -7.8 -6.1 -6.6
Profit/loss before tax 1.8 1.9 -5.0 -39.7 -0.6
Profit/loss for the period 1.4 1.4 -4.2 -31.4 3.6
Balance sheet items
Cash and current asset investments 104.2 117.8 104.2 117.8 120.4
Total assets 512.7 436.1 512.7 436.1 485.3
Equity 290.9 257.2 290.9 257.2 288.5
Liabilities 221.9 178.8 221.9 178.8 196.8
Other key figures
Development cost financed by RTX
before capitalization 8.4 11.2 23.1 35.3 42.3
Capitalized development costs 4.5 6.4 12.1 22.1 24.9
Depreciation, amortization and impairment 10.1 7.1 29.9 21.0 31.3
Cash flow from operations -0.2 22.1 20.8 32.0 44.5
Cash flow from investments 10.8 0.3 -4.7 14.5 9.7
Investment in property, plant and equipment 2.4 6.6 9.0 16.0 18.6
Increase/decrease in cash and cash equivalents 9.2 6.8 11.9 -23.6 -22.4
4
RTX interim report for Q3 and 9M 2021/22
Enterprise Segment Drives
Revenue Growth in Q3
RTX Group posted revenue of DKK 164.8 million in
Q3 2021/22, an increase of 36.6% over last year (Q3
2020/21: DKK 120.7 million). Corrected for exchange
rate effects the increase equals 19.6% compared to
last year as the USD has strengthened compared to Q3
of last year. Strengthened demand drives the revenue
growth – especially in the Enterprise segment. The
impact of COVID-19 on demand which was still seen
in Q3 of last year (2020/21) is no longer significant.
DKK million
Q3
21/22
Change
(%, YoY)
9M
21/22
Change
(%, YoY)
Enterprise revenue 131.3 60.0% 305.1 73.2%
ProAudio revenue 22.6 -12.6% 83.4 25.5%
Healthcare revenue 10.8 -14.7% 37. 0 32.8%
Total 164.8 36.6% 425.4 57. 3 %
In 9M 2021/22, revenue increased by 57.3% to DKK
425.4 million (9M 2020/21: DKK 270.4 million) due
to significant improvements in demand across all seg-
ments. Corrected for exchange rate effects the growth
for the first nine months amounted to 44.2%.
The constraints in the global supply chains continue
to impact deliveries and revenue. These constraints
include primarily component scarcity in the global elec-
tronics industry but also global shipping impediments
and travel restrictions complicating trouble shooting in
relation to ramp-up of new production lines. In Q3, the
net effect of these constraints has been largely zero as
the amount of revenue postponed from Q2 into Q3 is
largely the same as the amount of revenue postponed
from Q3 into future periods (approx. DKK 90 million
of revenue postponed). For 9M of 2021/22, the net
effect of these supply chain constraints has been a
negative impact on revenues of DKK 45 million. Please
note that going forward, RTX will only comment on the
development in postponed deliveries and revenue if it
has a significant impact on the periode being reported
on.
Enterprise segment revenue increased significantly
by 60.0% to DKK 131.3 million in Q3 2021/22 (Q3:
2020/21: DKK 82.1 million). Corrected for exchange
rate effects the growth was 41.3%. COVID-19 im-
pacted Q3 of last year to some degree causing lower
demand and this impact is no longer seen this year.
Especially the large framework agreements of RTX in
the Enterprise segment has shown significant demand
growth in the quarter. Revenue in 9M 2021/22 in-
creased by 73.2% to DKK 305.1 million (9M 2020/21:
DKK 176.2 million) with growth broadly in the segment
and especially among the large framework agreement
customers.
The work on tailoring the wireless headset platform
developed by RTX to potential customers and on com-
mercial agreements has continued. RTX also continued
the development of own financed product ranges in
Q3 – e.g. cloud-based deployment and administration
tools for our Enterprise suite of products (“RTX Cloud
Services”) and new versions of handsets.
ProAudio segment revenue amounted to DKK 22.6
million in Q3 2021/22 corresponding to a decrease of
12.6% (Q3 2020/21: DKK 25.9 million). Corrected for
exchange rate effects the decrease was 28.6%. The
decrease is especially driven by decreasing revenues
from engineering services in line with the strategy to
focus on generating recurring revenue. Revenue from
Management report Q3 2021/22
The strong revenue development continued in Q3 especially within Enterprise,
and RTX growth for the first nine months exceeds 57% compared to last year.
The global component scarcity has impacted revenue and gross margin.
Revenue Q3 2021/22
Enterprise
131 DKKm
ProAudio
23 DKKm
Healthcare
11 DKKm
5
RTX interim report for Q3 and 9M 2021/22
product sales and from royalty in the quarter (i.e.
recurring revenue) is largely unchanged from last year,
however is negatively impacted by the global supply
chain challenges both directly (affecting deliveries of
RTX products) and indirectly (affecting royalties from
customers as supply shortages impact the volumes
of RTX royalty customers). Revenue for 9M 2021/22
increased by 25.5% to DKK 83.4 million (9M 2020/21:
DKK 66.5 million) driven by the growth in product sales
from RTX’s product platforms and associated modules,
by the pick-up in business dependent on live perfor-
mances and by the customer in the first major ODM
framework agreement in the ProAudio segment launch-
ing its marketing activities for the product suite.
Healthcare segment revenue reached DKK 10.8 million
in Q3 2021/22 – a decrease of 14.7% (Q3 2020/21:
DKK 12.7 million). Corrected for exchange rate effects
the decrease was 23.0%. The development is as
expected, as the volume distribution over the financial
year is more even within the segment compared to last
year which was significantly backloaded (with high Q3
and especially high Q4 last year). For 9M 2021/22,
revenue increased by 32.8% to DKK 37.0 million (9M
2020/21: DKK 27.8 million) as Q1 and Q2 significantly
exceeded last year due to the more even volume distri-
bution this year.
Costs and Earnings
Driven by the growth in revenue, the gross profit
increased by 18.2% to DKK 71.9 million in Q3 2021/22
(Q3 2020/21: DKK 60.8 million). The gross margin
decreased to DKK 43.7% (Q3 2020/21: 50.4%). The
development in the gross margin is due to the revenue
mix with a lower share of revenue from engineering
services, to the specific product mix realized given
shortages on specific components in the quarter as
well as to increased component costs compared to last
year due to the component scarcity and high prices
on components (including in the spot buy market). In-
creases in sales prices have partly counterbalanced the
component price increases. A further negative impact
on the gross margin in the quarter has been customer
payments to cover extraordinary component costs
(meaning that such extraordinary additional component
costs are carried by the customers, but at roughly zero
margin). For 9M 2021/22, gross profit increased by
41.2% to DKK 199.3 million (9M 2020/21: DKK 141.1
million) corresponding to a gross margin of 46.8% (9M
2021/22: 52.2%).
DKK million
Q3
21/22
Change
(%, YoY)
9M
21/22
Change
(%, YoY)
Gross profit 71.9 18.2% 199.3 41.2%
Gross margin 43.7% -6.8 pp 46.8% -5.3 pp
Capacity costs, consisting of staff costs and other ex-
ternal expenses, amounted to DKK 60.3 million (before
capitalization of development costs) in Q3 2021/22
compared to DKK 57.2 million in Q3 last year and on
par with Q2 this year. The costs in Q3 of last year were
lower due to a reversal of annual bonusses during the
quarter (given revenue and earnings performance last
year) and there has been no such reversal this year
which leads to higher capacity costs compared to last
year. Overall, RTX has continued the cautious man-
agement of costs in light of the higher recent volatility
stemming from component scarcity and supply con-
straints while also maintaining a reasonable capacity
level so as to not jeopardize the realization of the sig-
nificant medium term growth potential from the large
framework agreements. The average total headcount
was 283 FTEs in Q3 2021/22 compared to an average
of 285 FTEs in Q3 of last year. For 9M 2021/22,
capacity costs amounted to DKK 178.6 million (9M
2020/21: DKK 175.9 million).
DKK million
Q3
21/22
Change
(%, YoY)
9M
21/22
Change
(%, YoY)
Capacity costs
(1)
-60.3 5.5% -178.6 1.5%
Value of own work
capitalized 4.5 -30.5% 12.1 -45.5%
Depreciation etc.
(2)
-10.1 42.8% -29.9 42.7%
(1) Staff costs and other external expenses
(2) Depreciation, amortization and impairment
In the quarter, RTX has continued to fund development
activities of e.g. cloud-based product deployment and
administration tools, new handsets, new features for
RTX’s ProAudio platforms, product development for
the future development of the healthcare segment
as well as dedicated automated test equipment for
high-volume production lines producing RTX prod-
ucts at RTX suppliers. In total, the Group capitalized
development costs of DKK 4.5 million in Q3 2021/22
(Q3 2020/21: DKK 6.4 million) and of DKK 12.1 million
72 DKKm
Gross profit
Gross profit increased by
18.2% to DKK 71.9 million
in Q3 2021/22. The gross
margin decreased by 6.8
percentage points (pp) to
43.7% primarily due to the
revenue mix and higher
component costs.
6
RTX interim report for Q3 and 9M 2021/22
in 9M 2021/22 (9M 2020/21: DKK 22.1 million). The
level of capitalized development costs in 2021/22 is
lower due to a slower start of certain new development
projects impacting Q1 2021/22 capitalizations, due to
a high focus on direct customer related development
tasks and due to a part of the development work being
assisted by external consultants instead of inhouse
resources which are capitalized directly to the balance
sheet (and are thus not capitalized over the P&L).
Driven by the strong revenue growth and the relatively
stable capacity cost level and partially counterbalanced
by the lower gross margin, operating performance
before depreciations and amortizations (EBITDA)
improved by 59.6% to DKK 16.1 million in Q3 2021/22
(Q3 2020/21: DKK 10.1 million). The EBITDA margin
in Q3 2021/22 therefore reached 9.7% compared to
8.3% in Q3 last year. EBITDA also improved signif-
icantly by DKK 45.4 million to DKK 32.8 million for
the first nine months of 2021/22 (9M 2020/21: DKK
-12.7 million) primarily impacted by the strong revenue
growth and the lower gross margin.
DKK million
Q3
21/22
Change
(YoY)
9M
21/22
Change
(YoY)
EBITDA 16.1 6.0 32.8 45.4
EBIT 5.9 3.0 2.9 36.5
Profit/loss before tax 1.8 -0.1 -5.0 34.8
EPS (DKK per share) 0.2 0.0 -0.5 3.3
Depreciations and amortizations increased to DKK 10.1
million in Q3 2021/22 (Q3 2020/21: DKK 7.1 million)
with the expected increase over last year caused by
amortization of further own financed development
projects as a reflection of RTX’s strategy to create
recurring revenues by creating product platforms which
can be tailored on an ODM basis to individual custom-
ers. The level of depreciations and amortizations is on
par with the previous quarters of 2021/22. For 9M
2021/22, depreciations and amortizations amounted
to DKK 29.9 million (9M 2020/21: DKK 21.0 million).
Given the stronger EBITDA and the increased depre-
ciations and amortizations, operating profit (EBIT)
improved compared to last year. EBIT amounted to DKK
5.9 million in Q3 2021/22 – an increase of 99.5% (Q3
2020/21: DKK 3.0 million). For the first nine months
of 2021/22, EBIT improved significantly by DKK 36.5
million to DKK 2.9 million compared to DKK -33.6
million last year.
Net financial items amounted to DKK -4.1 million in Q3
2021/22 (Q3 2020/21: DKK -1.1 million). Two factors
have primarily impacted financial items in the quarter.
First, the significantly increasing interest rates on bonds
during the quarter leading to lower bond prices on the
investments in the trading portfolio had a negative
impact on financial items. Second, the strengthening of
the US dollar had a positive impact on financial items
partly counterbalanced by the value developments
of the Group’s USD hedging arrangements. For 9M
2021/22, net financial items amounted to DKK -7.8
million compared to DKK -6.1 million last year.
Profit before tax reached DKK 1.8 million in Q3
2021/22 and DKK -5.0 million in 9M 2021/22 com-
pared to DKK 1.9 million and DKK -39.7 million respec-
tively in the same periods last year.
Equity, Assets and Cash Flow
RTX continues to have a solid equity ratio of 56.7% at
the end of Q3 2021/22 (Q3 2020/21: 59.0%). At the
end of Q3, the total assets amounted to DKK 512.7
million compared to DKK 436.1 million at the end of Q3
last year. Receivables are higher than last year due to
the higher revenue in Q3 compared to last year and due
to the timing of sales within the quarter. Inventories are
significantly higher due to more finished goods in transit
towards customers at quarter end compared to last
year and due to higher component stocks. The higher
component stocks are caused by higher buffer stock as
RTX strives to secure as many critical components as
possible in tight component markets when the possibil-
ity arises as well as by components secured in the spot
buy market at an extraordinary high price to be passed
on to customers.
Cash flow from operations (CFFO) in Q3 2021/22
were DKK -0.2 million (Q3 2020/21: DKK 22.1 million).
Compared to last year, CFFO is positively impacted in
the quarter by the higher earnings but negatively im-
pacted by the working capital development with higher
inventory and receivables. For the first nine months of
2021/22, CFFO amounted to DKK 20.8 million (9M
2020/21: DKK 32.0 million).
104 DKKm
Strong balance sheet
RTX continues to have a strong
balance sheet with a high equi-
ty ratio (56.7%) and a solid net
liquidity position of DKK 104
million.
7
RTX interim report for Q3 and 9M 2021/22
DKK million
Q3
21/22
Change
(YoY)
9M
21/22
Change
(YoY)
CFFO
(1)
-0.2 -22.2 20.8 -11.2
Net liquidity position
(2)
104.2 -13.5 104.2 -13.5
(1) Cash flow from operations
(2) Cash and current asset investments in trading portfolio
The total cash funds and current securities less bank
debt of RTX amounted to DKK 104.2 million at the end
of Q3 compared to DKK 117.8 million at the end of Q3
last year. The level is positively impacted by the cash
generated by operations over the 12 months’ period and
negatively impacted by investments made into product
development and into various tangible assets (primarily
various test equipment) over the past 12 months. It is
further negatively impacted by distributions to share-
holders via share buy-backs of DKK 5.2 million over the
past 12 months (in Q4 of 2020/21).
The balance sheet of RTX thus continues to be strong
with a high equity ratio and a significant net cash position.
Outlook for 2021/22
On 7 July 2022, RTX updated the outlook for the
financial year (see company announcement 13/2022).
RTX now expects revenue of DKK 550 to 610 million,
EBITDA of DKK 50 to 70 million and EBIT of DKK 10 to
30 million for 2021/22.
On 7 July 2022, the revenue outlook was upgraded to
DKK 550 to 610 million (from previously above DKK
520 million). The increase in expected revenue reflects
the strong demand situation and the relatively wide
interval for the expected revenue reflects the continued
significant uncertainty on the global electronics supply
markets from component shortages and other supply
challenges. So, while the order book for 2021/22 is
very strong and at a record high level, the global com-
ponent scarcity – especially related to semiconductors
and other electronic components – and the supply
chain disruptions from temporary lockdowns in Asia
and the global logistic challenges continue to create
some uncertainty for the financial year and therefore
for the outlook for 2021/22.
The expected EBITDA was specified from previously
above DKK 50 million to now DKK 50 to 70 million
and the expected EBIT from previously above DKK 10
million to now DKK 10 to 30 million. The adjustments in
the expected earnings levels are driven by the expect-
ed revenue and gross margin levels where revenue is
higher but where the gross margin is negatively impact-
ed by the product mix expected to be realized given
the component shortages and by the need to secure
components in the spot buy market and through other
channels.
The actual performance in 2021/22 will now therefore
primarily depend on the supply situation towards the
end of the financial year. Determinants of the actual
supply situation towards the end of the year are factors
such as component deliveries, lock-downs affecting
production, shipping and logistic impediments etc.
For the list of assumptions behind the outlook, refer to
the annual report for 2020/21 (pages 22-23) and to
company announcement 13/2022.
Financial calendar
Expected publication of financial information for the financial year
2021/22:
29 November 2022
Annual report for 2021/22
Risks and uncertainties for the 2021/22 financial year
Forward-looking statements
The above statements on the Group’s future conditions, including in
particular, future revenue and operating profit (EBITDA and EBIT),
reflect Management’s current outlook and carry some uncertainty.
These statements can be affected by a number of risks and uncer-
tainties, which mean that actual developments and results can be
materially different from the expectations expressed directly or in-
directly in this interim report. These risks and uncertainties include,
but are not limited to, general economic conditions and develop-
ments including the impact of the COVID-19 pandemic, changes in
demand for RTX’s products and services, competition, technologi-
cal changes, fluctuations in currencies, component availability and
fluctuations in sub-contractor supplies as well as legislative and/or
regulatory changes.
8
RTX interim report for Q3 and 9M 2021/22
Amounts in DKK ‘000 Note
Q3
2021/22
Q3
2020/21
9M
2021/22
9M
2020/21
FY
2020/21
Revenue 3 164,753 120,617 425,438 270,432 457,157
Value of own work capitalized 4 4,474 6,435 12,053 22,103 24,899
Cost of sales -92,828 -59,781 -226,157 -129,308 -218,068
Other external expenses -15,458 -12,916 -47,198 -40,501 -55,336
Staff costs -44,878 -44,287 -131,381 -135,391 -171,341
Operating profit/loss before depreciation
and amortization (EBITDA) 16,063 10,068 32,755 -12,665 37,311
Depreciation, amortization and impairment 4 -10,135 -7,097 -29,904 -20,950 -31,251
Operating profit/loss (EBIT) 5,928 2,971 2,851 -33,615 6,060
Financial income 5 2,648 320 5,642 1,882 1,617
Financial expenses 5 -6,761 -1,407 -13,476 -8,009 -8,251
Profit/loss before tax 1,815 1,884 -4,983 -39,742 -574
Tax on profit/loss -399 -491 818 8,369 4,222
Profit/loss for the period 1,416 1,393 -4,165 -31,373 3,648
Earnings per share
Earnings per share (DKK) 0.2 0.2 -0.5 -3.8 0.4
Earnings per share, diluted (DKK) 0.2 0.2 -0.5 -3.7 0.4
Income Statement
(non-audited)
Statement of
Comprehensive Income
(non-audited)
Amounts in DKK ‘000 Note
Q3
2021/22
Q3
2020/21
9M
2021/22
9M
2020/21
FY
2020/21
Profit/loss for the period 1,416 1,393 -4,165 -31,373 3,648
Items that can be reclassified
subsequently to the income statement
Exchange rate adjustments
of foreign subsidiaries 2,335 -392 3,683 -611 179
Fair value adjustment relating
to hedging instruments -1,910 287 -2,622 157 -59
Tax on hedging instruments 420 -64 577 -35 13
Fair value of hedging instruments
reclassified to the income statement 847 61 1,488 -36 62
Tax on hedging instruments reclassified -186 -13 -327 8 -14
Other comprehensive income, net of tax 1,506 -121 2,799 -517 181
Comprehensive income for the period 2,922 1,272 -1,366 -31,890 3,829
9
RTX interim report for Q3 and 9M 2021/22
Amounts in DKK ‘000 30.06.22 30.06.21 30.09.21
Assets
Own completed development projects 42,948 56,437 49,551
Own development projects in progress 13,481 10,431 12,643
Goodwill 7,797 7,797 7,797
Intangible assets 64,226 74,665 69,991
Right-of-use assets (lease assets) 55,577 58,997 57,461
Plant and machinery 16,577 13,631 12,305
Other fixtures, tools and equipment 3,853 2,814 4,157
Leasehold improvements 11,641 11,044 11,840
Tangible assets 87,648 86,486 85,763
Deposits 7,024 6,884 6,836
Deferred tax assets 1,653 1,210 1,452
Other non-current assets 8,677 8,094 8,288
Total non-current assets 160,551 169,245 164,042
Inventories 84,394 23,370 32,371
Trade receivables 144,818 95,151 148,893
Contract development projects in progress 3,249 21,355 10,163
Income taxes 420 994 562
Other receivables 3,821 3,442 4,912
Prepaid expenses 11,255 4,773 3,954
Receivables 163,563 125,715 168,484
Current asset investments in the trading portfolio 73,963 101,838 100,952
Current asset investments 73,963 101,838 100,952
Cash at bank and in hand 30,268 15,926 19,461
Total current assets 352,188 266,849 321,268
Total assets 512,739 436,094 485,310
Balance Sheet
(non-audited)
Amounts in DKK ‘000 30.06.22 30.06.21 30.09.21
Equity and liabilities
Share capital 42,339 43,214 43,214
Share premium account 170,439 203,714 203,714
Currency adjustments 9,655 5,182 5,972
Cash flow hedging -1,338 -86 -204
Retained earnings 69,770 5,225 35,837
Equity 290,865 257,249 288,533
Lease liabilities 53,997 56,941 55,539
Deferred tax liabilities 5,412 2,425 6,581
Provisions 1,149 1,325 1,149
Other payables 13,465 13,015 13,272
Non-current liabilities 74,023 73,706 76,541
Lease liabilities 6,101 5,795 5,857
Prepayments received from customers 10,194 1,460 1,540
Trade payables 89,492 37,747 61,562
Contract development projects in progress 6,821 1,505 1,724
Income taxes 273 - 160
Provisions 1,731 2,289 1,909
Other payables 33,239 56,343 47,484
Current liabilities 147,851 105,139 120,236
Total liabilities 221,874 178,845 196,777
Total equity and liabilities 512,739 436,094 485,310
10
RTX interim report for Q3 and 9M 2021/22
Amounts in DKK ‘000
Share
capital
Share
premium
Currency
adjust-
ments
Cash flow
hedging
Retained
earnings Total
Equity at 30 September 2020 43,214 203,714 5,793 -207 99,678 352,192
Profit/loss for the period - - - - -31,373 -31,373
Exchange rate adjustments
of foreign subsidiaries - - -611 - - -611
Fair value adjustment relating
to hedging instruments - - - 157 - 157
Tax on hedging instruments - - - - -35 -35
Fair value of hedging instruments
reclassified to the income statement - - - -36 - -36
Tax on hedging instruments reclassified - - - - 8 8
Other comprehensive income,
net of tax - - -611 121 -27 -517
Comprehensive income for the period - - -611 121 -31,400 -31,890
Share-based remuneration - - - - 3,233 3,233
Deferred tax on equity transactions - - - - -2,637 -2,637
Current tax on equity transactions - - - - 1,910 1,910
Paid dividend for 2019/20 - - - - -20,710 -20,710
Acquisition of treasury shares - - - - -44,849 -44,849
Other transactions - - - - -63,053 -63,053
Equity at 30 June 2021 43,214 203,714 5,182 -86 5,225 257,249
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
Deferred tax on equity transactions - - - - -7 -7
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
Share capital of DKK 42,339,190 consists of 8,467,838 shares at DKK 5 (DKK 43,214,190 consisting of 8,642,838
shares at 30 June 2021). The Group holds 284,924 treasury shares at 30 June 2022 (476,036 shares at 30 June
2021). There are no shares carrying special rights.
Equity Statement
(non-audited)
11
RTX interim report for Q3 and 9M 2021/22
Cash Flow Statement
(non-audited)
Amounts in DKK ‘000
Q3
2021/22
Q3
2020/21
9M
2021/22
9M
2020/21
FY
2020/21
Operating profit/loss (EBIT) 5,928 2,971 2,851 -33,615 6,060
Reversal of items with no effects on cash flow
Depreciation, amortization and impairment 10,135 7,097 29,904 20,950 31,251
Other items with no effects on cash flow 2,638 1,708 8,074 4,193 2,703
Change in working capital
Change in inventories -28,409 2,526 -54,052 -8,777 -17,911
Change in receivables -26,923 -19,470 3,088 57,419 14,050
Change in trade payables, etc. 34,851 28,249 27,629 3,925 19,437
Cash flow from operating activities -1,780 23,081 17,494 44,095 55,590
Financial income received 4,149 311 7,986 1,882 2,144
Financial expenses paid -2,441 -1,292 -4,673 -3,813 -3,309
Income taxes paid -96 -50 -54 -10,210 -9,920
Cash flow from operations -168 22,050 20,753 31,954 44,505
Investments in own development projects -5,798 -4,874 -13,735 -19,450 -21,669
Acquisition of property, plant and equipment -2,384 -6,558 -9,012 -15,969 -18,563
Sale of tangible assets - - 2 107 107
Deposits on leaseholds 59 -267 -188 1,054 1,102
Acquisition / sale of current asset
investments in the trading portofolio, net 18,909 12,000 18,186 48,722 48,721
Cash flow from investments 10,786 301 -4,747 14,464 9,698
Amounts in DKK ‘000
Q3
2021/22
Q3
2020/21
9M
2021/22
9M
2020/21
FY
2020/21
Repayment of lease liabilities -1,385 -1,536 -4,130 -4,413 -5,815
Acquisition of treasury shares - -14,029 - -44,849 -50,049
Paid dividend - - - -20,710 -20,710
Cash flow from financing activities -1,385 -15,565 -4,130 -69,972 -76,574
Increase/decrease in cash
and cash equivalents 9,233 6,786 11,876 -23,554 -22,371
Exchange rate adjustments on cash -89 143 -1,069 -1,305 1,047
Cash and cash equivalents
at the beginning of the period, net 21,124 8,997 19,461 40,785 40,785
Cash and cash equivalents at the end of the
period, net 30,268 15,926 30,268 15,926 19,461
Cash and cash equivalents at the end of
the period, net are composed as follows:
Cash at bank and in hand 30,268 15,926 30,268 15,926 19,461
Cash and cash equivalents
at the end of the period, net 30,268 15,926 30,268 15,926 19,461
12
RTX interim report for Q3 and 9M 2021/22
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 2020/21 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 2020/21 annual report for
a more detailed description of the accounting policies.
The applied accounting policies are unchanged compared to the annual report for 2020/21. New or amended standards and
interpretations becoming effective for the financial year 2021/22 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 2021.
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
2021/22
Q3
2020/21
9M
2021/22
9M
2020/21
FY
2020/21
Revenue
Enterprise 131,348 82,106 305,120 176,161 307,924
ProAudio 22,584 25,830 83,357 66,444 102,470
Healthcare 10,821 12,681 36,961 27,827 46,763
Group 164,753 120,617 425,438 270,432 457,157
EBITDA
Enterprise 43,874 28,789 95,124 52,665 104,394
ProAudio 8,773 9,145 36,811 15,550 32,534
Healthcare 1,854 3,937 5,782 6,622 16,667
Non-allocated -38,438 -31,803 -104,962 -87,502 -116,284
Group 16,063 10,068 32,755 -12,665 37,311
EBIT
Enterprise 38,770 26,742 80,032 46,910 93,441
ProAudio 6,866 7,279 30,848 10,097 25,199
Healthcare 1,787 3,737 5,278 6,024 15,862
Non-allocated -41,495 -34,787 -113,307 -96,646 -128,442
Group 5,928 2,971 2,851 -33,615 6,060
13
RTX interim report for Q3 and 9M 2021/22
Notes
3 Segment information (continued)
Amounts in DKK ‘000
Q3
2021/22
Q3
2020/21
9M
2021/22
9M
2020/21
FY
2020/21
Revenue, geographical segments
Denmark 1,265 2,098 3,540 4,827 7,241
France 35,127 27,306 103,114 63,019 100,804
Netherlands 16,807 7,232 30,548 23,766 33,144
Germany 19,372 5,425 45,383 15,889 27,513
Other Europe 12,368 15,536 35,560 34,544 59,443
USA 31,899 40,125 88,962 81,331 125,127
Hong Kong 35,859 1,768 61,309 4,848 32,783
Other Asia and Pacific 10,102 15,163 53,153 39,467 67,346
Other 1,954 1,933 3,869 2,741 3,756
Group 164,753 120,617 425,438 270,432 457,157
Revenue distributed to geographic area according to the geographical location of the customer entity being invoiced.
4 Development costs
Amounts in DKK ‘000
Q3
2021/22
Q3
2020/21
9M
2021/22
9M
2020/21
FY
2020/21
Development cost incurred before
capitalization 8,357 11,169 23,107 35,346 42,349
Value of own work capitalized
(1)
-3,668 -4,874 -9,426 -19,450 -24,899
Total amortization and impairment
on development projects 6,592 3,912 19,499 11,384 18,279
Development costs recognized
in the profit/loss account 11,281 10,207 33,180 27,280 35,729
(1)
Total value of own work capitalized of DKK 4.5 million in Q3 2021/22 includes own tangible assets of DKK 0.8
million (Q3 2020/21: DKK 1.6 million). Total value of own work capitalized of DKK 12.1 million in 9M 2021/22
includes own tangible assets of DKK 2.6 million (9M 2020/21: DKK 2.6 million).
14
RTX interim report for Q3 and 9M 2021/22
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), 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 instruments (hedging), liability - -269 - -269
Bonds listed on the stock exchange, in the trading portfolio 101,838 - - 101,838
Financial net assets at fair value at 30 June 2021 101,838 -269 - 101,569
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
2021/22
Q3
2020/21
9M
2021/22
9M
2020/21
FY
2020/21
Exchange rate gains (net) 2,611 - 4,947 - -
Gain on hedging instruments (net) - 274 - 265 -
Other financial income 37 46 695 1,617 1,617
Total financial income 2,648 1,329 5,642 1,882 1,617
Exchange rate losses (net) - 277 - 2,065 605
Fair value adjustments of investments
in trading portfolio 4,320 455 8,803 3,450 4,337
Financing element, IFRS 16 586 580 1,771 1,926 2,524
Loss on hedging instruments (net) 1,619 - 2,238 - 96
Other financial costs 236 95 664 568 689
Total financial expenses 6,761 1,407 13,476 8,009 8,251
15
RTX interim report for Q3 and 9M 2021/22
Management’s Statement
Executive Board
Board of Directors
16
RTX interim report for Q3 and 9M 2021/22
