XCSE:RTX ESEF Annual Report
RTX A/S (XCSE:RTX)
ESEF Annual Report
2022-05-17
For: 2022-03-31
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Interim report for Q2 and H1 2021/22
(the period 01.10.2021 - 31.03.2022)
Announcement
to Nasdaq Copenhagen A/S and the media
Nørresundby, 3 May 2022
Announcement no. 12/2022
No. of pages: 17
“The strong improvement in demand continued in second quarter of 2021/22 and led to revenue increasing by more than 50%
compared to last year. I see the growth opportunities for RTX from our large framework agreements and our product platforms as
significant and the continued demand improvement after the pandemic underlines this belief. The global component scarcity in the
electronics industry and other supply chain disruptions such as temporary lockdowns have had a negative effect on the second quarter
for RTX – without such challenges our strong order book would have led to a significantly higher revenue. We maintain our outlook for
the year based on a record strong order book but with uncertainty from the supply chain challenges.”
Peter Røpke, CEO
Continued Demand Growth; Supply Challenges Persist
Highlights Q2 2021/22
• Net revenue increased by 51.7% to DKK 134.3
million in Q2 2021/22 (Q2 2020/21: DKK 88.5
million). The strong growth is driven by continued
demand improvement in the quarter. Growth contin-
ued to be adversely impacted by supply challenges
primarily related to global component scarcity in the
electronics industry and secondarily to supply chain
disruptions in production and logistics due to tem-
porary lockdowns, especially in China. These supply
challenges postponed deliveries and revenue of ap-
prox. DKK 90 million into future periods. As revenue
of approx. DKK 55 million had been postponed from
Q1 into Q2, the net effect on revenue from these
supply challenges in Q2 has been a negative effect
of approx. DKK 35 million.
• Enterprise segment: Revenue increased by
43.4% to DKK 84.0 million. The increase is
seen broadly in the segment and the demand is
generally high across products and customers.
Revenue was adversely impacted by the compo-
nent scarcity.
• ProAudio segment: Revenue increased by 63.3%
to DKK 35.2 million. The effects of COVID-19
on demand have been limited in the quarter.
Recurring revenue from product sales and
royalty increased over last year due to continued
increase in demand for RTX’s product platforms
in the ProAudio segment in accordance with
the strategy for the segment. Revenue from
engineering services decreased compared to last
year in line with the strategy to focus on creating
recurring revenue.
Q2 2021/22
Revenue
134 DKKm
EBITDA
12 DKKm
EBIT
2 DKKm
EBIT per quarter
DKK million
Revenue per quarter
DKK million
EBITDA per quarter
DKK million
• Healthcare segment: Revenue increased by
79.8% to DKK 15.1 million with growth broadly in
the segment.
FX corrected revenue growth was 42.0% as revenue
compared to last year was positively impacted by
the stronger US dollar.
• Gross profit increased by 34.5% to DKK 67.0 million
in Q2 2021/22 (Q2 2020/21: DKK 49.8 million)
driven by the revenue growth. The gross margin de-
creased to 49.9% (Q2 2020/21: 56.3%) negatively
impacted compared to last year by the revenue mix
with a lower share of revenue from engineering ser-
vices and by increased component costs compared
to last year due to the component scarcity and high
prices on component spot buys. Increases in sales
prices have partly counterbalanced the component
price increases.
• Operating performance improved over last year
driven by the increase in revenue with EBITDA of
DKK 11.7 million in Q2 2021/22 (Q2 2020/21:
DKK -4.0 million) and EBIT of DKK 1.7 million in Q2
2021/22 (Q2 2020/21: DKK -11.3 million).
• Cash flows from operations (CFFO) in Q2 2021/22
amounted to DKK 6.6 million compared to DKK
-20.8 million in Q2 2020/21. Compared to last
year, CFFO was positively impacted by the increased
earnings and by the working capital development.
Summary H1 2021/22
• Net revenue increased by 74.0% to DKK 260.7
million in H1 2021/22 (H1 2020/21: DKK 149.8 mil-
lion) with the strong growth driven by the improve-
ment in demand. The growth could have been even
stronger had it not been for the global component
scarcity in the electronics industry and other supply
chain impediments. In H1 2021/22, Enterprise
segment revenue increased by 84.8% to DKK 173.8
million, ProAudio segment revenue increased by
49.6% to DKK 60.8 million and Healthcare segment
revenue increased by 72.6% to DKK 26.1 million. FX
corrected revenue growth of RTX in H1 was 64.1%
as revenue compared to last year was positively
impacted by the stronger US dollar.
• Gross profit in H1 2021/22 increased by 58.6% to
DKK 127.4 million (H1 2020/21: DKK 80.3 mil-
lion) due to the revenue growth – corresponding
to a gross margin of 48.9% (H1 2020/21: 53.6%)
impacted, compared to last year, by a lower share of
revenue from engineering services and by increases
in component costs partly counterbalanced by sales
price increases. The significantly higher revenue
increased earnings in H1 2021/22 with EBITDA of
DKK 16.7 million (H1 2020/21: DKK -22.7 million)
and EBIT of DKK -3.1 million (2020/21: DKK -36.6
million).
• Cash flow from operations (CFFO) amounted to
DKK 20.9 million in H1 2021/22 (H1 2020/21: DKK
9.9 million).
Outlook for 2021/22
• RTX maintains the outlook for the financial year
2021/22 with revenue above DKK 520 million,
EBITDA above DKK 50 million and EBIT above
DKK 10 million. As stated in the annual report for
2020/21 when announcing the outlook, uncertainty
for the financial year remains higher than normal
especially due to the component situation.
H1 2021/22
Revenue
261 DKKm
EBITDA
17 DKKm
EBIT
-3 DKKm
2
RTX interim report for Q2 and H1 2021/22
• The order book for 2021/22 is very strong at a re-
cord level with high demand and a significant order
backlog. The order book for 2021/22 has improved
further in Q2. This provides a strong revenue visi-
bility for the year. However, the global component
shortage – 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
uncertainty for the financial year and therefore for
the outlook for 2021/22. The component shortage
situation and other supply chain impediments ap-
pear to continue throughout 2022 and the situation
has not improved in Q2.
• The increasing component costs, including the
increasing costs for securing components in the spot
buy market and through other channels, creates
added uncertainty for the year related to the outlook
regarding earnings (EBITDA and EBIT).
• For the list of assumptions behind the outlook, refer
to the annual report for 2020/21 (pages 22-23).
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 Tuesday, 3 May 2022 at 15.00 (3.00
pm) CET, RTX will hold a conference call
for investors and analysts hosted by Danske
Bank.
In this conference call, the Company’s man-
agement will comment on the interim report
for the second quarter and first half of the
financial year 2021/22.
To register for the conference call, please
e-mail vonh@danskebank.dk.
Share Capital Reduction Completed
As decided by the General Meeting in 2022, RTX’s
share capital has been reduced by nominal DKK
875,000 via cancellation of 175,000 treasury shares
acquired through share buy-back programs. The share
capital reduction was finally completed and regis-
tered on 7 April 2022 (cf. company announcement
10/2022).
RTX A/S
Peter Thostrup Peter Røpke
Chair CEO
3
RTX interim report for Q2 and H1 2021/22
Group Financial Highlights and Key Ratios
(non-audited)
Q2 Q2 H1 H1 FY
Amounts in DKK million 2021/22 2020/21 2021/22 2020/21 2020/21
Key ratios (percentage)
Growth in net turnover 51.7% -21.5% 74.0% -37.8% -17.8%
Profit margin 1.2% -12.7% -1.2% -24.4% 1.3%
Return on invested capital
(1)
29.6% 21.5% 29.6% 21.5% 10.7%
Return on equity
(1)
11.1% 6.1% 11.1% 6.1% 1.1%
Equity ratio 60.8% 64.6% 60.8% 64.6% 59.5%
Employment
Average number of full-time employees 281 285 279 289 286
Average number of FTE employed directly 248 258 246 261 257
Revenue per employee (DKK ‘000)
(2)
478 311 934 518 1,598
Operating profit per employee (DKK ‘000)
(2)
6 -40 -11 -127 21
Shares
Average number of shares in circulation (‘000) 8,170 8,284 8,155 8,309 8,243
Average number of diluted shares (‘000) 8,211 8,418 8,182 8,458 8,302
Share data (DKK per share at DKK 5)
Profit/loss for the period (EPS), per share
(2)
-0.3 -1.4 -0.7 -3.9 0.4
Profit/loss for the period, diluted (DEPS), per share
(2)
-0.3 -1.3 -0.7 -3.9 0.4
Dividends, per share (DKK) -
- - - 0.0
Equity value, per share 35.0 32.6 35.0 32.6 34.4
Listed price, per share 173.4 193.0 173.4 193.0 165.0
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.
Q2 Q2 H1 H1 FY
Amounts in DKK million 2021/22 2020/21 2021/22 2020/21 2020/21
Income statement items
Revenue 134.3 88.5 260.7 149.8 457.2
Gross profit 67.0 49.8 127.4 80.3 239.1
EBITDA 11.7 -4.0 16.7 -22.7 37.3
EBITDA % 8.7% -4.5% 6.4% -15.2% 8.2%
Operating profit/loss (EBIT) 1.7 -11.3 -3.1 -36.6 6.1
Net financials -4.4 -3.0 -3.7 -5.0 -6.6
Profit/loss before tax -2.7 -14.3 -6.8 -41.6 -0.6
Profit/loss for the period -2.3 -11.3 -5.6 -32.8 3.6
Balance sheet items
Cash and current asset investments 118.3 123.3 118.3 123.3 120.4
Total assets 471.7 415.6 471.7 415.6 485.3
Equity 286.8 268.5 286.8 268.5 288.5
Liabilities 185.0 147.1 185.0 147.1 196.8
Other key figures
Development cost financed by RTX
before capitalization 6.8 10.9 14.8 24.2 42.3
Capitalized development costs 5.1 7.5 7.6 15.7 24.9
Depreciation, amortization and impairment 10.0 7.3 19.8 13.9 31.3
Cash flow from operations 6.6 -20.8 20.9 9.9 44.5
Cash flow from investments -10.6 23.3 -15.5 14.2 9.7
Investments in property, plant and equipment 4.4 7.8 6.6 9.4 18.6
Increase/decrease in cash and cash equivalents -5.5 -43.5 2.6 -30.3 -22.4
4
RTX interim report for Q2 and H1 2021/22
Continued Revenue Growth
The revenue of RTX Group increased by 51.7% to
DKK 134.3 million in Q2 2021/22 (Q2 2020/21: DKK
88.5 million). Corrected for exchange rate effects the
increase equals 42.0% compared to last year as the
USD has strengthened compared to last year. Improved
customer demand in all segments contributed to the
growth. The impact of COVID-19 on demand which
was seen in Q2 of last year (2020/21) is no longer
Q2 Change H1 Change
DKK million 21/22 (%, YoY) 21/22 (%, YoY)
Enterprise revenue 84.0 43.4% 173.8 84.8%
ProAudio revenue 35.2 63.3% 60.8 49.6%
Healthcare revenue 15.1 79.8% 26.1 72.6%
Total revenue 134.3 51.7% 260.7 74.0%
significant. In H1 2021/22, revenue amounted to DKK
260.7 million – an increase of 74.0% (H1 2020/21:
DKK 149.8 million) due to the significant improvements
in demand in all segments. Corrected for exchange rate
effect the growth in H1 was 64.1%.
Growth continued to be adversely impacted by com-
ponent scarcity in the global electronics industry and
other constraints in the global supply chains and flow of
goods such as global shipping impediments, temporary
lockdowns in Asia and travel restrictions complicating
trouble shooting in relation to ramp-up of new produc-
tion lines. The supply constraints postpone deliveries
and thus revenue into future periods and had a negative
impact on the growth in Q2 and H1 of 2021/22 as the
effect of these constraints did not improve in these pe-
riods. The total effect of these supply chain constraints
has been to postpone revenue of approx. DKK 90 mil-
lion from Q2 to Q3. As similar supply challenges had
postponed revenue of approx. DKK 55 million from Q1
into Q2, the net effect on Q2 2021/22 revenue from
supply challenges was a negative impact of approx.
DKK 35 million (and of approx. DKK 45 million on H1).
Such postponements of revenue also contribute to the
order book for future periods being very high.
Enterprise segment revenue increased by 43.4% to
DKK 84.0 million in Q2 2021/22 (Q2: 2020/21: DKK
58.6 million). Corrected for exchange rate effects the
growth was 34.4%. COVID-19 impacted Q2 of last
year with lower demand, whereas demand in Q2 of
this year was not impacted by COVID-19. The growth
is seen broadly across customers in the segment. The
global component scarcity and other supply chain con-
straints had a significant adverse impact on the Enter-
prise revenue in the quarter and postponed deliveries
and revenue to future periods. Revenue in H1 2021/22
increased by 84.8% to DKK 173.8 million (H1 2020/21:
DKK 94.1 million).
The work on tailoring the wireless headset platform
developed by RTX to potential customers and on
commercial agreements continue. In Q2, RTX also
continued the development of own financed product
ranges – such as cloud-based deployment and adminis-
tration tools for our Enterprise suite of products (“RTX
Cloud Services”) and new versions of handsets and
base stations.
ProAudio segment revenue reached DKK 35.2 million
in Q2 2021/22 corresponding to a growth of 63.3%
(Q2 2020/21: DKK 21.6 million). Corrected for ex-
Management report Q2 2021/22
The continued demand improvement led to growth of more than
50% in Q2 compared to last year. The global component scarcity
continues to impact revenue and gross margin.
Revenue Q2 2021/22
Enterprise
84 DKKm
ProAudio
35 DKKm
Healthcare
15 DKKm
5
RTX interim report for Q2 and H1 2021/22
change rate effects the growth was 52.2%. The growth
is especially driven by RTX’s product platforms and
associated modules for the ProAudio segment and by
the pick-up in business dependent on live performanc-
es. Recurring revenue from product sales and royalty
increased over last year, while revenue from engineer-
ing services decreased compared to last year. These
developments are in line with the strategy to focus on
creating recurring revenue. Revenue in H1 2021/22
increased by 49.6% to DKK 60.8 million (H1 2020/21:
DKK 40.6 million).
In Q2, the customer in the first major ODM framework
agreement in the ProAudio segment (announced at the
end of 2018/19) launched its marketing activities for
the product suite. The agreement therefore now moves
into the ramp phase where product deliveries are ex-
pected to start to increase gradually.
In the Healthcare segment revenues increased
by 79.8% to DKK 15.1 million in Q2 2021/22 (Q2
2020/21: DKK 8.4 million). Corrected for exchange
rate effects the increase was 68.4%. The growth,
which stems from higher volumes of both the full ODM
products and of the modules and accessories supplied
by RTX, is partly due to the volume distribution over
the year which is expected to be more evenly within
the segment compared to last year which was signifi-
cantly backloaded. Revenue in H1 2021/22 therefore
increased by 72.6% to DKK 26.1 million (H1 2020/21:
DKK 15.1 million).
Costs and Earnings
Due to the continued revenue growth, the gross profit
increased by 34.5% to DKK 67.0 million in Q2 2021/22
(Q2 2020/21: DKK 49.8 million). The gross margin
decreased to DKK 49.9% (Q2 2020/21: 56.3%)
driven by the revenue mix with a lower share of revenue
from engineering services in line with strategy and
by component price increases and further increase in
spot buys of components. Sales price increases partly
counteracts the component price increases but the
additional need for and cost of spot buys impacts the
gross margin. For H1 2021/22, gross profit amounted
to DKK 127.4 million, an increase of 58.6% over last
year (H1 2020/21: DKK 80.3 million), while gross mar-
gin reached 48.9% (H1 2020/21: 53.6%).
Q2 Change H1 Change
DKK million 21/22 (%, YoY) 21/22 (%, YoY)
Gross profit 67.0 34.5% 127.4 58.6%
Gross margin 49.9% -6.4 pp 48.9% -4.7 pp
RTX realized capacity costs, consisting of staff costs
and other external expenses, of DKK 60.4 million
(before capitalization of development costs) in Q2
2021/22 compared to DKK 61.4 million in Q2 last year.
RTX has continued the cautious management of costs
in light of the higher recent volatility stemming from
component scarcity and supply constraints while also
maintaining a reasonable capacity level so as to not
jeopardize the realization of the significant medi-
um term growth potential from the large framework
agreements. The average total headcount was 281
FTEs in Q2 2021/22 compared to an average of 285
FTEs in Q2 of last year. In H1 2021/22, capacity costs
amounted to DKK 118.2 million (H1 2020/21: DKK
118.7 million).
Q2 Change H1 Change
DKK million 21/22 (%, YoY) 21/22 (%, YoY)
Capacity costs
(1)
-60.4 -1.5% -118.2 -0.4%
Value of own work
capitalized 5.1 -32.4% 7.6 -51.6%
Depreciation etc.
(2)
-10.0 37.2% -19.8 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/base stations,
new features for RTX’s ProAudio platforms and as well
product development for the future development of the
healthcare segment. Therefore, the Group capitalized
development costs of DKK 5.1 million in Q2 2021/22
(Q2 2020/21: DKK 7.5 million).
Operating performance before depreciations and
amortizations (EBITDA) improved by DKK 15.7 million
to DKK 11.7 million in Q2 2021/22 (Q2 2020/21: DKK
-4.0 million). The strong revenue growth and the stable
capacity cost level drives the EBITDA improvement,
while the lower gross margin has a negative impact
compared to last year. The EBITDA margin in Q2
2021/22 therefore reached 8.7% compared to -4.5%
67 DKKm
Gross profit
Gross profit increased by
34.5% to DKK 67.0 million
in Q2 2021/22. The gross
margin decreased by 6.4
percentage points (pp) to
49.9% due to the revenue
mix and higher component
costs.
6
RTX interim report for Q2 and H1 2021/22
in Q2 last year. For the first half of 2021/22, EBITDA
improved significantly by DKK 39.4 million to DKK
16.7 million (H1 2020/21: DKK -22.7 million) primarily
impacted by the strong revenue growth and the lower
gross margin.
Q2 Change H1 Change
DKK million 21/22 (YoY) 21/22 (YoY)
EBITDA 11.7 15.7 16.7 39.4
EBIT 1.7 13.0 -3.1 33.5
Profit/loss before tax -2.7 11.6 -6.8 34.8
EPS (DKK per share) -0.3 1.1 -0.7 3.3
Depreciations and amortizations increased to DKK
10.0 million in Q2 2021/22 (Q2 2020/21: DKK 7.3
million) with the expected increase over last year
caused by amortization of further own financed devel-
opment 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
customers. For H1 2021/22, depreciations and amor-
tizations increased to DKK 19.8 million (H1 2020/21:
DKK 13.9 million).
Operating profit (EBIT) improved compared to last year
and amounted to DKK 1.7 million (Q2 2020/21: DKK
-11.3 million) impacted by the stronger EBITDA and by
the increased depreciations and amortizations. For the
first half of 2021/22, EBIT improved significantly by
DKK 33.5 million to DKK -3.1 million compared to DKK
-36.6 million in H1 of last year.
Net financial items amounted to DKK -4.4 million in Q2
2021/22 (Q2 2020/21: DKK -3.0 million). Financial
items are positively impacted primarily by exchange rate
adjustments of balance sheet items due to the strength-
ening US dollar partly counterbalanced by the value de-
velopments of the Group’s USD hedging arrangements.
The main negative impact on financial items is the fair
value adjustment of investments in the trading portfolio
due to the significantly increasing interest rates on bonds
during the quarter (leading to lower bond prices).
Profit before tax amounted to DKK -2.7 million in Q2
corresponding to an improvement compared to DKK
-14.3 million in Q2 of last year. In H1 2021/22, profit
before tax amounted to DKK -6.8 million – significantly
improved from DKK -41.6 million in H1 2020/21.
Equity, Assets and Cash Flow
The equity ratio of RTX continues to be solid at 60.8%
at the end of Q2 2021/22 compared to 64.6% at the
end of Q2 last year and 60.5% at the end of the previ-
ous quarter (Q1 2021/22). The total assets amounted
to DKK 471.7 million at the end of Q2 compared to DKK
415.6 million at the end of Q2 last year but at the same
level as the previous quarter (Q1 2021/22). Inventories
are higher than last year due to more goods in transit
towards customers and significantly higher component
buffer stock as RTX strive to secure as many important
components as possible in tight component markets
when the possibility arises. Receivables are higher
than last year due to the higher revenue in Q2 this year
compared to last year.
The Group realized cash flow from operations (CFFO)
of DKK 6.6 million in Q2 compared to DKK -20.8
million in Q2 last year. Compared to last year, CFFO
was positively impacted by the improved earnings and
by a smaller increase in working capital. In H1 2021/22,
CFFO amounted to DKK 20.9 million (H1 2020/21:
DKK 9.9 million).
Q2 Change H1 Change
DKK million 21/22 (YoY) 21/22 (YoY)
CFFO
(1)
6.6 27.4 20.9 11.0
Net liquidity position
(2)
118.3 -5.0 118.3 -5.0
(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 118.3 million at the end
of Q2 compared to DKK 123.3 million at the end of Q2
last year. The level is positively impacted by the cash
generated by operations over the past 12 months. It is
negatively impacted by investments made into product
development and into various tangible assets (primarily
various test equipment plus costs for renovation of
additional leased area at RTX headquarters) over the
past 12 months. It is further negatively impacted by
distributions to shareholders via share buy-backs of
DKK 19.2 million over the past 12 months.
The balance sheet of RTX thus continues to be strong
with a high equity ratio and a significant net cash
position.
118 DKKm
Strong balance sheet
RTX continues to have a strong
balance sheet with a high eq-
uity ratio (60.8%) and a solid
net liquidity position of DKK
118 million.
7
RTX interim report for Q2 and H1 2021/22
Outlook for 2021/22
RTX maintains the outlook for the financial year
2021/22 with revenue above DKK 520 million, EBITDA
above DKK 50 million and EBIT above DKK 10 million.
As stated in the annual report for 2020/21 when
announcing the outlook, uncertainty for the financial
year remains higher than normal especially due to the
component situation.
The order book for 2021/22 is very strong at a record
level with high demand and a significant order backlog.
The order book for 2021/22 has improved further in
Q2. This provides a strong revenue visibility for the
year. However, the global component shortage – espe-
cially 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 uncertainty for the finan-
cial year and therefore for the outlook for 2021/22.
The component shortage situation and other supply
chain impediments appear to continue throughout
2022 and the situation has not improved in Q2.
The increasing component costs, including the
increasing costs for securing components in the spot
buy market and through other channels, creates added
uncertainty for the year related to the outlook regarding
earnings (EBITDA and EBIT).
RTX has not had and does not expect any direct impact
from the deplorable Russian invasion of Ukraine. Russia
and Belarus have in no way been important markets
for RTX accounting for less than 0.1% of revenue over
the latest years. All business in Russia and Belarus has
been discontinued. Some indirect and yet unknown
consequences from the invasion on the supply markets
may arise in the future and RTX monitors any such
developments.
For the list of assumptions behind the outlook, refer to
the annual report for 2020/21 (pages 22-23).
Share Capital Reduction Completed
As adopted at the Annual General Meeting on 27
January 2022 and as subsequently confirmed and
finally adopted by the Extraordinary General Meeting
held on 4 March 2022, RTX’s share capital has been
reduced by nominal DKK 875,000 via cancellation of
175,000 treasury shares acquired through share buy-
back programs. The share capital reduction was finally
completed and registered on 7 April 2022 (cf. company
announcement 10/2022).
Financial calendar
Expected publication of financial information for the financial year
2021/22:
30 August 2022
Interim report Q3 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 Q2 and H1 2021/22
Q2 Q2 H1 H1 FY
Amounts in DKK ‘000 Note 2021/22 2020/21 2021/22 2020/21 2020/21
Revenue 3 134,276 88,525 260,685 149,815 457,157
Value of own work capitalized 4 5,091 7,536 7,579 15,668 24,899
Cost of sales -67,230 -38,688 -133,329 -69,527 -218,068
Other external expenses -15,306 -13,133 -31,740 -27,585 -55,336
Staff costs -45,133 -48,223 -86,503 -91,104 -171,341
Operating profit/loss before depreciation
and amortization (EBITDA) 11,698 -3,983 16,692 -22,733 37,311
Depreciation, amortization and impairment 4 -10,022 -7,303 -19,769 -13,853 -31,251
Operating profit/loss (EBIT) 1,676 -11,286 -3,077 -36,586 6,060
Financial income 5 1,290 1,329 2,994 1,571 1,617
Financial expenses 5 -5,661 -4,373 -6,715 -6,611 -8,251
Profit/loss before tax -2,695 -14,330 -6,798 -41,626 -574
Tax on profit/loss 352 3,007 1,217 8,860 4,222
Profit/loss for the period -2,343 -11,323 -5,581 -32,766 3,648
Earnings per share (EPS)
Earnings per share (DKK) -0.3 -1.4 -0.7 -3.9 0.4
Earnings per share, diluted (DKK) -0.3 -1.3 -0.7 -3.9 0.4
Income Statement
(non-audited)
Statement of
Comprehensive Income
(non-audited)
Q2 Q2 H1 H1 FY
Amounts in DKK ‘000 Note 2021/22 2020/21 2021/22 2020/21 2020/21
Profit/loss for the period -2,343 -11,323 -5,581 -32,766 3,648
Items that can be reclassified
subsequently to the income statement
Exchange rate adjustments
of foreign subsidiaries 627 1,377 1,348 -219 179
Fair value adjustment relating
to hedging instruments -297 -510 -712 -130 -59
Tax on hedging instruments 66 113 157 29 13
Fair value of hedging instruments
reclassified to the income statement 388 -151 641 -97 62
Tax on hedging instruments reclassified -86 33 -141 21 -14
Other comprehensive income, net of tax 698 862 1,293 -396 181
Comprehensive income for the period -1,645 -10,461 -4,288 -33,162 3,829
9
RTX interim report for Q2 and H1 2021/22
Amounts in DKK ‘000 31.03.22 31.03.21 30.09.21
Assets
Own completed development projects 49,541 17,738 49,551
Own development projects in progress 7,683 48,169 12,643
Goodwill 7,797 7,797 7,797
Intangible assets 65,021 73,704 69,991
Right-of-use assets (lease assets) 54,320 55,831 57,461
Plant and machinery 15,116 10,065 12,305
Other fixtures, tools and equipment 4,345 4,852 4,157
Leasehold improvements 11,929 7,488 11,840
Tangible assets 85,710 78,236 85,763
Deposits 7,083 6,617 6,836
Deferred tax assets 1,573 1,147 1,452
Other non-current assets 8,656 7,764 8,288
Total non-current assets 159,387 159,704 164,042
Inventories 56,555 26,478 32,371
Trade receivables 119,224 71,910 148,893
Contract development projects in progress 4,006 24,005 10,163
Income taxes 181 1,193 562
Other receivables 3,771 4,188 4,912
Prepaid expenses 10,282 4,800 3,954
Receivables 137,464 106,096 168,484
Current asset investments in the trading portfolio 97,192 114,293 100,952
Current asset investments 97,192 114,293 100,952
Cash at bank and in hand 21,124 8,997 19,461
Total current assets 312,335 255,864 321,268
Total assets 471,722 415,568 485,310
Balance Sheet
(non-audited)
Amounts in DKK ‘000 31.03.22 31.03.21 30.09.21
Equity and liabilities
Share capital 43,214 43,214 43,214
Share premium account 203,714 203,714 203,714
Currency adjustments 7,320 5,574 5,972
Cash flow hedging -275 -434 -204
Retained earnings 32,797 16,411 35,837
Equity 286,770 268,479 288,533
Lease liabilities 52,677 54,593 55,539
Deferred tax liabilities 4,839 1,953 6,581
Provisions 1,149 1,325 1,149
Other payables 13,435 13,209 13,272
Non-current liabilities 72,100 71,080 76,541
Lease liabilities 5,974 4,808 5,857
Prepayments received from customers 4,636 2,387 1,540
Trade payables 53,469 32,597 61,562
Contract development projects in progress 4,822 1,639 1,724
Income taxes 222 - 160
Provisions 1,731 2,589 1,909
Other payables 41,998 31,989 47,484
Current liabilities 112,852 76,009 120,236
Total liabilities 184,952 147,089 196,777
Total equity and liabilities 471,722 415,568 485,310
10
RTX interim report for Q2 and H1 2021/22
Currency Cash
Share Share adjust- flow Retained
Amounts in DKK '000 capital premium ments hedging earnings Total
Equity at 30 September 2020 43,214 203,714 5,793 -207 99,678 352,192
Profit/loss for the period - - - - -32,766 -32,766
Exchange rate adjustments
of foreign subsidiaries - - -219 - - -219
Fair value adjustment relating
to hedging instruments - - - -130 - -130
Tax on hedging instruments - - - - 29 29
Fair value of hedging instruments
reclassified to the income statement - - - -97 - -97
Tax on hedging instruments reclassified - - - - 21 21
Other comprehensive income,
net of tax - - -219 -227 50 -396
Comprehensive income for the period - - -219 -227 -32,716 -33,162
Share-based remuneration - - - - 1,616 1,616
Deferred tax on equity transactions - - - - -2,550 -2,550
Current tax on equity transactions - - - - 1,913 1,913
Paid dividend for 2019/20 - - - - -20,710 -20,710
Acquisition of treasury shares - - - - -30,820 -30,820
Other transactions - - - - -50,551 -50,551
Equity at 31 March 2021 43,214 203,714 5,574 -434 16,411 268,479
Currency Cash
Share Share adjust- flow Retained
Amounts in DKK ‘000 capital premium ments hedging earnings Total
Equity at 30 September 2021 43,214 203,714 5,972 -204 35,837 288,533
Profit/loss for the period - - - - -5,581 -5,581
Exchange rate adjustments
of foreign subsidiaries - - 1,348 - - 1,348
Fair value adjustment relating
to hedging instruments - - - -712 - -712
Tax on hedging instruments - - - - 157 157
Fair value of hedging instruments
reclassified to the income statement - - - 641 - 641
Tax on hedging instruments reclassified - - - - -141 -141
Other comprehensive income,
net of tax - - 1,348 -71 16 1,293
Comprehensive income for the period - - 1,348 -71 -5,565 -4,288
Share-based remuneration - - - - 2,296 2,296
Deferred tax on equity transactions - - - - 229 229
Other transactions - - - - 2,525 2,525
Equity at 31 March 2022 43,214 203,714 7,320 -275 32,797 286,770
Share capital of DKK 43,214,190 consists of 8,642,838 shares at DKK 5 (DKK 43,214,190 consisting of 8,642,838
shares at 31 March 2021). The Group holds 459,924 treasury shares at 31 March 2022 (398,886 shares at 31
March 2021). There are no shares carrying special rights.
Equity Statement
(non-audited)
11
RTX interim report for Q2 and H1 2021/22
Cash Flow Statement
(non-audited)
Q2 Q2 H1 H1 FY
Amounts in DKK ‘000 2021/22 2020/21 2021/22 2020/21 2020/21
Operating profit/loss (EBIT) 1,676 -11,286 -3,077 -36,586 6,060
Reversal of items with no effect on cash flow
Depreciation, amortization and impairment 10,022 7,303 19,769 13,853 31,251
Other items with no effect on cash flow 4,533 1,102 5,436 2,485 2,703
Change in working capital
Change in inventories -12,154 -6,037 -25,643 -11,303 -17,911
Change in receivables 4,467 -15,522 30,011 76,889 14,050
Change in trade payables etc. -1,174 2,052 -7,222 -24,324 19,437
Cash flow from operating activities 7,370 -22,388 19,274 21,014 55,590
Financial income received 254 363 3,837 1,571 2,144
Financial expenses paid -1,000 1,291 -2,232 -2,521 -3,309
Income taxes paid -38 -104 42 -10,160 -9,920
Cash flow from operations 6,586 -20,838 20,921 9,904 44,505
Investments in own development projects -5,645 -6,444 -7,937 -14,576 -21,669
Acquisition of property, plant and equipment -4,368 -7,832 -6,628 -9,411 -18,563
Sale of tangible assets 2 3 2 107 107
Deposits on leaseholds -232 -33 -247 1,321 1,102
Acquisition / sale of current asset
investments in the trading portfolio, net -405 37,595 -723 36,722 48,721
Cash flow from investments -10,648 23,289 -15,533 14,163 9,698
Q2 Q2 H1 H1 FY
Amounts in DKK ‘000 2021/22 2020/21 2021/22 2020/21 2020/21
Repayment of lease liabilities -1,394 -1,446 -2,745 -2,877 -5,815
Acquisition of treasury shares - -23,812 - -30,820 -50,049
Paid dividend - -20,710 - -20,710 -20,710
Cash flow from financing activities -1,394 -45,968 -2,745 -54,407 -76,574
Increase/decrease in cash and cash equivalents -5,456 -43,517 2,643 -30,340 -22,371
Exchange rate adjustments on cash -619 354 -980 -1,448 1,047
Cash and cash equivalents
at the beginning of the period, net 27,199 52,160 19,461 40,785 40,785
Cash and cash equivalents
at the end of the period, net 21,124 8,997 21,124 8,997 19,461
Cash and cash equivalents at the end of
the period, net, are composed as follows:
Cash at bank and in hand 21,124 8,997 21,124 8,997 19,461
Cash and cash equivalents
at the end of the period, net 21,124 8,997 21,124 8,997 19,461
12
RTX interim report for Q2 and H1 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)
Q2 Q2 H1 H1 FY
Amounts in DKK ‘000 2021/22 2020/21 2021/22 2020/21 2020/21
Revenue
Enterprise 83,996 58,587 173,772 94,056 307,924
ProAudio 35,220 21,563 60,773 40,614 102,470
Healthcare 15,060 8,375 26,140 15,145 46,763
Group 134,276 88,525 260,685 149,815 457,157
EBITDA
Enterprise 25,862 19,549 51,250 23,858 104,394
ProAudio 17,578 4,800 28,038 6,405 32,534
Healthcare 3,208 1,724 3,928 2,685 16,667
Non-allocated -34,950 -30,056 -66,524 -55,681 -116,284
Group 11,698 -3,983 16,692 -22,733 37,311
EBIT
Enterprise 20,715 17,337 41,262 20,150 93,441
ProAudio 15,597 2,959 23,982 2,818 25,199
Healthcare 2,990 1,525 3,491 2,286 15,862
Non-allocated -37,626 -33,107 -71,812 -61,840 -128,442
Group 1,676 -11,286 -3,077 -36,586 6,060
13
RTX interim report for Q2 and H1 2021/22
Notes
3 Segment information (continued)
Q2 Q2 H1 H1 FY
Amounts in DKK ‘000 2021/22 2020/21 2021/22 2020/21 2020/21
Revenue, geographical segments
Denmark 241 1,104 2,275 2,729 7,241
France 27,374 18,259 67,987 31,682 100,804
Netherlands 9,246 12,978 13,741 16,534 33,144
Germany 19,511 7,714 26,011 10,464 27,513
Other Europe 10,344 8,383 23,192 19,008 59,443
USA 31,118 24,047 57,063 41,206 125,127
Hong Kong 9,803 2,106 25,450 3,080 32,783
Other Asia and Pacific 24,725 13,376 43,051 24,304 67,346
Other 1,914 558 1,915 808 3,756
Total 134,276 88,525 260,685 149,815 457,157
Revenue distributed to geographic area according to the geographical location of the customer entity being invoiced.
4 Development costs
Q2 Q2 H1 H1 FY
Amounts in DKK ‘000 2021/22 2020/21 2021/22 2020/21 2020/21
Development cost incurred before capitalization 6,770 10,907 14,750 24,177 42,349
Value of own work capitalized
(1)
-4,051 -6,444 -5,758 -14,576 -24,899
Total amortization and impairment
on development projects 6,580 4,053 12,907 7,472 18,279
Development costs recognized
in the profit/loss account 9,299 8,516 21,899 17,073 35,729
(1)
Total value of own work capitalized of DKK 5.1 million in Q2 2021/22 includes own tangible assets of DKK 1.0 mil-
lion (Q2 2020/21: DKK 1.1 million). Total value of own work capitalized of DKK 7.6 million in H1 2021/22 includes
own tangible assets of DKK 1.8 million (H1 2020/21: DKK 1.1 million).
14
RTX interim report for Q2 and H1 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 - -850 - -850
Bonds listed on the stock exchange, in the trading portfolio 97,192 - - 97,192
Financial net assets at fair value at 31 March 2022 97,192 -850 - 96,342
Financial instruments (hedging), liability - -749 - -749
Bonds listed on the stock exchange, in the trading portfolio 114,293 - - 114,293
Financial net assets at fair value at 31 March 2021 114,293 -749 - 113,544
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.
7 Events after the balance sheet date
Share capital reduction of nominal DKK 875,000 was finally completed after the balance sheet date. Refer to the
Management Report on the subject.
5 Financial items
Amounts in DKK ‘000
Q2
2021/22
Q2
2020/21
H1
2021/22
H1
2020/21
FY
2020/21
Exchange rate gains (net) 987 406 2,336 - -
Fair value adjustments of
investments in trading portfolio - - - - -
Gain on hedging investments (net) - - - - -
Other financial income 303 923 658 1,571 1,617
Financial income 1,290 1,329 2,994 1,571 1,617
Exchange rate losses (net) - - - 1,788 605
Fair value adjustments of investments
in trading portfolio 4,661 2,993 4,483 2,995 4,337
Financing element, IFRS 16 585 593 1,185 1,346 2,524
Loss on hedging investments (net) 276 569 619 9 96
Other financial costs 139 218 428 473 689
Financial expenses 5,661 4,373 6,715 6,611 8,251
15
RTX interim report for Q2 and H1 2021/22
Management’s Statement
Executive Board
Board of Directors
16
RTX interim report for Q2 and H1 2021/22
Design and production: Noted
rtx.dk