XCSE:RTX ESEF Annual Report
RTX A/S (XCSE:RTX)
ESEF Annual Report
2023-05-09
For: 2023-03-31
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RTX A/ S Strømmen 6, DK-9400 Nørresundby, Denmark • Tel +45 96 32 23 00 • Fax +45 96 32 23 10 • VAT DK 17 00 21 47 • Web www.rtx.dk • E-mail in[email protected]
Interim report for Q2 and H1 2022/23
(the period 01.10.2022 - 31.03.2023)
Announcement
to Nasdaq Copenhagen A/S and the media
Nørresundby, 2 May 2023
Announcement no. 13/2023
No. of pages: 17
“In the second quarter of 2022/23, RTX continues to create solid revenue growth, and we have had a very strong first half of the financial year
with revenues growing by 49% over last year and significant growth in earnings. This demonstrates the long-term growth opportunities in our large
framework agreements with leading global customers. Despite the solid revenue growth, we still see consequences of electronics component
shortages affecting customer inventory levels and demand patterns. Consequently, the realized product mix in the quarter impacts the gross margin
negatively. Overall, the macroeconomic situation still creates uncertainty also for RTX reflected in our outlook for 2022/23 which we maintain.”
Peter Røpke, CEO
Continued growth in RTX in Q2 2022/23
Highlights Q2 2022/23
• Net revenue increased by 34.0% to DKK 180.0
million in Q2 2022/23 (Q2 2021/22: DKK 134.3 mil-
lion) with continued strong demand in the Enterprise
and ProAudio segments.
• Enterprise segment: Revenue increased by 37.7%
to DKK 115.7 million. The growth is driven by
the large framework agreement customers and
is aided by the launch of headset product to an
existing framework agreement customer.
• ProAudio segment: Revenue increased by 49.8%
to DKK 52.8 million. Increased recurring revenue
from product sales via strong demand for RTX’s
product platforms and modules in the segment
and via continued strong demand for products
related to live events drive the growth.
• Healthcare segment: Revenue decreased by
23.4% to DKK 11.5 million due to a planned
changeover to a next generation product also to
be supplied by RTX (from Q3/Q4 onwards) and
therefore more cautious customer purchasing of
the current product generation during Q2.
The supply situation with component scarcity in the
global electronics industry was stable in the quarter.
There are still some constraints in component
availability and electronics component prices remain
high, but the situation was stable during Q2 and in
general the component availability is approaching a
normal level. Therefore, the supply situation had net
neutral effect on revenue in Q2.
FX corrected revenue growth was 28.7% as revenue
compared to last year was positively impacted by
the stronger average US dollar in the quarter (al-
Q2 2022/23
Revenue
180 DKKm
EBITDA
8 DKKm
EBIT
-2 DKKm
EBIT per quarter
DKK million
Revenue per quarter
DKK million
EBITDA per quarter
DKK million
though the USD:DKK rate generally declined during
Q2 of this financial year and thus was lower than
during Q1).
• Gross profit increased by 10.6% to DKK 74.2 million
in Q2 2022/23 (Q2 2021/22: DKK 67.0 million)
driven by the revenue growth. The gross margin
decreased to 41.2% (Q2 2021/22: 49.9%) and was
negatively impacted compared to last year by the
product mix realized, by a lower share of revenue
from engineering services and royalties and by cus-
tomer payments to cover extraordinary component
costs (meaning that such extraordinary additional
component costs are carried by the customers, but
at roughly zero margin for RTX). The gross margin
is expected to continue to be adversely impacted by
the product mix in the coming quarters as the supply
and demand situations are not yet fully normalized.
While the component availability situation is gradu-
ally normalizing, component prices are not yet fully
normalized, and demand is not yet fully normal-
ized after the period with shortages on electronics
components and due to macroeconomic uncertainty
so demand by specific customers and for specific
products is not at normal levels across the portfolio
impacted the product mix. We expect the product
mix to be more normalized during the next financial
year (2023/24) again leading to higher gross margin
especially toward the latter part of next financial
year.
• Operating performance was positively impacted
by the higher revenue and negatively impacted
compared to last year by the lower gross margin and
higher capacity costs. Therefore, EBITDA decreased
to DKK 7.8 million in Q2 2022/23 (Q2 2021/22:
DKK 11.7 million) and EBIT amounted to DKK -1.9
million in Q2 2022/23 (Q2 2021/22: DKK 1.7
million).
• Cash flows from operations (CFFO) amounted
to DKK 14.5 million in Q2 2022/23 compared to
DKK 6.6 million in Q2 2021/22. Compared to last
year, CFFO was positively impacted by the working
capital development.
Summary H1 2022/23
• Driven by a strong improvement in demand and
aided by an improvement in component availability,
net revenue increased significantly by 48.6% to
DKK 387.5 million in H1 2022/23 (H1 2021/22:
DKK 260.7 million). The growth is driven by strong
demand in the Enterprise and ProAudio seg-
ments,Enterprise segment revenue increased by
55.7% to DKK 270.5 million and ProAudio segment
revenue increased by 50.3% to DKK 91.4 million in
H1 2022/23. Healthcare segment revenue were
roughly flat compared to last year and decreased
by 1.8% to DKK 25.7 million. The supply situation
with component scarcity in the global electronics
industry, improved in the first half of 2022/23 (im-
provement in Q1 and stable situation in Q2). All in
all, deliveries and revenue of approx. DKK 35 million
were postponed from H1 into Q3 – a net improve-
ment of approx. DKK 30 million from the approx.
DKK 65 million postponed from Q4 2021/22 into
Q1 2022/23. FX corrected revenue growth of RTX
in H1 2022/23 was 37.9% as revenue compared to
last year was positively impacted by the stronger US
dollar (although the USD:DKK exchange rate has
been declining over H1 2022/23).
• Gross profit in H1 2022/23 incresed by 37.9% to
DKK 175.6 million (H1 2021/22: DKK 127.4 million)
driven by the strong revenue growth. The gross
margin was 45.3% in the first half of 2022/23 (H1
2021/22: 48.9%). Compared to last year, the gross
margin is impacted by a lower share of revenue from
engineering services and royalty, by the product mix
realized and by customer payments to cover extraor-
dinary component costs (meaning that such extraor-
dinary additional component costs are carried by the
customers, but at roughly zero margin for RTX). The
higher revenue has significantly increased earnings
in H1 2022/23 with EBITDA growth of 198.4% to
DKK 49.8 million (H1 2021/22: DKK 16.7 million)
and EBIT growth to DKK 30.4 million (H1 2021/22:
DKK –3.1 million).
H1 2022/23
Revenue
387 DKKm
EBITDA
50 DKKm
EBIT
30 DKKm
2
RTX interim report for Q2 and H1 2022/23
• Cash flow from operations (CFFO) amounted to
DKK 36.6 million in H1 2022/23 (H1 2021/22: DKK
20.9 million) aided by the improved earnings and
the working capital development.
Enterprise product launch
• During the quarter, RTX finalized the tailoring of a
product based on the wireless headset platform to
an existing large framework agreement customer
and started deliveries of this new product to the
customer. This is an important milestone for the
RTX headset platform and will lead to an expected
increase in the size and scope of the cooperation
with this customer in the years to come.
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. As stated
in the annual report, especially the macroeconom-
ic volatility creates uncertainty for demand in the
financial year.
• The outlook is based on a strong order book for
2022/23 and an expectation of a normalization of
the component shortages in the global electronics
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, 2 May 2023 at 3.30 pm (15.30)
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 second quarter and first half of the
financial year 2022/23.
To register for the conference call, please
e-mail vonh@danskebank.dk.
industry. The main uncertainty for the year continues
to be the impact of macroeconomic volatility on cus-
tomer demand and inventory replenishment towards
the latter part of the year. The growth in 2022/23 is
expected to occur within product sales which in turn
is expected to impact gross margin. Also, the specif-
ic product mix that will be realized in 2022/23 given
the not yet fully normalized demand situation across
the portfolio and given new product introductions
may impact the earnings performance. The USD FX
rate has been declining relative to DKK in 2022/23
and this also 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).
• As communicated when announcing the outlook
for the year, the revenue and earnings distribution
over 2022/23 is not expected to be backloaded in
the way it has been in recent years as can also be
seen by the implied outlook for the second half of
2022/23. For the remainder of the year, revenue
in the fourth quarter is expected to be higher than
revenue in the third quarter.
RTX A/S
Peter Thostrup Peter Røpke
Chair CEO
3
RTX interim report for Q2 and H1 2022/23
Group Financial Highlights and Key Ratios
(non-audited)
Amounts in DKK million
Q2
2022/23
Q2
2021/22
H1
2022/23
H1
2021/22
FY
2021/22
Key ratios (percentage)
Growth in net turnover 34.0% 51.7% 48.6% 74.0% 45.1%
Profit margin -1.1% 1.2% 7.8% -1.2% 6.9%
Return on invested capital
(2)
38.3% 29.6% 38.3% 29.6% 25.6%
Return on equity
(2)
17.1% 11.1% 17.1% 11.1% 10.9%
Equity ratio 63.3% 60.8% 63.3% 60.8% 59.6%
Employment
Average number of full-time employees 295 281 294 279 282
Average number of FTE employed directly 262 248 262 246 249
Revenue per employee (DKK ‘000)
(3)
610 478 1,318 934 2,352
Operating profit per employee (DKK ‘000)
(3)
-7 6 103 -11 162
Shares (number of shares in thousands)
Average number of shares in distribution 8,200 8,170 8,191 8,155 8,169
Average number of diluted shares 8,216 8,211 8,200 8,182 8,198
Share data (DKK per share at DKK 5)
Profit/loss for the year (EPS), per share
(3)
-0.4 -0.3 1.8 -0.7 4.2
Profit/loss for the year, diluted (DEPS), per share
(3)
-0.4 -0.3 1.8 -0.7 4.1
Dividends, per share - - - - -
Equity value, per share 42.2 35.0 42.2 35.0 40.5
Listed price, per share 139.8 173.4 139.8 173.4 115.0
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
Q2
2022/23
Q2
2021/22
H1
2022/23
H1
2021/22
FY
2021/22
Income statement items
Revenue 180.0 134.3 387.5 260.7 663.3
Gross Profit 74.2 67.0 175.6 127.4 309.3
EBITDA 7.8 11.7 49.8 16.7 85.4
EBITDA % 4.3% 8.7% 12.9% 6.4% 12.9%
Operating profit/loss (EBIT) -1.9 1.7 30.4 -3.1 45.6
Net financials -1.8 -4.4 -11.6 -3.7 -3.4
Profit/loss before tax -3.7 -2.7 18.8 -6.8 42.3
Profit/loss for the period -2.9 -2.3 14.6 -5.6 33.9
Balance sheet items
Net liquidity postion
(1)
96.3 118.3 96.3 118.3 73.8
Total assets 547.0 471.7 547.0 471.7 556.8
Equity 346.5 286.8 346.5 286.8 331.6
Liabilities 200.5 185.0 200.5 185.0 225.2
Other key figures
Development cost financed by RTX
before capitalization 5.7 6.8 18.1 14.8 30.6
Capitalized development costs 3.2 5.1 6.6 7.6 15.8
Depreciation, amortization and impairment 9.7 10.0 19.4 19.8 39.7
Cash flow from operations 14.5 6.6 36.6 20.9 -0.0
Cash flow from investments -9.1 -10.6 -15.1 -15.5 30.5
Investment in property, plant and equipment 4.2 4.4 5.7 6.6 11.4
Increase/decrease in cash and cash equivalents 3.5 -5.5 18.3 2.6 24.9
4
RTX interim report for Q2 and H1 2022/23
Enterprise and ProAudio drive growth in Q2
The RTX Group posted revenue of DKK 180.0 million
in Q2 2022/23, an increase of 34.0% (Q2 2021/22:
DKK 134.3 million). Corrected for exchange rate
effects the increase equals 28.7% compared to last
year with a stronger USD than last year (although the
USD:DKK exchange rate has generally declined over the
first half of 2022/23). Strong customer demand in the
Enterprise and ProAudio segments drives the growth. In
H1 2022/23, revenue increased significantly by 48.6%
to DKK 387.5 million (H1 2021/22: DKK 260.7 million)
also driven by the Enterprise and ProAudio segments.
DKK million
Q2
22/23
Change
(%, YoY)
H1
22/23
Change
(%, YoY)
Enterprise revenue 115.7 37.7% 270.5 55.7%
ProAudio revenue 52.8 49.8% 91.4 50.3%
Healthcare revenue 11.5 -23.4% 25.7 -1.8%
Total 180.0 34.0% 387.5 48.6%
The supply situation with component scarcity in the
global electronics industry was stable in the quarter.
There are still some constraints in component availa-
bility and electronics component prices remain high,
but the situation was stable during Q2 after having
improved for previous two quarters (Q4 2021/22 and
Q1 2022/23). Component prices remain high, but
the situation was stable during Q2 and in general the
component availability is approaching a normal level.
Therefore, the supply situation had net neutral effect
on revenue in Q2. Therefore, the supply situation had
net neutral effect on revenue in Q2. Looking at H1
2022/23, the supply situation and component availa-
bility have improved. All in all, deliveries and revenue of
approx. DKK 35 million were postponed from H1 into
Q3 – an improvement of approx. DKK 30 million from
the DKK 65 million postponed from Q4 2021/22 into
Q1 2022/23 and therefore a net positive impact on
revenue of approx. DKK 30 million in H1 2022/23.
Enterprise segment revenue reached DKK 115.7 million
in Q2 2022/23 (Q2: 2021/22: DKK 84.0 million) – an
increase of 37.7%. Corrected for exchange rate effects
the growth was 32.3%. The growth is driven by the
large framework agreement customers. During the
quarter, RTX finalized the tailoring of a product based
on the wireless headset platform to an existing large
framework agreement customer and started deliv-
eries of this new product to the customer. This is an
important milestone for the RTX headset platform and
will lead to an expected increase in the size and scope
of the cooperation with this customer in the years to
come. Enterprise segment revenue in H1 2022/23
increased by 55.7% to DKK 270.5 million (H1 2021/22:
DKK 173.8 million).
ProAudio segment increased by 49.8% to DKK 52.8
million in Q2 2022/23 (Q2 2021/22: DKK 35.2 mil-
lion). Corrected for exchange rate effects the growth
was 43.1%. The growth is driven by recurring revenue
from product sales via strong demand for products
related to live events and via strong demand for
RTX’s product platforms (Sheersound
TM
, Sheerlink
TM
and TeamEngage
TM
) and associated modules. RTX
continues to invest into the roadmap for our product
platforms further improving performance and adding
Management report for Q2 2022/23
Growth in the Enterprise and ProAudio segments in Q2 contributes to a very
strong development in the first half of 2022/23 compared to last year.
Revenue Q2 2022/23
Enterprise
116 DKKm
ProAudio
53 DKKm
Healthcare
12 DKKm
5
RTX interim report for Q2 and H1 2022/23
features in future releases. ProAudio segment revenue
in H1 2022/23 reached DKK 91.4 million, an increase
of 50.3% (H1 2021/22: DKK 60.8 million).
Revenue in the Healthcare segment amounted to DKK
11.5 million, a decrease of 23.4% (Q2 2021/22: DKK
15.1 million). Corrected for exchange rate effects the
decrease was 25.4%. The decrease is due to a planned
changeover to a next generation product also to be
supplied by RTX (from Q3/Q4 onwards) and therefore
more cautious customer purchasing of the current
product generation during Q2. RTX continues to invest
into new product solutions for the segment. Healthcare
segment revenue in H1 2022/23 were largely flat and
decreased by 1.8% to DKK 25.7 million (H1 2021/22:
DKK 26.1 million).
Costs and Earnings
Driven by the growth in revenue, the gross profit
increased by 10.6% to DKK 74.2 million in Q2
2022/23 (Q2 2021/22: DKK 67.0 million). The gross
margin decreased to DKK 41.2% (Q2 2021/22:
49.9%). Compared to last year, the gross margin is
negatively impacted by the product mix realized, by a
lower share of revenue from engineering services and
royalties with the revenue growth occurring within
product sales as well as impacted by the product mix
realized by customer payments to cover extraordinary
component costs (meaning that such extraordinary
additional component costs are carried by the custom-
ers, but at roughly zero margin for RTX). The gross
margin is expected to continue to be adversely
impacted by the product mix in the coming quarters as
the supply and demand situations are not yet fully
normalized. While the component availability situation
is gradually normalizing, component prices are not yet
fully normalized, and demand is not yet fully normal-
ized after the period with shortages on electronics
components and due to macroeconomic uncertainty so
demand by specific customers and for specific
products is not at normal levels across the portfolio
impacted the product mix. We expect the product mix
to be more normalized during the next financial year
(2023/24) again leading to higher gross margin
especially toward the latter part of next financial year.
For H1 2022/23, gross profit increased by 37.9% to
DKK 175.6 million (H1 2021/22: DKK 127.4 million)
corresponding to a gross margin of 45.3% (H1
2021/22: 48.9%).
DKK million
Q2
22/23
Change
(%, YoY)
H1
22/23
Change
(%, YoY)
Gross profit 74.2 10.6% 175.6 37.9%
Gross margin 41.2% -8.7 pp 45.3% -3.5 pp
Capacity costs, consisting of staff costs and other ex-
ternal expenses, amounted to DKK 69.6 million (before
capitalization of development costs) in Q2 2022/23
compared to DKK 60.4 million in Q2 of last year. After
several years with a cautious management of capacity
costs and the number of RTX employees, RTX added
capacity and capabilities and increased the number of
employees towards the end of the previous financial
year, 2021/22. Therefore, the average total headcount
in Q2 2022/23 was 295 compared to an average
of 281 FTEs in Q2 of last year. Also, capacity costs
increased compared to last year due to regulations
of salaries, spend on external consultants assisting
with development work as well as increase in travel
and trade fair activity. In H1 2022/23, capacity costs
amounted to DKK 132.4 million (H1 2021/22: DKK
118.2 million).
DKK million
Q2
22/23
Change
(%, YoY)
H1
22/23
Change
(%, YoY)
Capacity costs
(1)
69.6 15.1% 132.4 12.0%
Value of own work
capitalized 3.2 -36.7% 6.6 -12.9%
Depreciation etc.
(2)
9.7 -2.9% 19.4 -1.8%
(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 features for the ProAudio
product platforms and product development for the
future development of the healthcare segment. Fur-
ther, RTX has invested into dedicated automated test
equipment for high-volume production lines producing
74 DKKm
Gross profit
Gross profit increased by
10.6% to DKK 74.2 million
in Q2 2022/23. The gross
margin decreased to 41.2%
primarily due to the product
and revenue mix realized.
6
RTX interim report for Q2 and H1 2022/23
RTX products at RTX suppliers. In total, the Group
capitalized development costs of DKK 3.2 million in
Q2 2022/23 (Q2 2021/22: DKK 5.1 million) and of
DKK 6.6 million in H1 2022/23 (H1 2021/22: DKK 7.6
million).
Operating performance was positively impacted by the
higher revenue and negatively impacted compared to
last year by the lower gross margin and higher capacity
costs. Therefore, EBITDA decreased to DKK 7.8 million
in Q2 2022/23 (Q2 2021/22: DKK 11.7 million). In H1
2022/23, EBITDA increased significantly reaching DKK
49.8 million (H1 2021/22: DKK 16.7 million).
DKK million
Q2
22/23
Change
(YoY)
H1
22/23
Change
(YoY)
EBITDA 7.8 -3.9 49.8 33.1
EBIT -1.9 -3.6 30.4 33.5
Profit/loss
before tax -3.7 -1.0 18.8 25.6
EPS (DKK per share) -0.4 -0.1 1.8 2.5
Depreciations and amortizations were at a relatively
stable level of DKK 9.7 million in Q2 2022/23 (Q2
2021/22: DKK 10.0 million) and is also largely on
par with previous quarters. Operating profit (EBIT)
amounted to DKK -1.9 million in Q2 2022/23 (Q2
2021/22: DKK 1.7 million). EBIT for H1 2022/23
increased significantly and amounted to DKK 30.4
million (H1 2021/22: DKK -3.1 million).
Net financial items amounted to DKK -1.8 million in Q2
2022/23 (Q2 2021/22: DKK -4.4 million). Financial
items are positively impacted by an increase of the
value of the investments in the trading portfolio but
negatively impacted by the exchange rate adjustments
of balance sheet items due to the USD exchange rate
which decreased in the quarter.
Profit before tax amounted to DKK -3.7 million in
Q2 2022/23 (Q1 2021/22: DKK -2.7 million). In H1
2022/23, profit before tax increased significantly to
DKK 18.8 million (H1 2021/22: DKK -6.8 million).
Equity, Assets and Cash Flow
The equity ratio of RTX continues to be solid at 63.3%
at the end of Q2 2022/23 (Q2 2021/22: 60.8%).
Total assets amounted to DKK 547.0 million at the end
of Q2 2022/23 compared to DKK 471.7 million at the
end of Q2 last year and compared to DKK 556.8 million
at the end of Q1 2022/23 (i.e., the previous quarter).
The increase in assets compared to last year is primarily
due to receivables being higher due to the higher activ-
ity level and the timing of sales in the quarter as well
as inventories being higher due to higher component
buffer stocks to secure as many critical components
as possible in tight component markets to increase our
ability to fulfil the demand of our customers. However,
the inventory level has begun to decline towards the
96 DKKm
Strong balance sheet
RTX continues to have a strong
balance sheet with a high eq-
uity ratio (63.3%) and a solid
net liquidity position of DKK 96
million.
end of Q2 compared to the level at the end of Q1 as
component markets stabilize.
RTX realized Cash flows from operations (CFFO) of
DKK 14.5 million in Q2 2022/23 compared to DKK 6.6
million in Q2 2021/22. Compared to last year, CFFO
was positively impacted by the working capital develop-
ment with lower receivables and inventory.
DKK million
Q2
22/23
Change
(YoY)
H1
22/23
Change
(YoY)
CFFO
(1)
14.5 7.9 36.6 15.7
Net liquidity
position
(2)
96.3 -22.0 96.3 -22.0
(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 96.3 million at the end
of Q2 2022/23 compared to DKK 118.3 million at the
end of Q2 last year and DKK 73.8 million at the end
of the financial year 2021/22. The level is positively
impacted by the cash generated via earnings over the
12 months’ period and negatively impacted by higher
working capital and the investments made into product
development and into various tangible assets (primarily
various test equipment) over the past 12 months.
The balance sheet of RTX thus continues to be strong
with a high equity ratio and a net cash position.
7
RTX interim report for Q2 and H1 2022/23
Financial calendar
Expected publication of financial information for the financial year
2022/23:
29 August 2023
Interim report Q3 2022/23
30 November 2023
Annual report for 2022/23
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 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.
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. As stated in the annual
report, especially the macroeconomic volatility creates
uncertainty for demand in the financial year.
The outlook is based on a strong order book for
2022/23 and an expectation of continued normal-
ization of the component shortages in the global
electronics industry. The main uncertainty for the
year continues to be the impact of macroeconomic
volatility on customer demand and inventory replen-
ishment towards the latter part of the year. The growth
in 2022/23 is expected to occur within product sales
which in turn is expected to impact gross margin.
Also, the specific product mix that will be realized in
2022/23 given the not yet fully normalized demand
situation across the portfolio and given new product
introductions may impact the earnings performance.
The USD FX rate has been declining relative to DKK
in 2022/23 and this also 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).
As communicated when announcing the outlook for
the year, the revenue and earnings distribution over
2022/23 is not expected to be backloaded in the way
it has been in recent years as can also be seen by the
implied outlook for the second half of 2022/23. For
the remainder of the year, revenue in the fourth quarter
is expected to be higher than revenue in the third
quarter.
8
RTX interim report for Q2 and H1 2022/23
Amounts in DKK ‘000 Note
Q2
2022/23
Q2
2021/22
H1
2022/23
H1
2021/22
FY
2021/22
Revenue 3 179,987 134,276 387,497 260,685 663,289
Value of own work capitalized 4 3,223 5,091 6,601 7,579 15,759
Cost of sales -105,834 -67,230 -211,876 -133,329 -354,037
Other external expenses -17,982 -15,306 -34,423 -31,740 -62,376
Staff costs -51,577 -45,133 -97,987 -86,503 -177,280
Operating profit/loss before depreciation
and amortization (EBITDA) 7,817 11,698 49,812 16,692 85,355
Depreciation, amortization and impairment 4 -9,736 -10,022 -19,416 -19,769 -39,714
Operating profit/loss (EBIT) -1,919 1,676 30,396 -3,077 45,641
Financial income 5 677 1,290 3,159 2,994 13,480
Financial expenses 5 -2,473 -5,661 -14,799 -6,715 -16,846
Profit/loss before tax -3,715 -2,695 18,756 -6,798 42,275
Tax on profit/loss 813 352 -4,161 1,217 -8,359
Profit/loss for the period -2,902 -2,343 14,595 -5,581 33,916
Earnings per share
Earnings per share (DKK) -0.4 -0.3 1.8 -0.7 4.2
Earnings per share, diluted (DKK) -0.4 -0.3 1.8 -0.7 4.1
Income Statement
(non-audited)
Statement of
Comprehensive Income
(non-audited)
Amounts in DKK ‘000 Note
Q2
2022/23
Q2
2021/22
H1
2022/23
H1
2021/22
FY
2021/22
Profit/loss for the period -2,902 -2,343 14,595 -5,581 33,916
Items that can be reclassified
subsequently to the income statement
Exchange rate adjustments
of foreign subsidiaries -820 627 -4,336 1,348 6,168
Fair value adjustment relating
to hedging instruments 208 -297 2,822 -712 -4,904
Tax on hedging instruments -46 66 -621 157 1,079
Fair value of hedging instruments
reclassified to the income statement -487 388 -157 641 2,965
Tax on hedging instruments reclassified 108 -86 35 -141 -652
Other comprehensive income, net of tax -1,037 698 -2,257 1,293 4,656
Comprehensive income for the period -3,939 -1,645 12,338 -4,288 38,572
9
RTX interim report for Q2 and H1 2022/23
Amounts in DKK ‘000 31.03.23 31.03.22 30.09.22
Assets
Own completed development projects 27,683 49,541 38,734
Own development projects in progress 24,824 7,683 16,896
Goodwill 7,797 7,797 7,797
Intangible assets 60,304 65,021 63,427
Right-of-use assets (lease assets) 50,875 54,320 54,384
Plant and machinery 20,649 15,116 16,724
Other fixtures, tools and equipment 3,905 4,345 4,575
Leasehold improvements 10,745 11,929 11,273
Tangible assets 86,174 85,710 86,956
Deposits 6,730 7,083 6,817
Deferred tax assets 1,916 1,573 2,151
Other non-current assets 8,646 8,656 8,968
Total non-current assets 155,124 159,387 159,351
Inventories 112,671 56,555 102,494
Trade receivables 163,207 119,224 195,485
Contract development projects in progress 4,746 4,006 8,037
Income taxes - 181 -
Other receivables 8,959 3,771 13,103
Prepaid expenses 6,005 10,282 4,545
Receivables 182,917 137,464 221,170
Current asset investments in the trading portfolio 31,208 97,192 30,083
Current asset investments 31,208 97,192 30,083
Cash at bank and in hand 65,051 21,124 43,725
Total current assets 391,847 312,335 397,472
Total assets 546,971 471,722 556,823
Balance Sheet
(non-audited)
Amounts in DKK ‘000 31.03.23 31.03.22 30.09.22
Equity and liabilities
Share capital 42,339 43,214 42,339
Share premium account 170,439 203,714 170,439
Currency adjustments 7,804 7,320 12,140
Cash flow hedging 362 -275 -1,717
Retained earnings 125,509 32,797 108,439
Equity 346,453 286,770 331,640
Lease liabilities 49,621 52,677 52,896
Deferred tax liabilities 3,887 4,839 3,347
Provisions 1,855 1,149 1,855
Other payables 13,434 13,435 13,389
Non-current liabilities 68,797 72,100 71,487
Lease liabilities 6,316 5,974 6,300
Prepayments received from customers 16,970 4,636 8,169
Trade payables 61,633 53,469 80,517
Contract development projects in progress 8,952 4,822 7,515
Income taxes 11,560 222 11,049
Provisions 1,793 1,731 1,793
Other payables 24,497 41,998 38,353
Current liabilities 131,721 112,852 153,696
Total liabilities 200,518 184,952 225,183
Total equity and liabilities 546,971 471,722 556,823
10
RTX interim report for Q2 and H1 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 - - - - -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
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 - - - - 14,595 14,595
Exchange rate adjustments
of foreign subsidiaries - - -4,336 - - -4,336
Fair value adjustment relating
to hedging instruments - - - 2,822 - 2,822
Tax on hedging instruments - - - -621 - -621
Fair value of hedging instruments
reclassified to the income statement - - - -157 - -157
Tax on hedging instruments reclassified - - - 35 - 35
Other comprehensive income,
net of tax - - -4,336 2,079 - -2,257
Comprehensive income for the period - - -4,336 2,079 14,595 12,338
Share-based remuneration - - - - 2,194 2,194
Deferred tax on equity transactions - - - - 281 281
Other transactions - - - - 2,475 2,475
Equity at 31 March 2023 42,339 170,439 7,804 362 125,509 346,453
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 31 March 2022). The Group holds 259,031 treasury shares at 31 March 2023 (459,924 shares at 31
March 2022). There are no shares carrying special rights.
Equity Statement
(non-audited)
11
RTX interim report for Q2 and H1 2022/23
Cash Flow Statement
(non-audited)
Amounts in DKK ‘000
Q2
2022/23
Q2
2021/22
H1
2022/23
H1
2021/22
FY
2021/22
Operating profit/loss (EBIT) -1,919 1,676 30,396 -3,077 45,641
Reversal of items with no effects on cash flow
Depreciation, amortization and impairment 9,736 10,022 19,416 19,769 39,714
Other items with no effects on cash flow 1,578 4,533 -6,596 5,436 15,051
Change in working capital
Change in inventories 5,379 -12,154 -10,418 -25,643 -73,498
Change in receivables 8,831 4,467 40,715 30,011 -55,579
Change in trade payables, etc. -2,790 -1,174 -22,457 -7,222 22,361
Cash flow from operating activities 20,815 7,370 51,056 19,274 -6,310
Financial income received 170 254 2,131 3,837 13,968
Financial expenses paid -4,660 -1,000 -14,532 -2,232 -6,962
Income taxes paid -1,816 -38 -2,008 42 -724
Cash flow from operations 14,509 6,586 36,647 20,921 -28
Investments in own development projects -4,933 -5,645 -9,360 -7,937 -19,064
Acquisition of property, plant and equipment -4,231 -4,368 -5,749 -6,628 -11,415
Sale of tangible assets 0 2 0 2 24
Deposits on leaseholds 15 -232 87 -247 19
Acquisition / sale of current asset
investments in the trading portofolio, net 0 -405 -97 -723 60,985
Cash flow from investments -9,149 -10,648 -15,119 -15,533 30,549
Amounts in DKK ‘000
Q2
2022/23
Q2
2021/22
H1
2022/23
H1
2021/22
FY
2021/22
Repayment of lease liabilities -1,900 -1,394 -3,259 -2,745 -5,660
Acquisition of treasury shares - - - - -
Paid dividend - - - - -
Cash flow from financing activities -1,900 -1,394 -3,259 -2,745 -5,660
Increase/decrease in cash and cash equivalents 3,460 -5,456 18,269 2,643 24,861
Exchange rate adjustments on cash 995 -619 3,057 -980 -597
Cash and cash equivalents at the beginning of the
period, net 60,596 27,199 43,725 19,461 19,461
Cash and cash equivalents at the end of the
period, net 65,051 21,124 65,051 21,124 43,725
Cash and cash equivalents at the end of
the period, net are composed as follows:
Cash at bank and in hand 65,051 21,124 65,051 21,124 43,725
Cash and cash equivalents at the end of the
period, net 65,051 21,124 65,051 21,124 43,725
12
RTX interim report for Q2 and H1 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
Q2
2022/23
Q2
2021/22
H1
2022/23
H1
2021/22
FY
2021/22
Revenue
Enterprise 115,685 83,996 270,478 173,772 493,141
ProAudio 52,765 35,220 91,354 60,773 114,056
Healthcare 11,537 15,060 25,665 26,140 56,092
Group 179,987 134,276 387,497 260,685 663,289
EBITDA
Enterprise 29,036 25,862 93,243 51,250 173,128
ProAudio 19,143 17,578 32,288 28,038 47,776
Healthcare 1,234 3,208 5,236 3,928 8,886
Non-allocated -41,596 -34,950 -80,955 -66,524 -144,435
Group 7,817 11,698 49,812 16,692 85,355
EBIT
Enterprise 24,341 20,715 83,786 41,262 153,161
ProAudio 17,385 15,597 28,918 23,982 40,194
Healthcare 1,016 2,990 4,799 3,491 8,014
Non-allocated -44,661 -37,626 -87,107 -71,812 -155,728
Group -1,919 1,676 30,396 -3,077 45,641
13
RTX interim report for Q2 and H1 2022/23
Notes
3 Segment information (continued)
Amounts in DKK ‘000
Q2
2022/23
Q2
2021/22
H1
2022/23
H1
2021/22
FY
2021/22
Revenue, geographical segments
Denmark 5,336 241 5,971 2,275 4,016
France 30,622 27,374 77,344 67,987 168,999
Germany 31,380 19,511 55,916 26,011 63,109
Other Europe 24,115 19,590 51,066 36,933 98,869
USA 58,867 31,118 99,458 57,063 139,635
Hong Kong 6,655 9,803 48,463 25,450 114,277
Other Asia and Pacific 21,454 24,725 46,267 43,051 68,219
Other 1,558 1,914 3,012 1,915 6,165
Group 179,987 134,276 387,497 260,685 663,289
Revenue distributed to geographic area according to the geographical location of the customer entity being invoiced.
4 Development costs
Amounts in DKK ‘000
Q2
2022/23
Q2
2021/22
H1
2022/23
H1
2021/22
FY
2021/22
Development cost incurred before capitalization 5,653 6,770 18,065 14,750 30,568
Value of own work capitalized
(1)
-2,747 -4,051 -5,535 -5,758 -12,401
Total amortization and impairment
on development projects 6,169 6,580 12,222 12,907 25,627
Development costs recognized
in the profit/loss account 9,075 9,299 24,752 21,899 43,794
(1)
Total value of own capitalized of DKK 3.2 million in Q2 2022/23 according to the income statement includes
own tangible assets of DKK 0.5 million (Q2 2021/22: DKK 1.0 million). Total value of own capitalized of DKK
6.6 million in H1 2022/23 according to the income statement includes own tangible assets of DKK 1.1 million (H1
2021/22: DKK 1.8 million).
14
RTX interim report for Q2 and H1 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 - 1,231 - 1,231
Bonds listed on the stock exchange, in the trading portfolio 31,208 - - 31,208
Financial net assets at fair value at 31 March 2023 31,208 1,231 - 32,439
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 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
Q2
2022/23
Q2
2021/22
H1
2022/23
H1
2021/22
FY
2021/22
Exchange rate gains (net) - 987 - 2,336 9,502
Fair value adjustments of investments
in trading portfolio 337 - 1,028 - -
Gain on hedging instruments (net) - - 1,505 - -
Other financial income 340 303 626 658 3,978
Total financial income 677 1,290 3,159 2,994 13,480
Exchange rate losses (net) 1,474 - 13,288 - -
Fair value adjustments of investments
in trading portfolio - 4,661 - 4,483 9,884
Financing element, IFRS 16 561 585 1,136 1,185 2,387
Loss on hedging instruments (net) 170 276 - 619 3,793
Other financial costs 268 139 375 428 782
Total financial expenses 2,473 5,661 14,799 6,715 16,846
15
RTX interim report for Q2 and H1 2022/23
Management’s Statement
Executive Board
Board of Directors
16
RTX interim report for Q2 and H1 2022/23
