-15
0
15
30
45
60
Q1 Q2 Q3 Q4
2022/23
2021/22
2022/23
2021/22
Q1 Q2 Q3 Q4
0
50
100
150
200
250
2022/23
2021/22
Q1 Q2 Q3 Q4
0
15
30
45
60
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 info@rtx.dk
Interim report for Q1 2022/23
(the period 01.10.2022 - 31.12.2022)
Announcement
to Nasdaq Copenhagen A/S and the media
Nørresundby, 26 January 2023
Announcement no. 03/2023
No. of pages: 15
“The first quarter of our financial year 2022/23 is the strongest first quarter in the history of RTX. We see this quarter as further confirmation of
the long-term growth and scaling opportunities in our business model and from our large framework agreements. The supply challenges related
to component availability in the global electronics industry continued to improve during the quarter although the supply situation is not yet fully
normalized. While the macroeconomic volatility and the impact of potential recessions create uncertainty for 2023, this strong first quarter is a
solid basis for the remainder of the financial year, and we maintain our outlook for 2022/23.”
Peter Røpke, CEO
Strong Beginning to 2022/23
Highlights Q1 2022/23
• Net revenue increased by 64.2% to DKK 207.5 million
in Q1 2022/23 (Q1 2021/22: DKK 126.4 million) driv-
en by strong demand in all segments and by continued
improvements of component availability in the global
supply markets.
• Enterprise segment: Revenue increased sig-
nificantly by 72.4% to DKK 154.8 million. The
demand has been strong broadly in the segment
in the quarter, while being especially strong for
the large framework agreement customers.
• ProAudio segment: Revenue increased by 51.0%
to DKK 38.6 million. The growth is driven by
recurring revenue from product sales via strong
demand for RTX’s product platforms and mod-
ules in the segment and via continued increasing
demand for products related to live events.
• Healthcare segment: Revenue increased by
27.5% to DKK 14.1 million with solid demand for
RTX’s full ODM products as well as modules in
the segment.
The supply situation with component scarcity in
the global electronics industry, which has been
impacting deliveries and revenue for close to two
years, improved in the quarter. There are still some
constraints in component availability and electronics
component prices remain high but the component
availability continued to improve for the second
quarter in a row. All in all, deliveries and revenue
of approx. DKK 35 million were postponed from
Q1 into Q2 – an improvement of approx. DKK 30
million from the DKK 65 million postponed from Q4
2021/22 into Q1 2022/23.
Q1 2022/23
Revenue
208 DKKm
EBITDA
42 DKKm
EBIT
32 DKKm
EBIT per quarter
DKK million
Revenue per quarter
DKK million
EBITDA per quarter
DKK million
FX corrected revenue growth was 47.8% as revenue
compared to last year was positively impacted by
the stronger average US dollar in the quarter.
• Gross profit increased by 68.2% to DKK 101.5 mil-
lion in Q1 2022/23 (Q1 2021/22: DKK 60.3 million)
driven by the strong revenue growth. The gross
margin increased slightly to 48.9% (Q1 2021/22:
47.7%) positively impacted by the product mix real-
ized and negatively impacted by the lower share of
revenue from engineering services and by 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 for RTX).
• The strong growth in revenue drove significant im-
provements in operating performance with EBITDA
increasing by 740.9% to DKK 42.0 million in Q1
2022/23 (Q1 2021/22: DKK 5.0 million) and EBIT
increasing to DKK 32.3 million in Q1 2022/23 (Q1
2021/22: DKK -4.8 million).
• Cash flows from operations (CFFO) amounted to
DKK 22.1 million in Q1 2022/23 compared to DKK
14.3 million in Q1 2021/22. Compared to last year,
CFFO was positively impacted by the increased
earnings and negatively impacted by the working
capital development.
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 volatitily 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 macroeconom-
ic volatility on customer 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. The USD FX rate has been declining
relative to DKK over the latter part of Q1 and this
also create 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 the normalization of the supply situation is
especially expected to occur in the early part of
2022/23, the revenue and earnings distribution
over 2022/23 is not expected to be backloaded in
the way it has been in recent years.
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 Friday, 27 January 2023
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 management
will comment on the interim
report for the first quarter of
the financial year 2022/23.
To register for the confer-
ence call, please e-mail
vonh@danskebank.dk.
Annual general meeting on 26 January 2023
• RTX will hold its Annual General Meeting on 26
January 2023. Among other things, the Board
of Directors has proposed to the Annual General
Meeting that authorization is given to the Board of
Directors to acquire own shares over the period until
25 January 2028 of up to 10% of the Company’s
share capital.
RTX A/S
Peter Thostrup Peter Røpke
Chair CEO
2 RTX interim report for Q1 2022/23
Group Financial Highlights and Key Ratios
(non-audited)
Amounts in DKK million
Q1
2022/23
Q1
2021/22
FY
2021/22
Key ratios (percentage)
Growth in net turnover 64.2% 106.2% 45.1%
Profit margin 15.6% -3.8% 6.9%
Return on invested capital
(2)
39.5% 24.3% 25.6%
Return on equity
(2)
17.2% 7.2% 10.9%
Equity ratio 62.7% 60.5% 59.6%
Employment
Average number of full-time employees 294 277 282
Average number of FTE employed directly 261 243 249
Revenue per employee (DKK ‘000)
(3)
706 456 2,352
Operating profit per employee (DKK ‘000)
(3)
110 -17 162
Shares (number of shares in thousands)
Average number of shares in distribution 8,183 8,140 8,169
Average number of diluted shares 8,182 8,153 8,198
Share data (DKK per share at DKK 5)
Profit/loss for the year (EPS), per share
(3)
2.1 -0.4 4.2
Profit/loss for the year, diluted (DEPS), per share
(3)
2.1 -0.4 4.1
Dividends, per share - - -
Equity value, per share 42.7 35.3 40.5
Listed price, per share 117.8 197.4 115.0
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
Q1
2022/23
Q1
2021/22
FY
2021/22
Income statement items
Revenue 207.5 126.4 663.3
Gross Profit 101.5 60.3 309.3
EBITDA 42.0 5.0 85.4
EBITDA % 20.2% 4.0% 12.9%
Operating profit/loss (EBIT) 32.3 -4.8 45.6
Net financials -9.8 0.7 -3.4
Profit/loss before tax 22.5 -4.1 42.3
Profit/loss for the period 17.5 -3.2 33.9
Balance sheet items
Net liquidity postion
(1)
91.5 128.6 73.8
Total assets 556.8 475.3 556.8
Equity 349.2 287.6 331.6
Liabilities 207.6 187.8 225.2
Other key figures
Development cost financed by RTX
before capitalization 12.4 8.0 30.6
Capitalized development costs 3.4 2.5 15.8
Depreciation, amortization and impairment 9.7 9.7 39.7
Cash flow from operations 22.1 14.3 -0.0
Cash flow from investments -6.0 -4.9 30.5
Investment in property, plant and equipment 1.5 2.3 11.4
Increase/decrease in cash and cash equivalents 14.8 8.1 24.9
3 RTX interim report for Q1 2022/23
Revenue developing strongly
RTX Group revenue amounted to DKK 207.5 million in
Q1 2022/23, an increase of 64.2% (Q1 2021/22: DKK
126.4 million). Corrected for exchange rate effects
the increase equals 47.8 % compared to last year with
a stronger USD than last year. Increased customer
demand in all segments underpin the growth which
is further assisted by improved supply situation with
higher component availability.
The constraints in the global supply chains continued to
impact deliveries and revenue in the quarter but the sit-
uation is gradually improving. These constraints include
component scarcity in the global electronics industry,
global shipping impediments and travel restrictions
complicating trouble shooting in relation to ramp-up
of new production lines. Component availability and
shipping impediments both improved in the first quarter
DKK million
Q1
22/23
Change
(%, YoY)
Enterprise revenue 154.8 72.4%
ProAudio revenue 38.6 51.0%
Healthcare revenue 14.1 27.5%
Total 207.5 64.2%
of 2022/23 while the easing of travel restrictions
in Asia towards the beginning of 2023 will facilitate
ramp-up of new production lines. In Q1 2022/23, the
net effect of these supply challenges has been positive
as deliveries and revenue of approx. DKK 35 million was
postponed from Q1 into Q2, while similar challenges
had postponed approx. DKK 65 million of revenue from
Q4 2021/22 to Q1 2022/23 (so a net positive effect
on revenue of approx. DKK 30 million).
Enterprise segment revenue increased by 72.4% to
DKK 154.8 million in Q1 2021/22 (Q1: 2020/21: DKK
89.8 million). Corrected for exchange rate effects the
growth was 55.9 %. The growth is seen broadly in the
segment and is especially strong for the large frame-
work agreement customers who are global leaders in
the segment. The work on tailoring the wireless head-
set platform developed by RTX to potential customers
and on commercial agreements continue. RTX expects
to launch further products based on the wireless
headset platform with our large framework agreement
customers during the year. RTX also continued devel-
opment of own financed product ranges in Q1 – such as
cloud-based deployment and administration tools for
our Enterprise suite of products (“RTX Cloud Servic-
es”) and new versions of handsets and base stations.
In the ProAudio segment revenue increased by 51.0%
to DKK 38.6 million in Q1 2022/23 (Q1 2021/22: DKK
25.6 million). Corrected for exchange rate effects the
growth was 33.1 %. The growth is driven by recurring
revenue from product sales via strong demand for
RTX’s product platforms (Sheersound
TM
, Sheerlink
TM
and TeamEngage
TM
) and associated modules in the
segment and via continued increasing demand for prod-
ucts related to live events which continue to normalize
after the pandemic. RTX continues to invest into the
roadmap for our product platforms further improving
performance and adding features in future releases.
Healthcare segment revenues amounted to DKK 14.1
million in Q1 2022/23 corresponding to a growth of
27.5% (Q1 2021/22: DKK 11.1 million). Corrected for
exchange rate effects the increase was 15.7%. The
growth is driven by higher volumes of both the full
ODM products and the modules supplied by RTX. Fur-
ther, RTX continues the investment into further product
solutions for the segment.
Costs and Earnings
The gross profit of the Group increased by 68.2% to
DKK 101.5 million in Q1 2022/23 (Q1 2021/22: DKK
60.3 million) driven by the revenue growth. The gross
margin increased to 48.9% (Q1 2021/22: 47.7%) pos-
itively impacted by the product mix realized and nega-
tively impacted primarily by the lower share of revenue
from engineering services (as revenue growth is driven
by product sales) and by customer payments to cover
extraordinary component costs (meaning that such
Management report
Significant revenue and earnings growth in Q1 driven by strong demand and
aided by improvements in the availability of electronics components.
Revenue Q1 2022/23
Enterprise
155 DKKm
ProAudio
39 DKKm
Healthcare
14 DKKm
4 RTX interim report for Q1 2022/23
extraordinary additional component costs are carried
by the customers, but at roughly zero margin for RTX).
DKK million
Q1
22/23
Change
(%, YoY)
Gross profit 101.5 68.2%
Gross margin 48.9% 1.2 pp
Capacity costs, consisting of staff costs and other ex-
ternal expenses, amounted to DKK 62.9 million (before
capitalization of development costs) in Q1 2021/22
compared to DKK 57.8 million in Q1 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 Q1 2022/23 was 294 compared to an average of
277 FTEs in Q1 of last year.
DKK million
Q1
22/23
Change
(%, YoY)
Capacity costs
(1)
62.9 8.7%
Value of own work
capitalized 3.4 35.8%
Depreciation etc.
(2)
9.7 -0.7%
(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 features for the ProAudio
product platforms and product development for the
future development of the healthcare segment.
Further, RTX has invested into dedicated automat-
ed test equipment for high-volume production lines
producing RTX products at RTX suppliers. In total, the
Group capitalized development costs of DKK 3.4 mil-
lion in Q1 2022/23 (Q1 2021/22: DKK 2.5 million).
With the revenue growth and slightly higher gross
margin, operating performance before depreciations
and amortizations (EBITDA) in the quarter improved
significantly by DKK 37.0 million, and by 740.9%, to
DKK 42.0 million (Q1 2021/22: DKK 5.0 million). The
EBITDA margin in Q1 2022/23 reached 20.2% com-
pared to 4.0% in Q1 of last year.
DKK million
Q1
22/23
Change
(YoY)
EBITDA 42.0 37.0
EBIT 32.3 37.1
Profit/loss before tax 22.5 26.6
EPS (DKK per share) 2.1 2.5
Depreciations and amortizations were at a relatively
stable level of DKK 9.7 million in Q1 2022/23 (Q1
2021/22: DKK 9.7 million) and is also on par with
previous quarters. With EBITDA growth and stable
depreciations, operating profit (EBIT) also improved
significantly compared to last year and amounted to
DKK 32.3 million (Q1 2021/22: DKK -4.8 million).
Net financial items amounted to DKK -9.8 million in
Q1 2022/23 (Q1 2021/22: DKK 0.7 million). Financial
items are positively impacted by an increase of the
value of the investments on the trading portfolio but
significantly negatively impacted by the exchange rate
adjustments of balance sheet items due to the USD ex-
change rate which decreased significantly in the quarter
(this negative development is partly counterbalanced
by the value developments of the Group’s USD hedging
arrangements).
Profit before tax increased to DKK 22.5 million in Q1
2022/23, a significant improvement compared to DKK
-4.1 million in Q1 of last year.
Equity, Assets and Cash Flow
RTX continues to have a solid equity ratio of 62.7% at
the end of Q1 2022/23 (Q1 2021/22: 60.5%). Total
assets amounted to DKK 556.8 million at the end of Q1
2022/23 compared to DKK 475.3 million at the end of
Q1 last year and compared to DKK 556.8 million at the
end of the previous quarter (i.e., at year-end 2021/22).
The increase in assets is primarily due to receivables
being significantly higher than last year due to the high-
er activity level in the quarter and inventories are signif-
icantly higher than last year due to more finished goods
in transit towards customers at quarter end compared
to last year and 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.
Cash flow from operations (CFFO) amounted to DKK
22.1 million in Q1 2022/23 compared to DKK 14.3
million in Q1 2021/22. Compared to last year, CFFO
was positively impacted by the increased earnings and
negatively impacted by the working capital develop-
ment with higher receivables and inventory.
101 DKKm
Gross profit
Gross profit increased by
68.2% to DKK 101.5 million
in Q1 2022/23. The gross
margin increased by 1.2
percentage points (pp) to
48.9% primarily due to the
product mix realized.
5 RTX interim report for Q1 2022/23
DKK million
Q1
22/23
Change
(YoY)
CFFO
(1)
22.1 7.8
Net liquidity position
(2)
91.5 -37.2
(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 were DKK 91.5 million at the end of the first
quarter of 2022/23 compared to DKK 128.6 million at
the end of Q1 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. In light
of RTX having returned to our long-term growth track
and becoming a larger company, the Board of Directors
and management will consider the company’s current
capital allocation policy and announce any updates to
the policy if and when decided.
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 volatitily 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. The
USD FX rate has been declining relative to DKK over
the latter part of Q1 and this also create some uncer-
tainty regarding the full-year outlook as the vast major-
ity 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 the normalization of the supply situation is espe-
cially expected to occur in the early part of 2022/23,
the revenue and earnings distribution over 2022/23 is
not expected to be backloaded in the way it has been in
recent years.
Annual general meeting on 26 January 2023
The Annual General Meeting of RTX takes place on
26 January 2023. Among other things, the Board of
Directors has proposed to the Annual General Meeting
that authorization is given to the Board of Directors to
acquire own shares over the period until 25 January
2028 of up to 10% of the Company’s share capital.
Financial calendar
Expected publication of financial information for the financial year
2022/23:
2 May 2023
Interim report Q2 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.
6 RTX interim report for Q1 2022/23
Amounts in DKK ‘000 Note
Q1
2022/23
Q1
2021/22
FY
2021/22
Revenue 3 207,510 126,409 663,289
Value of own work capitalized 4 3,378 2,488 15,759
Cost of sales -106,042 -66,099 -354,037
Other external expenses -16,441 -16,434 -62,376
Staff costs -46,410 -41,370 -177,280
Operating profit/loss before depreciation and amortization (EBITDA) 41,995 4,994 85,355
Depreciation, amortization and impairment 4 -9,680 -9,747 -39,714
Operating profit/loss (EBIT) 32,315 -4,753 45,641
Financial income 5 2,652 1,882 13,480
Financial expenses 5 -12,496 -1,232 -16,846
Profit/loss before tax 22,471 -4,103 42,275
Tax on profit/loss -4,974 865 -8,359
Profit/loss for the period 17,497 -3,238 33,916
Earnings per share
Earnings per share (DKK) 2.1 -0.4 4.2
Earnings per share, diluted (DKK) 2.1 -0.4 4.1
Income Statement
(non-audited)
Statement of
Comprehensive Income
(non-audited)
Amounts in DKK ‘000 Note
Q1
2022/23
Q1
2021/22
FY
2021/22
Profit/loss for the period 17,497 -3,238 33,916
Items that can be reclassified subsequently to the income statement
Exchange rate adjustments of foreign subsidiaries -3,516 721 6,168
Fair value adjustment relating to hedging instruments 2,614 -415 -4,904
Tax on hedging instruments -575 91 1,079
Fair value of hedging instruments reclassified to the income statement 330 253 2,965
Tax on hedging instruments reclassified -73 -55 -652
Other comprehensive income, net of tax -1,220 595 4,656
Comprehensive income for the period 16,277 -2,643 38,572
7 RTX interim report for Q1 2022/23
Amounts in DKK ‘000 31.12.22 31.12.21 30.09.22
Assets
Own completed development projects 32,681 51,067 38,734
Own development projects in progress 21,324 7,090 16,896
Goodwill 7,797 7,797 7,797
Intangible assets 61,802 65,954 63,427
Right-of-use assets (lease assets) 52,900 55,905 54,384
Plant and machinery 17,163 13,090 16,724
Other fixtures, tools and equipment 4,241 3,741 4,575
Leasehold improvements 11,023 11,969 11,273
Tangible assets 85,327 84,705 86,956
Deposits 6,745 6,851 6,817
Deferred tax assets 1,982 1,523 2,151
Other non-current assets 8,727 8,374 8,968
Total non-current assets 155,856 159,033 159,351
Inventories 117,552 45,575 102,494
Trade receivables 174,249 121,973 195,485
Contract development projects in progress 3,056 10,468 8,037
Income taxes - 275 -
Other receivables 9,311 4,293 13,103
Prepaid expenses 5,331 5,066 4,545
Receivables 191,947 142,075 221,170
Current asset investments in the trading portfolio 30,871 101,448 30,083
Current asset investments 30,871 101,448 30,083
Cash at bank and in hand 60,596 27,199 43,725
Total current assets 400,966 316,297 397,472
Total assets 556,822 475,330 556,823
Balance Sheet
(non-audited)
Amounts in DKK ‘000 31.12.22 31.12.21 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 8,624 6,693 12,140
Cash flow hedging 579 -366 -1,717
Retained earnings 127,220 34,308 108,439
Equity 349,201 287,563 331,640
Lease liabilities 51,468 54,104 52,896
Deferred tax liabilities 3,588 5,244 3,347
Provisions 1,855 1,149 1,855
Other payables 13,629 13,351 13,389
Non-current liabilities 70,540 73,848 71,487
Lease liabilities 6,369 5,941 6,300
Prepayments received from customers 19,716 3,285 8,169
Trade payables 65,184 53,971 80,517
Contract development projects in progress 5,636 2,901 7,515
Income taxes 14,759 - 11,049
Provisions 1,306 1,795 1,793
Other payables 24,111 46,026 38,353
Current liabilities 137,081 113,919 153,696
Total liabilities 207,621 187,767 225,183
Total equity and liabilities 556,822 475,330 556,823
8 RTX interim report for Q1 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 - - - - -3,238 -3,238
Exchange rate adjustments
of foreign subsidiaries - - 721 - - 721
Fair value adjustment relating
to hedging instruments - - - -415 - -415
Tax on hedging instruments - - - - 91 91
Fair value of hedging instruments
reclassified to the income statement - - - 253 - 253
Tax on hedging instruments reclassified - - - - -55 -55
Other comprehensive income,
net of tax - - 721 -162 36 595
Comprehensive income for the period - - 721 -162 -3,202 -2,643
Share-based remuneration - - - - 1,213 1,213
Deferred tax on equity transactions - - - - 460 460
Other transactions - - - - 1,673 1,673
Equity at 31 December 2021 43,214 203,714 6,693 -366 34,308 287,563
Amounts in DKK ‘000
Share
capital
Share
premium
Currency
adjust-
ments
Cash flow
hedging
Retained
earnings Total
Equity at 1 October 2022 42,339 170,439 12,140 -1,717 108,439 331,640
Profit/loss for the period - - - - 17,497 17,497
Exchange rate adjustments
of foreign subsidiaries - - -3,516 - - -3,516
Fair value adjustment relating
to hedging instruments - - - 2,614 - 2,614
Tax on hedging instruments - - - -575 - -575
Fair value of hedging instruments
reclassified to the income statement - - - 330 - 330
Tax on hedging instruments reclassified - - - -73 - -73
Other comprehensive income,
net of tax - - -3,516 2,296 - -1,220
Comprehensive income for the period - - -3,516 2,296 17,497 16,277
Share-based remuneration - - - - 1,270 1,270
Deferred tax on equity transactions - - - - 14 14
Other transactions - - - - 1,284 1,284
Equity at 31 December 2022 42,339 170,439 8,624 579 127,220 349,201
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 December 2021). The Group holds 284,924 treasury shares at 31 December 2022 (502,906 shares at
31 December 2021). There are no shares carrying special rights.
Equity Statement
(non-audited)
9 RTX interim report for Q1 2022/23
Cash Flow Statement
(non-audited)
Amounts in DKK ‘000
Q1
2022/23
Q1
2021/22
FY
2021/22
Operating profit/loss (EBIT) 32,315 -4,753 45,641
Reversal of items with no effects on cash flow
Depreciation, amortization and impairment 9,680 9,747 39,714
Other items with no effects on cash flow -8,174 903 15,051
Change in working capital
Change in inventories -15,797 -13,489 -73,498
Change in receivables 31,884 25,544 -55,579
Change in trade payables, etc. -19,667 -6,048 22,361
Cash flow from operating activities 30,241 11,904 -6,310
Financial income received 1,961 3,583 13,968
Financial expenses paid -9,872 -1,232 -6,962
Income taxes paid -192 80 -724
Cash flow from operations 22,138 14,335 -28
Investments in own development projects -4,427 -2,292 -19,064
Acquisition of property, plant and equipment -1,518 -2,260 -11,415
Sale of tangible assets - - 19
Deposits on leaseholds 72 -15 60,985
Acquisition / sale of current asset
investments in the trading portofolio, net -97 -318 24
Cash flow from investments -5,970 -4,885 30,549
Amounts in DKK ‘000
Q1
2022/23
Q1
2021/22
FY
2021/22
Repayment of lease liabilities -1,359 -1,351 -5,660
Acquisition of treasury shares - - -
Paid dividend - - -
Cash flow from financing activities -1,359 -1,351 -5,660
Increase/decrease in cash and cash equivalents 14,809 8,099 24,861
Exchange rate adjustments on cash 2,062 -361 -597
Cash and cash equivalents at the beginning of the period, net 43,725 19,461 19,461
Cash and cash equivalents at the end of the period, net 60,596 27,199 43,725
Cash and cash equivalents at the end of
the period, net are composed as follows:
Cash at bank and in hand 60,596 27,199 43,725
Cash and cash equivalents at the end of the period, net 60,596 27,199 43,725
10 RTX interim report for Q1 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
Q1
2022/23
Q1
2021/22
FY
2021/22
Revenue
Enterprise 154,794 89,775 493,141
ProAudio 38,589 25,554 114,056
Healthcare 14,127 11,080 56,092
Group 207,510 126,409 663,289
EBITDA
Enterprise 64,207 25,161 173,128
ProAudio 13,145 10,459 47,776
Healthcare 4,002 720 8,886
Non-allocated -39,359 -31,346 -144,435
Group 41,995 4,994 85,355
EBIT
Enterprise 59,445 20,319 153,161
ProAudio 11,532 8,385 40,194
Healthcare 3,784 502 8,014
Non-allocated -42,446 -33,959 -155,728
Group 32,315 -4,753 45,641
11 RTX interim report for Q1 2022/23
Notes
3 Segment information (continued)
Amounts in DKK ‘000
Q1
2022/23
Q1
2021/22
FY
2021/22
Revenue, geographical segments
Denmark 635 2,034 4,016
France 46,722 40,613 168,999
Germany 24,536 6,500 63,109
Other Europe 26,951 17,343 98,869
USA 40,591 25,945 139,635
Hong Kong 41,808 15,647 114,277
Other Asia and Pacific 24,813 18,327 68,219
Other 1,454 - 6,165
Group 207,510 126,409 663,289
Revenue distributed to geographic area according to the geographical location of the customer entity being invoiced.
4 Development costs
Amounts in DKK ‘000
Q1
2022/23
Q1
2021/22
FY
2021/22
Development cost incurred before capitalization 12,412 7,980 30,568
Value of own work capitalized
(1)
-2,788 -1,707 -12,401
Total amortization and impairment on development projects 6,053 6,327 25,627
Development costs recognized in the profit/loss account 15,677 12,600 43,794
(1)
Total value of own work capitalized of DKK 3.4 million in Q1 2022/23 also includes own tangible assets of DKK
0.6 million (Q1 2021/22: DKK 0.8 million).
12 RTX interim report for Q1 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 - 1,032 - 1,032
Bonds listed on the stock exchange, in the trading portfolio 30,871 - - 30,871
Financial net assets at fair value at 31 December 2022 30,871 1,032 - 31,903
Financial instruments (hedging), liability - -721 - -721
Bonds listed on the stock exchange, in the trading portfolio 101,448 - - 101,448
Financial net assets at fair value at 31 December 2021 101,448 -721 - 100,727
Financial hedging instruments comprise standard foreign exchange forward contracts with the USD/DKK exchange
rate as the main element affecting the fair value of the contracts.
5 Financial items
Amounts in DKK ‘000
Q1
2022/23
Q1
2021/22
FY
2021/22
Exchange rate gains (net) - 1,349 9,502
Fair value adjustments of investments in trading portfolio 691 178 -
Gain on hedging instruments (net) 1,675 - -
Other financial income 286 355 3,978
Total financial income 2,652 1,882 13,480
Exchange rate losses (net) 11,814 - -
Fair value adjustments of investments in trading portfolio - - 9,884
Financing element, IFRS 16 575 600 2,387
Loss on hedging instruments (net) - 343 3,793
Other financial costs 107 289 782
Total financial expenses 12,496 1,232 16,846
13 RTX interim report for Q1 2022/23
Management’s Statement
Executive Board
Board of Directors
14 RTX interim report for Q1 2022/23
