Annual Report
2022/23
RTX A/S • Stroemmen 6 • DK-9400 Noerresundby • CVR no. 17 00 21 47
1 October 2022 - 30 September 2023
Helping people
perform at their best
Visit our website
to learn more
about our turn-key
solutions
Wireless communication is an integral
part of all our lives. It seamlessly helps us
connect and communicate – in our work
as well as in our spare time. RTX’s purpose
is to help people perform at their best
by providing our customers with the best
possible wireless communications solutions.
2
RTX Annual Report 2022/23
2023 COP Report for RTX Group
CVR NO. 17 00 21 47
Sustainability
Report
2022/23
CVR No.: 17 00 21 47
Remuneration Report
2022/23
Transforming
Wireless Wisdom
into Solutions
Management Review
Introduction
RTX at a Glance 4
2022/23 Highlights 5
Letter from the Chair and the CEO 6
Financial Highlights for the Group 10
Financial Statements
Group and Parent Financial Statements
Income Statement 56
Statement of Comprehensive Income 56
Balance Sheet 57
Group Equity Statement 58
Parent Equity Statement 59
Cash Flow Statement 60
Notes 61
Statements
Management’s Statement 101
Independent Auditor’s Report 102
The long-term financial ambitions
of RTX are to realize significant
revenue and earnings growth in
the coming years.
The 2022/23 RTX
reporting suite
Business & Strategy
Our Growth Strategy 12
Global Industry Structure 13
Our Customer Partnerships 14
How we Work 15
Enterprise 16
ProAudio 18
Healthcare 20
Page 36
Letter from the
Chair & the CEO
Page 6
Sustainability
Our Sustainability Focus 23
Performance
2022/23 Performance 28
Quarterly Financial Highlights 32
Outlook & Ambitions
Outlook 2023/24 34
Long-Term Financial Ambitions 36
Governance
Corporate Governance 38
Risk Management 42
Capital Structure and Allocation 48
The RTX Share 50
Board of Directors and Executive Board 52
2022/2023
Performance
Page 28
Remuneration report
Corporate Governance report
Sustainability report
Corporate Governance
Financial Year: 1 October 2022 - 30 September 2023
Statutory report on Corporate Governance
According to section 107b of e Danish Financial Statements Act
CVR No.: 17 00 21 47
Contents
3
RTX Annual Report 2022/23
Contents
Introduction
RTX at a Glance
in close partnership with our customers, we offer
customized, ‘turn-key’, end-to-end solutions with
full product lifecycle management designed to make
a difference in the market.
Our purpose is to help people perform at their best. We provide our
customers with the best possible wireless communications solutions,
allowing their customers to seamlessly connect and communicate.
Focusing on making sure all the
component systems integrate
seamlessly and reliably, we design,
develop and manufacture wireless
IP telephony products and sub-sys-
tems.
527 DKK million in revenue
67% of share group
7% YoY growth
Revenue 2022/23
783 DKK million
EBITDA 2022/23
108 DKK million
Avg. full-time employees
299 FTEs
We provide the crucial wireless
communication infrastructure that
you can embed seamlessly and
reliably into a broad spectrum of
high-tech medical devices, including
multi-parametric patient monitoring.
70 DKK million in revenue
9% of share group
24% YoY growth
In the world of commercial wireless
audio solutions, good business de-
pends on transmitting and receiving
high-quality sound reliably so that
those listening can hear clearly and
comfortably.
186 DKK million in revenue
24% of share group
63% YoY growth
Enterprise
Healthcare
ProAudio
4
RTX Annual Report 2022/23 Introduction
RTX – the Big Picture
2022/23 Highlights
-0.5%-points
Energy
consumption
MWh
1,410 -1.5%
Sustainability highlights
Board gender
diversity
Members elected
by AGM (end year)
20%
-1 female
Female
Scope 1 & 2
emissions
CO
2
e tons (location-based)
532 -3.6%
Employee
absence
%
2.0
Revenue
DKKm
783 + 18%
EBITDA
DKKm
108 + 26%
Gross margin
%
45.8
EBIT
DKKm
68 + 49%
-0.8 pp
Financial highlights
Outlook 2023/24
5
RTX Annual Report 2022/23 Introduction
2020/21 at a Glance
Letter from the Chair and the CEO
Continuing the Positive
Development of RTX
Demand increased strongly in 2022/23 and led to record high revenue second
year in a row. Contributing to this strong performance is the normalization of
past years’ industry-wide challenges with component shortages and supply
chain constraints. With continued focus on the development of our key accounts
and offerings, RTX expects to continue the growth path in the coming years.
However, we expect a temporary setback in 2023/24 due to macro-economic
uncertainties and high inventory levels at our major customers.
RTX is pleased with our performance in 2022/23.
Revenue increased 18% and reached an all-time high
of DKK 783 million with very strong demand for RTX
products. Earnings improved as well, EBITDA increased
by 26% to DKK 108 million and EBIT increased by 49%
to DKK 68 million, aided by the growth in revenue. Both
revenue and earnings surpassed our expectations for
the year.
Strong demand and improved supply chain
RTX experienced strong demand for our products and
services in 2022/23. The global supply chain challeng-
es were normalizing during the year, and we experi-
enced shorter lead times of components and material
in the end of the year compared to what we have
experienced in the previous years. This improvement in
combination with the strong demand was the basis for
RTX exceeding the original revenue expectations for
the year.
Demand in ProAudio for our product-based business
was high and explains the good performance in the seg-
ment. RTX is no longer doing stand-alone hourly-based
engineering services in this segment as outlined in the
strategy some years ago. The Enterprise segment was
growing as well, with growth coming from RTX’s large
framework agreement customers – both long-standing
and newer framework agreement customers. Health-
care segment demand and revenue also increased in
2022/23 where we, together with our customer, are
in a transitioning from old products to a new product
generation.
The normalized supply chain has led to a high stock lev-
el of products at our customers. This situation in com-
bination with the macro-economic situation have led to
a high level of uncertainty, when it comes to near-term
demand for products from our customers.
For that reason, we expect revenue in 2023/24 to be
back-loaded in the fiscal year and demand not to be on
the same level as in 2022/23.
6
RTX Annual Report 2022/23 Introduction
Letter from the Chair & the CEO
“I am pleased that RTX has delivered one more
year (2022/23) with growth and record high
revenue. Looking ahead, I see short-term chal-
lenges from high inventory levels at our largest
customers caused by the past year’s problems
in the global electronic industry. However, I still
experience strong commitment to RTX and our
offerings when I speak to our key customers.
Therefore I believe that RTX has an opportu-
nity for further growth in the future beyond
2023/24. Our business model and strategy for
generating recurring revenue from the partner-
ships with our customers, who are global lead-
ers in their respective industries, form a strong
foundation for the realization of our ambitions
for the coming years.”
Peter Røpke, CEO
Peter ostrup
Chair of the Board
Peter Røpke
President & CEO
7 Introduction
RTX Annual Report 2022/23
2023 COP Report for RTX Group
CVR NO. 17 00 21 47
Sustainability
Report
2022/23
Growth strategy
The strong growth in 2022/23 has confirmed the
belief we have in our strategic direction: We deploy
our wireless capabilities to create recurring revenue
as an ODM/OEM supplier via long-term framework
agreements with our customers in the B2B Enterprise,
ProAudio, and Healthcare markets. The result demon-
strates the scaling in RTX’s strategy, and we were able
to grow not only revenue by 18% YoY but also EBITDA
by 26% and our EBIT by 49% YoY.
Over the past five years, we have grown revenue organ-
ically by 10% per year on average despite the challeng-
es with the global supply chain and macroeconomic
situation. In total, this corresponds to 65% growth for
the five-year period. Growth in 2022/23 has especial-
ly been fuelled by our largest framework agreement
customers and these customers continue to invest
into joint product development activities with RTX. On
top of this we have gained momentum in our ProAudio
module business with growth of 63% in 2022/23.
Together with our own investments in RTX products
and product solutions for our three segments, these de-
velopment activities create the basis for further growth
for RTX.
We are satisfied with the growth in both revenue and
earnings in 2022/23. We have seen the gross margin
stabilize as the global electronic component market
has improved during the year both in terms of lead
times and partly in terms of cost. In the second part
of the year it has not been necessary to buy expensive
components on the spot market as in the previous year.
An important focus area for RTX in the coming years
will be to continue ensuring right component costs as
the supply-demand balance in the component markets
becomes more normal.
The past years’ instability in global electronic supply,
where lead times rapidly changed first up to 18 months
and then back to a normal level of 3 months, has now
led to a situation where inventory levels of products
at our large customers are at a high level. We expect,
as mentioned before, that order intake from these
customers will be moderate in the coming months until
inventory levels at our customers have normalized.
However, RTX expects, based on dialogue with our
customers and the amount of new product initiatives,
that this situation will be temporary, and we still believe
in our long-term ambition.
Capital policy and allocation
Due to the strong performance and recovery after some
challenging years, RTX revised the capital policy in
August 2023.
RTX now targets a net liquidity position (total cash
funds plus current securities less any bank debt) of
DKK 80-100 million (Note that interim deviations to
the target cash level can occur depending on specific
growth opportunities or other operational or strategic
considerations.).
This empowers the Board to undertake strategic initia-
tives, including the implementation of dividend and/or
share buyback programs. The Board has reached a de-
cision to initiate a share buyback program amounting up
to DKK 20 million during the financial year 2023/24,
operating within the Safe Harbor Framework.
Acting responsibly
RTX develops and delivers wireless communication
solutions that help people perform at their best. In
addition to the direct benefits of wireless interconnec-
tivity, such solutions can contribute to a sustainable
global development by reducing the need for travel
and the need for physical infrastructure such as cables
etc. At RTX, we recognize that our impact on people,
environment, and communities globally is broader
than the direct impact of our wireless solutions. Acting
responsibly therefore also means to strive for reducing
any potential harm that our operations may cause.
We are committed to the UN Global Compact, which
we adopted in 2014, and its principles on human
rights, labor, environment, and anti-corruption. During
2022/23, we have taken actions to continue to ad-
vance our sustainability agenda with focus on products
and people. Products because they are where we
have the biggest impact. People, both employees and
partners, because they are the most critical in terms of
defining and driving improvement efforts.
Read more about our
sustainability focus
areas and actions in our
Sustainability report.
Read more
8
RTX Annual Report 2022/23 Introduction
The separate sustainability report of RTX details these
focus areas and our efforts. It includes our materiality
assessment, policies for key areas such as environ-
ment, human rights, and labor, as well as KPI reporting
for key sustainability areas including employee, diversi-
ty, and governance related KPIs, energy consumption,
and carbon footprint. Our sustainability report also
serves as our Communication of Progress for the UN
Global Compact. The report can be found at www.rtx.
dk/corporate/csr.
Looking ahead to 2023/24 and beyond
For 2023/24 we expect revenue to be impacted by
high inventory levels at our customers, combined with
the macroeconomic and geopolitical uncertainty. The
past years’ instability in global electronic supply, where
lead times rapidly changed, first up to 18 months and
then back to a normal level of 3 months, has now led
to a situation where our large customers have high
product inventory levels. We expect that order intake
from these customers will be moderate in the coming
months, until inventory levels at our customers have
normalized.
For that reason, we expect 2023/24 revenue to be
backloaded in the fiscal year and demand not to be
at the same level as in 2022/23. Based on the above
assumptions, the outlook for 2023/24 is a revenue
of DKK 580-630 million, and EBITDA of DKK 45-60
million and EBIT of DKK 5-20 million.
Based on dialogue with our customers regarding their
medium- and long-term demand, along with our de-
velopment pipeline of new product initiatives, RTX ex-
pects that the slower demand forecasted for 2023/24
is a temporary supply chain adjustment until high inven-
tories at our customers have normalized. In November
2023, RTX signed a firm agreement with a large global
Healthcare company on a strategic collaboration to
bring to market a new generation of wireless infra-
structure solutions for the Hospital Healthcare sector
This agreement includes terms on intellectual property
and sales/distribution channels. Through this strate-
gic partnership, we will accelerate the introduction of
new infrastructure products and expect our revenue
in the Healthcare segment to grow by 100-200% by
2025-26. It will not affect RTX’s outlook for 2023/24,
but it is an important milestone towards realizing our
long-term ambition.
RTX is a people company, and the good results in the
past and our ambitions for the future can only be ac-
complished by the strong commitment and daily efforts
from all our employees. The past year has yet again
been challenging with a lot of changes in the business
that has made planning and execution difficult – and
we express our gratitude to our employees for handling
these challenges very well. We also thank our custom-
ers and other stakeholders for their cooperation and
support during the year.
Peter Thostrup Peter Røpke
Chair of the Board President & CEO
9
RTX Annual Report 2022/23 Introduction
Financial Highlights for the Group
Amounts in DKK million 2022/23 2021/22 2020/21 2019/20 2018/19
Key ratios (percentage)
Growth in net turnover 18.0 45.1 -17.8 -0.8 17.9
Profit margin 8.7 6.9 1.3 15.0 15.5
Return on invested capital 28.7 25.6 10.7 54.1 75.1
Return on equity 13.2 10.9 1.1 18.1 21.6
Equity ratio 65.2 59.6 59.5 66.0 75.0
Employment
Average number of full-time employees
(1)
299 282 286 292 277
Average number of FTE employed directly
(1)
267 249 257 264 253
Revenue per employee (DKK '000) 2,618 2,352 1,598 1,904 2,023
Operating profit per employee (DKK '000) 227 162 21 286 313
Shares (number of shares in thousands)
Average number of shares in distribution 8,200 8,169 8,243 8,376 8,545
Average number of diluted shares 8,195 8,198 8,302 8,503 8,633
Share data (DKK per share at DKK 5)
Profit/loss for the year (EPS), per share 5.7 4.2 0.4 7.5 8.4
Profit/loss for the year, diluted (DEPS), per share 5,7 4.1 0.4 7.4 8.3
Dividends, per share - - - 2.5 2.5
Equity value, per share 45.9 40.5 35.4 42.2 41.0
Listed price, per share 83.6 115.0 165.0 216.0 164.0
(1) Employees employed in RTX legal entities are defined as “employed directly”. Employees employees through service partner in countries where we have no
legal entity, comprise the remaining employees.
Note: The Group's financial year runs from 1 October to 30 September. The calculation of the financial highlights is described on page 99.
IFRS 9 and IFRS 15 were implemented in 2018/19. Figures prior to 2019/20 have not been restated to reflect new accounting policy IFRS 16, implemented
in 2019/20.
Amounts in DKK million 2022/23 2021/22 2020/21 2019/20 2018/19
Income statement items
Revenue 782.8 663.3 457.2 555.9 560.3
Gross Profit 358.4 309.3 239.1 309.3 316.9
EBITDA 107.5 85.4 37.3 108.2 100.2
EBITDA % 13.7% 12.9% 8.2% 19.5% 17.9%
Operating profit/loss (EBIT) 67.9 45.6 6.1 83.6 86.7
Net financials -8.7 -3.4 -6.6 -3.4 4.6
Profit/loss before tax 59.2 42.3 -0.6 80.2 91.3
Profit/loss for the year 46.7 33.9 3.6 63.1 71.4
Balance sheet items
Net liquidity position
(1)
137.7 73.8 120.4 194.8 226.7
Total assets 578.1 556.8 485.3 533.6 463.3
Equity 377.7 331.6 288.5 352.2 347.4
Liabilities 201.0 225.2 196.8 181.4 115.8
Other key figures
Development cost financed by
RTX before capitalization 33.2 30.6 42.3 43.8 39.0
Capitalized development cost 13.5 15.8 24.9 28.7 16.8
Depreciation, amortization and impairment 39.6 39.7 31.3 24.6 13.5
Cash flow from operations 97.0 -0.0 44.5 70.6 107.7
Cash flow from investments -26.7 30.5 9.7 -37.1 -52.4
Investment in property, plant and equipment 10.2 11.4 18.6 7.9 5.4
Increase/decrease in cash and cash equivalents 62.5 24.9 -22.4 -33.7 10.9
(1) Equals total of cash and current asset investments.
10
RTX Annual Report 2022/23 Introduction
Financial Highlights for the Group
Reaping economies of scale from product sales
under long-term framework agreements
Our Growth Strategy
Investments into products, platforms and technologies (“Wireless Wisdom”)
Building scalable processes and capabilities
Optimizing partner network
Deploying our Wireless Wisdom across multiple attractive B2B
markets in an ODM/OEM model to secure profitable growth via
increased recurring revenue and scalability.
RTX continues to target long-term profitable growth, as we deploy our wireless capabilities to
generate recurring revenue from long-term framework agreements with globally recognized B2B
customers in three attractive market segments: Enterprise, ProAudio and Healthcare.
Across segments, we will continuously invest into products and product platforms, both
together with customers and through strategic investments funded by RTX. We aim at devel-
oping product- and system solutions with a long lifecycle to exploit the full potential in current
long-term framework agreements as well as entering into new customer agreements. Ramping
up existing long-term framework agreements will be an important growth driver.
We will build on our uniform business model and go-to-market approach to further reap econo-
mies of scale. Focus will be on establishing robust and scalable processes across RTX as well as
consolidating our technological capabilities and continuously upgrade these.
Finally, we will continue to optimize our supplier network and strengthen the value chain to
further capitalize on our growth.
Recurring revenue
Expand
leadership
position in
Enterprise
Utilize unique
position in
ProAudio
Strengthen
position in
Healthcare
Enterprise
Healthcare
ProAudio
12
RTX Annual Report 2022/23 Business & Strategy
Our Growth Strategy
Brand
Development
Manufacturing
Technology
Global Industry Structure
Branded company
Semicondutor company
EMS: Electronics manufacture service
OEM: Original equipment manufacture
ODM: Original design manufacture
Multiple horizontal layers
In the ever-evolving technology landscape, different types of
companies are contributing via different layers, depending on their
role and function in the global industry structure. As a solutions
provider, RTX operates mainly in the spectrum of development as
an ODM/OEM.
In close collaboration with our partners, EMSs and customers, RTX operates in development
as an ODM/OEM, but with overlapping paths to the layers of manufacturing and brand. In this
spectrum of layers, we serve as a solution provider of wireless technology to our customers, by
providing a range of services; including product customization, technology integration, and end-
to-end solutions encompassing full product lifecycle management. Through long-term partner-
ships we seamlessly align with our customers’ development processes and operations.
As a pure-play solutions provider, we refrain from directly marketing and selling RTX products
and solutions to end-users. Our primary focus revolves around serving as an ODM/OEM for our
customers and as a true partner we tie our earnings to our customers’ market success. Working
in close partnerships with our customers, we develop unique products and solutions that can
make a significant impact in their markets.
13
RTX Annual Report 2022/23 Business & Strategy
RTX’s wireless solutions enable our B2B customers to market
reliable, secure, and scalable systems with seamless integration
to meet their specific communication and monitoring needs and
respond to market demands. We do this across three attractive
market segments: Enterprise, ProAudio, and Healthcare.
Our Enterprise systems deliver modular and scalable solutions for communication devices,
ensuring reliable wireless connectivity and additional features developed to enterprises of
varying sizes. Our ProAudio systems, built on our RTX communication modules, enable multiple
device connections in a variety of environments, intelligently adapting to changing conditions to
consistently maintain clear audio with minimal latency. Our Healthcare systems support patient
monitoring, ensuring concurrent measurement of various health parameters, secure data hand-
ling, and ultimately enhancing the quality of patient care.
We have a mission to help our customers make a difference in their markets. Our extensive
knowledge in wireless technology and our comprehensive and scalable end-to-end solutions
distinguishes us from competitors. This positioning allows us to provide customized products
and systems helping our customers perform at their best, by empowering them to make a sig-
nificant impact within their respective markets.
Our Customer Partnerships
14
RTX Annual Report 2022/23 Business & Strategy
67%
Enterprise
Our business
In Enterprise, we help our B2B customers, primarily
large global players, provide better wireless commu-
nication solutions for their customers. The solutions
are used in places like retail operations, healthcare
facilities, warehouses, offices, call centers, and public
buildings, and in even the most demanding commercial
and industrial environments where equipment certified
as explosion-proof and water-proof is crucial.
Focusing on making sure all the component systems
integrate seamlessly and reliably, we design, develop,
and manufacture wireless IP telephony products and
sub-systems that include headsets, handsets, base
stations, repeaters, location beacons, and advanced
cloud-based tools.
We provide the know-how, services, and specialist
capabilities that help our customers win contracts for
forward-thinking enterprise wireless communication
installations: Scalable to changing requirements,
connections with very high stability, high audio quality
everywhere, and easy integration with other systems
and hardware.
Market trends
Within the global enterprise communications market
more and more businesses are moving enterprise
telephony to the cloud to enable digital transformation,
greater agility, and better support of distributed work-
force. This transition often prompts organizations to re-
fresh their existing endpoints and thus drives a demand
for new endpoints - especially handsets and headsets
which are replacing the more traditional corded desk-
top phones. There is also an ongoing consolidation in
the manufacturing of handsets which RTX continues to
both drive and benefit from. This consolidation is driven
by increased outsourcing of handset development and
production, especially to pure play ODM/OEM provid-
ers like RTX. In 2022, RTX remained the largest man-
ufacturer of multi-cellular handsets globally, according
to MZA Ltd., with a share of 20%.
The total global professional market for wireless hand-
sets is, according to Frost & Sullivan, estimated at USD
900 million or 4 million units annually. DECT technol-
ogy handsets constitute more than 3 million units and
are expected to grow 2% p.a. from 2022 to 2025 driv-
en by its mobile nature, superior performance, and cost
effectiveness. RTX is experiencing additional demand
upside in DECT, primarily from large players in the USA
Share of Group
revenue 2022/23
Enterprise
16 Business & Strategy
RTX Annual Report 2022/23
Enterprise
2022/232018/19 2019/20 2020/21 2021/22
493
527
387
382
308
0
100
200
300
400
500
600
Our pure play model ensures our ODM/OEM customers,
that they will not experience channel conflicts with RTX
branded products and solutions in the market. Via this
model, and with focus on system integration as compet-
itive advantage, we benefit from customer outsourcing
of products and solutions, which ensures recurring
revenue via long-term framework agreements with large
global customers. The unique system integration across
RTX products in the enterprise space, supported by our
cloud-based deployment and device management tools,
benefits our customers and their end users and facili-
tates increasing share-of-wallet for RTX.
Important drivers in the coming years will be continued
ramping of the partnerships associated with the major
Enterprise framework agreements.
market, an enterprise market which traditionally has
been focused on Wi-Fi/VoWLAN handsets. The total
global wireless professional headsets market is, by
Frost & Sullivan, estimated at more than USD 1 billion
or 10 million headsets annually with growth expectation
of 12% p.a. from 2022 to 2026.
2022/23 highlights
During 2022/23, we accelerated the ramp-up of prod-
uct deliveries under the two newest major Enterprise
framework agreements. Both customers are leading
global brands with solid sales channels; including the
wireless headset area. We also signed up new customers
with sales channels in wireless headsets and in the SME
market. Additionally, we experienced strong demand in
the traditional enterprise communications market, e.g.,
handsets and base stations. RTX also continued the de-
velopment of its own financed product ranges, e.g., new
versions of handsets and base stations, as well as our
cloud-based deployment and device management tools,
where we continued to add customers in the pilot phase.
RTX’s Enterprise segment growth in 2022/23 was due
to strong demand for RTX products and solutions in the
segment, and was especially driven by growth among
the large framework agreement customers.
Enterprise growth strategy
RTX aims to expand its leadership position in Enterprise
products and solutions by continuing to gain share and
drive market consolidation.
5-year Enterprise revenue
DKK million
Communication systems for any requirements
RTX Enterprise systems are modular, scalable solutions that provide reliable, high-quality audio con-
nections for communication devices in various industries. The devices used by the individual, such as
handsets and headsets, connect via a wireless link to USB dongles or base stations within the building
or area where the individuals are operating. Repeaters linked to base stations extend the range for the
individual’s operational area – even outside. This eliminates poor audio or calls dropping out when people
move around and ensure people can perform at their best by staying connected everywhere. The sys-
tems include other additional features, such as location detection of devices, unique safety- and alarm
features, as well as cloud-based deployment and device management tools. Enterprise systems are ideal
for all sizes of enterprises. Systems can ensure reliable coverage for 20 to 15,000+ users, making the
system and its capabilities easily scalable to meet customers’ exact needs.
Enterprise
17
RTX Annual Report 2022/23 Business & Strategy
ProAudio
Our business
In ProAudio we help our B2B customers design,
develop, and manufacture wireless audio solutions,
with products ranging from modules, to circuit boards,
and to full ODM products; all featuring RTX software.
Examples of final products and solutions include con-
nectivity of microphones or instruments; conference
systems; content creation solutions; intercom systems
for restaurants, construction sites, or more complex
systems for TV productions or large sporting events
etc.; wireless gaming headsets, controllers, mice,
keyboards etc.
When customers need the optimal sound quality in
products for professional environments, our unique
capabilities help them raise the bar via resilient wireless
connectivity, low latency, high capacity, zero-distortion
high quality audio, and patented methods for cop-
ing with harsh environments. Building on our proven
platforms – e.g., Sheerlink
TM
and TeamEngage
TM
– and
associated modules, we enable customers in getting
attractive professional audio solutions to market faster,
with less hassle, and at a lower investment. RTX makes
it easy for our customers to provide unique quality and
professional-grade wireless audio devices for their
customers.
Market trends
The professional audio solutions market is ever-ex-
panding and relatively fragmented. New application
areas emerge, and existing ones convert to modern
digital wireless – driven, in part, by a general desire for
mobility and wireless connectivity. Our platform driven
approach enables us to provide broad coverage of this
attractive market with a few select, but well defined,
hardware modules and software assets. Additionally,
there is a strong match between our platforms and key
industry trends – desire for more capacity (number of
users and audio channels), automatic configuration,
and ease of use; all features we can help address via
our platforms.
Across the RTX ProAudio application areas there are
sizable and growing wireless shares. Arizton Advisory &
Intelligence estimates annual global sales of profes-
sional wireless microphones at more than 2 million
units and on top of this comes growth opportunity from
instruments, DJ products etc. where wireless trans-
mission also is relevant. The global intercom market
is estimated at approximately USD 6 billion of which
more than half is wireless.
Share of Group
revenue 2022/23
ProAudio
24%
18 Business & Strategy
RTX Annual Report 2022/23
ProAudio
2022/232018/19 2019/20 2020/21 2021/22
114
186
145
128
103
0
50
100
150
200
2022/23 highlights
In 2022/23, we finalized implementation of our ProAu-
dio productization strategy. The aim, of this multi-year
effort, was to transition from non-recurring revenue to
recurring revenue via product platforms – e.g., Sheer-
link™ and TeamEngage™ – and associated modules as
well as full products for the professional audio market.
With recurring revenue above 90% of total revenue, we
have successfully concluded this effort. During the year,
we continued expanding the module business, both via
onboarding of new customers and via ramp-up of exist-
ing customers. To support future growth, we have also
further enhanced the offering via development of addi-
tional functionality and improved ease of integration for
customers. During the year we also accelerated delivery
of full products. This was partly due to strong demand
for products related to live events after the COVID-19
pandemic and partly due to the ramp-up of product
launched last year by a major ProAudio framework
agreement customer – a large international group and a
leading brand in the professional audio space.
RTX’s ProAudio segment saw significant growth in
2022/23, driven by strong demand from our key cus-
tomers, who are delivering specialized products to the
ProAudio market.
ProAudio growth strategy
In ProAudio we want to lead the transition to digital
wireless in professional audio markets and leverage our
unique technology into recurring revenue.
This is being accomplished by refining and productiz-
ing our existing technology base into flexible product
platforms – e.g., Sheerlink™ and TeamEngage™ – with
dedicated RTX modules and select full product custom
ODM/OEM. For RTX customers this modular and flexi-
ble platform approach results in attractive value propo-
sitions, namely short time to market and attractive cost
of entry. For RTX this results in increased scalability
through recurring revenue via framework agreements.
An important driver in the coming years will be contin-
ued ramping of our major ProAudio framework agree-
ment as well as continued market expansion with our
Sheerlink™ and TeamEngage™ platforms and modules.
Connecting audio devices in any environment
RTX ProAudio systems provide audio solutions for connecting multiple devices at once in a wide
range of environments. Based on RTX modules, the systems provide a robust connection with low
latency that can intelligently adapt to the environment. The technology within the modules ensures
clear audio without connection interference and dropouts. The RTX modules are incorporated into
customers’ products creating a system of devices connected via wireless links. The combination of
products and number of devices can variate depending on the specific setting from two devices to
a base station, such as microphones on a stage, up to 10 devices group-connected creating an ideal
communication setup for example for firefighters. The small size of the modules makes very com-
pact product solutions possible, so devices can be small enough to fit the mobility and freedom in
movement, the user needs to perform in the best way.
5-year ProAudio revenue
DKK million
ProAudio
19
RTX Annual Report 2022/23 Business & Strategy
Healthcare
Our business
In Healthcare we help our B2B customers build wireless
technology into modern healthcare services. We make
it easy for RTX customers to provide better patient
monitoring solutions and devices for their customers,
by providing the wireless communication infrastructure
which they can embed seamlessly and reliably into
patient monitoring and other high-tech medical devices.
In corporation with customers, the RTX technology
platform enables plug-and-play delivery of infrastruc-
ture access points, repeaters, and modules to embed
within the full solutions offered by our customers
and in endpoints such as patient-worn devices and
near-patient monitors. The wireless solutions, that RTX
provides, are designed, manufactured, assembled, and
delivered as compatible, standards-compliant modules
that customers can quickly and easily integrate into
their own products and systems. As a result, we help
customers get commercially and technically attractive
healthcare solutions to market faster.
Market trends
In Healthcare it is crucial to know exactly what is hap-
pening with each patient – and to be informed as soon
as the patient’s condition changes. Better awareness
and more reliable data about a patient’s condition pave
the way to more cost-effective deployment of health-
care resources, as well as more effective care. Those
using healthcare technology in these markets often de-
pend heavily on the wireless transfer of key data about
patients, pulled in from increasing numbers of devices,
monitoring sensors and other appropriate data points.
Modern healthcare technology opens up new oppor-
tunities for patient mobility and independence, and for
hospital patient monitoring as well as treatment.
IHS Markit estimates the continuous patient monitor-
ing market at 1.8 million in units and more than USD 4
billion in value. The market includes both centralized
systems, used in critical care settings in hospitals, and
decentralized systems, used for post-acute bedside,
ambulatory, home patient, or small and field hospital
installation, and both are expected to grow. While
Healthcare is a relatively recession-proof market, one
need to remember that it also is a very conservative
business, with products living for a decade or more.
This makes introduction of new products a lengthy
process, but once a foothold is established, it of course
also serves as a source of stable revenue.
Share of Group
revenue 2022/23
Healthcare
9%
20 Business & Strategy
RTX Annual Report 2022/23
Healthcare
2022/232018/19 2019/20 2020/21 2021/22
56
70
29
46
47
0
10
20
30
40
50
60
70
80
2022/23 highlights
During 2022/23, we continued, in close cooperation
with existing RTX customers, development on a new
wireless product solution aimed at increasing the
ease of installation of wireless monitoring systems for
healthcare. We plan to launch this in 2024, but given
the nature of the Healthcare market, we don’t expect
revenue impact from these investments until 2025. As
planned, we also continued the ongoing development
activities on the next generation of the full ODM prod-
uct, a wireless transmission product, in close collabo-
ration with our long-term global blue-chip healthcare
customer.
RTX’s Healthcare segment growth in 2022/23 was
primarily impacted by income on development of the
new product portfolio.
Healthcare growth strategy
RTX aims to expand our existing Healthcare business,
currently focused on wireless solutions for centralized
continuous patient monitoring, by both broadening and
deepening our offerings and presence in continuous
patient monitoring.
This is to be accomplished by focusing on three differ-
ent but interrelated dimensions:
• Continued expansion of our existing centralized
continuous patient monitoring business, including
increased share-of-wallet with our long-term blue-
chip healthcare customer.
• Expanding share of value chain via broadened port-
folio and increased production of sub-assemblies
and infrastructure.
• Expansion into decentralized continuous patient
monitoring.
In November 2023, RTX signed a firm agreement
with a large global Healthcare company on a strate-
gic collaboration to bring to market a new generation
of wireless infrastructure solutions for the Hospital
Healthcare sector This agreement includes terms on
intellectual property and sales/distribution channels.
Through this strategic partnership, we will accelerate
the introduction of new infrastructure products and
expect our revenue in the Healthcare segment to grow
by 100-200% by 2025-26. It will not affect RTX’s
outlook for 2023/24, but it is an important milestone
towards realizing our long-term ambition.
5-year Healthcare revenue
DKK million
Ensuring effective critical patient care
RTX Healthcare systems constitute an infrastructure of access points, repeaters, and modules
to integrate within devices such as patient-worn devices and near-patient monitors. The system
is based on a technology that supports secure handling of data to provide enhanced reliable con-
nections and reduce downtime in hospitals and other healthcare settings. By allowing concurrent
measurement over a single connection, the system provides a wireless connection handling data
types such as; heart rate, blood pressure, body temperature, and ECG, as well as side-channel in-
formation, such as signal strength, battery levels, etc., at the same time. The system is ideal for ef-
fective patient monitoring in all aspects of healthcare. As healthcare staff is provided with patient
data at all times, the individuals can act on alarms and oversee the patient to secure effective care.
Healthcare
21
RTX Annual Report 2022/23 Business & Strategy
2023 COP Report for RTX Group
CVR NO. 17 00 21 47
Sustainability
Report
2022/23
Read more
23
RTX Annual Report 2022/23 Sustainability
CSR and ESG
Low Relative materiality for
RTX's business
High
Low High Relative materiality for stakeholders
Stakeholder
consultation
Competence
development
Sustainable
packaging
Climate
impact
Employee working
conditions
Transparency/
traceability
Anti-corruption
and bribery
Diversity
and inclusion
Corporate governance
Supply chain
management
CSR reporting
Environment-friendly
products
Product
safety
RoHS
REACH
Materiality matrix for RTX Group
24
RTX Annual Report 2022/23 Sustainability
Focus on ecodesign
principles in collaboration
with Alcatel-Lucent
Enterprise
>30%
reduction of the product weight.
>80%
reduction in the volume of the
product package transported.
25
RTX Annual Report 2022/23 Sustainability
Focus areas for next year
26
RTX Annual Report 2022/23 Sustainability
2022/232018/19 2019/20 2020/21 2021/22
0
100
200
300
400
500
600
700
800
2022/232018/19 2019/20 2020/21 2021/22
70
75
80
85
90
95
100
2022/23
Performance
Demand increased strongly in 2022/23 and led to record high
revenue second year in a row. An increase in revenue of 18%,
EBITDA increase of 26% and EBIT growth of 49%, show the
profitability in scaling the business of RTX.
Revenue growth
Revenue
>18% in
2022/23
Revenue by segment
DKK million
Healthcare ProAudio Enterprise
Recurring revenue streams,
products and royalty
% of total revenue
Share of revenue from product sales and royalty
Revenue 2022/23
Enterprise (DKK)
527 million
ProAudio (DKK)
186 million
Healthcare (DKK)
70 million
Revenue
The RTX Group revenue increased by 18% and reached
an all time high of DKK 783 million in 2022/23
(2021/22: DKK 663 million). The average exchange
rate realized on US dollar was close to 2021/22, and
therefore has no significant impact when comparing to
last year.
RTX experienced strong demand for our products and
services in all three segments in 2022/23. From the
start of the year, the order book was strong and we
have been able to deliver, as we had secured key com-
ponents. The global supply chain challenges normalized
throughout the year, and we experienced shorter lead
times of components and material in the end of the
year compared to what we have experienced in the
previous years.
RTX revenue in the Enterprise segment amounted to
DKK 527 million and increased by 7% compared to
last year (2021/22: DKK 493 million). The growth
is due to strong demand for RTX products and
solutions in the segment and is especially driven
by growth among the large framework agreement
customers.
In the ProAudio segment, RTX posted revenue of
DKK 186 million – an increase of 63% (2021/22: DKK
114 million). The significant growth is a reflection of
strong demand from our key customers, who are de-
livering specialized products to the ProAudio market.
Healthcare revenue increased by 24% to DKK 70
million in 2022/23 (2021/22: DKK 56 million). The
growth is primarily impacted by income on develop-
ment of the new product portfolio.
28
RTX Annual Report 2022/23 Performance
2021/22 Performance
2022/232018/19 2019/20 2020/21 2021/22
0
50
100
150
200
250
300
350
2022/232018/19 2019/20 2020/21 2021/22
0
50
100
150
200
250
300
350
0
10
20
30
40
50
60
Gross profit
Driven by the higher revenue in 2022/23, the gross
profit of RTX increased to DKK 358 million (2020/21:
DKK 309 million). The gross margin in 2022/23 was
45.8% compared to 46.6% in the previous financial
year. The gross margin development is impacted by a
different mix of products and a stable share of revenue
from engineering services, which is as planned given
the Group’s strategy to focus on generating recurring
revenue from product sales.
Further, the margin is impacted by the aftermath of a
tight component market on especially semiconductors
but also on other electronics components. The availa-
bility of components normalized during the year, but the
price level has yet to fully normalize.
EBITDA 2022/23
(DKK)
108 million
Capitalized development projects,
depreciation and amortization
During 2022/23, RTX has continued to invest in the
development of product platforms and solutions for
the various segments – including, for instance, cloud-
based deployment and administration tools, ProAudio
product platforms, updated Enterprise handsets and
product development for the Healthcare segment. De-
velopment costs of DKK 14 million were capitalized in
2022/23 compared to DKK 16 million in 2021/22. The
level of capitalized development costs in 2022/23 is
slightly lower than last year, due to the fact that a part
of the development work is being assisted by external
consultants (instead of inhouse resources).
The level of R&D costs reflects RTX’s strategy to create
increased recurring revenue by turning the Group’s wire-
less and audio capabilities into products and product
Capacity costs
Capacity costs (staff costs and other external expens-
es) amounted to DKK 264 million in 2022/23 – an
increase from DKK 240 million in 2021/22. The vari-
ance arising primarily from increase in staff and use of
external consultants.
The average number of employees of 299 in 2022/23
was slightly higher than 282 in 2021/22. By 30 Septem-
ber 2023 198 were employed in Denmark (September
2022: 194) and 100 were employed internationally (Sep-
tember 2022: 100). Employee bonus will be granted in
2022/23 as financial performance surpassed the target.
External costs for development work assisted by hired-
in consultants (as freelancers or via outsourcing to e.g.
Eastern Europe) increased in 2022/23 particularly
related to quality testing.
Gross profit
DKK million (%)
Gross Profit
Gross margin (%)
Employees
FTEs
Average FTEs (no.)
Financial expectations and
results 2022/23
DKK million
Realized
Original
guidance
Nov
Revenue 783 700-760
EBITDA 108 85-105
EBIT 68 45-65
29
RTX Annual Report 2022/23 Performance
2022/232018/19 2019/20 2020/21 2021/22
0
20
40
60
80
100
120
0
3
6
9
12
15
18
2022/232018/19 2019/20 2020/21 2021/22
0
20
40
60
80
100
0
4
8
12
16
20
2022/232018/19 2019/20 2020/21 2021/22
0
2
4
6
8
10
EBITDA and EBITDA margin
DKK million (%)
EBITDA EBITDA margin
EBIT and EBIT margin
DKK million (%)
EBIT
EBIT margin
Earnings per share (EPS)
DKK per share
platforms. In line with this strategy, depreciation,
amortization, and impairment, as expected, is on
par with last year at DKK 40 million.
Operating profits – EBITDA and EBIT
RTX earnings increased substantially in 2022/23
driven by the revenue growth. EBITDA increased by
26% to DKK 108 million (2021/22: DKK 85 mil-
lion) corresponding to an EBITDA margin of 13.7%
(2021/22: 12.9%). EBIT increased by 49% to DKK
68 million (2021/22: DKK 46 million).
Financial items, tax, net profit, and EPS
Net financials amounted to an expense of DKK 9
million in 2022/23 compared to an expense of
DKK 3 million in 2021/22. The net expense was
primarily caused by the exchange rate variance in
USD/DKK.
Given the net financials and taxes recognized,
net profit after tax amounted to DKK 47 million
(2021/22: DKK 34 million). Earnings per Share
(EPS) increased to DKK 5.7 in 2022/23 compared
to DKK 4.2 last year.
30 RTX Annual Report 2022/23 Performance
2022/232018/19 2019/20 2020/21 2021/22
0
20
40
60
80
100
120
2022/232018/19 2019/20 2020/21 2021/22
0
15
30
45
60
75
90
2022/232018/19 2019/20 2020/21 2021/22
0
50
100
150
200
250
300
350
400
Equity
DKK million
Return on invested capital (ROIC)
%
Return on invested capital (ROIC)
Cash flow from operations (CFFO)
DKK million
Assets, equity, and liabilities
The total assets of RTX amounted to DKK 578 million
at the end of 2022/23 (2021/22: DKK 557 million).
Receivables are lower than last year and inventories
are at the same level. The Group’s total net liquidity
position (total cash funds plus current securities less
bank debt) increased to DKK 138 million at the end
of 2022/23 (2021/22: DKK 74 million), positively
impacted by the earnings in 2022/23 and negatively
impacted by investments into development projects
and fixed assets.
At the end of 2022/23, total equity was DKK 377
million (2021/22: DKK 332 million) corresponding
to an equity ratio of 65.2% (2021/22: 59.6%). RTX
thus continues to have a strong balance sheet and a
strong cash position. Trade payables are lower than last
Cash flow
Cash flow from operations (CFFO) in 2022/23 were
impacted by a decrease in working capital. Inventory
increased during the first nine months and hereafter
decreased as supply situation began to normalize,
reaching the same level at the end of the year as it
started. Receivables fell primarily due to variance in
revenue distribution in the last quarter. Payables fell
towards the end of the period, as compontent inventory
was used. The higher earnings generated a positive
impact of DKK 68 million. The operating cash flows
generated were partially re-invested into future growth,
via investments in capitalized development projects
and fixed assets for a total amount of DKK 27 million
(2021/22: DKK 30 million).
year, due to the increased use of components from our
inventory. Other payables are lower due to additional
payments of salary related taxes etc.
The Group’s return on invested capital (ROIC) in-
creased in 2022/23 to 29%, compared to 26% in
2021/22, due to the higher earnings.
Parent company
The comments above relates to the development and
performance of the Group. The development and perfor-
mance of the parent company, RTX A/S, are in all mate-
rial aspects similar to the descriptions for the Group.
31
RTX Annual Report 2022/23 Performance
Quarterly Financial Highlights
Q4 2022/23 – strong fourth quarter to end the financial year
RTX revenue for the fourth quarter of the financial year reached DKK 225 million and
thus the best performing quarter of the year (Q4 2021/22: DKK 238 million).
FX corrected revenue growth in Q4 was 2% compared to last year. The revenue
growth in Q4 was driven by strong sales in the ProAudio segment compared to last
year and good performance in Enterprise and Healthcare segments.
Our large customers have received high quantity deliveries during the quarter, which
has impacted the revenue positively. As we have large customers with few yearly
shipments of products, the timing of a shipment impacts quarterly results.
The gross margin in Q4 2022/23 amounted to 44.9% compared to 46.3% in Q4
last year due to a variation in product mix delivered to customers.
Capacity costs in Q4 amounted to DKK 62.7 million compared to DKK 61.1million in
Q4 2021/22 with minor variances on travel costs and cost for external assistance.
With the higher revenue and lower gross margin, EBITDA reached DKK 43.4 million
in Q4 2022/23 (Q4 2021/22: DKK 52.6 million). EBIT amounted to DKK 33.1
million in Q4 (Q4 2021/22 DKK 42.8 million).
2022/23 2021/22
Amounts in DKK million Q1 Q2 Q3 Q4 Full year Q1 Q2 Q3 Q4 Full year
Income statement items
Revenue 207.5 180.0 169.9 225.4 782.8 126.4 134.3 164.8 237.8 663.3
Gross Profit 101.5 74.2 81.9 100.8 358.4 60.3 67.0 71.9 110.1 309.3
EBITDA 42.0 7.8 14.3 43.4 107.5 5.0 11.7 16.1 52.6 85.4
EBITDA % 20.2% 4.3% 8.4% 19.3% 13.7% 4.0% 8.7% 9.7% 22.1% 12.9%
Operating profit/loss (EBIT) 32.3 -1.9 4.4 33.1 67.9 -4.8 1.7 5.9 42.8 45.6
Net financials -9.8 -1.8 -0.5 3.4 -8.7 0.7 -4.4 -4.1 4.4 -3.4
Profit/loss before tax 22.5 -3.7 3.9 36,5 59.2 -4.1 -2.7 1.8 47.3 42.3
Profit/loss for the year 17.5 -2.9 3.1 29.0 46.7 -3.2 -2.3 1.4 38.0 33.9
Segment information
Enterprise revenue 154.8 115.7 107.3 149.3 527.1 89.8 84.0 131.3 188.0 493.1
ProAudio revenue 38.6 52.8 33.7 60.9 186.0 25.6 35.2 22.6 30.7 114.1
Healthcare revenue 14.1 11.5 28.9 15.2 69.7 11.1 15.1 10.8 19.1 56.1
Balance sheet items
Cash and current
asset investments 91.5 96.3 91.6 137.7 137.7 128.6 118.3 104.2 73.8 73.8
Total assets 556.8 547.0 560.5 578.1 578.1 475.3 471.7 512.7 556.8 556.8
Equity 349.2 346.5 350.0 377.1 377.1 287.6 286.8 290.9 331.6 331.6
Liabilities 207.6 200.5 210.5 201.0 201.0 187.8 185.0 221.9 225.2 225.2
Cash flow items
Cash flow from operations 22.1 14.5 6.7 53.7 97.0 14.3 6.6 -0.2 -20.7 -0.0
Paid dividend 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Acquisition of treasury shares 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
32
RTX Annual Report 2022/23 Performance
Quarterly Financial Highlights
Outlook 2023/24
RTX expects to continue the growth path in the coming years, focusing on the
development of our key accounts, new solutions, and partnerships. The strong
result for 2022/23, the high inventory at our customers, and the normalised
lead time from 18 to 3 months, impact our expectations for 2023/24.
Therefore, the demand in 2023/24 is expected to be lower than for 2022/23.
We maintain our long-term ambition and expect our customers’ inventory levels
to normalise during the first two to three quarters.
Revenue outlook
During the component crises, our customers proac-
tively increased their stock levels to ensure they could
meet demand from their customers. The global elec-
tronic supply chain’s instability in recent years led to
significant fluctuations in lead times, initially extending
up to 18 months and then returning to a more typical
3-month duration. This fluctuation resulted in inventory
build-up both at RTX and among our customers.
As a consequence, we anticipate that order intake
will be moderate in the upcoming months until our
customers’ inventory levels stabilize. This, in turn,
will impact revenue expectations for the fiscal year
2023/24. Therefore, we expect revenue in 2023/24
to be back-loaded, with demand not reaching the same
levels as experienced in 2022/23.
However, RTX expects, based on dialogue with our
customers and the amount of new product initiatives,
that this situation will be temporary, and we still believe
in our long-term ambition.
The main uncertainty for the year will be the impact of
macroeconomic volatility and customer inventory re-
plenishment. The revenue expectation is based on and
subject to the following four main assumptions:
• Macroeconomic uncertainty is assumed to be high in
the outlook for 2023/24 and will lead to a tempo-
rary decrease in customer demand 2023/24
Revenue
580-630
DKKm
Outlook for 2023/24.
Forward-looking
statements
This Annual Report includes forward-looking
statements on various matters such as future
product development, future expected reve-
nue and earnings as well as future strategies
and potential business expansion. Such state-
ments are subject to risks and uncertainties
as various factors, many of which are outside
the control of RTX, may cause the actual
development and results to differ materially
from the expectations expressed directly or
indirectly in this Annual Report. Such factors
include, but are not limited to, economic and
geopolitical conditions and developments,
changes in demand for RTX’s products and
services, competition, technological changes,
fluctuations in currencies and interest rates,
component availability and fluctuations in
sub-contractor supplies as well as legislative
and/or regulatory changes.
34
RTX Annual Report 2022/23 Outlook & Ambitions
Outlook 2021/22
EBITDA
45-60
DKKm
Outlook for 2023/24
• No material changes in competitive situation, mar-
ket landscape, etc.
• RTX revenue driven by a combination of product
sales to existing customers and ramp up of new
products to both existing and new customers.
• Average currency exchange rates against DKK,
especially USD/DKK, is expected to increase slightly
compared to current level (11 November 2023)
Based on the above assumptions, the revenue outlook
for 2023/24 is DKK 580 - 630 million.
Earnings outlook
EBITDA is expected to be impacted by the revenue lev-
el combined with focus on capacity costs, still securing
our long term ambition for growth. The outlook is based
on the revenue outlook above, and subject to the same
assumptions as the revenue outlook, with the addition
of the following assumptions:
• Component and logistic costs are expected to have
limited overall impact as the supply situation is nor-
malizing. We continue to focus on cost optimisation
FX (USD) sensitivity
Average USD/DKK rate 2022/23 6.98
USD/DKK rate (1 Nov 2023) 7.05
Impact of 5% USD/DKK rate increase on
Revenue DKK 27 to 29 million
EBITDA and EBIT DKK 13 to 14 million
• Capacity costs are expected to be impacted by
inflationary pressures.
Based on the above assumptions, the EBITDA outlook
for 2023/24 is DKK 45 - 60 million.
Main sensitivities
While different outcomes, on one or more of the
assumptions stated for the outlook for 2023/24, can
cause the actual financial results of RTX to differ from
the outlook, the outlook is subject to unusually high
uncertainty related to the macroeconomic conditions
and the high inventory levels at key customers. Second-
ly, the USD/DKK exchange rate can impact the actual
results in 2023/24, as the majority of the sales are in
USD.
Outlook 2023/24
DKK million
Actual
2022/23
Outlook
2023/24
Revenue 783 580-630
EBITDA 108 45-60
EBIT 68 5-20
35
RTX Annual Report 2022/23 Outlook & Ambitions
Long-Term
Financial Ambitions
The growth strategy of RTX is expected to lead to continued
profitable growth. RTX sets the long-term financial ambitions to
reach revenue above 1 billion DKK and EBITDA margin > 16% by the
financial year 2025/26.
Long-term financial ambitions
As a part of the annual strategy process, RTX revisits
the long-term strategic ambitions, in light of both the
macroeconomic environment and the results obtaining
the projections for market development. The long-
term ambition was updated in August 2023, and going
forward, the long-term ambition is looking three years
out, setting direction and focus for both short- and
long-term initiatives in RTX.
Revenue above 1 billion DKK in 2025/26
The ambition is to grow revenue in all three business
segments, by building on partnerships, with current
and new customers, and providing quality products in
selected B2B target markets. The Healthcare segment
has particular focus, and the timing and market-pene-
tration of these product solutions, are expected to be
important for RTX long-term development.
EBITDA margin above 16% in 2025/26
The scalability in RTX’s business model leverages on
increased recurring revenue, with limited increase
in capacity costs. By working platform based and in
specialized markets, we expect to be able to reach an
EBITDA margin above 16% in 2025/26.
Current status
With realized revenue in 2022/23 of DKK 783 mil-
lion, the ambitions for 2025/26 corresponds to an
average annual revenue growth rate of approximately
10%.
Profitability
EBITDA margin
>16 %
in 2025/26
Organic revenue growth
Revenue
>1 billion DKK
in 2025/26
Assumptions
The long-term financial ambi-
tions are based on constant cur-
rencies with the ambitions being
especially sensitive to the USD/
DKK exchange rate. They are also
based on a stable macroeconom-
ic and geopolitical climate, where
major developments may impact
the ambitions. Specifically, it is
expected that potential reces-
sions and channel stocking at
customers, will not have a large
impact on customer demand in
2025/26. The ambitions are
also based on component costs
returning to their normalized
long-term trend lines.
36
RTX Annual Report 2022/23 Outlook & Ambitions
Long-Term Financial Ambitions
RTX governance model
Shareholders
Executive Board
Chairmanship
Audit Committee
Independent Auditor
Nomination & Remuneration Committee
Board of Directors
Find more information on the
Board of Directors and the
Executive Management on our
website: www.rtx.dk
Read more
38
RTX Annual Report 2022/23 Governance
Corporate Governance
RTX compliance with Danish
recommendations on corporate
governance
Complies with recommendation 40
Does not comply with recommendation 0
39
RTX Annual Report 2022/23 Governance
CVR No.: 17 00 21 47
Remuneration Report
2022/23
Transforming
Wireless Wisdom
into Solutions
Corporate Governance
Financial Year: 1 October 2022 - 30 September 2023
Statutory report on Corporate Governance
According to section 107b of e Danish Financial Statements Act
CVR No.: 17 00 21 47
Further reading
Our separate reports on
Corporate Governance and
Remuneration are available
from RTX’s website:
Remuneration Report
Corporate Governance Report
40 RTX Annual Report 2022/23 Governance
2023 COP Report for RTX Group
CVR NO. 17 00 21 47
Sustainability
Report
2022/23
Read more about our
diversity policy and targets
in our Sustainability Report.
Read more
41
RTX Annual Report 2022/23 Governance
Risk Management
Identifying, monitoring and mitigating risks are key parts of RTX’s governance model,
and the latest years have seen the emergence of a variety of risks, component
scarcity and recovery, as well as macroeconomic and geopolitical instability.
RTX operates as an international provider of technolog-
ical ODM/OEM products and solutions and is therefore
exposed to various risks inherent to our business oper-
ations. Managing these risks is an integrated part of our
management activities.
At RTX, risks are defined as “an occurrence caused by
external or internal events which hinders us in meet-
ing our objectives”. The risk management approach is
based on risk identification and assessment followed
by defining mitigating actions and implementing those
mitigating actions which are deemed relevant and at-
tractive. Mitigating actions are planned and conducted
to decrease the likelihood of a risk occurring and/or to
decrease the impact of a risk if occurring.
Group Executive Management is responsible for re-
viewing the overall risk exposure of RTX on an ongoing
basis. Once risks have been identified, assessed and
mitigating actions defined, executive management
evaluates the risk exposure to ensure that appropriate
plans are in place. The Board of Directors is ultimately
responsible for risk management, and it has appointed
the Audit Committee to supervise the risk profile evalu-
ation on a quarterly basis. Significant risks are reported
to the Board of Directors at least on a quarterly basis.
During 2022/23, risks stemming from the global com-
ponent and supply chain challenges as well as from the
significant geopolitical and macroeconomic uncertainty
have been in particular focus in this process.
RTX takes out statutory insurances as well as the
insurances deemed to be relevant in order to eliminate
or reduce unwanted and insurable risks. At regular
intervals, RTX conducts a review of the insurances and
their coverage in cooperation with external advisers.
The Group’s insurances are reviewed periodically by the
Audit Committee.
For an overview of financial risks
and RTX’s handling of such refer
to note 5.6 to the financial state-
ments in this annual report.
The risk management process
The risk management process at RTX includes the
interlinked processes of risk identification, assess-
ment and mitigation managed by Group Executive
Management and reported to and supervised by the
Board of Directors.
Identification
Mitigation
Reporting Assessment
42
RTX Annual Report 2022/23 Governance
Risk Management
Lower Estimated likelihood Higher
Lower Potential Impact Higher
Partnerships
Cyber
Technology
Politics
IPR
Macroeconomy
Components
C
D
E
A
Supply chain
F
I
H
HR
G
Macroeconomy
Risk description Macroeconomic uncertainty and adverse economic conditions with low rates of eco-
nomic growth may lead to a reduced demand from end users and thereby from RTX’s
customers thus impacting the activity level and financial results of RTX.
Fluctuations in currency exchange rates – especially USD/DKK exchange rate – impact
RTX revenue and operating profits measured in DKK. Given the high solidity and the
liquidity position RTX does not have risk related to external providers of interest-bearing
debt.
Mitigation To safeguard against the potential impact of low economic growth rates, RTX has, over
the past years, enlarged its customer base – e.g. through further long-term framework
agreements – to increase the likelihood of an underlying growth in RTX’s activity level
regardless of any lower economic growth. Also, RTX operates in different industrial sec-
tors/segments to reduce the exposure to any one sector. While the strong and enlarged
customer relationships through framework agreements create significant growth oppor-
tunities for RTX, we have maintained a cautious approach to our capacity cost base in
light of the macroeconomic uncertainty in 2023 (inflation and recession risk).
Regarding foreign exchange risk, RTX’s trading and currency policy with customers and
suppliers is, to the greatest possible extent, to attempt to match the currencies of its
purchase and sales. If deemed appropriate, RTX may enter into transactions for the pur-
pose of reducing net currency exposures. During 2022/23, RTX has continued to hedge
part of the future (expected) net inflow of USD to reduce such exposure.
Risk assessment
2022/23
Likelihood: High / Impact: High
During 2022/23, RTX was positively impacted by the demand rebound after COVID-19
and component shortage. However, the high inflation in many countries and the risk of
recession creates high uncertainty regarding the global demand levels in the near future.
Thus the global uncertainty seems to be shifting from a supply uncertainty to a demand
uncertainty. The USD has decreased since the beginning of 2022/23 which has had a
negative impact on RTX financials compared to expectations.
A
Macroeconomy
B
Supply chain
C
Components
D
Customer partnerships
E
Politics and regulations
F
HR and talent
G
Technology
H
IPR
I
IT and cyber security
Arrows show directional
risk movement since the
previous financial year
Risk heat map
Risks are assessed using a two-dimensional risk matrix – estimating the
impact on RTX earnings and “license to operate” and the estimated likeli-
hood of a risk materializing.
B
A
43
RTX Annual Report 2022/23 Governance
Supply chain Components
Risk description The Group’s production is handled by suppliers (contract manufacturers), which are lo-
cated both in Asia and Europe with the majority of sourced volume from Asia. The Group
depends on the ability of these suppliers to produce and supply the planned volume at
the agreed time and quality and thus significant fluctuations in revenue and gross profit
may arise if some suppliers fail to supply as agreed.
Risk description Increasing component lead times and temporary allocation of components (i.e. compo-
nent suppliers not fulfilling the full demand) may impact revenue, gross profits and gross
margins – especially via postponements (and only to a lesser degree cancellations). The
issue has historically been pertinent for certain electronics components from time to
time.
Mitigation RTX is in ongoing close contact with its suppliers in order to plan and monitor supplies,
quality assurance systems and production. To reduce our reliance on any single supplier,
RTX operates with more than one supplier where possible, while in other cases it may be
necessary to reduce the delivery uncertainty with a buffer inventory.
A 12-month rolling forecast is managed by RTX from customers through RTX to sup-
pliers, which increases the ability of suppliers to plan operations in order to meet RTX’s
demand.
RTX cooperates with major contract manufacturers that operate multiple factories
across countries and continents, which means that production can be transferred from
one factory to another should one of the sites temporarily be out of operation for a
prolonged period.
Mitigation RTX has a well-established 12-month rolling forecast process in place, from customers
via RTX to its manufacturing partners. This has ensured a long planning horizon for com-
ponents and production, and thereby has, to the extent possible, de-risked component
allocation to secure that components are received on time.
When necessary, the RTX Supply Chain organization works, closely and directly with
suppliers of components (by-passing, but in agreement, with our manufacturing
partners) to increase allocations of components. This involves making spot buys to fill
short-term gaps while working with suppliers to ensure allocation and prioritization.
Further, component buffer stocks may be built where possible and attractive to ensure
availability of key components.
Risk assessment
2022/23
Likelihood: Medium / Impact: High
The significant disruptions to the global flow of goods seen in the previous years, have
normalised towards the end of 2022/23. The supply situation with component scarcity
in the global electronics industry normalised towards the second half of the year. There
are still few constraints in component availability, and electronics component prices
remain high, but overall the component availability is approaching a normalized level.
RTX’s Supply Chain organization has continued to work even closer with its suppliers
in 2022/23 to always have a detailed overview of the delivery situation and assist the
supply base in improving the situation where possible.
Risk assessment
2022/23
Likelihood: Medium / Impact: Medium
Lead time for many electronics components has normalised during 2022/23. The
extraordinary component stock build up during the component crisis, has started to
decreased towards the end of the financial year, as supply situation normalises. .
B C
44
RTX Annual Report 2022/23 Governance
Customer partnerships Politics and regulations
Risk description A significant part of RTX’s business is based on long-term partnerships with leading
international companies in the market segments where RTX operates. The cooperation
with these customers is based on long-term framework agreements, and RTX’s products
are an integrated part of these customers’ solutions and offerings.
The company’s top three customers represent 50% of 2022/23 revenue. It would have
a considerable impact on RTX’s organizational setup as well as its financial performance,
if key customers – for any given reason – face financial challenges, if RTX and a given
customer are not able to be successful together or if the market situation were to signif-
icantly change.
Risk description International trade barriers out of protectionism or for other reason could influence the
ability of RTX to export products from certain countries to e.g. the US. Further, geo-
political disturbances can have an indirect effect on economic growth (see risk section
on “Macroeconomy”) or could impact RTX’s ability to utilize supply chains in certain
countries.
Also, RTX is subject to product safety regulations such as e.g. REACH and RoHS and
failure to comply with these may harm RTX’s reputation and license to operate.
Mitigation Considerable resources have been invested in the technical integration of RTX’s tech-
nology and products into the customers’ solutions and replacing RTX would accordingly
trigger substantial switching cost for the customers.
Also, RTX is expanding the base of significant customers through additional framework
agreements as announced over the past years which will reduce RTX’s reliance on indi-
vidual customers.
In general, RTX’s large customers are large and well-reputed international companies. To
further mitigate financial consequences from any possible customer specific occurrenc-
es, RTX takes out credit insurance on customers to the extent possible.
Mitigation RTX is engaging with several internationally oriented suppliers with operations across
multiple countries and continents, which provides an agile setup in case of significant
trade barriers or geopolitical disturbances.
RTX operates in different industrial sectors/segments to reduce the exposure to any one
sector.
Regarding product safety, RTX’s management system, supplier agreements and compli-
ance frameworks are designed to deal with customer and regulatory requirements. The
management system is subject to both internal and external reviews and audits.
Risk assessment
2022/23
Likelihood: High / Impact: High
RTX’s largest customers have had a high purchase during 2022/23 and they currently
experience channel stocking. If these customers experience challenges in their demand
is will thus have a significant impact on RTX.
Risk assessment
2022/23
Likelihood: High / Impact: Medium
The geopolitical instability in the world has increased with the Russian invasion of
Ukraine in 2022 and the war between Israel and Hamas which started in October 2023.
Potential consequences of the increased geopolitical instability may spill over to other
areas or have an impact on the global electronics production, and can thus pose an
indirect risk also to RTX.
D E
45
RTX Annual Report 2022/23 Governance
HR and talent Technology
Risk description RTX is a knowledge intensive company and to develop innovative products and solutions
and to ensure our competitive position, it is essential to attract, develop and retain the
right talent. Failure to do so may ultimately hinder RTX’s ability to successfully execute
our strategy and thereby reduce our competitiveness.
Risk description A significant part of RTX’s business is based on its unique knowledge within advanced
wireless radio systems. Therefore, technological changes may affect future business
opportunities for RTX.
A revolution of the wireless communication standards and competence platforms, which
RTX currently incorporates into its products and solutions, may lead to lost business
opportunities, especially longer term.
Mitigation RTX’s goal is to be an attractive workplace. This is achieved e.g. through attractive work-
ing conditions, employee and manager development dialogue, employee satisfaction
surveys, social gatherings and incentive programs.
RTX maintains close cooperation with leading universities close to RTX knowledge hubs
both regarding student assignments, PH.D dissertations and regarding recruiting.
RTX monitors employee turnover and retention on an ongoing basis.
Mitigation Through close relationships with leading international customers, RTX has a solid under-
standing of the customers’ future product development plans. The close relations enable
RTX to predict and react to changes in technologies requested by the customers on an
ongoing basis.
Via innovation projects, RTX develops the technological competencies that will enable
RTX to offer products and solutions based on a wider range of technological opportuni-
ties. This reduces the dependence on single technologies. RTX’s corporate technology
office works on this continuously and also team up with leading research institutions for
specific innovation projects.
Further, RTX monitors and impacts technological standards through active participation
in highly reputed industry organizations worldwide.
Risk assessment
2022/23
Likelihood: Low / Impact: Medium
After some years with high employee turnover in many industries all over the world, we
see a normalisation during the past 2 years. During 2022/23 RTX has been able to
obtain a high retention and attract skilled employees.
Risk assessment
2022/23
Likelihood: Low / Impact: Medium
The CTO Office of RTX scouts emerging technologies and evaluates technologies with
potential implications (opportunities or threats) for RTX especially within wireless and
audio platforms and protocols.
F G
46
RTX Annual Report 2022/23 Governance
IPR IT and cyber security
Risk description Operating in a highly IPR protected industry, RTX’s freedom of action may from time
to time be limited by patents from third parties. Further, RTX holds and has applied for
patents within selected key areas.
There may be a risk that RTX inadvertently infringes on third party rights. Further, RTX’s
practices for protecting the company’s intellectual property rights may be inadequate
so that competitors may develop similar technologies. This can lead to loss of business
opportunities for RTX.
Risk description RTX’s business depends to a large and increasing extent on reliable and secure IT
systems. Severe breaches of IT security or system outages may have a negative effect
on RTX’s knowledge base, reputation and/or competitive position, and thus may cause
financial losses, lost business opportunities or lack of ability to meet contractual obliga-
tions.
Mitigation The company’s model for development projects includes a review of the project to as-
sess if there is a risk that RTX may infringe on or is limited by third party rights. It is also
a formal point of our project model that the project is considered for relevant patents.
RTX has competences within design, development and manufacturing of wireless solu-
tions and combinations of wireless technologies. The number of wireless technologies,
that RTX has competences within, are expanded over time to avoid dependency on a
single technology.
RTX is a member of ETSI (European Telecommunications Standards Institute) and other
technology forums. Such memberships ensure that RTX stays up to date on relevant
issues in the industry, including e.g. frequency bands, that may affect RTX’s business or
infringe on third party rights.
Mitigation While these risks cannot be fully eradicated, RTX is continuously working to reduce the
risks via regular adjustments of technical security controls and guidelines and policies for
IT security. This is done centrally from corporate IT rolling out centrally managed solu-
tions to reduce the number of applications in use. This allows for central management of
platforms, master data and security functions, where possible.
Additionally, RTX conducts internal employee awareness campaigns regarding IT
security. The Group also assesses and tests the IT infrastructure and security level in
collaboration with external experts from time to time.
The outsourcing of RTX’s production to a number of different suppliers also in the short-
term protects delivery performance in case of shorter duration unavailability of IT service
at RTX.
Risk assessment
2022/23
Likelihood: Low / Impact: Low
RTX CTO Office has continued its increased focus on screening for potential IPR in-
fringements and screening for potential opportunities for taking out relevant patents and
the number of patent applications made by RTX is increasing.
Risk assessment
2022/23
Likelihood: Medium / Impact: High
Globally, the number of cyber security attacks continues to be very high and the risk of
IT security breaches thus remains significant. RTX has continued to implement IT infra-
structure upgrades to increase the resilience of our systems and have mandatory cyber
security training for all personnel.
H I
47
RTX Annual Report 2022/23 Governance
Capital Structure
and Allocation
Maintaining flexibility to invest into growth opportunities,
displaying robustness for long-term framework agreements
and optimizing return for shareholders.
Capital allocation policy principles
The guiding principle for the policy on capital alloca-
tion and structure of RTX is to: (i) maintain sufficient
financial flexibility to realize RTX’s strategic objectives,
including investments into growth opportunities as
well as balance sheet robustness needed for long-term
framework agreements, which is needed to support
operations. At the same time (ii) ensuring a financial
structure maximizing the return for our shareholders.
Thereby, any excess capital after the funding of growth
opportunities and after ensuring such robustness,
should be returned to shareholders.
Subject to the guiding principle for the capital struc-
ture, RTX aims to pay out a dividend corresponding to
approximately 25-35% of the annual net results (i.e.
profit for the year after tax) and will initiate share buy-
back programs when deemed appropriate and contin-
gent upon authorization granted by the shareholders.
RTX strives to maintain a reasonable balance between
distributions to shareholders via dividends and via share
buy-back programs, however modifications to the capi-
tal structure will primarily be done via share buy-backs.
Depending on the growth opportunities at hand or other
operational or strategic considerations, RTX may devi-
ate from the above payout ratio in a specific year.
48
RTX Annual Report 2022/23 Governance
Capital Structure and Allocation
Updated capital policy
Due to the strong performance and recovery after some
challenging years, we revised the capital policy in
August 2023.
RTX now targets a net liquidity position (total cash
funds plus current securities less any bank debt) of
DKK 80-100 million. (note that interim deviations to
the target cash level can occur depending on specific
growth opportunities or other operational or strategic
considerations.)
At the end of 2022/23, RTX has a net liquidity position
of DKK 138 million.
Distribution to shareholders
2022/23 2021/22 2020/21 2019/20 2018/19
Dividends per share (DKK) 0.00* 0.00 0.00 2.50 2.5
Dividends, total (DKK million) 0.0* 0.0 0.0 20.7 21.0
Pay-out ratio (%) 0.0%* 0.0% 0.0% 32.8% 29.4%
Share buy-back (DKK million) 0.0 0.0 50.0 40.6 27.2
* Based on recommended dividend
Dividends
Historically, RTX has paid out significant distributions
to shareholders through dividends and share buy-back
programs. Given the previous capital policy and finan-
cial performance, no dividends has been paid out the
past 2 years.
To proceed with caution in light of the macroeconomic
uncertainty, the Board of Directors will recommend to
the Annual General Meeting in January 2024 that no
dividends be distributed based on the financial year
2022/23.
Share buy-back
In August 2023, RTX announced a revised capital
policy, lowering the threshold for initiating share buy
back or dividend initiatives. This empowers the Board to
undertake strategic initiatives, including the implemen-
tation of dividend and/or share buyback programs. The
Board has reached a decision to initiate a share buy-
back program amounting up to DKK 20 million during
the financial year 2023/24, operating within the Safe
Harbor Framework.
49
RTX Annual Report 2022/23 Governance
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug
0
10
20
30
40
50
Sep
0
50
100
150
200
250
DKK million DKK per share
The RTX Share
Despite better than expected financial
performance of RTX, the share price decreased
over 2022/23 in a difficult general stock market.
The share
RTX shares were priced at DKK 83.6 per share at the
end of the financial year at 30 September 2023, corre-
sponding to a market capitalization of DKK 708 million.
The stock market in general has been declining in 2023
and the RTX share has seen the same development.
Despite an ambitious growth and delivery on finan-
cial ambitions, the RTX share price has decreased by
26% during 2022/23 while the Nasdaq Copenhagen
mid-cap index (OMXCMCGI), which includes the RTX
share, increased by 25% over the same period.
Share capital and treasury shares
As of 30 September 2023, RTX’s share capital
had a nominal value of DKK 42,339,190 comprising
8,467,838 shares each with a nominal value of DKK 5.
All shares carry equal rights and they are not divided
The RTX Share
Share price development and trading activity 2022/23
Turnover of shares (left)
RTX A/S closing prices (right)
Nasdaq Mid-Cap index (rebased) (right)
Stock Exchange
Nasdaq Copenhagen A/S
ISIN Code
DK0010267129
Index
Mid-Cap (OMXCMCGI)
Restriction in voting rights
None
30 Sep. 2023 30 Sep. 2022
Share price (DKK per share) 83.6 115
Market capitalization (DKK million) 713 974
Average daily turnover (DKK million) 0.6 1.1
Shares issued (no.) 8,467,838 8,467,838
Treasury shares (no.) 258,528 284,924
Earnings per share (DKK) 5.7 4.2
Price/earnings 14.7 27.7
The share capital of RTX
is comprised of 8,467,838
shares.
50
RTX Annual Report 2022/23 Governance
The RTX Share
54%
25%
3%
17%
Financial Calendar
25 January 2024
Annual General Meeting
Deadline to submit proposals
for items on the agenda is
13 December 2023
25 January 2024
Interim report Q1 2023/24
7 May 2024
Interim report Q2 2023/24
28 August 2024
Interim report Q3 2023/24
28 November 2024
Annual report 2023/24
Shareholder composition
At 30 September 2023, RTX had more than 4,600
shareholders registered by name, including custodian
banks, constituting approximately 84% of the compa-
ny’s share capital. According to registered addresses,
the majority of shareholders are based in Denmark,
but with a sizeable share of shareholders being based
internationally. Approximately 57% of the share capital
was held or managed by the 25 largest shareholders
registered by name.
In accordance with section 55 of the Danish Compa-
nies Act, the following investors have reported holdings
of more than 5% of RTX’s share capital:
• Jens Hansen: 8.0%
• Fundamental Invest Stock Pick and related
Fundamental Invest Stock Pick II Acc: 8.4%
• ATP: 6.8%
• Jens Toftgaard Petersen: 5.3%
Authorizations granted
to the Board of Directors
At the 2023 Annual General Meeting, the Board
of Directors was granted the right to authorize the
Company to acquire treasury shares for a nominal
value of DKK 4,233,919 (equivalent to approximately
10% of the Company’s share capital at the time of the
authorization) during the period until 25 January 2028.
The Company’s holding of treasury shares after the
acquisition must not exceed 10% of the share capital
from time to time, while the acquisition price must not
deviate by more than 10% from the share price at Nas-
daq Copenhagen at the time of the acquisition.
At the Extraordinary General Meeting the 10th of
March 2023, the Board of Directors was authorized to
increase the Company’s share capital in one or more
issues of new shares up to a maximum of nominal
value of DKK 8,467.838 without pre-emption rights for
the Company’s existing shareholders. The right may
not be utilized for an amount exceeding 20% of the
outstanding share capital at the time of the exercise
of the authorization. The authorization is valid until 25
January 2028.
Investor relations
RTX aims to maintain an open dialogue with investors
and analysists about the company’s business model,
strategic priorities and financial performance. RTX
further aims to ensure equal, timely and adequate
information for all investors by publishing company an-
nouncements in Danish and English on the RTX website
and by release to Nasdaq Copenhagen. In addition to
financial reports and other company announcements,
RTX’s Executive Board uses investor meetings, road-
shows and conference calls as the primary channels
when communicating with stakeholders.
RTX’s website provides information about analyst cov-
erage and access to investor-related materials etc.
into classes. RTX holds a total of 258.528 treasury
shares corresponding to 3.1% of the share capital. The
treasury shares are held to fulfil obligations arising from
share-based incentive programs to management and
key employees as well as to adjust the capital structure
from time to time.
Shareholder composition
30 September 2023
% of shares
Danish Shareholders
International Shareholders
RTX A/S (treasury shares)
Shareholders not registered by name
51
RTX Annual Report 2022/23 Governance
Board of Directors and Executive Board
Board of
Directors
Peter Thostrup
Chair
Jesper Mailind
Deputy Chair
Ellen Andersen
Board member
Henrik Schimmell
Board member
Lars Christian Tofft
Board member
Title Professional board member Professional board member Professional board member Professional board member Senior Advisor
Professional Board Member
Education M.Sc. Economics and Finance, 1987.
MBA, 1986.
Graduate Diploma in Business
Administration, 1982.
MBA, 1984.
Executive education at IMD, INSEAD
and LBS 2007-2015. Graduate Diploma
BA 2004. IT Development and BA 1987.
Ph.D. from Danish Technical University,
1992.
M.Sc. in Electrical Engineering, 1986.
M.Sc. in Business Administration and Business
Law, 1990. Executive education at INSEAD,
Colombia University and Boston University.
Directorships Chair of the boards of directors of Holm-
ris B8 A/S, Power Stow A/S, Transmedi-
ca A/S and Kongsberg Automotive ASA;
Member of the board of directors of A/S
Th. Wessel & Vett, Magasin du Nord
Chair of the board of directors of Aidian
Oy; Member of the boards of directors
of Leo Pharma A/S; Etac AB and
Contour Design A/S
Chair of the board of directors of LRE
Medical.
Competencies In-depth knowledge of finance, corpo-
rate governance in listed companies,
management experience from interna-
tional technology and consumer firms.
General and solid board experience.
General management and transition
management from global industries
including life science, medtech, diag-
nostics, technology and manufacturing.
International management experience
within IT, IoT and digital development
from large global and listed companies.
Substantial experience in managing
large development teams across multi-
ple international locations.
General management within medical
device/diagnostics and hearing
instrument industries. Additionally,
competencies within strategic planning,
lean business operations, M&A and
process development.
General management with specialty in
sales & marketing, transformation and
digitalization. International experience from
global market leader in the ICT space.
Specific technology expertise in 4G/5G
technology, Internet of Things (IoT) and AI.
Committees Member of the Audit Committee and
Chair of the Nomination &
Remuneration Committee
Member of the Audit Committee and
of the Nomination & Remuneration
Committee
Chair of the Audit Committee
Meeting
attendance
Ordinary: 6 of 6
Extraordinary: 1 of 1
Ordinary: 5 of 6
Extraordinary: 0 of 1
Ordinary: 6 of 6
Extraordinary: 1 of 1
Ordinary: 6 of 6
Extraordinary: 1 of 1
Ordinary: 6 of 6
Extraordinary: 1 of 1
Elected period Since 2009 2009-2009 and since 2013 Since 2022 Since 2019 Since 2017
Considered independent No (due to duration of elected term) Yes Yes Yes Yes
Nationality Danish Danish Danish Danish Danish
Year of birth & gender 1960, male 1956, male 1967, female 1962, male 1966, male
52
RTX Annual Report 2022/23 Governance
Board of Directors and Executive Board
Board members
elected by the
employees
Executive Board
Camilla Sembach Munk
Board member
Kevin Harritsø
Board member
Kurt Heick Rasmussen
Board member
Peter Røpke
Mille Tram Lux
Title Project Engineer, RTX A/S Team Lead, RTX A/S Senior Project Manager, RTX A/S President and CEO CFO
Education M.Sc. in Wireless Communications
Systems, 2016.
M.Sc. in Electrical Engineering 2009. B.Sc. in Engineering, 2000. Graduate
Diploma in Business Administration,
2009.
M.Sc. in Electrical, Electronics and
Communications Engineering, 1992.
BA in Finance & Accounting, 2000.
Graduate Diploma in Accounting,
2005.
Directorships Member of the board of directors of
DEIF A/S.
Chair of the boards of directors of
Scandinavian Medical Solutions A/S;
member of the board of directors of
Seluxit A/S
Meeting attendance Ordinary: 4 of 4
Extraordinary: 1 of 1
Ordinary: 6 of 6
Extraordinary: 1 of 1
Ordinary: 6 of 6
Extraordinary: 1 of 1
Elected/appointed period Since 2023 Since 2019 Since 2015 Since 2016 Since 2023
Term of office expires 2027 2027 2027
Nationality Danish Danish Danish Danish Danish
Year of birth and gender 1989, female 1984, male 1974, male 1966, male 1975, female
53
RTX Annual Report 2022/23 Governance
Contents
Group and Parent
Financial Statements
Income Statement 56
Statement of Comprehensive Income 56
Balance Sheet 57
Group Equity Statement 58
Parent Equity Statement 59
Cash Flow Statement 60
Statements
Management’s Statement 101
Independent Auditor’s Report 102
Notes
Section 1
Basis of Preparation
1.1 Basis of preparation and changes
in accounting principles 61
1.2 Uncertainties and estimates 63
Section 2
Results for the Year
2.1 Segment information 64
2.2 Revenue 65
2.3 Cost of sales 66
2.4 Staff costs and remuneration 67
2.5 Development costs 71
2.6 Fee to auditors elected at
the annual general meeting 71
2.7 Financial income and expenses 72
2.8 Derivatives 72
2.9 Income taxes 73
Section 3
Invested Capital
3.1 Intangible assets 75
3.2 Leases 77
3.3 Tangible assets 79
3.4 Investments in subsidiaries 81
3.5 Deposits 82
Section 4
Working Capital
4.1 Inventories 83
4.2 Trade receivables 83
4.3 Contract development projects in progress 85
4.4 Provisions 86
4.5 Other payables 87
Section 5
Capital Structure and Financing
5.1 Current asset investments 88
5.2 Share capital 89
5.3 Treasury shares 90
5.4 Earnings per share 90
5.5 Dividend 90
5.6 Financial risks and financial instruments 91
Section 6
Other Disclosure Requirements
6.1 Contingent liabilities, collateral
and contractual obligations 96
6.2 Other items with no effect on cash flow 97
6.3 Related parties 97
6.4 Events after the balance sheet date 97
6.5 Accounting principles applied 98
55 Financial Statements
RTX Annual Report 2022/23
Financial Contents
Group Parent
Amounts in DKK '000 Note 2022/23 2021/22 2022/23 2021/22
Revenue 2.1 - 2.2 782,777 663,289 782.777 663,289
Value of own work capitalized 2.5 13,525 15,759 13,525 15,759
Cost of sales 2.3 -424,346 -354,037 -424,346 -354,037
Other external expenses 2.5 - 2.6 -72,419 -62,376 -114,383 -102,457
Staff costs 2.4 - 2.5 -192,013 -177,280 -156,262 -142,923
Operating profit/loss before depreciation
and amortization (EBITDA) 107,524 85,355 101,311 79,631
Depreciation, amortization and impairment 3.1 - 3.3 -39,628 -39,714 -36,680 -37,283
Operating profit/loss (EBIT) 67,896 45,641 64,631 42,348
Financial income 2.7 3,840 13,480 4,769 15,319
Financial expenses 2.7 -12,569 -16,846 -14,222 -17,353
Profit/loss before tax 59,167 42,275 55,178 40,314
Tax on profit/loss 2.9 -12,452 -8,359 -12,027 -7,848
Profit/loss for the year 46,715 33,916 43,151 32,466
Earnings per share
Earnings per share (DKK) 5.4 5.7 4.2
Earnings per share, diluted (DKK) 5.4 5.7 4.1
Attributable to:
Shareholders of the parent 46,715 33,916
Income Statement Statement of
Comprehensive Income
Group Parent
Amounts in DKK '000 2022/23 2021/22 2022/23 2021/22
Profit/loss for the year 46,715 33,916 43,151 32,466
Items that can be reclassified subsequently to
the income statement
Exchange rate adjustments of foreign subsidiaries -3,289 6,168 - -
Fair value adjustment relating to hedging instruments 1,852 -4,904 1,852 -4,904
Tax on hedging instruments -407 1,079 -407 1,079
Fair value of hedging instruments reclassified to
the income statement -27 2,965 -27 2,965
Tax on hedging instruments reclassified 6 -652 6 -652
Other comprehensive income, net of tax -1,865 4,656 1,424 -1,512
Comprehensive income for the year 44,850 38,572 44,575 30,954
Attributable to:
Shareholders of the parent 44,850 38,572
56 Financial Statements
RTX Annual Report 2022/23
Income statement Statement of Comprehensive Income
Balance Sheet 30 September
Group Parent
Amounts in DKK '000 Note 2022/23 2021/22 2022/23 2021/22
Assets
Own completed development projects 3.1 27,356 38,734 27,356 38,734
Own development projects in progress 3.1 19,714 16,896 19,714 16,896
Software 3.1 1,015 - 1,015 -
Goodwill 3.1 7,797 7,797 - -
Intangible assets 55,882 63,427 48,085 55,630
Right-of-use assets (lease assets) 3.2 51,155 54,384 49,152 49,154
Plant and machinery 3.3 20,285 16,724 20,285 16,724
Other fixtures, tools and equipment 3.3 4,165 4,575 3,926 4,377
Leasehold improvements 3.3 10,665 11,273 10,665 11,273
Tangible assets 86,270 86,956 84,028 81,528
Investments in subsidiaries 3.4 - - 39,206 39,078
Deposits 3.5 6,757 6,817 5,925 5,923
Deferred tax assets 2.9 2,161 2,151 - -
Other non-current assets 8,918 8,968 45,131 45,001
Total non-current assets 151,070 159,351 177,244 182,159
Inventories 4.1 102,167 102,494 102,167 102,494
Trade receivables 4.2 168,343 195,485 168,343 195,485
Contract development projects in progress 4.3 4,819 8,037 4,819 8,037
Other receivables 8,464 13,103 7,931 12,525
Prepaid expenses 5,526 4,545 4,997 3,836
Receivables 5.6 187,152 221,170 186,090 219,883
Current asset investments in the trading portfolio 5.1 31,029 30,083 31,029 30,083
Current asset investments 5.1 31,029 30,083 31,029 30,083
Cash at bank and in hand 106,671 43,725 102,690 41,054
Total current assets 427,019 397,472 421,976 393,514
Total assets 578,089 556,823 599,220 575,673
Group Parent
Amounts in DKK '000 Note 2022/23 2021/22 2022/23 2021/22
Equity and liabilities
Share capital 5.2 42,339 42,339 42,339 42,339
Share premium account 170,439 170,439 170,439 170,439
Currency adjustments 8,851 12,140 - -
Cash flow hedging -293 -1,717 -293 -1,717
Reserve related to development costs - - 36,715 43,391
Retained earnings 155,769 108,439 115,694 65,239
Equity 377,105 331,640 364,894 319,691
Lease liabilities 5.6 49,517 52,896 49,517 49,598
Deferred tax liabilities 2.9 6,154 3,347 6,154 3,347
Provisions 4.4 1,389 1,855 1,389 1,855
Other payables 4.5 724 13,389 724 13,389
Non-current liabilities 57,784 71,487 57,784 68,189
Lease liabilities 5.6 6,896 6,300 4,777 4,196
Prepayments received from customers 16,113 8,169 16,113 8,169
Trade payables 57,599 80,517 57,307 80,034
Contract development projects in progress 4.3 3,817 7,515 3,817 7,515
Payables to subsidiaries - - 44,553 45,909
Income taxes 2.9 17,779 11,049 17,566 10,766
Provisions 4.4 2,716 1,793 2,716 1,793
Other payables 2.8; 4.5 38,280 38,353 29,693 29,411
Current liabilities 143,200 153,696 176,542 187,793
Total liabilities 200,984 225,183 234,326 255,982
Total equity and liabilities 578,089 556,823 599,220 575,673
57 Financial Statements
RTX Annual Report 2022/23
Balance Sheet 30 September
Equity Statement for the Group
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 -205 35,838 288,533
Profit/loss for the year - - - - 33,916 33,916
Exchange rate adjustments of foreign
subsidiaries - - 6,168 - - 6,168
Fair value adjustment relating to hedging
instruments - - - -4,904 - -4,904
Tax on hedging instruments - - - 1,079 - 1,079
Fair value of hedging instruments reclas-
sified to the income statement - - - 2,965 - 2,965
Tax on hedging instruments reclassified - - - -652 - -652
Other comprehensive income, net of tax - - 6,168 -1,512 - 4,656
Comprehensive income for the year - - 6,168 -1,512 33,916 38,572
Share-based remuneration - - - - 4,865 4,865
Current tax on equity transactions - - - - 1,302 1,302
Deferred tax on equity transactions - - - - -1,612 -1,612
Annulment of treasury shares -875 -33,275 - - 34,130 -20
Other transactions -875 -33,275 - - 38,685 4,535
Equity at 30 September 2022 42,339 170,439 12,140 -1,717 108,439 331,640
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 year - - - - 46,715 46,715
Exchange rate adj. of foreign subsidiaries - - -3,289 - - -3,289
Fair value adjustment relating to hedging
instruments - - - 1,852 - 1,852
Tax on hedging instruments - - - -407 - -407
Fair value of hedging instruments reclas-
sified to the income statement - - - -27 - -27
Tax on hedging instruments reclassified - - - 6 - 6
Other comprehensive income, net of tax - - -3,289 1,424 - -1,865
Comprehensive income for the year - - -3,289 1,424 46,715 44,850
Share-based remuneration - - - - 689 689
Current tax on equity transactions - - - - 642 642
Deferred tax on equity transactions - - - - -716 -716
Other transactions - - - - 615 615
Equity at 30 September 2023 42,339 170,439 8,851 -293 155,769 377,105
58 Financial Statements
RTX Annual Report 2022/23
Equity Statement for the Group
Equity Statement for the Parent
Amounts in DKK ‘000
Share
capital
Share
premium
Cash flow
hedging
Reserve
related
to deve-
lopment
costs
(1)
Retained
earnings Total
Equity at 1 October 2022 42,339 170,439 -1,717 43,391 65,239 319,691
Profit/loss for the year - - - - 43,151 43,151
Fair value adjustment relating to hedging
instruments - - 1,852 - - 1,852
Tax on hedging instruments - - -407 - - -407
Fair value of hedging instruments reclas-
sified to the income statement - - -27 - - -27
Tax on hedging instruments reclassified - - 6 - - 6
Other comprehensive income, net of tax - - 1,424 - - 1,424
Comprehensive income for the year - - 1,424 - - 44,575
Share-based remuneration - - - - 689 689
Current tax on equity transactions - - - - 642 642
Deferred tax on equity transactions - - - - -703 -703
Annulment of treasury shares - - - - - -
Development costs, net of tax - - - -6,676 6,676 -
Other transactions - - - -6,676 7,304 628
Equity at 30 September 2023 42,339 170,439 -293 36,715 115,694 364,894
(1)
In accordance with the Danish Financial Statements Act a reserve equivalent to the capitalized development costs net of tax is recognized in equity. The
reserve is reduced as the capitalized development costs are depreciated.
Amounts in DKK ‘000
Share
capital
Share
premium
Cash flow
hedging
Reserve
related
to deve-
lopment
costs
(1)
Retained
earnings Total
Equity at 1 October 2021 43,214 203,714 -205 48,511 -11,118 284,116
Profit/loss for the year - - - - 32,466 32,466
Fair value adjustment relating to hedging
instruments - - -4,904 - - -4,904
Tax on hedging instruments - - 1,079 - - 1,079
Fair value of hedging instruments reclas-
sified to the income statement - - 2,965 - - 2,965
Tax on hedging instruments reclassified - - -652 - - -652
Other comprehensive income, net of tax - - -1,512 - - -1,512
Comprehensive income for the year - - -1,512 - 32,466 30,954
Share-based remuneration - - - - 4,865 4,865
Current tax on equity transactions - - - - 1,302 1,302
Deferred tax on equity transactions - - - - -1,526 -1,526
Annulment of treasury shares -875 -33,275 - - 34,130 -20
Development costs, net of tax - - - -5,120 5,120 -
Other transactions -875 -33,275 - -5,120 43,891 4,621
Equity at 30 September 2022 42,339 170,439 -1,717 43,391 65,239 319,691
(1)
In accordance with the Danish Financial Statements Act a reserve equivalent to the capitalized development costs net of tax is recognized in equity. The
reserve is reduced as the capitalized development costs are depreciated.
59 Financial Statements
RTX Annual Report 2022/23
Equity Statement for the Parent
Group Parent
Amounts in DKK '000 Note 2022/23 2021/22 2022/23 2021/22
Operating profit/loss (EBIT) 67,896 45,641 64,631 42,348
Reversal of items with no effects on cash flow
Depreciation, amortization and impairment 39,628 39,714 36,680 37,283
Other items with no effects on cash flow 6.2 -9,903 15,051 -7,091 8,766
Change in working capital
Change in inventories 8,243 -73,498 8,243 -73,498
Change in receivables 35,891 -55,579 35,264 -55,411
Change in trade payables, etc. -31,410 22,361 -32,220 30,504
Cash flow from operating activities 110,345 -6,310 105,507 -10,008
Financial income received 2,991 13,968 2,983 14,130
Financial expenses paid -12,944 -6,962 -13,840 -7,469
Income taxes paid 2.9 -3,400 -724 -2,481 322
Cash flow from operations 96,992 -28 92,169 -3,025
Investments in own development projects -15,442 -19,064 -15,442 -19,064
Acquisition of intantible assets -1,040 - -1,040 -
Acquisition of property, plant and equipment -10,236 -11,415 -10,045 -11,262
Deposits on leaseholds 60 19 -2 159
Acquisition / sale of current asset investments in
the trading portfolio, net -97 60,985 -946 60,985
Dividends from subsidiaries - - 937 1,566
Sale of tangible assets 49 24 49 24
Cash flow from investments -26,706 30,549 -26,489 32,408
Group Parent
Amounts in DKK '000 Note 2022/23 2021/22 2022/23 2021/22
Repayment of lease liabilities 5.6 -7,822 -5,660 -4,539 -4,131
Acquisition of treasury shares 5.3 - - - -
Paid dividend 5.5 - - - -
Cash flow from financing activities -7,822 -5,660 -4,539 -4,131
Increase/decrease in cash and cash equivalents 62,464 24,861 61,141 25,252
Exchange rate adjustments on cash 482 -597 495 -617
Cash and cash equivalents at 1 October 43,725 19,461 41,054 16,419
Cash and cash equivalents at 30 September 106,671 43,725 102,690 41,054
Cash and cash equivalents at 30 September
are composed as follows:
Cash at bank and in hand 106,671 43,725 102,690 41,054
Cash and cash equivalents at 30 September 106,671 43,725 102,690 41,054
Cash Flow Statement
60 Financial Statements
RTX Annual Report 2022/23
Cash Flow Statement
NOTES
1.1 Basis of preparation and changes in accounting principles 61
1.2 Uncertainties and estimates 63
61 Financial Statements
RTX Annual Report 2022/23
Section 1 Basis of preparation Note 1
1.1 Basis of preparation and changes in accounting principles (continued)
62 Financial Statements
RTX Annual Report 2022/23
63 Financial Statements
RTX Annual Report 2022/23
Note 1.2
Section 2
Results for the Year
NOTES
2.1 Segment information 64
2.2 Revenue 65
2.3 Cost of sales 66
2.4 Staff costs and remuneration 67
2.5 Development costs 71
2.6 Fee to auditors elected at the annual general meeting 71
2.7 Financial income and expenses 72
2.8 Derivatives 72
2.9 Income taxes 73
64 Financial Statements
RTX Annual Report 2022/23
Section 2 Results for the year Note 2.1
2.1 Segment information (continued)
65 Financial Statements
RTX Annual Report 2022/23
Note 2.2
2.2 Revenue (continued)
66 Financial Statements
RTX Annual Report 2022/23
Note 2.3
67 Financial Statements
RTX Annual Report 2022/23
Note 2.4
2.4 Staff costs and remuneration (continued)
68 Financial Statements
RTX Annual Report 2022/23
2.4 Staff costs and remuneration (continued)
69 Financial Statements
RTX Annual Report 2022/23
2.4 Staff costs and remuneration (continued)
70 Financial Statements
RTX Annual Report 2022/23
71 Financial Statements
RTX Annual Report 2022/23
Note 2.6Note 2.5
72 Financial Statements
RTX Annual Report 2022/23
Note 2.7 -2.8
73 Financial Statements
RTX Annual Report 2022/23
Note 2.9
2.9 Income taxes (continued)
74 Financial Statements
RTX Annual Report 2022/23
Section 3
Invested Capital
NOTES
3.1 Intangible assets 75
3.2 Leases 77
3.3 Tangible assets 79
3.4 Investments in subsidiaries 81
3.5 Deposits 82
75 Financial Statements
RTX Annual Report 2022/23
Note 3.1
Section 3 Invested Capital
3.1 Intangible assets (continued)
76 Financial Statements
RTX Annual Report 2022/23
3.1 Intangible assets (continued)
77 Financial Statements
RTX Annual Report 2022/23
Note 3.2
3.2 Leases (continued)
78 Financial Statements
RTX Annual Report 2022/23
3.2 Leases (continued)
79 Financial Statements
RTX Annual Report 2022/23
Note 3.3
3.3 Tangible assets (continued)
80 Financial Statements
RTX Annual Report 2022/23
81 Financial Statements
RTX Annual Report 2022/23
Note 3.4
82 Financial Statements
RTX Annual Report 2022/23
note 3.5
Section 4
Working Capital
NOTES
4.1 Inventories 83
4.2 Trade receivables 83
4.3 Contract development projects in progress 85
4.4 Provisions 86
4.5 Other payables 87
83 Financial Statements
RTX Annual Report 2022/23
Note 4.1 - 4.2
Section 4 Working Capital
4.2 Trade receivables (continued)
84 Financial Statements
RTX Annual Report 2022/23
85 Financial Statements
RTX Annual Report 2022/23
Note 4.3
86 Financial Statements
RTX Annual Report 2022/23
note 4.4
4.4 Provisions (continued)
87 Financial Statements
RTX Annual Report 2022/23
Note 4.5
Section 5
Capital Structure
and Financing
NOTES
5.1 Current asset investments 88
5.2 Share capital 89
5.3 Treasury shares 90
5.4 Earnings per share 90
5.5 Dividend 90
5.6 Financial risks and financial instrument 91
88 Financial Statements
RTX Annual Report 2022/23
Section 5 Capital Structure and Financing Note 5.1
5.1 Current asset investments (continued)
89 Financial Statements
RTX Annual Report 2022/23
Note 5.2
90 Financial Statements
RTX Annual Report 2022/23
Note 5.3 - 5.5
91 Financial Statements
RTX Annual Report 2022/23
Note 5.6
5.6 Financial risks and financial instruments (continued)
92 Financial Statements
RTX Annual Report 2022/23
5.6 Financial risks and financial instruments (continued)
93 Financial Statements
RTX Annual Report 2022/23
5.6 Financial risks and financial instruments (continued)
94 Financial Statements
RTX Annual Report 2022/23
5.6 Financial risks and financial instruments (continued)
95 Financial Statements
RTX Annual Report 2022/23
Section 6
Other Disclosure
Requirements
NOTES
6.1 Contingent liabilities, collateral
and contractual obligations 96
6.2 Other items with no effect on cash flow 97
6.3 Related parties 97
6.4 Events after the balance sheet date 97
6.5 Accounting principles applied 98
96 Financial Statements
RTX Annual Report 2022/23
Note 6.1Section 6 Other Disclosure Requirements
6.2 Other items with no effects on cash flow
Group Parent
Amounts in DKK ‘000 2022/23 2021/22 2022/23 2021/22
Change in write-down to net realizable value
of current assets -7,964 3,767 -7,964 3,767
Change in provisions 457 590 457 590
Share-based remuneration 688 4,866 560 3,955
Unrealized exchange rate adjustments etc. -3,084 5,828 -95 454
Total -9,903 15,051 -7,042 8,766
6.3 Related parties (continued)
97 Financial Statements
RTX Annual Report 2022/23
Note 6.2 - 6.4
98 Financial Statements
RTX Annual Report 2022/23
Note 6.5
Ratio definitions and calculation formulae
Earnings per Share (EPS) and Diluted Earnings per Share (DEPS) are calculated in accordance with IAS 33.
e other ratios have been calculated in accordance with the latest version of “Recommendations & Financial Ra-
tios” issued by the Danish Society of Financial Analysts, unless otherwise indicated.
Operating profit/loss
1)
Profit/loss before financial income and expenses
Growth in net turnover
1) 2)
(Revenue in year n - revenue in year n - 1) * 100
Revenue in year n – 1
Profit margin
1)
Operating profit/loss * 100
Revenue
Return on invested capital Operating profit/loss before amortization (EBITA) * 100
(ROIC including goodwill)
1)
Average invested capital including goodwill
Return on equity Profit/loss from ordinary activities after tax * 100
Average equity
Equity ratio
2)
Equity at year-end * 100
Total assets at year-end
Revenue per employee
2)
Revenue
Average number of full-time employees
Operating profit per employee
2)
Operating profit/loss
Average number of full-time employees
Earnings per share (EPS) Profit/loss from ordinary activities after tax
Average number of shares in circulation each at a nominal value of DKK 5
Diluted earnings per share (DEPS) Profit/loss from ordinary activities after tax
Average number of diluted shares each at a nominal value of DKK 5
Equity value per share
2)
Equity at year-end
Number of shares in circulation at year-end
Dividends per share Total dividends paid
Average number of issued shares each at a nominal value of DKK 5
1)
Key ratios have been calculated on the basis of items comprising the Group’s continuing operations.
2)
Not defined by the Danish Association of Financial Analysts.
Computation of earnings per share and diluted earnings per share is specified in note 5.4.
99 Financial Statements
RTX Annual Report 2022/23
Ratio definitions and calculation formulae
Management’s Statement
Executive Board
Board of Directors
101
RTX Annual Report 2022/23 Statements
Managements Statement
Independent Auditor’s Report
102
RTX Annual Report 2022/23 Statements
Independent Auditors Report
103
RTX Annual Report 2022/23 Statements
• Identify and assess the risks of material misstatement of the con-
• Obtain an understanding of internal control relevant to the audit in or-
• Evaluate the appropriateness of accounting policies used and the
• Conclude on the appropriateness of Management’s use of the going
104
RTX Annual Report 2022/23 Statements
CVR No. 33963556
MNE no mne 10052
MNE no mne34492
105
RTX Annual Report 2022/23 Statements
Subsidiaries
RTX Hong Kong Ltd.
8/F Corporation Square
8 Lam Lok Street
Kowloon Bay
Hong Kong
Phone: +852 2487 3718
Fax: +852 2480 6121
rtx.hk
RTX America, Inc.
10620 Treena St, Suite 230
San Diego
CA 92131
USA
Phone: +1 858 935 6152
rtx.dk
Head office
Phone: +45 9632 2300
Fax: +45 9632 2310
VAT no: 17 00 21 47
rtx.dk
107
RTX Annual Report 2022/23
Design and production: Noted
RTX A/S
Stroemmen 6
9400 Noerresundby
Denmark
rtx.dk