Interim report for Q2 and H1 2023/24
(the period 01.10.2023 - 31.03.2024)
Announcement
to Nasdaq Copenhagen A/S and the media
Nørresundby, 7 May 2024
Announcement no. 25/2024
No. of pages: 15
“The results for Q2 are in line with our expectations for the quarter,
reaching sales of DKK 125 million and trimming inventory by DKK
8 million during the quarter. In Q2, we furthermore see an increase
in our order intake, indicating a shift towards more typical market
dynamics, characterized by shorter order horizons and priority on
inventory reductions.
2023/24 is indeed a challenging year for RTX, and in Q2 we have
seen business gradually improving. We expect improvements to
continue in the coming quarters, and despite some uncertainty we
maintain our outlook for the year, as previously communicated in the
2022/23 annual report.”
Peter Røpke, CEO
Q2 meets expectations, with growing orders and sales, in a market, where
customer inventories are normalizing and reordering is beginning to pick up.
Highlights
• Revenue in Q2 reached DKK 125 million, which is
within the expected range of DKK 120-130 million, as
communicated in the Q1 report, showing an increase
of DKK 43 million (53 %) compared to Q1 2023/24.
• Q2 showed a significant increase in new orders, indi-
cating a gradually normalization in the market.
• EBITDA reached DKK 1 million for the quarter, com-
pared to DKK -31 million in Q1 2023/24.
• Inventory decreased by DKK 8 million in Q2 as we
received the last components ordered two years ago.
Further reductions will follow throughout the year.
• Q2 showed a negative cash flow of DKK 22 million,
whereof DKK 9 million are related to the share buy-
back program.
• During H1 2023/24, DKK 12 of 20 million in the
current Share Buy Back program was utilized.
Outlook
During Q2, we witnessed an increase in new orders
compared to the previous quarters. We therefore
maintain the communicated outlook for the financial
year, despite some uncertainty in the latest quarter,
particularly in ProAudio.
• Revenue DKK 580-630 million
• EBITDA DKK 45-60 million
• EBIT DKK 5-20 million
Investor and analyst conference call
On Tuesday, 7 May 2024 at 16:15 pm CET, RTX will
hold a conference call for investors and analysts hosted
by Danske Bank.
To register for the conference call,
please e-mail vonh@danskebank.dk.
Group Financial Highlights and Key Ratios
(non-audited)
Amounts in DKK million
Q2
2023/24
Q2
2022/23
H1
2023/24
H1
2022/23
FY
2022/23
Key ratios (percentage)
Growth in net turnover -30.4% 34.0% -46.6% 48.6% 18.0
Profit margin -7.7% -1.1% -24.5% 7.8% 8.7
Return on invested capital
(2)
3.4% 38.3% 3.4% 38.3% 28.7
Return on equity
(2)
-2.6% 17.1% -2.6% 17.1% 13.2
Equity ratio 69.7% 63.3% 69.7% 63.3% 65.2
Employment
Average number of full-time employees 291 295 295 294 299
Average number of FTE employed directly 259 262 262 262 267
Revenue per employee (DKK ‘000)
(3)
430 610 702 1,318 2,618
Operating profit per employee (DKK ‘000)
(3)
-33 -7 -172 103 227
Shares (number of shares in thousands)
Average number of shares in distribution 8,114 8,200 8,158 8,191 8,200
Average number of diluted shares 8,087 8,216 8,112 8,200 8,195
Share data (DKK per share at DKK 5)
Profit/loss for the year (EPS), per share
(3)
-0.8 -0.4 -5.0 1.8 5.7
Profit/loss for the year, diluted (DEPS), per share
(3)
-0.8 -0.4 -5.0 1.8 5.7
Dividends, per share - - - - -
Equity value, per share 40.4 42.2 40.4 42.2 45.9
Listed price, per share 97.2 139.8 97.2 139.8 83.6
Note: The Group’s financial year runs from 1 October to 30 September. Definitions of the key ratios used are stated in the annual report for 2022/23 in the
accounting policies.
(1)
Equals total of cash and current equity investments
(2)
Calculated over a 12 months’ period.
(3)
Not annualized.
Amounts in DKK million
Q2
2023/24
Q2
2022/23
H1
2023/24
H1
2022/23
FY
2022/23
Income statement items
Revenue 125.2 180.0 207.1 387.5 782.8
Gross Profit 57.1 74.2 88.9 175.6 358.4
Gross Margin % 45.6% 41.2 % 42.9 % 45.3 % 45.8 %
EBITDA 0.9 7.8 -29.5 49.8 107.5
EBITDA % 0.7% 4.3% -14.3% 12.9% 13.7%
Operating profit/loss (EBIT) -9.6 -1.9 -50.8 30.4 67.9
Net financials 1.8 -1.8 -1.4 -11.6 -8.7
Profit/loss before tax -7.8 -3.7 -52.2 18.8 59.2
Profit/loss for the period -6.1 -2.9 -40.7 14.6 46.7
Balance sheet items
Net liquidity postion
(1)
87.2 96.3 87.2 96.3 137.7
Total assets 467.1 547.0 467.1 547.0 578.1
Equity 325.6 346.5 325.6 346.5 377.7
Liabilities 141.5 200.5 141.5 200.5 201.0
Other key figures
Development cost financed by RTX before
capitalization 32.2 5.7 41.5 18.1 33.2
Capitalized development costs 7.0 3.2 10.6 6.6 13.5
Depreciation, amortization and impairment 10.5 9.7 21.2 19.4 39.6
Cash flow from operations -4.3 14.5 -22.9 36.6 97.0
Cash flow from investments -7.6 -9.1 -12.0 -15.1 -26.7
Investment in property, plant and equipment 0.1 4.2 0.6 5.7 10.2
Increase/decrease in cash and cash equivalents -22.7 3.5 -50.4 18.3 62.5
2
RTX interim report for Q2 and H1 2023/24
Revenue
In the second quarter of the financial year, RTX experi-
enced an increasing order intake and have seen revenue
picking up, resulting in a Q2 revenue of DKK 125 mil-
lion, meeting the expectations communicated in the Q1
report (DKK 120-130 million).
Revenue in the current financial year is heavily impact-
ed by the high stock levels at customers, combined
with a reduction in order lead times from 18 to 3
months. Consequently, our customers have focused on
reducing inventory and returning to a normalized mar-
ket dynamic with order horizons of typically 3 months,
as were found prior to the component crisis and COVID
restrictions.
Revenue for H1 of DKK 207 million is considered
disappointing by management. However, the increase
in revenue during Q2 and the increase in order intake
indicates that the market is normalizing. Furthermore,
we maintain close relations to our key customers and
expand our portfolio with new customers.
Revenue for Q2 2023/24 reached DKK 125 million
(Q2 2022/23: DKK 180 million). Revenue for H1
2023/24 amounted to DKK 207 million (H1 2022/23:
DKK 387 million).
The positive development in revenue between first
and second quarter reflects that a number of custom-
ers have reduced their inventories and have started
placing new orders. As expected, total revenue for H1
2023/24 is significantly lower than for H1 2022/23.
Compared to last year, revenue is negatively impacted
by 2.7 %, due to the lower USD exchange rate.
• Enterprise segment: Revenue for Q2 2023/24
reached DKK 81 million (Q2 2022/23: DKK 116
million). Revenue for H1 2023/24 amounted to DKK
125 million (H1 2022/23: DKK 270 million). Reve-
nue for H1 is 54 % lower than last year.
• ProAudio segment: Revenue for Q2 2023/24
reached DKK 41 million (Q2 2022/23: DKK 53
million). Revenue for H1 2023/24 amounted to DKK
65 million (H1 2022/23: DKK 91 million). Revenue
for H1 is 29 % lower than last year.
• Healthcare segment: Revenue for Q2 2023/24
reached DKK 4 million (Q2 2022/23: DKK 12
million). Revenue for H1 2023/24 amounted to DKK
17 million (H1 2022/23: DKK 26 million). Revenue
for H1 is 33 % lower than last year. High focus and
efforts have been invested in completing the strate-
gic agreement in the Healthcare segment in Q1, and
developing according to plan in Q2. RTX is currently
in a transition phase to next generation products,
and we expect to see new product releases over
the next years as a consequence of the agreement
signed in November 2023.
Management report for Q2 and H1 2023/24
Q2 meets expectations, with growing orders and sales, in a market where customer
inventories are normalizing and reordering is beginning to pick up.
Revenue
Q2 2023/24
125 DKKm
-30%
YoY growth
3
RTX interim report for Q2 and H1 2023/24
DKK million
Q2
23/24
Change
(%, YoY)
H1
23/24
Change
(%, YoY)
Enterprise revenue 80.9 -30.1% 125.4 -53.6%
ProAudio revenue 40.8 -22.7% 64.6 -29.3%
Healthcare revenue 3.5 -69.3% 17.1 -33.4%
Total 125.2 -30.4% 207.1 -46.6%
Gross profit for Q2 2023/24 reached DKK 57 million
(Q2 2022/23: DKK 74 million). Gross profit for H1
2023/24 amounted to DKK 89 million (H1 2022/23:
DKK 176 million).
Gross margin for Q2 2023/24 reached 46 % (Q2
2022/23: 41 %). Gross margin for H1 2023/24
reached 43 % (H1 2022/23: 45%). The gross margin is
impacted by the revenue mix of products.
As anticipated, there is a notable increase in gross
margin from Q1 to Q2, driven by both the product mix
and the higher total revenue, where semi-variable costs
are distributed over more products.
During the next quarters of 2023/24, we expect to see
a continuous positive development of gross margin from
product mix and total revenue volume, combined with
our efforts to improve individual gross margin per
product.
DKK million
Q2
23/24
Change
(YoY)
H1
23/24
Change
(YoY)
Gross profit 57.1 -23.1 % 88.9 -49.4 %
Gross margin 45.6 % 4.4 pp. 42.9 -2.4 pp.
Capacity costs, which consist mainly of staff costs and
other external expenses, amounted to DKK 63 million in
Q2 2023/24 (Q2 2022/23: DKK 70 million) and DKK
129 million in H1 2023/24 (H1 2022/23: DKK 132
million) before capitalization of development costs.
We have exercized cost cautiousness in capacity
costs and organizational development, and in parallel
increased customer focused activities. In Q1 2023/24,
we launched cost reduction initiatives, of which we start
to see the impact. The initiatives reflect a balanced
effort to bridge the short-term revenue reduction with
the long-term growth ambition, where we need skilled
and experienced employees to keep developing our
customer portfolio and products.
DKK million
Q2
23/24
Change
(%, YoY)
H1
23/24
Change
(%, YoY)
Capacity costs
(1)
63.2 -9.2% 129.1 -2.5%
Value of own work
capitalized 7.0 117.7% 10.6 61.2%
Depreciation etc.
(2)
10.5 8.3% 21.2 9.4%
(1) Staff costs and other external expenses
(2) Depreciation, amortization and impairment
Capitalized development costs: RTX continue to invest
in development of new product features and the future
product portfolio.
In total, RTX capitalized own development costs of
DKK 7 million in Q2 2023/24 (Q2 2022/23: DKK
3 million), and DKK 11 million in H1 2023/24 (H1
2022/23 DKK 7 million).
Depreciations and amortizations amounted to DKK 21
million in H1 2023/24 (H1 2022/23: DKK 19 million)
and is a reflection of new product releases and initiated
depreciation.
EBITDA for Q2 2023/24 reached DKK 1 million (Q2
2022/23: DKK 8 million). EBITDA for H1 2023/24
amounted to DKK -30 million (H1 2022/23: DKK 50
million). EBITDA for the period is impacted mainly by
the revenue level, which is significantly lower than last
year, but improving in Q2 compared to Q1.
EBIT for Q2 2023/24 reached DKK -10 million (Q2
2022/23: DKK -2 million). EBIT for H1 2023/24
amounted to DKK -51 million (H1 2022/23: DKK 30
million). The depreciation level is in line with previous
periods around DKK 10 million per quarter.
Profit before tax for Q2 2023/24 reached DKK -8
million (Q2 2022/23: DKK -4 million). Profit before
tax for H1 2023/24 amounted to DKK -52 million (H1
2022/23: DKK 19 million).
Gross profit
Q2 2023/24
57 DKKm
-23%
YoY growth
4
RTX interim report for Q2 and H1 2023/24
DKK million
Q2
23/24
Change
(YoY)
H1
23/24
Change
(YoY)
EBITDA 0.9 -6.9 -29.5 -79.4
EBIT -9.6 -7.7 -50.8 -81.2
Profit/loss before
tax -7.8 -4.1 -52.2 -71.0
EPS (DKK per share) -0.8 -0.4 -5.0 -6.8
Equity, Assets, Inventory and Cash Flow
Cash flows from operations (CFFO) for Q2 2023/24
reached DKK -4 million (Q2 2022/23: DKK 15 million).
CFFO for H1 2023/24 amounted to DKK -23 million
(H1 2022/23: DKK 37 million). CFFO was negatively
impacted by operating result and positively impacted
by the working capital development, with reduction in
both inventory and receivables.
DKK million
Q2
23/24
Change
(%, YoY)
H1
23/24
Change
(%, YoY)
CFFO
(1)
-4.3 -129.8% -22.9 -162.6%
Net liquidity
position
(2)
87.2 -9.4% 87.2 -9.4%
The net liquidity position of RTX amounted to DKK 87
million at the end of H1 2023/24 compared to DKK
138 million at the start of the fiscal year. The level is
positively impacted by the reduction in both inventory
and receivables and negatively impacted by operating
result for the period.
Total assets were DKK 467 million at the end of H1
2023/24 compared to DKK 547 million at the end of
H1 2022/23. The decrease in assets is primarily due to
reduction in cash and a decrease in receivables due to
the lower activity in the period.
The total value of development cost incurred before
capitalization of DKK 32.2 million in Q2 2023/24 in-
cludes investment in strategic collaboration with a large
global Healthcare company regarding a new generation
of wireless infrastructure for patient monitoring solu-
tions for the hospital healthcare sector (ref. note 4).
Return on Invested Capital is calculated over a 12
months period, and is impacted by the lower revenue.
For H1 2023/24 ROIC was 3 % (H1 2022/23: 37 %).
The equity ratio of RTX continues to be at a solid level
at 70 % at the end of H1 2023/24 (H1 2022/23:
60%).
Outlook for 2023/24
RTX maintains the outlook for the financial year
2023/24 as communicated on 13 November 2023 and
in our annual report for 2022/23, with revenue of DKK
580-630 million, EBITDA of DKK 45-60 million and
EBIT of DKK 5-20 million.
Revenue for 2023/24: 80% of revenue is expected to
come from existing products, and 20% from new prod-
uct and module launches. Q2 showed a revenue of DKK
Equity ratio
70%
ROIC
3%
125 million and Q1 a revenue of DKK 82 million. The
outlook for 2023/24 reflects a stepwise return to a
normalized production and delivery pattern. By the end
of 2024, we expect to approach a fully normalized run
rate of product sales, but it will vary from customer to
customer. We expect to continue to see improvements
in the coming quarters, particularly in Q4. The outlook
is still subject to uncertainties, particularly in the Pro-
Audio segment, combined with the timing for reaching
a normalized production and delivery pattern. However,
we maintain our outlook for the year, as previously
communicated in the 2022/23 annual report.
Gross margin is expected to be positively impacted by
the product mix, and negatively impacted by the lower
total revenue, compared to last year. Overall the gross
margin for 2023/24 is expected to improve during H2.
Capacity costs for 2023/24 are expected to end
lower than for 2022/23. This is a result of cost con-
trolling measures implemented by management in Q1
2023/24 and expected to be maintained throughout
the year. The impact of the efforts will be most evident
in H2 2023/24.
Inventory, comprises components, finished goods,
and goods in transit. We expect to see a reduction of
component inventory during the rest of 2023/24, as
components will be used in sold products and inflow of
components is returning to normal practice, where they
are sourced by our production partners. The absolute
5
RTX interim report for Q2 and H1 2023/24
size of the inventory reduction depends on develop-
ment in revenue.
The outlook is based on dialogue with key customers
on their expectations for 2023/24, combined with our
market insight on new customers and products. The
USD FX rate creates some uncertainty regarding the
full-year outlook as the vast majority of revenue and
cost of sales are USD denominated. For a full list of
assumptions behind the outlook, refer to the annual
report for 2022/23 (pages 34-35).
Share buyback
Based on the revized capital policy announced on 29
August 2023, RTX announced on 30 November 2023,
that RTX would initiate a share buyback program up
to DKK 20 million during 2023/24. By the end of Q2
2023/24, 145,040 shares had been purchased under
the Safe Harbour Program at a value of DKK 12 million.
The program continues up to the announced DKK 20
million under the regulations of Safe Harbour and RTX’s
capital policy.
RTX A/S
Peter Thostrup Peter Røpke
Chair CEO
Risks and uncertainties
for the 2023/24 financial year
Forward-looking statements:
The above statements on the Group’s future
conditions, including in particular, future
revenue and operating profit (EBITDA), reflect
Management’s current outlook and carry
some uncertainty. These statements can be
affected by several risks and uncertainties,
which mean that actual developments
and results can be materially different
from the expectations expressed directly
or indirectly in this interim report. These
risks and uncertainties include, but are not
limited to, general economic conditions
and developments, changes in demand for
RTX’s products and services, competition,
technological changes, fluctuations in
currencies, component availability and
fluctuations in sub-contractor supplies as well
as legislative and/or regulatory changes.
Financial calendar
Expected publication of financial infor-
mation for the financial year 2023/24:
28 August 2024
Interim report Q3 2023/24
28 November 2024
Annual report for 2023/24
Enquiries and
further information:
CEO, Peter Røpke or
CFO, Mille Tram Lux tel +45 96 32 23 00
6
RTX interim report for Q2 and H1 2023/24
Amounts in DKK ‘000 Note
Q2
2023/24
Q2
2022/23
H1
2023/24
H1
2022/23
FY
2022/23
Revenue 3 125,209 179,987 207,109 387,497 782,777
Value of own work capitalized 4 7,016 3,223 10,639 6,601 13,525
Cost of sales -68,156 -105,834 -118,193 -211,876 -424,346
Other external expenses -17,439 -17,982 -36,732 -34,423 -72,419
Staff costs -45,714 -51,577 -92,364 -97,987 -192,013
Operating profit/loss before depreciation
and amortization (EBITDA) 916 7,817 -29,541 49,812 107,524
Depreciation, amortization and impairment 4 -10.548 -9,736 -21,247 -19,416 -39,628
Operating profit/loss (EBIT) -9,632 -1,919 -50,788 30,396 67,896
Financial income 5 3,039 677 3,655 3,159 3,840
Financial expenses 5 -1,213 -2,473 -5,062 -14,799 -12,569
Profit/loss before tax -7,806 -3,715 -52,195 18,756 59,167
Tax on profit/loss 1,717 813 11,483 -4,161 -12,452
Profit/loss for the period -6,089 -2,902 -40,712 14,595 46,715
Earnings per share
Earnings per share (DKK) -0.8 -0.4 -5.0 1.8 5.7
Earnings per share, diluted (DKK) -0.8 -0.4 -5.0 1.8 5.7
Income Statement
(non-audited)
Statement of
Comprehensive Income
(non-audited)
Amounts in DKK ‘000 Note
Q2
2023/24
Q2
2022/23
H1
2023/24
H1
2022/23
FY
2022/23
Profit/loss for the period -6,089 -2,902 -40,712 14,595 46,715
Items that can be reclassified subse-
quently to the income statement
Exchange rate adjustments of foreign
subsidiaries 873 -820 -861 -4,336 -3,289
Fair value adjustment relating to hedging
instruments -43 208 70 2,822 1,852
Tax on hedging instruments 10 -46 -15 -621 -407
Fair value of hedging instruments
reclassified to the income statement 32 -487 212 -157 -27
Tax on hedging instruments reclassified -7 108 -47 35 6
Other comprehensive income, net of tax 865 -1,037 -641 -2,257 -1,865
Comprehensive income for the period -5,224 -3,939 -41,353 12,338 44,850
7
RTX interim report for Q2 and H1 2023/24
Amounts in DKK ‘000 31.03.24 31.03.23 30.09.23
Assets
Own completed development projects 15,399 27,683
Own development projects in progress 47,865 24,824
Software 842 -
Goodwill 7,797 7,797
Intangible assets 71,903 60,304
Right-of-use assets (lease assets) 48,595 50,875
Plant and machinery 16,848 20,649
Other fixtures, tools and equipment 3,288 3,905
Leasehold improvements 10,015 10,745
Tangible assets 78,746 86,174
Deposits 6,703 6,730
Deferred tax assets 7,608 1,916
Other non-current assets 14,311 8,646
Total non-current assets 164,960 155,124
Inventories 99,812 112,671 102,167
Trade receivables 103,745 163,207
Contract development projects in progress 2,782 4,746
Income taxes 309 - -
Other receivables 2,601 8,959
Prepaid expenses 5,627 6,005
Receivables 115,064 182,917
Current asset investments in the trading portfolio 32,666 31,208
Current asset investments 32,666 31,208
Cash at bank and in hand 54,556 65,051
Total current assets 302,098 391,847
Total assets 467,058 546,971
Balance Sheet
(non-audited)
Amounts in DKK ‘000 31.03.24 31.03.23 30.09.23
Equity and liabilities
Share capital 42,339 42,339 42,339
Share premium account 170,439 170,439 170,439
Currency adjustments 7,990 7,804 8,851
Cash flow hedging -73 362 -293
Retained earnings 104,859 125,509 155,769
Equity 325,554 346,453 377,105
Lease liabilities 48,591 49,621 49,517
Deferred tax liabilities - 3,887 6,154
Provisions 1,389 1,855 1,389
Deferred income 16,710 - -
Other payables - 13,434 724
Non-current liabilities 66,690 68,797 57,784
Lease liabilities 5,481 6,316 6,896
Prepayments received from customers 10,513 16,970 16,113
Trade payables 31,806 61,633 57,599
Contract development projects in progress 4,663 8,952 3,817
Income taxes 158 11,560 17,779
Provisions 2,716 1,793 2,716
Other payables 19,477 24,497 38,280
Current liabilities 74,814 131,721 143,200
Total liabilities 141,504 200,518 200,984
Total equity and liabilities 467,058 546,971 578,089
8
RTX interim report for Q2 and H1 2023/24
Amounts in DKK ‘000
Share
capital
Share
premium
Currency
adjust-
ments
Cash flow
hedging
Retained
earnings Total
Equity at 1 October 2023 42,339 170,439 8,851 -293 155,769 377,105
Profit/loss for the period - - - - -40,712 -40,712
Exchange rate adjustments
of foreign subsidiaries - - -861 - - -861
Fair value adjustment relating
to hedging instruments - - - 70 - 70
Tax on hedging instruments - - - -15 - -15
Fair value of hedging instruments
reclassified to the income statement - - - 212 - 212
Tax on hedging instruments reclassified - - - -47 - -47
Other comprehensive income,
net of tax - - -861 220 - -641
Comprehensive income for the period - - -861 220 -40,712 -41,353
Share-based remuneration - - - - 1,751 1,751
Current tax on equity transactions - - - - - -
Deferred tax on equity transactions - - - - 113 113
Acquisition of treasury shares - - - - -12,062 -12,062
Other transactions - - - - -10,198 -10,198
Equity at 31 March 2024 42,339 170,439 7,990 -73 104,859 325,554
Share capital of DKK 42,339,190 consists of 8,467,838 shares at DKK 5 (DKK 42,339,190 consisting of 8,467,838
shares at 31 March 2023). The Group holds 400,889 treasury shares at 31 March 2024 (259,031 shares at 31
March 2023). There are no shares carrying special rights.
Equity Statement
(non-audited)
Amounts in DKK ‘000
Share
capital
Share
premium
Currency
adjust-
ments
Cash flow
hedging
Retained
earnings Total
Equity at 1 October 2022 42,339 170,439 12,140 -1,717 108,439 331,640
Profit/loss for the period - - - - 14,595 14,595
Exchange rate adjustments
of foreign subsidiaries - - -4,336 - - -4,336
Fair value adjustment relating
to hedging instruments - - - 2,822 - 2,822
Tax on hedging instruments - - - -621 - -621
Fair value of hedging instruments
reclassified to the income statement - - - -157 - -157
Tax on hedging instruments reclassified - - - 35 - 35
Other comprehensive income,
net of tax - - -4,336 2,079 - -2,257
Comprehensive income for the period - - -4,336 2,079 14,595 12,338
Share-based remuneration - - - - 2,194 2,194
Deferred tax on equity transactions - - - - 281 281
Other transactions - - - - 2,475 2,475
Equity at 31 March 2023 42,339 170,439 7,804 362 125,509 346,453
Share capital of DKK 42,339,190 consists of 8,467,838 shares at DKK 5 (DKK 43,214,190 consisting of 8,642,838
shares at 31 March 2022). The Group holds 259,031 treasury shares at 31 March 2023 (459,924 shares at 31
March 2022). There are no shares carrying special rights.
9
RTX interim report for Q2 and H1 2023/24
Cash Flow Statement
(non-audited)
Amounts in DKK ‘000
Q2
2023/24
Q2
2022/23
H1
2023/24
H1
2022/23
FY
2022/23
Operating profit/loss (EBIT) -9,632 -1,919 -50,788 30,396 67,896
Reversal of items with no effects on cash flow
Depreciation, amortization and impairment 10,548 9,736 21,247 19,416 39,628
Other items with no effects on cash flow 10,972 1,578 5,092 -6,596 -9,903
Change in working capital
Change in inventories 5,702 5,379 55 -10,418 8,243
Change in receivables -16,228 8,831 72,501 40,715 35,891
Change in trade payables, etc. -5,725 -2,790 -50,074 -22,457 -31,410
Cash flow from operating activities -4,363 20,815 -1,967 51,056 110,345
Financial income received 369 170 2,056 2,131 2,991
Financial expenses paid -122 -4,660 -5,090 -14,532 -12,944
Income taxes paid -206 -1,816 -17,938 -2,008 -3,400
Cash flow from operations -4,322 14,509 -22,939 36,647 96,992
Investments in own development projects -7,509 -4,933 -11,440 -9,360 -15,442
Acquisition of intangible assets - - - - -1,040
Acquisition of property, plant and equipment -84 -4,231 -614 -5,749 -10,236
Sale of tangible assets - - - 49
Deposits on leaseholds 9 15 54 87 60
Acquisition / sale of current asset
investments in the trading portofolio, net - - -38 -97 -97
Cash flow from investments -7,584 -9,149 -12,038 -15,119 -26,706
Amounts in DKK ‘000
Q2
2023/24
Q2
2022/23
H1
2023/24
H1
2022/23
FY
2022/23
Repayment of lease liabilities -1,673 -1,900 -3,369 -3,259 -7,822
Acquisition of treasury shares -9,105 - -12,062 - -
Paid dividend - - - - -
Cash flow from financing activities -10,778 -1,900 -15,431 -3,259 -7,822
Increase/decrease in cash and cash equivalents -22,684 3,460 -50,408 18,269 62,464
Exchange rate adjustments on cash -5,767 995 -1,707 3,057 482
Cash and cash equivalents at the beginning of the
period, net 83,007 60,596 106,671 43,725 43,725
Cash and cash equivalents at the end of the
period, net 54,556 65,051 54,556 65,051 106,671
Cash and cash equivalents at the end of the period,
net are composed as follows:
Cash at bank and in hand 54,556 65,051 54,556 65,051 106,671
Cash and cash equivalents at the end of the
period, net 54,556 65,051 54,556 65,051 106,671
10
RTX interim report for Q2 and H1 2023/24
Notes
1 Accounting policies
The interim report is presented in accordance with IAS 34 “Interim Financial Reporting” as adopted by the EU and additional
Danish disclosure requirements for interim reporting of listed companies. An interim report has not been prepared for the
Parent.
The accounting policies applied in this interim report are consistent with those applied in the Company’s 2022/23 annual
report which was presented in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and
additional Danish disclosure requirements for annual reports of listed companies. We refer to the 2022/23 annual report for
a more detailed description of the accounting policies.
The applied accounting policies are unchanged compared to the annual report for 2022/23. New or amended standards and
interpretations becoming effective for the financial year 2023/24 have no material impact on the interim report.
2 Estimates and assumptions
The preparation of interim reports requires management to make financial estimates and assumptions that affect the appli-
cation of accounting policy and recognised assets, liabilities, income and expenses. Actual results might be different from
these estimates.
The material estimates that management make when applying the accounting principles of the Group and the material un-
certainty connected with these estimates and assumptions are unchanged in the preparation of the interim report compared
to the preparation of the annual report as per 30 September 2023.
3 Segment information
In accordance with internal reporting, RTX reports on the three target markets segments; Enterprise, ProAudio and Health-
care. Costs are reported by allocating costs directly attributable to the three reportable market segments whereas common
functions costs etc. (primarily other external expenses, staff costs and depreciations related to IT, finance, overall manage-
ment, joint facilities, joint technology projects, and supply chain management) are reported as non-allocated in accordance
with internal reporting.
3 Segment information (continued)
Amounts in DKK ‘000
Q2
2023/24
Q2
2022/23
H1
2023/24
H1
2022/23
FY
2022/23
Revenue
Enterprise 80,868 115,685 125,398 270,478 527,061
ProAudio 40,799 52,765 64,629 91,354 186,070
Healthcare 3,542 11,537 17,082 25,665 69,646
Group 125,209 179,987 207,109 387,497 782,777
EBITDA
Enterprise 21,448 29,036 20,262 93,243 160,811
ProAudio 15,404 19,143 23,725 32,288 70,469
Healthcare 766 1,234 1,082 5,236 29,928
Non-allocated -36,702 -41,596 -74,610 -80,955 -153,684
Group 916 7,817 -29,541 49,812 107,524
EBIT
Enterprise 16,062 24,341 9,445 83,786 141,162
ProAudio 13,947 17,385 20,690 28,918 64,466
Healthcare 514 1,016 566 4,799 29,388
Non-allocated -40,155 -44,661 -81,489 -87,107 -167,120
Group -9,632 -1,919 -50,788 30,396 67,896
11
RTX interim report for Q2 and H1 2023/24
Notes
3 Segment information (continued)
Amounts in DKK ‘000
Q2
2023/24
Q2
2022/23
H1
2023/24
H1
2022/23
FY
2022/23
Revenue, geographical segments
Denmark 21,080 5,336 24,631 5,971 12,370
France 11,562 30,622 14,291 77,344 116,908
Germany 17,664 31,380 20,816 55,916 86,215
Other Europe 30,682 24,115 46,897 51,066 98,945
USA 10,101 58,867 42,190 99,458 261,330
Hong Kong 518 6,655 5,506 48,463 93,546
Other Asia and Pacific 33,593 21,454 52,769 46,267 110,413
Other 9 1,558 9 3,012 3,050
Group 125,209 179,987 207,109 387,497 782,777
Revenue distributed to geographic area according to the geographical location of the customer entity being invoiced.
4 Development costs
Amounts in DKK ‘000
Q2
2023/24
Q2
2022/23
H1
2023/24
H1
2022/23
FY
2022/23
Development cost incurred before capitalization
(1)
32,196 5,653 41,529 18,065 33,177
Value of own work capitalized
(2)
-7,006 -2,747 -10,619 -5,535 -11,789
Total amortization and impairment on
development projects 5,918 6,169 11,957 12,222 24,002
Development costs recognized in the
profit/loss account 31,108 9,075 42,867 24,752 45,390
(1)
Total value of development cost incurred before capitalization of DKK 32.2 million in Q2 2023/24 includes
investment in strategic collaboration with a large global Healthcare company regarding a new generation of wire-
less infrastructure for patient monitoring solutions for the hospital healthcare sector. The investment relates to
deferred income of DKK 16.7 million which will be recognized as income on a long-term basis.
(2)
Total value of own capitalized of DKK 7.0 million in Q2 2023/24 according to the income statement includes
own tangible assets of DKK 0.0 million (Q2 2022/23: DKK 0.5 million). Total value of own capitalized of DKK
10.6million in H1 2023/24 according to the income statement includes own tangible assets of DKK 0.0 million
(H1 2022/23: DKK 1.1 million).
12
RTX interim report for Q2 and H1 2023/24
Notes
6 Fair value hierarchy for financial instruments
The below indicates the classification of the financial instruments divided in accordance with the fair value hierarchy:
• Listed prices in an active market for the same type of instrument (level 1)
• Listed prices in an active market for similar assets or liabilities or other valuation methods, where all significant
input is based on observable market data (level 2)
• Valuation methods, where any significant input is not based on observable market data (level 3)
Amounts in DKK ‘000 Level 1 Level 2 Level 3 Total
Financial instruments (hedging), liabiliy - -342 - -342
Bonds listed on the stock exchange, in the trading portfolio 32,666 - - 32,666
Financial net assets at fair value at 31 March 2024 32,666 -342 - 32,324
Financial instruments (hedging), asset - 1,231 - 1,231
Bonds listed on the stock exchange, in the trading portfolio 31,208 - - 31,208
Financial net assets at fair value at 31 March 2023 31,208 1,231 - 32,439
Financial hedging instruments comprise standard foreign exchange forward contracts with the USD/DKK exchange
rate as the main element affecting the fair value of the contracts.
5 Financial items
Amounts in DKK ‘000
Q2
2023/24
Q2
2022/23
H1
2023/24
H1
2022/23
FY
2022/23
Exchange rate gains (net) 2,074 - - - -
Fair value adjustments of investments in trading
portfolio 190 337 1,599 1,028 849
Gain on hedging instruments (net) - - - 1,505 1,094
Other financial income 775 340 2,056 626 1,897
Total financial income 3,039 677 3,655 3,159 3,840
Exchange rate losses (net) - 1,474 3,398 13,288 8,673
Financing element, IFRS 16 586 561 1,182 1,136 2,448
Loss on hedging instruments (net) 406 170 - -
Other financial costs 221 268 482 375 1,448
Total financial expenses 1,231 2,473 5,062 14,799 12,569
13
RTX interim report for Q2 and H1 2023/24
Management’s Statement
Executive Board
Board of Directors
14
RTX interim report for Q2 and H1 2023/24
Design and production: Noted
RTX A/S
Stroemmen 6
9400 Noerresundby
Denmark
rtx.dk