Interim report for Q3 and 9M 2023/24
(the period 01.10.2023 - 30.06.2024)
Announcement
to Nasdaq Copenhagen A/S and the media
Nørresundby, 28 August 2024
Announcement no. 42/2024
No. of pages: 15
“The Q3 results align with our expectations, achieving sales of DKK
142 million and reducing inventory by DKK 9 million compared to
Q2 2023/24. We observed an increase in order intake this quarter,
although not at the level we had anticipated in original guidance for
the year. Our customers remain cautious with reorders, and due to
short order horizon our outlook visibility continues to be limited.
In late June, we provided an updated financial outlook for 2023/24,
reflecting that our order book and deliveries could not meet our
original outlook. The revised outlook now anticipates revenue
of DKK 500-510 million (down from DKK 580-630 million) and
EBITDA of DKK 0-10 million (reduced from DKK 45-60 million).”
Peter Røpke, CEO
Q3 shows increase in revenue but changes in market dynamics and very short
order horizons reduce visibility for the outlook.
Highlights
• Revenue in Q3 2023/24 reached DKK 142 million,
which is higher than the communicated DKK 130 mil-
lion due to additional shipments end of Q3 instead of
start Q4.
• Q3 2023/24 shows increase in new orders com-
pared to previous quarter, however still with short
horizon and lower than anticipated.
• EBITDA reached DKK 9 million for the quarter com-
pared to DKK 1 million in Q2 2023/24.
• Inventory decreased by DKK 9 million during Q3
2023/24.
• Q3 2023/24 showed an increase in cash positions
of DKK 13 million, including DKK 5 million spent on
the share buyback programme.
Outlook
On June 30, RTX announced an adjusted outlook due
to postponed orders and lower demand, in particular
in the ProAudio segment, but also for one of our major
customers in the Enterprise segment.
• Revenue DKK 500 to 510 million (from 580-630)
• EBITDA DKK 0 to 10 million (from 45-60)
• EBIT DKK -40 to -30 million (5-20)
Investor and analyst conference call
On Wednesday, 28 August 2024 at 13:30 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
Q3
2023/24
Q3
2022/23
9M
2023/24
9M
2022/23
FY
2022/23
Key ratios (percentage)
Growth in net turnover -16.4% 3.1% -37.4% 31.0% 18.0
Profit margin 0.1% 2.6% -14.5% 6.2% 8.7
Return on invested capital
(2)
1.5% 35.6% 1.5% 35.6% 28.7
Return on equity
(2)
-3.3% 17.4% -3.3% 17.4% 13.2
Equity ratio 65.7% 62.4% 65,7% 62.4% 65.2
Employment
Average number of full-time employees 287 299 292 296 299
Average number of FTE employed directly 254 267 259 264 267
Revenue per employee (DKK ‘000)
(3)
495 568 1,195 1,883 2,618
Operating profit per employee (DKK ‘000)
(3)
1 15 -173 118 227
Shares (number of shares in thousands)
Average number of shares in distribution 8,040 8,209 8,118 8,197 8,200
Average number of diluted shares 8,048 8,205 8,086 8,202 8,195
Share data (DKK per share at DKK 5)
Profit/loss for the year (EPS), per share
(3)
0.1 0.4 -4.9 2.2 5.7
Profit/loss for the year, diluted (DEPS), per share
(3)
0.1 0.4 -5.0 2.2 5.7
Dividends, per share - - - - -
Equity value, per share 40.0 42.6 40.0 42.6 45.9
Listed price, per share 96.8 108.0 96.8 108.0 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
Q3
2023/24
Q3
2022/23
9M
2023/24
9M
2022/23
FY
2022/23
Income statement items
Revenue 141.9 169.9 349.0 557.4 782.8
Gross Profit 67.7 81.9 156.6 257.5 358.4
Gross Margin % 47.7 % 48.2 % 44.9 % 46.2 % 45.8 %
EBITDA 9.4 14.3 -20.1 64.1 107.5
EBITDA % 6.6 % 8.4% -5.8% 11.5% 13.7%
Operating profit/loss (EBIT) 0.2 4.4 -50.6 34.8 67.9
Net financials 0.7 -0.5 -0.8 -12.1 -8.7
Profit/loss before tax 0.8 3.9 -51.4 22.7 59.2
Profit/loss for the period 0.6 3.1 -40.1 17.7 46.7
Balance sheet items
Net liquidity postion
(1)
100.4 91.6 100.4 91.6 137.7
Total assets 488.3 560.5 488.3 560.5 578.1
Equity 320.8 350.0 320.8 350.0 377.7
Liabilities 167.5 210.5 167.5 210.5 201.0
Other key figures
Development cost financed by RTX
before capitalization 17.0 8.4 58.5 26.5 33.2
Capitalized development costs 5.3 2.1 15.9 8.7 13.5
Depreciation, amortization and impairment 9.2 9.9 30.5 29.3 39.6
Cash flow from operations 26.8 6.7 3.8 43.4 97.0
Cash flow from investments -6.0 -8.3 -18.0 -23.4 -26.7
Investment in property, plant and equipment 0.7 4.9 1.4 10.6 10.2
Increase/decrease in cash and cash equivalents 13.1 -4.4 -37.3 13.9 62.5
2
RTX interim report for Q3 and 9M 2023/24
Revenue
In the third quarter of the financial year, RTX experi-
enced an increasing order intake and has seen revenue
picking up resulting in a Q3 revenue of DKK 142 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.
Revenue for 9M of DKK 349 million is considered
disappointing by management. The increase in reve-
nue during Q3 and the increase in order intake show
improvement, however not close to reaching previous
years’ revenue level.
We maintain close relations to our key customers and
continuously seek to expand our portfolio with new
customers.
Revenue for Q3 2023/24 reached DKK 142 mil-
lion (Q3 2022/23: DKK 170 million). Revenue for
9M 2023/24 amounted to DKK 349 million (9M
2022/23: DKK 557 million).
The development in revenue between first and second
quarter reflects that some of our customers have
reduced their inventories to a level where they have
started placing new orders. As expected, total revenue
for 9M 2023/24 is significantly lower than for 9M
2022/23. Compared to last year, 9M revenue is
negatively impacted by 1.5 %, due to the lower USD
exchange rate.
• Enterprise segment: Revenue for Q3 2023/24
reached DKK 103 million (Q3 2022/23: DKK 107
million). Revenue for 9M 2023/24 amounted to
DKK 228 million (9M 2022/23: DKK 378 million).
Revenue for 9M is 40 % lower than last year.
• ProAudio segment: Revenue for Q3 2023/24
reached DKK 27 million (Q3 2022/23: DKK 34 mil-
lion). Revenue for 9M 2023/24 amounted to DKK
91 million (9M 2022/23: DKK 125 million). Revenue
for 9M is 27 % lower than last year.
• Healthcare segment: Revenue for Q3 2023/24
reached DKK 12 million (Q3 2022/23: DKK 29 mil-
lion). Revenue for 9M 2023/24 amounted to DKK
30 million (9M 2022/23: DKK 55 million). Revenue
for 9M is 46 % lower than last year. High focus and
efforts have been invested in completing the stra-
tegic agreement in the Healthcare segment in Q1.
During Q2 and Q3 we have focused on developing
the product portfolio and preparing for the transition
to next generation products. The agreement and the
transition is expected to positively impact the rev-
enue and gross margin in the Healthcare segment,
over the coming years.
Management report for Q3 and 9M 2023/24
Q3 shows increase in revenue but changes in market dynamics, and very short order horizons
reduce visibility for the outlook.
Revenue
Q3 2023/24
142 DKKm
9M 2023/24
349 DKKm
3
RTX interim report for Q3 and 9M 2023/24
DKK million
Q3
23/24
Change
(%, YoY)
9M
23/24
Change
(%, YoY)
Enterprise revenue 103 -4% 228 -40%
ProAudio revenue 27 -21% 91 -27%
Healthcare revenue 12 -57% 30 -46%
Total 142 -16% 349 -37%
Gross profit for Q3 2023/24 reached DKK 68 million
(Q3 2022/23: DKK 82 million). Gross profit for 9M
2023/24 amounted to DKK 157 million (9M 2022/23:
DKK 258 million).
Gross margin for Q3 2023/24 reached 48 % (Q3
2022/23: 48 %). Gross margin for 9M 2023/24
reached 45 % (9M 2022/23: 46%). The gross margin
is impacted by the revenue mix of products.
As anticipated, there continues to be an increase in gross
margin from Q1 to Q2 to Q3, driven by both the product
mix and the higher total revenue, where semi-variable
costs are distributed over more products.
We continue to focus on securing a strong gross margin
from product mix, optimization of costs and total
revenue volume.
DKK million
Q3
23/24
Change
(YoY)
9M
23/24
Change
(YoY)
Gross profit 67.7 -14.2 156.6 -100.9
Gross margin 47.7% -0.5 pp. 44.9% -1.3 pp
Capacity costs, which consist mainly of staff costs and
other external expenses, amounted to DKK 64 million in
Q3 2023/24 (Q3 2022/23: DKK 70 million) and DKK
193 million in 9M 2023/24 (9M 2022/23: DKK 202
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 with 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
Q3
23/24
Change
(YoY)
9M
23/24
Change
(YoY)
Capacity costs
(1)
64 -6 193 -9
Value of own work
capitalized 5 +3 16 +7
Depreciation etc.
(2)
9 -1 30 -1
(1) Staff costs and other external expenses
(2) Depreciation, amortization and impairment
Capitalized development costs: RTX continues to
invest in development of new product features and the
future product portfolio.
In total, RTX capitalized own development costs of
DKK 5 million in Q3 2023/24 (Q3 2022/23: DKK
2 million), and DKK 16 million in 9M 2023/24 (9M
2022/23 DKK 9 million).
Depreciations and amortizations amounted to DKK 30
million in 9M 2023/24 (9M 2022/23: DKK 29 million)
and is a reflection of new product releases and initiated
depreciation.
EBITDA for Q3 2023/24 reached DKK 9 million (Q3
2022/23: DKK 14 million). EBITDA for 9M 2023/24
amounted to DKK -20 million (9M 2022/23: DKK
64 million). EBITDA for the period is impacted mainly
by the revenue level, which is lower than last year, but
improving in Q3 compared to the previous two quarters.
EBIT for Q3 2023/24 reached DKK 0 million (Q3
2022/23: DKK 4 million). EBIT for 9M 2023/24
amounted to DKK -51 million (9M 2022/23: DKK 35
million). The depreciation level is in line with previous
periods.
Gross profit
Q3 2023/24
68 DKKm
9M 2023/24
157 DKKm
4
RTX interim report for Q3 and 9M 2023/24
Profit before tax for Q3 2023/24 reached DKK 1
million (Q3 2022/23: DKK 4 million). Profit before tax
for 9M 2023/24 amounted to DKK -51 million (9M
2022/23: DKK 23 million).
DKK million
Q3
23/24
Change
(YoY)
9M
23/24
Change
(YoY)
EBITDA 9.4 -4.9 -20.1 -84.3
EBIT 0.2 -4.2 -50.6 -85.4
Profit/loss before
tax 0.8 -3.1 -51.4 -74.1
EPS (DKK per share) 0.1 -0.3 -4.9 -7.1
Equity, Assets, Inventory and Cash Flow
Cash flows from operations (CFFO) for Q3 2023/24
reached DKK 27 million (Q3 2022/23: DKK 7 million).
CFFO for 9M 2023/24 amounted to DKK 4 million
(9M 2022/23: DKK 43 million). CFFO was positive-
ly impacted by operating result and working capital
development and negatively by the share buy back
programme.
DKK million
Q3
23/24
Change
(YoY)
9M
23/24
Change
(YoY)
CFFO
(1)
26.8 20.1 3.8 -39.5
Net liquidity
position
(2)
100.4 8.8 100.4 8.8
The net liquidity position of RTX amounted to DKK
100 million at the end of 9M 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 and share buy back of DKK 17.5
million.
Total assets were DKK 488 million at the end of Q3
2023/24 compared to DKK 561 million at the end of
Q3 2022/23. The decrease in assets is primarily due
to decrease in cash, inventory and receivables.
The total value of development cost incurred before
capitalization of DKK 59 million in 9M 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 9M 2023/24 ROIC was 1.5 % (9M 2022/23:
35.6 %).
The equity ratio of RTX continues to be at a solid level
at 65.7% at the end of Q3 2023/24 (Q3 2022/23:
62.4%).
EBITDA
Q3 2023/24
9 DKKm
9M 2023/24
-20 DKKm
Equity ratio
66%
ROIC
1.5%
Outlook for 2023/24
On June 30, RTX announced an adjusted outlook
• Revenue DKK 500 to 510 million (from 580-630)
• EBITDA DKK 0 to 10 million (from 45-60)
• EBIT DKK -40 to -30 million (5-20)
Revenue for 2023/24: the majority of revenue is
expected to come from existing products, and only up
to 20% from new product and module launches. Q3
showed revenue of DKK 142 million, an increase quarter
on quarter during the year. However, we have not seen
the expected growth in revenue compared to the latest
quarter. With our order book for Q4, we concluded that
by the end of the financial year we will not be back at
the normalized level, which was the assumption for the
Group’s originally announced outlook for 2023/24.
For a few of our customers it has taken longer to
reduce their inventories to the required level than it was
expected. This has resulted in postponed orders and
lower demand for RTX, in particular in the ProAudio
segment, but also for one of our major customers in the
Enterprise segment. However, we have seen a positive
development from first to third quarter in both revenue,
EBITDA and order intake, but the order horizon remains
short, giving limited visibility.
5
RTX interim report for Q3 and 9M 2023/24
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 quarter on
quarter as revenue improves.
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.
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
size of the inventory reduction depends on develop-
ment in revenue and the product mix.
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).
The recruitment process for a new CEO has been
initiated, as CEO Peter Røpke resigned in May.
Peter Røpke will continue to serve as CEO until
30 November 2024.
Share buyback
Based on the revised capital policy announced on 29
August 2023, RTX announced on 30 November 2023,
that RTX would initiate a share buyback programme up
to DKK 20 million during 2023/24. By the end of Q3
2023/24, 198,416 shares had been purchased under
the Safe Harbour Program at a value of DKK 17.5 mil-
lion. 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 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 Q3 and 9M 2023/24
Amounts in DKK ‘000 Note
Q3
2023/24
Q3
2022/23
9M
2023/24
9M
2022/23
FY
2022/23
Revenue 3 141,940 169,885 349,049 557,382 782,777
Value of own work capitalized 4 5,275 2,092 15,914 8,693 13,525
Cost of sales -74,265 -88,013 -192,458 -299,889 -424,346
Other external expenses -17,435 -18,176 -54,167 -52,599 -72,419
Staff costs -46,120 -51,463 -138,484 -149,450 -192,013
Operating profit/loss before depreciation
and amortization (EBITDA) 9,395 14,325 -20,146 64,137 107,524
Depreciation, amortization and impairment 4 -9,238 -9,929 -30,485 -29,345 -39,628
Operating profit/loss (EBIT) 157 4,396 -50,631 34,792 67,896
Financial income 5 1,323 1,085 4,443 3,515 3,840
Financial expenses 5 -672 -1,568 -5,199 -15,638 -12,569
Profit/loss before tax 808 3,913 -51,387 22,669 59,167
Tax on profit/loss -178 -825 11,305 -4,986 -12,452
Profit/loss for the period 630 3,088 -40,082 17,683 46,715
Earnings per share
Earnings per share (DKK) 0,1 0.4 -4,9 2.2 5.7
Earnings per share, diluted (DKK) 0,1 0.4 -5,0 2.2 5.7
Income Statement
(non-audited)
Statement of
Comprehensive Income
(non-audited)
Amounts in DKK ‘000 Note
Q3
2023/24
Q3
2022/23
9M
2023/24
9M
2022/23
FY
2022/23
Profit/loss for the period 630 3,088 -40,082 17,683 46,715
Items that can be reclassified subsequently
to the income statement
Exchange rate adjustments of
foreign subsidiaries 505 -55 -356 -4,391 -3,289
Fair value adjustment relating to
hedging instruments 1 -178 71 2,644 1,852
Tax on hedging instruments -1 39 -16 -582 -407
Fair value of hedging instruments
reclassified to the income statement 10 -350 222 -507 -27
Tax on hedging instruments reclassified -2 77 -49 112 6
Other comprehensive income, net of tax 514 -467 -127 -2,724 -1,865
Comprehensive income for the period 1,144 2,621 -40,209 14,959 44,850
7
RTX interim report for Q3 and 9M 2023/24
Amounts in DKK ‘000 30.06.24 30.06.23 30.09.23
Assets
Own completed development projects 10,717 25,453 27,356
Own development projects in progress 58,829 25,228 19,714
Software 755 - 1,015
Goodwill 7,797 7,797 7,797
Intangible assets 78,098 58,478 55,882
Right-of-use assets (lease assets) 51,360 53,064 51,155
Plant and machinery 15,319 23,319 20,285
Other fixtures, tools and equipment 3,306 4,526 4,165
Leasehold improvements 9,625 10,375 10,665
Tangible assets 79,610 91,284 86,270
Deposits 6,712 6,739 6,757
Deferred tax assets 12,990 1,889 2,161
Other non-current assets 19,702 8,628 8,918
Total non-current assets 177,410 158,390 151,070
Inventories 90,739 121,723 102,167
Trade receivables 107,499 148,641 168,343
Contract development projects in progress 3,552 25,967 4,819
Income taxes 308 - -
Other receivables 2,250 6,514 8,464
Prepaid expenses 6,116 7,724 5,526
Receivables 119,725 188,846 187,152
Current asset investments in the trading portfolio 32,778 31,105 31,029
Current asset investments 32,778 31,105 31,029
Cash at bank and in hand 67,670 60,455 106,671
Total current assets 310,912 402,129 427,019
Total assets 488,322 560,519 578,089
Balance Sheet
(non-audited)
Amounts in DKK ‘000 30.06.24 30.06.23 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 8,495 7,749 8,851
Cash flow hedging -64 -50 -293
Retained earnings 99,598 129,527 155,769
Equity 320,807 350,004 377,105
Lease liabilities 50,524 51,630 49,517
Deferred tax liabilities 5,452 4,144 6,154
Provisions 1,389 1,855 1,389
Deferred income 21,935 - -
Other payables - 13,782 724
Non-current liabilities 79,300 71,411 57,784
Lease liabilities 6,381 6,555 6,896
Prepayments received from customers 10,169 16,557 16,113
Trade payables 45,875 68,008 57,599
Contract development projects in progress 3,481 9,329 3,817
Income taxes 162 12,287 17,779
Provisions 2,716 1,613 2,716
Other payables 19,431 24,755 38,280
Current liabilities 88,215 139,104 143,200
Total liabilities 167,515 210,515 200,984
Total equity and liabilities 488,322 560,519 578,089
8
RTX interim report for Q3 and 9M 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 - - - - -40,082 -40,082
Exchange rate adjustments
of foreign subsidiaries - - -356 - - -356
Fair value adjustment relating
to hedging instruments - - - 71 - 71
Tax on hedging instruments - - - -16 - -16
Fair value of hedging instruments
reclassified to the income statement - - - 222 - 222
Tax on hedging instruments reclassified - - - -49 - -49
Other comprehensive income,
net of tax - - -356 229 - -127
Comprehensive income for the period - - -356 229 -40,082 -40,209
Share-based remuneration - - - - 1,264 1,264
Current tax on equity transactions - - - - 171 171
Deferred tax on equity transactions - - - - - -
Acquisition of treasury shares - - - - -17,524 -17,524
Other transactions - - - - -16,089 -16,089
Equity at 30 June 2024 42,339 170,439 8,495 -64 99,598 320,807
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 30 June 2023). The Group holds 455,344 treasury shares at 30 June 2024 (258,528 shares at 30 June
2023). There are no shares carrying special rights.
Amounts in DKK ‘000
Share
capital
Share
premium
Currency
adjust-
ments
Cash flow
hedging
Retained
earnings Total
Equity at 1 October 2022 42,339 170,439 12,140 -1,717 108,439 331,640
Profit/loss for the period - - - - 17,683 17,683
Exchange rate adjustments
of foreign subsidiaries - - -4,391 - - -4,391
Fair value adjustment relating
to hedging instruments - - - 2,644 - 2,644
Tax on hedging instruments - - - -582 - -582
Fair value of hedging instruments
reclassified to the income statement - - - -507 - -507
Tax on hedging instruments reclassified - - - 112 - 112
Other comprehensive income,
net of tax - - -4,391 1,667 - -2,724
Comprehensive income for the period - - -4,391 1,667 17,683 14,959
Share-based remuneration - - - - 3,427 3,427
Current tax on equity transactions - - - - 641 641
Deferred tax on equity transactions - - - - -663 -663
Annulment of treasury shares - - - - - -
Other transactions - - - - 3,405 3,405
Equity at 30 June 2023 42,339 170,439 7,749 -50 129,527 350,004
Equity Statement
(non-audited)
9
RTX interim report for Q3 and 9M 2023/24
Cash Flow Statement
(non-audited)
Amounts in DKK ‘000
Q3
2023/24
Q3
2022/23
9M
2023/24
9M
2022/23
FY
2022/23
Operating profit/loss (EBIT) 157 4,396 -50,631 34,792 67,896
Reversal of items with no effects on cash flow
Depreciation, amortization and impairment 9,238 9,929 30,485 29,345 39,628
Other items with no effects on cash flow -1,456 2,247 3,636 -4,349 -9,903
Change in working capital
Change in inventories 9,783 -7,903 9,838 -18,321 8,243
Change in receivables -4,563 -5,535 67,938 35,180 35,891
Change in trade payables, etc. 12,497 6,945 -37,577 -15,512 -31,410
Cash flow from operating activities 25,656 10,079 23,689 61,135 110,345
Financial income received 676 185 2,732 2,316 2,991
Financial expenses paid 484 -1,940 -4,606 -16,472 -12,944
Income taxes paid -40 -1,600 -17,978 -3,608 -3,400
Cash flow from operations 26,776 6,724 3,837 43,371 96,992
Investments in own development projects -5,740 -3,677 -17,180 -13,037 -15,442
Acquisition of intangible assets - - - - -1,040
Acquisition of property, plant and equipment -746 -4,873 -1,360 -10,622 -10,236
Sale of tangible assets 542 - 542 - 49
Deposits on leaseholds -9 -9 45 78 60
Acquisition / sale of current asset
investments in the trading portofolio, net - 274 -38 177 -97
Cash flow from investments -5,953 -8,285 -17,991 -23,404 -26,706
Amounts in DKK ‘000
Q3
2023/24
Q3
2022/23
9M
2023/24
9M
2022/23
FY
2022/23
Repayment of lease liabilities -2,275 -2,791 -5,644 -6,050 -7,822
Acquisition of treasury shares -5,462 - -17,524 - -
Paid dividend - - - - -
Cash flow from financing activities -7,737 -2,791 -23,168 -6,050 -7,822
Increase/decrease in cash and cash equivalents 13,085 -4,352 -37,323 13,917 62,464
Exchange rate adjustments on cash 29 -244 -1,678 2,813 482
Cash and cash equivalents
at the beginning of the period, net 54,556 65,051 106,671 43,725 43,725
Cash and cash equivalents
at the end of the period, net 67,670 60,455 67,670 60,455 106,671
Cash and cash equivalents at the end of
the period, net are composed as follows:
Cash at bank and in hand 67,670 60,455 67,670 60,455 106,671
Cash and cash equivalents
at the end of the period, net 67,670 60,455 67,670 60,455 106,671
10
RTX interim report for Q3 and 9M 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
Q3
2023/24
Q3
2022/23
9M
2023/24
9M
2022/23
FY
2022/23
Revenue
Enterprise 103,040 107,342 228,438 377,820 527,061
ProAudio 26,476 33,651 91,105 125,005 186,070
Healthcare 12,424 28,892 29,506 54,557 69,646
Group 141,940 169,885 349,049 557,382 782,777
EBITDA
Enterprise 30,481 24,512 50,743 117,755 160,811
ProAudio 11,129 11,757 34,854 44,045 70,469
Healthcare 2,383 20,890 3,465 26,126 29,928
Non-allocated -34,598 -42,834 -109,208 -123,789 -153,684
Group 9,395 14,325 -20,146 64,137 107,524
EBIT
Enterprise 26,303 19,810 35,748 103,596 141,162
ProAudio 9,739 10,194 30,429 39,112 64,466
Healthcare 2,132 20,805 2,698 25,604 29,388
Non-allocated -38,017 -46,413 -119,506 -133,520 -167,120
Group 157 4,396 -50,631 34,792 67,896
11
RTX interim report for Q3 and 9M 2023/24
Notes
3 Segment information (continued)
Amounts in DKK ‘000
Q3
2023/24
Q3
2022/23
9M
2023/24
9M
2022/23
FY
2022/23
Revenue, geographical segments
Denmark 12,231 512 36,862 6,483 12,370
France 23,680 12,536 37,971 89,880 116,908
Germany 15,880 10,864 36,696 66,780 86,215
Other Europe 35,288 30,771 82,185 81,837 98,945
USA 41,518 77,599 83,708 177,057 261,330
Hong Kong 329 14,938 5,835 63,401 93,546
Other Asia and Pacific 12,994 22,661 65,763 68,928 110,413
Other 20 4 29 3,016 3,050
Group 141,940 169,885 349,049 557,382 782,777
Revenue distributed to geographic area according to the geographical location of the customer entity being invoiced.
4 Development costs
Amounts in DKK ‘000
Q3
2023/24
Q3
2022/23
9M
2023/24
9M
2022/23
FY
2022/23
Development cost incurred before capitalization
(1)
17,015 8,401 58,544 26,466 33,177
Value of own work capitalized
(2)
-5,271 -1,766 -15,890 -7,301 -11,789
Total amortization and impairment
on development projects 4,682 6,199 16,639 18,421 24,002
Development costs recognized
in the profit/loss account 16,426 12,834 59,293 37,586 45,390
(1)
Total value of development cost incurred before capitalization of DKK 17.0 million in Q3 2023/24 includes addi-
tional investment in strategic collaboration with a large global Healthcare company regarding a new generation of
wireless infrastructure for patient monitoring solutions for the hospital healthcare sector. The investment relates
to deferred income of DKK 5.2 million which will be recognized as income on a long-term basis.
(2)
Total value of own capitalized of DKK 5.3 million in Q3 2023/24 according to the income statement includes
own tangible assets of DKK 0.0 million (Q3 2022/23: DKK 0.3 million). Total value of own capitalized of DKK
15.9million in 9M 2023/24 according to the income statement includes own tangible assets of DKK 0.0 million
(9M 2022/23: DKK 1.4 million).
12
RTX interim report for Q3 and 9M 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 - -209 - -209
Bonds listed on the stock exchange, in the trading portfolio 32,778 - - 32,778
Financial net assets at fair value at 30 June 2024 32,778 -209 - 32,569
Financial instruments (hedging), asset - 315 - 315
Bonds listed on the stock exchange, in the trading portfolio 31,105 - - 31,105
Financial net assets at fair value at 30 June 2023 31,105 315 - 31,420
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
Q3
2023/24
Q3
2022/23
9M
2023/24
9M
2022/23
FY
2022/23
Exchange rate gains (net) 300 280 - - -
Fair value adjustments of investments
in trading portfolio 112 171 1,711 1,199 849
Gain on hedging instruments (net) 5 - 5 1,056 1,094
Other financial income 906 634 2,727 1,260 1,897
Total financial income 1,323 1,085 4,443 3,515 3,840
Exchange rate losses (net) - - 3,098 13,008 8,673
Financing element, IFRS 16 568 694 1,750 1,830 2,448
Loss on hedging instruments (net) - 449 - - -
Other financial costs 104 425 351 800 1,448
Total financial expenses 672 1,568 5,199 15,638 12,569
13
RTX interim report for Q3 and 9M 2023/24
Management’s Statement
Executive Board
Board of Directors
14
RTX interim report for Q3 and 9M 2023/24
Design and production: Noted
RTX A/S
Stroemmen 6
9400 Noerresundby
Denmark
rtx.dk