Annual Report
2023/24
RTX A/S • Stroemmen 6 • DK-9400 Noerresundby • CVR no. 17 00 21 47
1 October 2023 – 30 September 2024
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 2023/24
→ Our Growth Strategy
→ Global Industry Structure
→ Our Customer Partnerships
→ How we Work
→ Enterprise
→ ProAudio
→ Healthcare
Business
& Strategy
Remuneration
Report
→
Sustainability
Report
→
Introduction
RTX at a Glance 4
2023/24 Highlights 5
Letter from the Chairmanship 6
Financial Highlights for the Group 8
Group and Parent Financial Statements
Income Statement 54
Statement of Comprehensive Income 54
Balance Sheet 30 September 55
Equity Statement for the Group 56
Equity Statement for the Parent 57
Cash Flow Statement 58
Notes 59
Statements
Management’s Statement 99
Independent Auditor’s Report 100
The long-term financial ambitions
of RTX are to realize significant
revenue and earnings growth in
the coming years.
The 2023/24 RTX
reporting suite
Business & Strategy
Our Growth Strategy 10
Global Industry Structure 11
Our Customer Partnerships 12
How we work 13
Enterprise 14
ProAudio 16
Healthcare 18
→ Page 33
Sustainability
Our Sustainability Focus 21
Performance
2023/24 Performance 26
Quarterly Financial Highlights 30
Outlook & Ambitions
Outlook 2024/25 32
Governance
Corporate Governance 35
Risk Management 39
Capital Structure and Allocation 46
The RTX Share 48
Board of Directors and Executive Board 50
→ 2023/24 Performance
→ Quarterly financial Highlights
Performance
Corporate
Governance
Report
→
2023/2024
Performance
→ Page 26
Business &
Strategy
→ Page 9
Financial StatementsManagement Review
Contents
3
RTX Annual Report 2023/24
RTX at
a Glance
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.
In the world of commercial wireless audio solutions,
good business depends on transmitting and receiving
high-quality sound reliably so that those listening can
hear clearly and comfortably.
47
DKK million
in revenue
9%
of share
group
120
DKK million
in revenue
24%
of share
group
Focusing on making sure all the component systems
integrate seamlessly and reliably, we design, develop
and manufacture wireless IP telephony products and
sub-systems.
331
DKK million
in revenue
67%
of share
group
Enterprise
ProAudio Healthcare
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.
MÅ IKKE SLETTET
Introduction
4
RTX Annual Report 2023/24 Introduction
2023/24 Highlights
LY 2.2
Energy
consumption
MWh
1,428
LY 1,410
Sustainability highlights
Board gender
diversity
Members elected
by AGM (end year)
17%
LY 20%
Female
Scope 1 & 2
emissions
CO
2
e tons (location-based)
290
LY 316
Employee
absence
%
2.3
Revenue
DKKm
498
LY 783
EBITDA
DKKm
3 LY 108
Gross margin
%
46.7
EBIT
DKKm
-34 LY 68
LY 45.8
Financial highlights
5
RTX Annual Report 2023/24 Introduction
Peter Thostrup
Chair
Henrik Schimmell
Deputy Chair
Letter from the Chairmanship
Temporary slowdown but
unchanged potential for RTX
At the beginning of the year, we anticipated that demand in 2023/24
would not reach the record level of 2022/23, which was a year positively
influenced by market recovery after a period of supply chain constraints and
shortages of key components. As the year progressed, it became evident
that customers in both our Enterprise and ProAudio segments continued to
hold high levels of inventory, resulting in lower than expected demand for
our products and services. Consequently, we adjusted our full-year financial
guidance in June 2024.
We ended the fiscal year 2023/24 with a revenue of
DKK 498 million, EBITDA of DKK 3 million and EBIT of
DKK -34 million. Both revenue and earnings were within
the ranges of our adjusted guidance. Although a lower
revenue in 2023/24 was expected, we are disappoint-
ed by the weak pick-up in demand in the second half of
the fiscal year. However, we are reassured that this is
not due to a loss of market share, but rather a result of
changing market dynamics throughout the value chain,
right down to the end-users. It is also encouraging that
our customer base continues to grow and become more
diverse.
Our products and solutions continue to set industry
standard with consistently positive feedback from
customers and partners. This is further supported by
important commercial achievements during the year.
In our Enterprise segment, we saw growth in solutions
for the retail market, partly stemming from the launch
of a new product range targeting the retail market by
one customer. In the latter part of the year, we also saw
encouraging re-order patterns from a long-standing
European customer. In ProAudio, we expanded our
partnership network with a North American distribu-
tor, focusing on enabling professional audio solutions
through the sale of audio modules. The modular
approach offers customers cost-effective and short
time to market, while providing RTX with scalability.
In Healthcare, we reached a significant milestone by
signing a strategic collaboration agreement with a
major global healthcare company to develop and launch
a new generation of wireless infrastructure solutions
for hospitals. Significant progress, including successful
field tests at a large US hospital chain, has been made
on this important agreement, supporting our long-term
ambitions in the Healthcare segment.
Looking ahead
The return to what we initially saw as more ‘normal’
market dynamics did not occur, and short-term we are
still impacted by high stock levels at our customers.
The industry as a whole is facing significant short-term
6
RTX Annual Report 2023/24 Introduction
uncertainty, compounded by macro-economic and
geopolitical factors, which has resulted in an un-
precedented lack of visibility for both RTX and our
customers. This lack of visibility is reflected in our
financial outlook for 2024/25 where we expect
revenue in the range of DKK 490-520 million with
an EBITDA of DKK 0-20 million and an EBIT of
DKK -35 to -15 million.
The long-term potential of RTX remains un-
changed, as does our strategic direction. We
continue to leverage our wireless expertise to drive
revenue as an ODM/OEM supplier under long-
term framework agreements with customers in the
B2B Enterprise, ProAudio, and Healthcare seg-
ments, while advancing our strategic shift towards
a more scalable product- and solution-based
business model.
Our long-term ambition of reaching total revenue
of DKK 1 billion and an EBITDA margin above 16%
through growth in all three business segments
remains intact. However, we must recognize that
achieving these milestones in 2025/26, which
was the original aspiration, is no longer realis-
tic. The current uncertainty and lack of visibility
prevents us from setting a new specific year for
achieving the ambition at this stage.
Sustainability
At RTX, we understand that our impact on people, the
environment, and communities extends beyond our
wireless solutions. Acting responsibly means working
to minimize any potential harm from our operations.
Since adopting the UN Global Compact in 2014, we
have committed to its principles on human rights, labor,
the environment, and anti-corruption. In 2023/24,
we continued to strengthen our sustainability insight
and knowledge, focusing on products and people. We
have made a Double Materiality Assessment in order to
understand key sustainability issues for RTX first, and
secondly prepare a good foundation for CSRD reporting
requirement. Products remain our largest area of envi-
ronmental impact, while our employees and partners
are key to shaping and driving these initiatives forward.
Management
In May 2024, CEO Peter Røpke announced his resigna-
tion, effective 30th November 2024. Peter has made
significant contributions to the development of RTX
since joining in 2016, and we wish him all the best in his
future endeavors.
As announced in November, Henrik Mørck Mogensen
has been appointed as new CEO, joining the com-
pany no later than 1st of March 2024. Henrik Mørck
Mogensen brings a strong technical background
combined with a considerable commercial and strategic
experience. Until Henrik Mørck Mogensen starts, the
Executive Management Team consisting of Mille Tram
Lux, Jens Christian Lindof, Peter Christensen, Peter
Sustainability
Report
→
Read more about our
sustainability focus
areas and actions in our
Sustainability report.
Jeggesen and Hans Henrik Petersen with the support
from the Board of Directors will cover the CEO respon-
sibilities.
The Board is confident that RTX’s scalable business
model, which generates revenue from long-term
framework agreements with globally recognized B2B
customers, will ensure long-term profitable growth. We
also recognize that people are RTX’s most important
asset. Therefore, we would like to sincerely thank all
our employees for their efforts and dedication, and for
adapting to the challenges and changes we have faced
during the year. We also thank our customers, share-
holders and other stakeholders for their continued trust
and support.
Peter Thostrup Henrik Schimmell
Chair of the Board Deputy Chair
7
RTX Annual Report 2023/24 Introduction
Financial Highlights for the Group
Amounts in DKK million 2023/24 2022/23 2021/22 2020/21 2019/20
Key ratios (percentage)
Growth in net turnover -36.3 18.0 45.1 -17.8 -0.8
Gross margin 46.7 45.8 46.6 52.3 55.6
Profit margin -6.8 8.7 6.9 1.3 15.0
Return on invested capital -5.1 28.7 25.6 10.7 54.1
Return on equity -8.8 13.2 10.9 1.1 18.1
Equity ratio 65.8 65.2 59.6 59.5 66.0
Employment
Average number of full-time employees
(1)
291 299 282 286 292
Average number of FTE employed directly
(1)
256 267 249 257 264
Revenue per employee (DKK '000) 1,713 2,618 2,352 1,598 1,904
Operating profit per employee (DKK '000) -117 227 162 21 286
Shares (number of shares in thousands)
Average number of shares in distribution 8,084 8,200 8,169 8,243 8,376
Average number of diluted shares 8,056 8,195 8,198 8,302 8,503
Share data (DKK per share at DKK 5)
Profit/loss for the year (EPS), per share -3.8 5.7 4.2 0.4 7.5
Profit/loss for the year, diluted (DEPS), per share -3.8 5.7 4.1 0.4 7.4
Dividends, per share - - - - 2.5
Equity value, per share 40.5 45.9 40.5 35.4 42.2
Listed price, per share 82.6 83.6 115.0 165.0 216.0
(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.
(2)These represent internal development costs. The investment of DKK 21.9 million in intellectual property 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, is not included in
these figures. For more information see note 2.5 and 3.1
Note: The Group's financial year runs from 1 October to 30 September. The calculation of the financial highlights is described on page 97.
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 2023/24 2022/23 2021/22 2020/21 2019/20
Income statement items
Revenue 498.3 782.8 663.3 457.2 555.9
Gross Profit 232.9 358.4 309.3 239.1 309.3
EBITDA 3.1 107.5 85.4 37.3 108.2
EBITDA % 0.6% 13.7% 12.9% 8.2% 19.5%
Operating profit/loss (EBIT) -34.1 67.9 45.6 6.1 83.6
Net financials -4.2 -8.7 -3.4 -6.6 -3.4
Profit/loss before tax -38.3 59.2 42.3 -0.6 80.2
Profit/loss for the year -30.7 46.7 33.9 3.6 63.1
Balance sheet items
Net liquidity position
(1)
107.7 137.7 73.8 120.4 194.8
Total inventory 78.3 102.2 102.5 32.4 15.2
Total assets 491.3 578.1 556.8 485.3 533.6
Equity 323.4 377.1 331.6 288.5 352.2
Liabilities 167.8 201.0 225.2 196.8 181.4
Other key figures
Total development cost incurred
(2)
65.5 33.2 30.6 42.3 43.8
Capitalized own development cost
(2)
19.9 13.5 15.8 24.9 28.7
Depreciation, amortization and impairment 37.2 39.6 39.7 31.3 24.6
Cash flow from operations 21.5 97.0 -0.0 44.5 70.6
Cash flow from investments -22.5 -26.7 30.5 9.7 -37.1
Investment in property, plant and equipment 1.4 10.2 11.4 18.6 7.9
Increase/decrease in cash and cash equivalents -28.3 62.5 24.9 -22.4 -33.7
(1) Equals total of cash and current asset investments.
8
RTX Annual Report 2023/24 Introduction
Reaping economies of scale from product sales
under long-term framework agreements
Our Growth Strategy
Investing into products, platforms and technologies
Building scalable processes and capabilities
Optimizing partner network
We deploy our wireless capabilities across multiple attractive B2B
markets in an ODM/OEM model to secure profitable growth via
increased revenue and scalability.
RTX continues to target long-term profitable growth by deploying our wireless capabilities
across B2B markets in an ODM/OEM model, focusing on increasing revenue and scalability.
We do this via long-term framework agreements with global B2B customers in three attractive
market segments: Enterprise, ProAudio, and Healthcare.
We will continue to invest in product- and platform development, both with customers and
through RTX funded strategic initiatives. Our focus is product- and system solutions with long
lifecycles, which help maximize value of existing long-term framework agreements and secure
new ones. Scaling existing agreements will be a key growth driver.
Our uniform business model and go-to-market approach will help us achieve economies of scale
via robust, scalable processes and continuously upgrading of our technological capabilities.
We will also continue to optimize our supplier network and strengthen the value chain to sup-
port growth.
Expand leadership
position
Utilize unique
position
Strengthen
position
Enterprise Healthcare
ProAudio
10
RTX Annual Report 2023/24 Business & 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 global industry structure, RTX’s primary role,
as an ODM/OEM, is development
In the evolving technology landscape, companies contribute across differ-
ent layers based on their role.
As an ODM/OEM, RTX primarily focuses on development, working closely
with customers and EMS partners.
While our core role is in development, we also engage in manufacturing
and brand-related activities, offering product customization, technology
integration, and full lifecycle management.
As a pure-play solutions provider, we don’t market directly to end-users. In-
stead, we focus on being a long-term ODM/OEM partner, tying our success
to that of our customers by developing unique products and solutions that
help them succeed in their markets.
11
RTX Annual Report 2023/24 Business & Strategy
Our mission is to help our customers make a difference in their
markets. Therefore, understanding the needs of our customers is
at the very core of our approach to customer partnerships.
RTX’s wireless solutions enable B2B customers to market reliable, secure, and scalable sys-
tems 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 solutions provide modular, scalable communication systems with reliable
wireless connectivity and tailored features for businesses of all sizes. Our ProAudio solutions
support multiple device connections and ensure clear, low-latency audio even in dynamic
environments. Our Healthcare solutions support real-time patient monitoring with secure data
handling, enhancing care quality.
Our vast wireless expertise and end-to-end solutions set us apart from the competition and
enable us to deliver customized products and solutions with agility and high quality.
We help technology brands make a difference in the market by optimizing wireless technology
in their product portfolios.
Our Customer Partnerships
12
RTX Annual Report 2023/24 Business & Strategy
67%
Enterprise
Our business
In RTX Enterprise, we help our B2B customers, primarily
large global companies, deliver advanced wireless com-
munication solutions for their customers.
The solutions are used in different environments, such
as retail, healthcare, warehouses, offices, call centers,
public buildings, and more demanding commercial
and industrial settings, where equipment certified as
explosion- or waterproof is required. We ensure seamless
integration and reliability across all system components.
Our expertise spans the design, development, and
manufacturing of wireless IP telephony products and
subsystems, including headsets, handsets, base stations,
repeaters, location beacons, and advanced cloud-based
deployment and device management tools.
With deep technical expertise and specialized services,
we help our customers secure contracts with innovative
wireless communication solutions. These solutions are
modular and scalable to evolving needs and are known
for their reliability and high audio quality. Solutions
include location detection, unique safety and alarm
features, 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 for a distributed
workforce. This shift drives demand for new endpoints,
particularly handsets and headsets, replacing tradi-
tional corded desktop phones. There is also an ongoing
consolidation in handset manufacturing which RTX
continues to drive and benefit from. This consolidation
is driven by increased outsourcing of handset develop-
ment and production, especially for pure-play ODM/
OEM providers like RTX.
According to Frost & Sullivan, the global professional
market for wireless handsets is estimated at USD 850
million or 4 million units annually, with DECT technolo-
gy comprising over 3 million units. The global wireless
professional headsets market is estimated at over USD
1 billion or 8 million headsets annually.
Share of Group
revenue 2023/24
Enterprise
14 Business & Strategy
RTX Annual Report 2023/24
2023/242019/20 2020/21 2021/22 2022/23
527
331
382
308
493
0
100
200
300
400
500
600
RTX also gained new SME customers and ad-
vanced our self-financed product lines and our
cloud-based deployment and device management
tools.
Enterprise growth strategy
RTX aims to expand its leadership position in Enter-
prise products and solutions by continuing to drive
market consolidation and gain market share.
Our pure-play ODM/OEM model ensures that
customers will not face channel conflicts with
RTX-branded products and solutions. This enables
us to benefit from customer outsourcing and en-
sures revenue through long-term framework agree-
ments with large global clients. Focusing on system
integration as a competitive advantage, supported
by cloud-based deployment and management
tools, we enhance customer solutions and increase
RTX’s share of the wallet.
A key growth driver will be the continued scaling of
partnerships tied to major Enterprise agreements.
2023/24 highlights
In 2023/24, revenue was impacted by high cus-
tomer stock levels and shorter order lead times
(from 18 to 3 months) as markets normalized after
three volatile years with COVID-related produc-
tion restrictions and component shortages. As
customers reduced inventories, RTX experienced
lower order intake and revenue. However, some
customers have resumed ordering, and long-term
confidence in our product range remains strong,
with no discontinued products and ongoing demand
for new features.
5-year Enterprise revenue
DKK million
As organizations grow and diversify,
managing wireless headsets across
different teams and environments
becomes increasingly complex. From
call centres to remote workers, ...
→ Read more at rtx.dk
Simplifying Wireless Headset
Management - Policy Controls
with RTX Cloud Services
EX (ATEX) technology plays a crucial
role in modern industrial environments
ensuring worker safety without
compromising the need for advanced
communication solutions ...
→ Read more at rtx.dk
Securing industrial
communications with RTX EX
(ATEX) solutions
Insights
EnterpriseEnterprise
15
RTX Annual Report 2023/24 Business & Strategy
ProAudio
Our business
In RTX ProAudio, we help B2B customers design,
develop, and manufacture wireless audio solutions,
from modules and circuit boards to full ODM products,
all powered by RTX software. Examples of solutions in-
clude microphone and instrument connectivity, wireless
gaming headsets and peripherals, conference systems,
content creation solutions, intercom systems for res-
taurants, construction sites, or more complex systems
for TV productions and large sporting events, etc.
RTX-patented methods help customers cope with
harsh environments and achieve optimal sound quality
through resilient wireless connectivity, low latency, high
capacity, and distortion-free audio. With our proven
platforms, Sheerlink™ and TeamEngage™, we enable
faster, hassle-free, cost-effective development and
delivery of professional-grade audio solutions. RTX
simplifies the creation of high-quality wireless audio
devices for our customers.
Market trends
The professional audio solutions market is fragmented
and expanding, with new applications emerging and
existing ones shifting to digital wireless, driven by the
demand for mobility and wireless connectivity. Our
platform-driven approach allows us to cover this mar-
ket effectively with a few select, well-defined hardware
modules and software assets. Our platforms align well
with key industry trends, including the need for higher
capacity, automatic configuration, and ease of use.
Wireless solutions are a significant and growing part
of professional audio applications. Arizton Advisory
& Intelligence estimates global sales of professional
wireless microphones at over 2 million units annually.
There is additional growth opportunity from wireless
instruments and DJ products, and within the global
intercom market, valued at USD 6 billion, more than
50% is wireless.
2023/24 highlights
In 2023/24, revenue from full products was impacted
by high customer stock levels and shorter order lead
times (from 18 to 3 months) as markets normalized
after three volatile years with COVID-related disrup-
tions and component shortages. As customers reduced
inventories, RTX experienced lower order intake and
revenue. However, we continued expanding our module
business by onboarding several new customers and
ramping up existing customers. To support future
Share of Group
revenue 2023/24
ProAudio
24%
16 Business & Strategy
RTX Annual Report 2023/24
186
120
128
103
114
0
50
100
150
200
2023/242019/20 2020/21 2021/22 2022/23
Insights
growth, we enhanced our Sheerlink™ and TeamEn-
gage™ platforms with new features and expanded
our partnership network with a North American
distributor.
ProAudio growth strategy
In ProAudio, we want to lead the transition to
digital wireless in professional audio markets and
generate revenue from our unique technology. We
achieve this by refining and productizing our tech-
nology into flexible platforms like Sheerlink™ and
TeamEngage™, supported by RTX modules and
select custom ODM/OEM products. This modular
approach offers customers a short time to market
and cost-effective entry while providing RTX
with scalability and revenue through framework
agreements.
A key growth driver will be the continued market
expansion with our Sheerlink™ and TeamEngage™
platforms and modules.
5-year ProAudio revenue
DKK million
Sheerlink™ by RTX sets a standard for
wireless performance, empowering
artists and audio professionals to create
greater experiences through its robust
radio technology, high-quality audio, and
low latency ...
→ Read more at rtx.dk
Enhance work efficiency and save time
by letting the wireless communication
setup adapt to the location and role of
team members ...
→ Read more at rtx.dk
Elevating Wireless Performance
with RTX Sheerlink™
Improving Teamwork
Efficiency
ProAudio ProAudio
17
RTX Annual Report 2023/24 Business & Strategy
Healthcare
Our business
In RTX Healthcare, we help B2B customers integrate
wireless technology into critical patient care solutions.
Our wireless technology enables seamless and reliable
patient monitoring infrastructure and devices.
Through collaboration with our customers, the RTX
technology platform offers plug-and-play infrastructure
access points, repeaters, and modules that can be em-
bedded in customers’ solutions, including patient-worn
devices and near-patient monitors. RTX’s wireless
solutions are designed, manufactured, and delivered as
standards-compliant modules, allowing for quick and
easy integration. This helps our customers develop and
market commercially and technically attractive health-
care solutions faster.
Market trends
In healthcare, it is essential to monitor patient’s vitals
closely and be alerted to any change in their condition.
Accurate and timely data leads to improved patient
outcomes and more efficient use of healthcare resourc-
es. Wireless technology plays a key role in transferring
patient critical data from an increasing number of
devices and sensors directly to a centralized monitoring
station while allowing for patient mobility and inde-
pendence.
IHS Markit estimates the continuous patient monitor-
ing market at 1.8 million units, valued at over USD 4
billion. This market includes centralized systems for
critical care and decentralized systems for post-acute,
ambulatory, home, or small and field hospital settings,
with both segments expected to grow. While Health-
care is relatively recession-proof, it is also a conserva-
tive market where products often have long lifecycles.
This makes new product introductions slow, but they
provide stable revenue streams once established.
2023/24 highlights
In November 2023, we reached a significant milestone:
RTX signed a strategic collaboration agreement with a
major global healthcare company to develop and launch
a new generation of wireless infrastructure solutions
for hospitals. Our focus has been on developing the
product portfolio and preparing for this transition. This
agreement is expected to boost revenue and gross mar-
gin in the Healthcare segment over the coming years.
Share of Group
revenue 2023/24
Healthcare
9%
18 Business & Strategy
RTX Annual Report 2023/24
70
47
46
47
56
0
10
20
30
40
50
60
70
80
2023/242019/20 2020/21 2021/22 2022/23
Healthcare growth strategy
RTX aims to grow our Healthcare business in wire-
less solutions for continuous patient monitoring by
broadening and deepening our offerings.
This strategy focuses on three interrelated dimen-
sions:
• Continue growing our existing centralized con-
tinuous patient monitoring business, including
increased share-of-wallet with our long-term
blue-chip healthcare customer.
• Expanding our value chain share via a broad-
ened portfolio and increased production of
sub-assemblies and infrastructure.
• Expansion into decentralized continuous pa-
tient monitoring.
A key growth driver will be the continued execu-
tion of strategic collaboration agreements with
major global healthcare company.
5-year Healthcare revenue
DKK million
Insights
RTX help B2B customers in the healthcare sector by integrating wireless
technology into critical patient care solutions. Our wireless technology enables
seamless and reliable patient monitoring infrastructure and devices ...
→ Read more at rtx.dk
Wireless Patient Monitoring
Healthcare
Healthcare
19
RTX Annual Report 2023/24 Business & Strategy
Sustainability
Report
21
RTX Annual Report 2023/24 Sustainability
Financial materiality Double materiality
Impact materiality
Climate change mitigation
and energy use
E1-a
Resource use,
circularity, and waste
E5
Employee engagement,
development, and DEI
S1-a
Climate change
adaptation
E1-b
Microplastics
polution
E2-b
Substances of
concern
E2-a
Pollution of air,
water, and soil
E2-c
Impact on local
communities
S3
Social inclusion of
consumers
S4-b
Social topics
Employee health
and well-being
S1-b
Health and safety
of consumers
S4-a
Business conduct, incl.
corruption and brief
G1-a
Governance topics
Political influence
and lobbying
G1-b
Data privacy and
cybersecurity
CS
Responsible supply
chain management
S2
Water
management
E3
Biodiversity and
ecosystems
E4
Environment topics
Double Materiality matrix for RTX Group
22
RTX Annual Report 2023/24 Sustainability
>30%
reduction of the
product weight.
>80%
reduction in the volume
of the product package
transported.
Insights
RTX
Focus on increased
environmental friendli-
ness of products together
with our customers
Read other RTX insights
and stories
23
RTX Annual Report 2023/24 Sustainability
ESG Reporting Table
KPI Unit 2023/24 2022/23 2021/22 2020/21 Target
Environment data
Energy consumption (absolute) MWh 1,428 1,410 1,431 1,430
Targets for energy consumption and carbon
emissions to be determined following
completion of already ongoing scope 3
assessment.
Energy consumption (relative) MWh/average FTE 4.9 4.7 5.1 5.0
Scope 1 carbon emissions (absolute) CO₂e tons 22 23 27 23
Scope 2 carbon emissions (location-based, absolute) CO₂e tons 268 293 302 301
Scope 2 carbon emissions (market-based, absolute) CO₂e tons 469 434 433 425
Scope 1 and 2 carbon emissions (relative) CO₂e tons/average FTE 1.0 1.1 1.2 1.1
Social data
Full-time workforce average FTE 291 299 282 286 NA
Employee absence ratio % 2.3 2.2 2.5 1.1 2.5% or below
Employee turnover ratio % 15.0 8.5 13.7 13.6 NA
Women as share of all employees % 19 18 20 17 NA
Persons in other management levels no 25 24 24 24 NA
Women as share of other management levels % 28% 25% 25% 25% 25% or above by 2027
Governance data
Whistleblower reports no 0 0 0 0 0
Members of the Board of Directors (elected by AGM) no 6 5 6 5 4-6 members
Women as share of the Board of Directors (elected by AGM) % 17% 20% 33% 0 40% or above by 2026
Attendance at ordinary board meetings % 98 97 98 98 100%
Attendance at extraordinary board meetings % 98 83 88 100 100%
24
RTX Annual Report 2023/24 Sustainability
2023/242019/20 2020/21 2021/22 2022/23
0
100
200
300
400
500
600
700
800
70
75
80
85
90
95
100
2023/242019/20 2020/21 2021/22 2022/23
2023/24
Performance
2023/24 was characterized by a lower demand than expected, particularly
in the Enterprise and ProAudio sectors, due to high customer inventory levels
and a shift back to shorter ordering cycles. To bridge this temporary period
with lower demand, while customers reduce their inventory levels, RTX has
taken steps to reduce capacity costs. At the same time, we are carefully
balancing cost management with strategic efforts to drive future revenue and
diversify our customer portfolio.
Revenue by segment
DKK million
Healthcare ProAudio Enterprise
Revenue from product sales & royalty
% of total revenue
Share of revenue from product sales and royalty
Revenue 2023/24
Enterprise (DKK)
331 million
ProAudio (DKK)
120 million
Healthcare (DKK)
47 million
Revenue
At the beginning of the year, we anticipated that
demand in 2023/24 would not reach the record level
of 2022/23, a year positively influenced by market
recovery after a period of supply chain constraints and
shortages of key components. As the year progressed,
it became evident that customers in both our Enterprise
and ProAudio segments continued to hold high levels of
inventory, resulting in lower than expected demand for
our products and services. Consequently, we adjusted
our full-year financial guidance in June 2024.
We ended the fiscal year 2023/24 with a revenue of
DKK 498 million. Although a lower revenue in 2023/24
was expected, we are disappointed by the weak pick-
up in demand in the second half of the fiscal year.
The average exchange rate realized on US dollar
was lower than expected for the year, particularly
in the last quarter. However, compared to last years
currency rate, there is no significant impact when
comparing year on year.
RTX revenue in the Enterprise segment amounted
to DKK 331 million, a decrease of DKK 196 million
compared to 2022/23. Revenue from some of our
large key customers was significantly lower than
expected, in part driven by high customer invento-
ry levels combined with a return to shorter order
horizons. We have also seen significant growth with
new customers in the retail segment, but it does not
26
RTX Annual Report 2023/24 Performance
0
50
100
150
200
250
300
350
2023/242019/20 2020/21 2021/22 2022/23
0
50
100
150
200
250
300
350
0
10
20
30
40
50
60
2023/242019/20 2020/21 2021/22 2022/23
compensate for the lower demand from our large long-
term enterprise customers. Some of these large key
customers have also resumed ordering, and long-term
confidence in our product range remains strong, with
no discontinued products and ongoing demand for new
features.
In the ProAudio segment, RTX realized revenue of DKK
120 million, a decrease of DKK 66 million compared to
2022/23. The significant reduction is a reflection of
our two full product customers experiencing lower
than anticipated demand, combined with our strategic
efforts to increase sales focus on ProAudio modules.
Healthcare revenue reached DKK 47 million com-
pared to DKK 70 million in 2022/23, a decrease of
DKK 23 million. This is a result of two main factors: In
2022/23, revenue included DKK 20 million in income
EBITDA 2023/24
(DKK)
3 million
Capacity costs
Capacity costs (staff costs and other external expens-
es) amounted to DKK 250 million in 2023/24, a de-
crease from DKK 264 million in 2022/23. The variance
arising primarily from cost cautiousness.
The average number of employees was 291 in 2023/24,
compared to 299 in 2022/23. By 30 September 2024,
187 were employed in Denmark (September 2023:
198) and 98 were employed internationally (September
2023: 100). Employee bonus will not be granted in
2023/24 as financial performance did not reach the
target.
External costs decreased in 2023/24, as a result of
cost cautiousness across the company.
for development projects on the new, next generation,
product portfolio. Also, we are currently in a transition
phase towards next generation products, and conse-
quently we see the effect in lower product sales ahead
of the transition period.
Gross profit
The gross profit of RTX is impacted by the revenue
level and reached DKK 233 million (2022/23: DKK
358 million).
The gross margin in 2023/24 was 46.7% compared to
45.8% in the previous financial year. The gross margin
is positively impacted by the product mix combined
with dedicated efforts to improve gross margin on key
products. The gross margin is negatively impacted by the
lower total revenue compared to last year.
Gross profit
DKK million (%)
Gross Profit
Gross margin (%)
Employees
FTEs
Average FTEs (no.)
Financial outlook & results 2023/24
DKK million
Realized
Outlook
Jun
Outlook
Nov
Revenue 498 500-510 580-630
EBITDA 3 0-10 45-60
EBIT -34 -40 to -30 5-20
27
RTX Annual Report 2023/24 Performance
0
20
40
60
80
100
120
2023/242019/20 2020/21 2021/22 2022/23
0
3
6
9
12
15
18
-40
-20
0
20
40
60
80
100
2023/242019/20 2020/21 2021/22 2022/23
-8
-4
0
4
8
12
16
20
-4
-2
0
2
4
6
8
2023/242019/20 2020/21 2021/22 2022/23
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
Capitalized development projects,
depreciation, and amortization
During 2023/24, RTX has continued to invest
in the development of product platforms and
solutions for the various segments – including,
ProAudio platforms and associated modules and
product development and integration of the next
generation for the Healthcare segment. Own devel-
opment costs of DKK 20 million were capitalized in
2023/24 compared to DKK 14 million in 2022/23.
The level of R&D costs reflects RTX’s strategy to
extend the product portfolio to meet customer
requirements. In line with this strategy, depreciation,
amortization, and impairment, was, as expected,
DKK 37 million in 2023/24.
Operating profits – EBITDA and EBIT
RTX earnings were significantly impacted by the
lower revenue. RTX’s business model is based on
product sales and scalability in volumes, so when
volumes do not materialize, profitability is impacted
significantly. EBITDA for 2023/24 reached DKK
3 million (2022/23: DKK 108 million), whereas
EBIT reached DKK -34 million (2022/23: DKK 68
million). Despite challenging market conditions for
all parties, management considers this result as
unsatisfactory.
28 RTX Annual Report 2023/24 Performance
0
20
40
60
80
100
120
2023/242019/20 2020/21 2021/22 2022/23
-15
0
15
30
45
60
2023/242019/20 2020/21 2021/22 2022/23
0
50
100
150
200
250
300
350
400
2023/242019/20 2020/21 2021/22 2022/23
Equity
DKK million
Return on invested capital (ROIC)
%
Return on invested capital (ROIC)
Cash flow from operations (CFFO)
DKK million
normalized and components in stock were used for
finished products, reaching DKK 78 million by the end
of the year. Receivables fell due to the lower activ-
ity level and payables were impacted by inventory
reductions and changes in provision for income tax.
The negative earnings in the period had an impact of
DKK -34 million. Cash was invested into future growth,
via investments in capitalized development projects
and fixed assets for a total amount of DKK 23 million
(2022/23: DKK 27 million).
Assets, equity, and liabilities
The total assets of RTX amounted to DKK 491 million
at the end of 2023/24 (2022/23: DKK 578 million).
The main changes are seen on inventory, receivables,
and cash, which have all been reduced compared to last
year. The Group’s total net liquidity position (total cash
funds plus current securities less bank debt) decreased
to DKK 108 million at the end of 2023/24 (2022/23:
Financial items, tax, net profit, and EPS
Net financials amounted to an expense of DKK 4
million in 2023/24 compared to an expense of DKK
9 million in 2022/23. The net expense was primarily
caused by the USD/DKK exchange rate variance.
Given the net financials and taxes recognized, net profit
after tax amounted to DKK -31 million (2022/23: DKK
47 million). Earnings per Share (EPS) were DKK -3.8 in
2023/24 compared to DKK 5.7 last year.
Cash Flow
Cash flow from operations (CFFO) in 2023/24 was
impacted by a decrease in working capital, share buy
back program of DKK 20 million, and negative earnings
for the year.
Inventory increased during the first quarter in 2023/24
and hereafter decreased, as the supply situation
DKK 138 million), positively impacted by the reduced
working capital and negatively impacted by earnings.
At the end of 2023/24, total equity was DKK 323
million (2022/23: DKK 377 million) corresponding to
an equity ratio of 65.8% (2022/23: 65.2%). RTX thus
continues to have a strong balance sheet and a suffi-
cient cash position. Trade payables are on par with last
year, whereas other payables are reduced, primarily due
to tax provision. Furthermore, liabilities are impacted by
deferred revenue on healthcare investment.
Parent company
The comments above relate 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.
29
RTX Annual Report 2023/24 Performance
Quarterly Financial Highlights
Q4 2023/24 – fourth quarter meeting expectations
RTX revenue for the fourth quarter of the financial year reached DKK 149 million
and was thus the best performing quarter of the year. A lower exchange rate on the
USD, impacted revenue for Q4 negatively by DKK 3 million, compared to last years
exchange rate. Revenue of Q4 reflects an improvement compared to Q3, however
still significantly below Q4 2022/23, which had a record high revenue of DKK 225
million.
Revenue in the quarter is impacted by lower than expected demand, due to high
inventory levels with our customers in both Enterprise and ProAudio. Healthcare
revenue is impacted by the transition from existing to new products, integration of
purchased development and change in business model, as a consequence of the
agreement signed in November 2023 with a large Healthcare provider.
The gross margin in Q4 2023/24 amounted to 51.3% compared to 44.9% in Q4
last year. The mix between segments impacts gross margin as well as the product
portfolio which renders higher gross margin in all three segments in Q4 2023/24,
compared to last year.
Capacity costs in Q4 amounted to DKK 57.1 million compared to DKK 62.7 million
in Q4 2022/23 mainly related to lower staff related costs.
EBITDA for the quarter reached DKK 23.3 million in Q4 2023/24 (Q4 2022/23:
DKK 43.4 million). EBIT amounted to DKK 16.5 million in Q4 (Q4 2022/23 DKK
33.1 million).
2023/24 2022/23
Amounts in DKK million Q1 Q2 Q3 Q4 Full year Q1 Q2 Q3 Q4 Full year
Income statement items
Revenue 81.9 125.2 141.9 149.3 498.3 207.5 180.0 169.9 225.4 782.8
Gross Profit 31.9 57.1 67.7 76.2 232.9 101.5 74.2 81.9 100.8 358.4
Gross Margin 38.9% 45.6% 47.7% 51.0% 46.7% 48.9% 41.1% 48.2% 44.7% 45.8%
EBITDA -30.5 0.9 9.4 23.3 3.1 42.0 7.8 14.3 43.4 107.5
EBITDA % 0.4% 0.0% 6.6% 15.6% 0.6% 20.2% 4.3% 8.4% 19.3% 13.7%
Operating profit/loss (EBIT) -41.2 -9.6 0.2 16.5 -34.1 32.3 -1.9 4.4 33.1 67.9
Net financials -3.2 1.8 0.7 -3.5 -4.2 -9.8 -1.8 -0.5 3.4 -8.7
Profit/loss before tax -44.4 -7.8 0.8 13.1 -38.3 22.5 -3.7 3.9 36,5 59.2
Profit/loss for the year -34.6 -6.1 0.6 9.4 -30.7 17.5 -2.9 3.1 29.0 46.7
Segment information
Enterprise revenue 44.5 80.9 103.0 103.0 331.4 154.8 115.7 107.3 149.3 527.1
ProAudio revenue 23.8 40.8 27 28.7 120.3 38.6 52.8 33.7 60.9 186.0
Healthcare revenue 13.5 3.5 12 17.7 46.7 14.1 11.5 28.9 15.2 69.7
Balance sheet items
Cash and current
asset investments 115.5 87.2 100.4 107.7 107.7 91.5 96.3 91.6 137.7 137.7
Total Inventory 107.7 99.8 90.7 78.3 78.3 117.6 112.7 121.7 102.2 102.2
Total assets 470.0 467.1 488.3 491.3 491.3 556.8 547.0 560.5 578.1 578.1
Equity 338.8 325.6 320.8 323.4 323.4 349.2 346.5 350.0 377.1 377.1
Liabilities 131.2 141.5 167.5 167.9 167.9 207.6 200.5 210.5 201.0 201.0
Cash flow items
Cash flow from operations -18.6 -4.3 26.8 17.6 21.5 22.1 14.5 6.7 53.7 97.0
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 45,236 99,804 53,376 32,418 230,834 0.0 0.0 0.0 0.0 0.0
30
RTX Annual Report 2023/24 Performance
Outlook 2024/25
The anticipated return to “normal” market dynamics did not materialize, and
high customer stock levels continue to impact RTX in the short term. The
industry faces uncertainty due to macroeconomic and geopolitical factors,
resulting in a lack of visibility for RTX and our customers. This uncertainty is
reflected in our 2024/25 financial outlook, with expected revenue of DKK 490
to 520 million, EBITDA of DKK 0 to 20 million
Revenue outlook
The order horizon and industry uncertainty impact
the revenue outlook, where RTX has limited visibility
beyond six months. The main uncertainty for the year
will be the impact of macroeconomic volatility and
customer inventory replenishment rate.
RTX continues to expand the customer portfolio, in
order to diversify the risk and building a more robust
portfolio across segments.
The revenue expectation for 2024/25 of DKK 490 to
520 million, is based on and subject to the following
main assumptions:
• Macroeconomic uncertainty is assumed to be high in
the outlook for 2024/25 as is customer demand.
• Customer focus on avoiding inventory, which is
reflected in short order horizons.
• No material changes in competitive situation and
market landscape.
• RTX revenue driven by a combination of product
sales to existing customers and ramp up of new
products to both existing and new customers.
• USD/DKK currency development, as the majority of
revenue and direct costs are in USD.
Revenue
490 - 520
DKKm
Outlook for 2024/25
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.
32
RTX Annual Report 2023/24 Outlook & Ambitions
EBITDA
0-20
DKKm
Outlook for 2024/25
Earnings outlook
EBITDA is expected to be impacted by the revenue lev-
el combined with focus on capacity costs. 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 normalizing, and we continue to focus on cost
optimization.
• Capacity costs are expected to be impacted by
inflationary pressures but counterbalanced by cost
savings.
Based on the above assumptions, the EBITDA outlook
for 2024/25 is DKK 0 - 20 million.
FX (USD) sensitivity
Average USD/DKK rate 2023/24 6.86
USD/DKK rate (1 Oct 2024) 6.70
Impact of 5% USD/DKK rate change on
Revenue DKK +/-24 million
EBITDA DKK +/- 10 million
Long-term ambition
The long-term potential of RTX remains unchanged, as
does our strategic direction. We continue to leverage
our wireless expertise to drive revenue as an ODM/
OEM supplier under long-term framework agreements
with customers in the B2B Enterprise, ProAudio, and
Healthcare segments, while advancing our strategic
shift towards a more scalable product- and solu-
tion-based business model.
Our long-term ambition of reaching total revenue of
DKK 1 billion and an EBITDA margin above 16% through
growth in all three business segments remains intact.
However, we must recognize that achieving these mile-
stones in 2025/26, which was the original aspiration, is
no longer realistic. The current uncertainty and lack of
visibility prevent us from setting a new specific year for
achieving the ambition at this stage.
Outlook 2024/25
DKK million
Actual
2023/24
Outlook
2024/25
Revenue 498 490-520
EBITDA 3 0-20
EBIT -34 -35 to -15
33
RTX Annual Report 2023/24 Outlook & 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
35
RTX Annual Report 2023/24 Governance
RTX compliance with Danish
recommendations on corporate
governance
Complies with recommendation 40
Does not comply with recommendation 0
36
RTX Annual Report 2023/24 Governance
→ Our Growth Strategy
→ Global Industry Structure
→ Our Customer Partnerships
→ How we Work
→ Enterprise
→ ProAudio
→ Healthcare
Business
& Strategy
Remuneration
Report
→
→ 2023/24 Performance
→ Quarterly financial Highlights
Performance
Corporate
Governance
Report
→
Further reading
Our separate reports on Corporate
Governance and Remuneration are
available from RTX’s website:
37
RTX Annual Report 2023/24 Governance
Beginning 2023/24, the female
share of members on the RTX
Board of Directors elected by the
annual general meeting was 20%
(1of 5). At the end of the year the
female representation was 17%, as
one female had resigned, and two
new members were elected, one
male and one female. The target
remains to reach 40% by 2026.
Sustainability
Report
→
Read more about our
diversity policy and targets
in our Sustainability Report.
38
RTX Annual Report 2023/24 Governance
Risk Management
Identifying, monitoring and mitigating risks are key parts of RTX’s governance model,
and the latest years we 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 2023/24, 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
39
RTX Annual Report 2023/24 Governance
Lower Estimated likelihood Higher
Lower Potential Impact Higher
Customer
Partnerships
Climate Change
IT & Cyber
security
Technology
Politics &
regulations
IPR
Macroeconomy
Components
C
D
E
J
A
Supply chain
F
I
H
HR & talent
G
B
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 opportunities
for RTX, we have maintained a cautious approach to our capacity cost base in light of the
macroeconomic uncertainty in 2024 (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 2023/24, RTX has continued to hedge
part of the future (expected) net inflow of USD to reduce such exposure.
Risk assessment
2023/24
Likelihood: High / Impact: High
During 2023/24, RTX experienced that customers in both Enterprise and ProAudio
segment continued to hold high level of inventotries, resulting in lower than expected
demand. Thus the global uncertainty seems to be shifting from a supply uncertainty to
a demand uncertainty. The USD has decreased compared to 2023/24 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
J
Climate Change
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.
A
40
RTX Annual Report 2023/24 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 Component lead times and availability of components (i.e. component suppliers not ful-
filling 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 request a 12-month rolling forecast process from customers, which we use to plan
production with RTX’s manufacturing partners. To the extent possible, we hereby miti-
gate missing supply of components and ensure that components are received on time.
When necessary, the RTX Supply Chain organization works closely and directly with sup-
pliers 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, however much
less than previous years, and only when evaluated necessary to ensure availability of key
components.
Risk assessment
2023/24
Likelihood: High / Impact: High
The significant disruptions to the global flow of goods seen in the previous years, have
normalized by the beginning of 2023/24. The supply situation with component scarcity
in the global electronics industry normalized, but fluctuating demand impact our produc-
tion partners as well as customers preferences on location of supplier.
RTX’s Supply Chain organization has continued to work even closer with its suppliers
in 2023/24 to jointly ensure efficient production and on-time quality deliveries to our
customers.
Risk assessment
2023/24
Likelihood: Medium / Impact: Medium
Availability of many electronics components has normalized during 2023/24, and we
have seen a significant reduction in component stock towards the end of the year. We
have a close dialogue with our production partners to secure critical components to
secure on time delivery of products to our customers.
B C
41
RTX Annual Report 2023/24 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 four customers represent more than 50% of 2023/24 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 significantly 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 and increasing compliance and reporting regula-
tions. 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 provide 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
2023/24
Likelihood: High / Impact: High
RTX’s largest customers still carry inventory and experience low visibility in future
market demand, across the industry. The recovery to a normalized level is still not visible,
and thus impacting the focus of key customers. RTX continues with close cooperation
with new and existing customers, optimizing and expanding product portfolio.
Risk assessment
2023/24
Likelihood: High / Impact: Medium
Regulation and reporting requirements continue to grow, particularly in Europe. The
geopolitical instability in the world has increased over the past years and the potential
consequences 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
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RTX Annual Report 2023/24 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
2023/24
Likelihood: Medium / Impact: Medium
After a challenging year, where we have seen a higher employee turnover, for several
reasons, we begin to see a normalization. RTX recognizes the need to increase focus on
employee satisfaction and development in order to retain and attract skilled employees.
Risk assessment
2023/24
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
43
RTX Annual Report 2023/24 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, IT security Board has been established identifying key security matters,
ensuring ownership and management focus on the topic. Furthermore, RTX conducts
internal employee awareness campaigns regarding IT security.
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
2023/24
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
2023/24
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
44
RTX Annual Report 2023/24 Governance
Climate Change
Risk description The European Sustainability Reporting Standards (ESRS) require companies to disclose
their assessment of climate-related risks. For RTX, significant risks and opportunities
stem from climate impacts on component and material sourcing for product production.
Key dependencies include our partnerships with production partners, influenced by
their geographical locations and resource utilization, both of which could be affected by
climate-related disruptions. This approach aims to ensure that RTX addresses potential
vulnerabilities in the supply chain while supporting sustainable operations and resilience.
Mitigation RTX has established a diversified partner network across multiple geographical regions,
collaborating with major global partners that maintain production facilities in various
locations. Climate change impacts are continuously assessed as a critical factor in
these partnerships, influencing decisions to enhance supply chain resilience and ensure
sustained operational reliability.
Risk assessment
2023/24
Likelihood: Low / Impact: Low
Currently the impact is evaluated as low, due to the mitigations described in the section
above. However, we expect this to require more focus in the future as it will become an
even more important factor in our long term business strategy.
J
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RTX Annual Report 2023/24 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.
RTX targets a net liquidity position (total cash funds
plus current securities less any bank debt) of DKK 80-
100 million. However, interim deviations to the target
cash level can occur depending on specific growth
opportunities or other operational or strategic consid-
erations.
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.
46
RTX Annual Report 2023/24 Governance
→ Our Growth Strategy
→ Global Industry Structure
→ Our Customer Partnerships
→ How we Work
→ Enterprise
→ ProAudio
→ Healthcare
Business
& Strategy
Dividends and Share buy back 2023/24
During 2023/24, RTX decided to launch a share buy
back program of DKK 20 million. The program was
initiated in November 2023 and completed in August
2024, under Safe Harbour principles.
Distribution to shareholders
2023/24 2022/23 2021/22 2020/21 2019/20
Dividends per share (DKK) 0.00* 0.00 0.00 0.00 2.50
Dividends, total (DKK million) 0.0* 0.0 0.0 0.0 20.7
Pay-out ratio (%) 0.0%* 0.0% 0.0% 0.0% 32.8%
Share buy-back (DKK million) 20.0 0.0 0.0 50.0 40.6
* Based on recommended dividend
Recommendation to Annual General Meeting
In light of the financial results of 2023/24 and in order
to proceed with caution in light of the macroeconomic
uncertainty, the Board of Directors will recommend to
the Annual General Meeting in January 2025 that no
dividends be distributed based on the financial year
2023/24 and no share buy back programs will be
initiated.
20 DKKm
A share buyback program amounting
to DKK 20 million was executed during
the financial year 2023/24
47
RTX Annual Report 2023/24 Governance
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug
0
10
20
30
40
50
60
Sep
0
25
50
75
100
125
150
DKK million DKK per share
The RTX Share
Impacted by ongoing market uncertainty and
financial challenges within RTX, the company’s
share price experienced high fluctuation and ended
the year at a price, which was very close to where
is started in 2023/24.
The share
At the end of the financial year at 30 September 2024,
the RTX shares were priced at DKK 82.6 per share
corresponding to a market capitalization of DKK 699
million. Over the year, the share price fluctuated signifi-
cantly, ranging from DKK 68 to DKK 110. In comparison,
the Nasdaq Copenhagen Mid Cap Index (OMXCMCGI)
rose by 19% during this period, reflecting an average
increase across its 28 listed companies, with both sig-
nificant increases and decreases across the individual
shares.
The RTX Share
Share price development and trading activity 2023/24
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. 2024 30 Sep. 2023
Share price (DKK per share) 82.6 83.6
Market capitalization (DKK million) 699 713
Average daily turnover (DKK million) 1.1 0.6
Shares issued (no.) 8,467,838 8,467,838
Treasury shares (no.) 489,362 258,528
Earnings per share (DKK) -3.8 5.7
Price/earnings -21.8 14.7
The share capital of RTX
is comprised of 8,467,838
shares.
48
RTX Annual Report 2023/24 Governance
57%
22%
6%
15%
Financial Calendar
31 January 2025
Annual General Meeting
Deadline to submit proposals
for items on the agenda is
19 December 2024
31 January 2025
Interim report Q1 2024/25
8 May 2025
Interim report Q2 2024/25
28 August 2025
Interim report Q3 2024/25
27 November 2025
Annual report 2024/25
Shareholder composition
At 30 September 2024, RTX had more than 4,700
shareholders registered by name, including custodian
banks, constituting approximately 85% 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 59% 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: 7.8%
• ATP: 6.8%
• Jens Toftgaard Petersen: 5.3%
Treasury shares
In a share buy back program, RTX acquired 230,834
shares, according to the Boards authorization for RTX
to acquire treasury shares for a nominal value of up
to 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 General Meeting on 25th of January 2024,
the Board of Directors were authorized to increase
the company’s share capital one or more times with a
maximum of nominally DKK 4,233,919 shares without
pre-emptive rights for the Company’s existing share-
holders and the Articles of Association were updated
accordingly. The authorization is valid until 25 January
2028.
Investor relations
RTX aims to maintain an open dialogue with investors
and analysts 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.
Share capital and treasury shares
As of 30 September 2024, 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
into classes. RTX holds a total of 489,362 treasury
shares corresponding to 5.8 % 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 2024
% of shares
Danish Shareholders
International Shareholders
RTX A/S (treasury shares)
Shareholders not registered by name
49
RTX Annual Report 2023/24 Governance
Board of Directors and Executive Board
Board of
Directors
Peter Thostrup
Chair
Henrik Schimmell
Deputy Chair
Jesper Mailind
Board member
Lars Christian Tofft
Board member
Katja Millard
Board member
Mogens Vedel Hestbæk
Board member
Directorships and other
management positions
Chair of the boards of: Power Stow
A/S, Transmedica 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 LRE
Medical.
Chair of the board of directors of
Aidian Oy; Member of the boards of
directors of Etac AB and Contour
Design A/S
CEO BlueMind Advisory
Chair of the Board of Sternula A/S
Vice President, Critical Communica-
tion Solution, Motorola
Group CFO, Per Aarsleff, Board
member Permagreen Grønland A/S,
Trym Anlegg AS
Competencies Finance, corporate governance in listed
companies, management experience
from international technology and
consumer firms. General and solid
board experience.
General management within medical
device/diagnostics and hearing
instrument industries. Competencies
within strategic planning, lean business
operations & M&A.
General management and transition
management from global industries
including life science, medtech,
diagnostics, technology and manu-
facturing.
General management with speciality in
sales & marketing, transformation and
digitalisation. International executive
experience from global technology
leaders and expertise on wireless
communications and space tech.
International management background
– software and hardware with deep
knowledge of the electronics industry.
Experience covers sales, marketing,
innovation and product development.
Finance, corporate governance in listed
companies. Group CFO and executive
management experience form listed
companies.
Education M.Sc. Economics and Finance, 1987.
MBA, 1986.
Ph.D. from Danish Technical Univer-
sity, 1992.
M.Sc. in Electrical Engineering, 1986.
Graduate Diploma in Business
Administration, 1982.
MBA, 1984.
M.Sc. in Business Administration and Busi-
ness Law, 1990. Executive education
at INSEAD, Colombia University and
Boston University.
CBA from AVT Business School 2007.
International Trade and Marketing
2002.
M. Sc. Economics and finance 1998.
Committees Audit Committee, Chair Nomination &
Remuneration Committee
Audit Committee, Nomination &
Remuneration Committee
Nomination & Remuneration Com-
mittee
Chair Audit Committee.
Meeting attendance Ordinary: 6 of 6, Extraordinary: 6 of 6 Ordinary: 6 of 6, Extraordinary: 6 of 6 Ordinary: 6 of 6, Extraordinary: 6 of 6 Ordinary: 5 of 6, Extraordinary: 6 of 6 Ordinary: 6 of 6, Extraordinary: 5 of 6 Ordinary: 6 of 6, Extraordinary: 6 of 6
Elected period Since 2009 Since 2019 2009-2009 and since 2013 Since 2017 Since 2024 Since 2024
Considered independent No (due to duration of elected term) Yes Yes Yes Yes Yes
Nationality Danish Danish Danish Danish Danish Danish
Year of birth & gender 1960, male 1962, male 1956, male 1966, male 1978, female 1972, male
50
RTX Annual Report 2023/24 Governance
Board members
elected by the
employees
Executive Board
Camilla Sembach Munk
Board member
Kevin Harritsø
Board member
Kurt Heick Rasmussen
Board member
Peter Røpke
CEO
Mille Tram Lux
CFO
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 Engineering, 1992. BA in Finance & Accounting, 2000.
Graduate Diploma in Accounting,
2005.
Directorships none none none none Chair of the boards of directors of
Scandinavian Medical Solutions A/S;
Meeting attendance Ordinary: 6 of 6, Extraordinary: 6 of 6 Ordinary: 6 of 6, Extraordinary: 6 of 6 Ordinary: 6 of 6, Extraordinary: 6 of 6
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
51
RTX Annual Report 2023/24 Governance
Contents
Group and Parent
Financial Statements
Income Statement 54
Statement of Comprehensive Income 54
Balance Sheet 30 September 55
Equity Statement for the Group 56
Equity Statement for the Parent 57
Cash Flow Statement 58
Notes 59
Statements
Management’s Statement 99
Independent Auditor’s Report 100
Notes
Section 1
Basis of Preparation
1.1 Basis of preparation and changes in
accounting principles 59
1.2 Uncertainties, estimates and judgements 60
Section 2
Results for the Year
2.1 Segment information 62
2.2 Revenue 63
2.3 Cost of sales 64
2.4 Staff costs and remuneration 65
2.5 Development costs 69
2.6 Fees to auditors elected at the annual
general meeting 69
2.7 Financial income and expenses 70
2.8 Derivatives 70
2.9 Income taxes 71
Section 3
Invested Capital
3.1 Intangible assets 73
3.2 Leases 75
3.3 Tangible assets 77
3.4 Investments in subsidiaries 79
3.5 Deposits 80
3.6 Prepaid expenses 80
Section 4
Working Capital
4.1 Inventories 81
4.2 Trade receivables 81
4.3 Contract development projects in progress 83
4.4 Provisions 84
4.5 Deferred revenue 85
4.6 Other payables 85
Section 5
Capital Structure and Financing
5.1 Current asset investments 86
5.2 Share capital 87
5.3 Treasury shares 88
5.4 Earnings per share 88
5.5 Dividend 88
5.6 Financial risks and financial instruments 89
Section 6
Other Disclosure Requirements
6.1 Contingent liabilities, collateral and
contractual obligations 94
6.2 Other items with no effects on cash flow 95
6.3 Related parties 95
6.4 Events after the balance sheet date 95
6.5 Accounting principles applied 96
53 Financial Statements
RTX Annual Report 2023/24
Group Parent
Amounts in DKK '000 Note 2023/24 2022/23 2023/24 2022/23
Revenue 2.1 - 2.2 498,340 782,777 498,340 782.777
Value of own work capitalized 2.5 19,937 13,525 19,937 13,525
Cost of sales 2.3 -265,430 -424,346 -265,430 -424,346
Other external expenses 2.5 - 2.6 -71,063 -72,419 -110,979 -114,383
Staff costs 2.4 - 2.5 -178,667 -192,013 -143,873 -156,262
Operating profit/loss before depreciation
and amortization (EBITDA) 3,117 107,524 -2,005 101,311
Depreciation, amortization and impairment 3.1 - 3.3 -37,219 -39,628 -35,220 -36,680
Operating profit/loss (EBIT) -34,102 67,896 -37,225 64,631
Financial income 2.7 6,434 3,840 6,412 4,769
Financial expenses 2.7 -10,633 -12,569 -12,841 -14,222
Profit/loss before tax -38,301 59,167 -43,654 55,178
Tax on profit/loss 2.9 7,616 -12,452 8,235 -12,027
Profit/loss for the year -30,685 46,715 -35,419 43,151
Earnings per share
Earnings per share (DKK) 5.4 -3.8 5.7
Earnings per share, diluted (DKK) 5.4 -3.8 5.7
Attributable to:
Shareholders of the parent -30,685 46,715
-30,685 46,715
Income Statement Statement of
Comprehensive Income
Group Parent
Amounts in DKK '000 2023/24 2022/23 2023/24 2022/23
Profit/loss for the year -30,685 46,715 -35,419 43,151
Items that can be reclassified subsequently to
the income statement
Exchange rate adjustments of foreign subsidiaries -2,076 -3,289 - -
Fair value adjustment relating to hedging instruments 71 1,852 71 1,852
Tax on hedging instruments -16 -407 -16 -407
Fair value of hedging instruments reclassified to
the income statement 222 -27 222 -27
Tax on hedging instruments reclassified -49 6 -49 6
Other comprehensive income, net of tax -1,848 -1,865 228 1,424
Comprehensive income for the year -32,533 44,850 -35,191 44,575
Attributable to:
Shareholders of the parent -32,533 44,850
-32,533 44,850
54 Financial Statements
RTX Annual Report 2023/24
Balance Sheet 30 September
Group Parent
Amounts in DKK '000 Note 2023/24 2022/23 2023/24 2022/23
Assets
Own completed development projects 3.1 8,686 27,356 8,686 27,356
Own development projects in progress 3.1 63,132 19,714 63,132 19,714
Software 3.1 668 1,015 668 1,015
Goodwill 3.1 7,797 7,797 - -
Intangible assets 80,283 55,882 72,486 48,085
Right-of-use assets (lease assets) 3.2 49,342 51,155 44,156 49,152
Plant and machinery 3.3 13,638 20,285 13,638 20,285
Other fixtures, tools and equipment 3.3 2,853 4,165 2,740 3,926
Leasehold improvements 3.3 9,235 10,665 9,235 10,665
Tangible assets 75,068 86,270 69,769 84,028
Investments in subsidiaries 3.4 - - 39,350 39,206
Deposits 3.5 6,605 6,757 5,925 5,925
Deferred tax assets 2.9 5,435 2,161 3,375 -
Other non-current assets 12,040 8,918 48,650 45,131
Total non-current assets 167,391 151,070 190,905 177,244
Inventories 4.1 78,271 102,167 78,271 102,167
Trade receivables 4.2 123,595 168,343 123,595 168,343
Contract development projects in progress 4.3 3,681 4,819 3,681 4,819
Income taxes 2.9 298 - 241 -
Other receivables 4,049 8,464 3,445 7,931
Prepaid expenses 3.6 6,298 5,526 6,027 4,997
Receivables 5.6 137,921 187,152 136,989 186,090
Current asset investments in the trading portfolio 5.1 33,698 31,029 33,698 31,029
Current asset investments 5.1 33,698 31,029 33,698 31,029
Cash at bank and in hand 73,987 106,671 70,230 102,690
Total current assets 323,877 427,019 319,188 421,976
Total assets 491,268 578,089 510,093 599,220
Group Parent
Amounts in DKK '000 Note 2023/24 2022/23 2023/24 2022/23
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 6,775 8,851 - -
Cash flow hedging -65 -293 -65 -293
Reserve related to development costs - - 56,018 36,715
Retained earnings 103,931 155,769 39,821 115,694
Equity 323,419 377,105 308,552 364,894
Lease liabilities 5.6 48,167 49,517 44,641 49,517
Deferred tax liabilities 2.9 - 6,154 - 6,154
Provisions 4.4 969 1,389 969 1,389
Deferred revenue 4.5 21,935 - 21,935 -
Other payables 4.6 2,775 724 - 724
Non-current liabilities 73,846 57,784 67,545 57,784
Lease liabilities 5.6 7,041 6,896 5,144 4,777
Prepayments received from customers 8,823 16,113 8,823 16,113
Trade payables 57,402 57,599 57,179 57,307
Contract development projects in progress 4.3 3,370 3,817 3,370 3,817
Payables to subsidiaries - - 45,740 44,553
Income taxes 2.9 98 17,779 - 17,566
Provisions 4.4 1,110 2,716 1,110 2,716
Other payables 2.8, 4.6 16,159 38,280 12,630 29,693
Current liabilities 94,003 143,200 133,996 176,542
Total liabilities 167,849 200,984 201,541 234,326
Total equity and liabilities 491,268 578,089 510,093 599,220
55 Financial Statements
RTX Annual Report 2023/24
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 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
reclassified 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
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 year - - - - -30,685 -30,685
Exchange rate adj. of foreign subsidiaries - - -2,076 - - -2,076
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 - - -2,076 228 - -1,848
Comprehensive income for the year - - -2,076 228 -30,685 -32,533
Share-based remuneration - - - - -1,063 -1,063
Current tax on equity transactions - - - - - -
Deferred tax on equity transactions - - - - 100 100
Acquisitions of teasury shares - - - - -20,190 -20,190
Other transactions - - - - -21,153 -21,153
Equity at 30 September 2024 42,339 170,439 6,775 -65 103,931 323,419
56 Financial Statements
RTX Annual Report 2023/24
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 2023 42,339 170,439 -293 36,715 115,694 364,894
Profit/loss for the year - - - - -35,419 -35,419
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 - - 228 - - 228
Comprehensive income for the year - - 228 - -35,419 -35,191
Share-based remuneration - - - - -1,063 -1,063
Current tax on equity transactions - - - - - -
Deferred tax on equity transactions - - - - 100 100
Annulment of treasury shares - - - - - -
Acquisition of treasury shares - - - - -20,188 -20,188
Development costs, net of tax - - - 19,303 -19,303 -
Other transactions - - - 19,303 -40,454 -21,151
Equity at 30 September 2024 42,339 170,439 -65 56,018 39,821 308,552
(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 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
reclassified 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.
57 Financial Statements
RTX Annual Report 2023/24
Group Parent
Amounts in DKK '000 Note 2023/24 2022/23 2023/24 2022/23
Operating profit/loss (EBIT) -34,102 67,896 -37,225 64,631
Reversal of items with no effects on cash flow
Depreciation, amortization and impairment 37,219 39,628 35,220 36,680
Other items with no effects on cash flow 6.2 813 -9,903 2,804 -7,091
Change in working capital
Change in inventories 21,276 8,243 21,276 8,243
Change in receivables 50,009 35,891 49,732 35,264
Change in trade payables, etc. -28,004 -31,410 -24,465 -32,220
Financial income received 3,803 2,991 3,781 2,983
Financial expenses paid -9,758 -12,944 -12,051 -13,840
Income taxes paid 2.9 -19,756 -3,400 -19,001 -2,481
Cash flow from operating activities 21,500 96,992 20,071 92,169
Investments in own development projects -21,808 -15,442 -21,808 -15,442
Acquisition of intangible assets - -1,040 - -1,040
Acquisition of property, plant and equipment -1,361 -10,236 -1,361 -10,045
Deposits on leaseholds 152 60 - -2
Acquisition / sale of current asset investments in
the trading portfolio, net -38 -97 -38 -946
Dividends from subsidiaries - - - 937
Sale of tangible assets 533 49 - 49
Cash flow from investment activities -22,522 -26,706 -23,207 -26,489
Group Parent
Amounts in DKK '000 Note 2023/24 2022/23 2023/24 2022/23
Repayment of lease liabilities 5.6 -7,115 -7,822 -4,776 -4,539
Acquisition of treasury shares 5.3 -20,190 - -20,190 -
Paid dividend 5.5 - - - -
Cash flow from financing activities -27,305 -7,822 -24,966 -4,539
Increase/decrease in cash and cash equivalents -28,327 62,464 -28,102 61,141
Exchange rate adjustments on cash -4,357 482 -4,358 495
Cash and cash equivalents at 1 October 106,671 43,725 102,690 41,054
Cash and cash equivalents at 30 September 73,987 106,671 70,230 102,690
Cash and cash equivalents at 30 September
are composed as follows:
Cash at bank and in hand 73,987 106,671 70,230 102,690
Cash and cash equivalents at 30 September 73,987 106,671 70,230 102,690
Cash Flow Statement
58 Financial Statements
RTX Annual Report 2023/24
Section 1
Basis of Preparation
NOTES
1.1 Basis of preparation and changes in accounting principles 59
1.2 Uncertainties and estimates 60
Notes
Financial StatementsRTX Annual Report 2023/2459
1.1 Basis of preparation and changes in accounting principles (continued)
60 Financial Statements
RTX Annual Report 2023/24
1.2 Uncertainties, estimates and judgements (continued)
61 Financial Statements
RTX Annual Report 2023/24
Section 2
Results for the Year
NOTES
2.1 Segment information 62
2.2 Revenue 63
2.3 Cost of sales 64
2.4 Staff costs and remuneration 65
2.5 Development costs 69
2.6 Fees to auditors elected at the annual general meeting 69
2.7 Financial income and expenses 70
2.8 Derivatives 70
2.9 Income taxes 71
62 Financial Statements
RTX Annual Report 2023/24
2.1 Segment information (continued)
63 Financial Statements
RTX Annual Report 2023/24
2.2 Revenue (continued)
64 Financial Statements
RTX Annual Report 2023/24
65 Financial Statements
RTX Annual Report 2023/24
2.4 Staff costs and remuneration (continued)
66 Financial Statements
RTX Annual Report 2023/24
2.4 Staff costs and remuneration (continued)
67 Financial Statements
RTX Annual Report 2023/24
2.4 Staff costs and remuneration (continued)
68 Financial Statements
RTX Annual Report 2023/24
69 Financial Statements
RTX Annual Report 2023/24
70 Financial Statements
RTX Annual Report 2023/24
71 Financial Statements
RTX Annual Report 2023/24
2.9 Income taxes (continued)
72 Financial Statements
RTX Annual Report 2023/24
Section 3
Invested Capital
NOTES
3.1 Intangible assets 73
3.2 Leases 75
3.3 Tangible assets 77
3.4 Investments in subsidiaries 79
3.5 Deposits 80
3.6 Prepaid expenses 80
Financial StatementsRTX Annual Report 2023/2473
3.1 Intangible assets (continued)
74 Financial Statements
RTX Annual Report 2023/24
3.1 Intangible assets (continued)
75 Financial Statements
RTX Annual Report 2023/24
Note 3.2
3.2 Leases (continued)
76 Financial Statements
RTX Annual Report 2023/24
3.2 Leases (continued)
77 Financial Statements
RTX Annual Report 2023/24
Note 3.3
3.3 Tangible assets (continued)
78 Financial Statements
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79 Financial Statements
RTX Annual Report 2023/24
80 Financial Statements
RTX Annual Report 2023/24
note 3.5
Section 4
Working Capital
NOTES
4.1 Inventories 81
4.2 Trade receivables 81
4.3 Contract development projects in progress 83
4.4 Provisions 84
4.5 Deferred revenue 85
4.6 Other payables 85
Financial StatementsRTX Annual Report 2023/2481
4.2 Trade receivables (continued)
82 Financial Statements
RTX Annual Report 2023/24
83 Financial Statements
RTX Annual Report 2023/24
Note 4.3
84 Financial Statements
RTX Annual Report 2023/24
note 4.4
4.4 Provisions (continued)
85 Financial Statements
RTX Annual Report 2023/24
Note 4.5
Section 5
Capital Structure
and Financing
NOTES
5.1 Current asset investments 86
5.2 Share capital 87
5.3 Treasury shares 88
5.4 Earnings per share 88
5.5 Dividend 88
5.6 Financial risks and financial instruments 89
86 Financial Statements
RTX Annual Report 2023/24
Section 5 Capital Structure and Financing Note 5.1
5.1 Current asset investments (continued)
87 Financial Statements
RTX Annual Report 2023/24
Note 5.2
88 Financial Statements
RTX Annual Report 2023/24
Note 5.3 - 5.5
89 Financial Statements
RTX Annual Report 2023/24
Note 5.6
5.6 Financial risks and financial instruments (continued)
90 Financial Statements
RTX Annual Report 2023/24
5.6 Financial risks and financial instruments (continued)
91 Financial Statements
RTX Annual Report 2023/24
5.6 Financial risks and financial instruments (continued)
92 Financial Statements
RTX Annual Report 2023/24
5.6 Financial risks and financial instruments (continued)
93 Financial Statements
RTX Annual Report 2023/24
Section 6
Other Disclosure
Requirements
NOTES
6.1 Contingent liabilities, collateral and contractual obligations 94
6.2 Other items with no effects on cash flow 95
6.3 Related parties 95
6.4 Events after the balance sheet date 95
6.5 Accounting principles applied 96
94 Financial Statements
RTX Annual Report 2023/24
Note 6.1Section 6 Other Disclosure Requirements
95 Financial Statements
RTX Annual Report 2023/24
Note 6.2 - 6.4
96 Financial Statements
RTX Annual Report 2023/24
Note 6.5
97 Financial Statements
RTX Annual Report 2023/24
Ratio definitions and calculation formulae
Management’s Statement
Executive Board
Board of Directors
99
RTX Annual Report 2023/24 Statements
Independent Auditor’s Report
100
RTX Annual Report 2023/24 Statements
Key audit matters How our audit addressed the key audit matter
101
RTX Annual Report 2023/24 Statements
Key audit matters How our audit addressed the key audit matter
102
RTX Annual Report 2023/24 Statements
103
RTX Annual Report 2023/24 Statements
104
RTX Annual Report 2023/24 Statements
CVR no. 25 57 81 98
105
RTX Annual Report 2023/24 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
107
RTX Annual Report 2023/24
Design and production: Noted
RTX A/S
Stroemmen 6
9400 Noerresundby
Denmark
rtx.dk