RTX Interim Report
for Q1 2024/25
(the period 1 October 2024 – 31 December 2024)
Announcement
to Nasdaq Copenhagen A/S and the media
Nørresundby, 31 January 2025
Announcement no. 03/2025
No. of pages: 19
“We observed a significant increase in both revenue and gross
margin in Q1 2024/25 compared to Q1 2023/24. Historically, Q1 is
the lowest-performing quarter for RTX, as many customers reduce
inventories to manage year-end working capital.
In Q1 2024/25, revenue reached DKK 101 million, with a gross
margin of 51%, aligning with both our expectations and the previous
quarter’s performance. While maintaining strong gross margins
across segments, we remain focused on driving revenue growth.
Order intake increased in this quarter, which is an encouraging
development. With short lead times on orders, our visibility for the
full year remains limited. However, the first half of the financial
year is expected to show an increase in both revenue and EBITDA
compared to last year. “
Mille Tram Lux
Q1 delivers improved revenue and gross margin compared to Q1 last year.
Highlights
• Revenue in Q1 2024/25 showed an increase of more
than 20% compared to Q1 last year, reaching DKK
101 million compared to DKK 82 million in Q1 2023-
24.
• Gross margin reached a solid level of 51 % for Q1
2024/25 compared to 39 % in Q1 2023/24.
• Q1 2024/25 showed an increase in new orders com-
pared to previous quarter, however still with order
horizons of 3-6 months.
• Contract signed with Henrik Mørck Mogensen,
who will take on the role as CEO of RTX from 1st of
March 2025.
Outlook
RTX confirms the previously announced financial out-
look for 2024/25:
• Revenue DKK 490-520 million
• EBITDA DKK 0 to 20 million
• EBIT DKK -35 to -15 million
Investor and analyst conference call
On Tuesday, 4 February 2025 at 10:00 CET, RTX will
hold a conference call for investors and analysts hosted
by Danske Bank. To register for the conference call,
please e-mail vonh@danskebank.dk.
2
RTX interim report for Q1 2024/25
Group Financial Highlights and Key Ratios
(non-audited)
Amounts in DKK million
Q1
2024/25
Q1
2023/24
FY
2023/24
Key ratios (percentage)
Growth in net turnover 22.7% -60.5% -36.3%
Gross margin 50.8% 38.9% 46.7%
Profit margin -15.6% -50.3% -6.8%
Return on invested capital
(3)
2.2% 6.2% -5.1 %
Return on equity
(3)
-1.0% -1.6% -8.8 %
Equity ratio 67.8% 72.1% 65.8 %
Employment
Average number of full-time employees
(4)
Average number of FTE employed directly
(4)
252 265 256
Revenue per employee (DKK ‘000)
(5)
356 275 1,713
Operating profit/loss (EBIT) per employee (DKK ‘000)
(5)
-55 -138 -117
Shares (number of shares in thousands)
Average number of shares in distribution 7,978 8,201 8,084
Average number of diluted shares 7,946 8,118 8,056
Share data (DKK per share at DKK 5)
Profit/loss for the year (EPS), per share
(5)
-0.9 -4.2 -3.8
Profit/loss for the year, diluted (DEPS), per share
(5)
-0.9 -4.3 -3.8
Dividends, per share - - -
Equity value, per share 40.1 41.5 40.5
Listed price, per share 56.4 69.0 82.6
Note: The Group’s financial year runs from 1 October to 30 September. Definitions of the key ratios used are stated in the annual report for 2023/24 in the
accounting policies, on page 97
(3) Calculated over a rolling 12 months’ period
(4) 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.
(5) Not annualized.
Amounts in DKK million
Q1
2024/25
Q1
2023/24
FY
2023/24
Income statement items
Revenue 100.5 81.9 498.3
Gross Profit 51.0 31.9 232.9
EBITDA -9.4 -30.5 3.1
EBITDA % -9,4% -37.2% 0.6%
Operating profit/loss (EBIT) -15.6 -41.2 -34.1
Net financials 6.4 -3.2 -4.2
Profit/loss before tax -9.2 -44.4 -38.3
Profit/loss for the period -7.2 -34.6 -30.7
Balance sheet items
Net liquidity position
(1)
96.6 115.5 107.7
Total inventory 81.9 107.7 78.3
Total assets 471.6 470.0 491.3
Equity 319.9 338.8 323.4
Liabilities 151.7 131.2 167.8
Other key figures
Total development cost incurred 8.8 9.3 65.5
Capitalized own development cost 3.5 3.6 19.9
Depreciation, amortization and impairment 6.2 10.7 37.2
Investment in property, plant and equipment 2.3 0.5 1.4
Free Cash Flow
(2)
-13.6 -23.1 -1.0
Cash flow from operations -7.0 -18.6 21.5
Cash flow from investments -6.6 -4.5 -22.5
Increase/decrease in cash and cash equivalents -15.0 -27.7 -28.3
(1) Equals total of cash and current asset investments.
(2) Free Cash Flow = Cash flow from operations+ Cash flow from investments.
3
RTX interim report for Q1 2024/25
RTX at
a Glance
RTX innovates, designs,
and manufactures wireless
communication solutions.
Working in close partnership
with our B2B customers,
we offer customized,
‘turn-key’, end-to-end
solutions with full
product lifecycle
management.
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.
5
DKK million
in revenue
5%
of share
group
17
DKK million
in revenue
17%
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.
79
DKK million
in revenue
78%
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.
4
RTX interim report for Q1 2024/25
Revenue
In the first quarter of the financial year 2024/25, RTX
has delivered an increase in revenue of more than 20%
compared to Q1 last year, reaching DKK 101 million
compared to DKK 82 million in Q1 2023/24.
RTX furthermore experienced an increasing order in-
take particularly in the Enterprise segment. By the end
of Q1 2024/25, we see an increase in the order book
compared to end of Q4 2023/24. However, we still
have a short order horizon as order lead-times largely
remains at 3 to 6 months.
During the quarter, we have also seen an increase in the
USD to DKK exchange rate, which positively impacts
the revenue for the quarter by 1.8 % compared to last
year.
We maintain close relations to our key customers and
continuously seek to expand our portfolio with new
customers.
Revenue for Q1 2024/25 reached DKK 101 million
(Q1 2023/24: DKK 82 million).
The development in revenue reflects that some of our
customers have reduced their inventories to a level
where they are placing new orders. Revenue in the
quarter is overall in line with expectations for the
quarter, and the order book indicates that Q2 is also
likely to meet our expectations.
• Enterprise segment: Revenue for Q1 2024/25
reached DKK 78.6 million (Q1 2023/24: DKK
44.5 million), which is an increase of 77 %. We are
seeing a trend toward normalization among some
of our key enterprise customers, growth in certain
sub-segments, while other large customers continue
to manage inventory constraints and maintain short
order horizons.
• ProAudio segment: Revenue for Q1 2024/25
reached DKK 17.4 million (Q1 2023/24: DKK 23.8
million), which is a decrease of 27 %. ProAudio
product customers continue to hold stock levels
higher than their target and consequently they are
postponing reordering time. The module business is
impacted by timing, and we see an increase in SME
customers who are in the phase where they are de-
signing our modules into their products, but volume
quantities have not yet started.
• Healthcare segment: Revenue for Q1 2024/25
reached DKK 4.5 million (Q1 2023/24: DKK 13.5
million), which is a decrease of 67 %. Q1 has been
a transition quarter, where integration of develop-
ments have been tested and preparations are being
made for new product introductions, where RTX
has extended ownerships. In the coming quarters
we expect to catch up on the revenue and achieve
a solid growth in revenue for the full year compared
to 2023/24. The transition is expected to positively
impact revenue and gross margin in the Healthcare
segment over the coming years.
Management report for Q1 2024/25
Q1 delivers improved revenue and gross margin compared to Q1 last year.
Continuous short order horizons limit visibility for the outlook.
Revenue
Q1 2024/25
100.5 DKKm
Q1 2023/24
81.9 DKKm
5
RTX interim report for Q1 2024/25
DKK million
Q1
24/25
Change
(%,
YoY)
Enterprise revenue 78.6 77%
ProAudio revenue 17.4 -27%
Healthcare revenue 4.5 -67%
Total 100.5 23%
Gross profit for Q1 2024/25 reached DKK 51.0 million
(Q1 2023/24: DKK 31.9 million).
Gross margin for Q1 2024/25 reached 50.8 % (Q1
2023/24: 38.9 %). The gross margin is impacted by the
revenue mix of products.
As anticipated, we see a solid gross margin in Q1 as well
despite the lower total revenue for the quarter, com-
pared to Q4 2023/24. This is a result of both product
mix and cost optimization efforts in production planning
and sourcing.
We continue to focus on securing a strong gross margin
from product mix, optimization of costs and total
revenue volume.
DKK million
Q1
24/25
Change
(YoY)
Gross profit 51.0 19.1
Gross margin 50.8% 11.9 pp
Capacity costs, which consist mainly of staff costs and
other external expenses, amounted to DKK 63.9 million
in Q1 2024/25 (Q1 2023/24: DKK 65.9 million) before
capitalization of development costs. We continue to
balance cost cautiousness in capacity costs and organ-
izational development, with investments in increasing
revenue and product portfolio.
DKK million
Q1
24/25
Change
(YoY)
Capacity costs
(1)
63.9 -2.0
Value of own work
capitalized 3.5 -0.1
Depreciation etc.
(2)
6.2 -4.5
(1) Staff costs and other external expenses
(2) Depreciation, amortization and impairment
Capitalized development costs: RTX continues to
invest in development of new product features and the
future product portfolio.
In total, RTX capitalized own development costs of
DKK 3.5 million in Q1 2024/25 (Q1 2023/24: DKK 3.6
million).
Depreciations and amortizations amounted to DKK
6.2 million in Q1 2024/25 (Q1 2023/24: DKK 10.7
million), which reflects a combination of development
projects which are at the end of the depreciation
period, and a relatively large share of the development
projects in Healthcare, not yet completed and ready for
depreciation.
EBITDA for Q1 2024/25 reached DKK -9.4 million (Q1
2023/24: DKK -30.5 million). EBITDA for the period is
impacted mainly by the revenue level. Compared to last
year it is also impacted by an increase in gross margin.
EBIT for Q1 2024/25 reached DKK -15.6 million
(Q1 2023/24: DKK -41.2 million).
Profit before tax for Q1 2024/25 reached DKK -9.2
million (Q1 2023/24: DKK -44.4 million).
Gross profit
Q1 2024/25
51.0 DKKm
Q1 2023/24
31.9 DKKm
EBITDA
Q1 2024/25
-9.4 DKKm
Q1 2023/24
-30.5 DKKm
6
RTX interim report for Q1 2024/25
DKK million
Q1
24/25
Change
(YoY)
EBITDA -9.4 21.1
EBIT -15.6 25.5
Profit/loss before tax -9.2 35.2
EPS (DKK per share) -0.9 3.3
Equity, Assets, Inventory and Cash Flow
Cash flows from operations (CFFO) for Q1 2024/25
reached DKK -7.0 million (Q1 2023/24: DKK -18.6
million). CFFO was negatively impacted by operating
result.
DKK million
Q1
24/25
Change
(YoY)
CFFO
(1)
-7.0 11.6
Net liquidity position
(2)
96.6 -18.9
The net liquidity position of RTX amounted to DKK
96.6 million at the end of Q1 2024/25 compared to
DKK 107.7 million at the start of the fiscal year. The
level is impacted by the operational result and develop-
ment in working capital.
Total assets were DKK 471.6 million at the end of Q1
2024/25 compared to DKK 470.0 million at the end
of Q1 2023/24.
The total value of development costs incurred before
capitalization for Q1 2024/25 is DKK 8.8 million
(ref. note 4).
Return on Invested Capital is calculated over a
12 months’ period, and is impacted by revenue level.
For the end of Q1 2024/25 ROIC was 2.2 %
(Q1 2023/24: 6.2 %).
The equity ratio of RTX continues to be at a solid level
at 67.8 % at the end of Q1 2024/25 (Q1 2023/24:
72.1 %).
Equity ratio
67.8 %
ROIC
2.2 %
Outlook for 2024/25
RTX confirms the previously announced financial out-
look for 2024/25:
• Revenue DKK 490-520 million
• EBITDA DKK 0 to 20 million
• EBIT DKK -35 to -15 million
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.
Revenue outlook is maintained at DKK 490-520
million. The Q1 result and the current order book,
substantiate this outlook range. Furthermore, it can be
positively impacted by the development of the USD
exchange rate, as RTX has the majority of sales and
direct product costs in USD.
Gross margin is expected to be positively impacted
by the product mix and lower semi-variable costs
compared to last year. Overall the gross margin for
2024/25 is expected to be higher than last year.
7
RTX interim report for Q1 2024/25
Risks and uncertainties
for the 2024/25 financial year
Forward-looking statements:
The above statements on the Group’s future
conditions, including in particular, future revenue and
operating profit (EBITDA), reflect Management’s
current outlook and carry some uncertainty. These
statements can be affected by several risks and
uncertainties, which mean that actual developments
and results can be materially different from the
expectations expressed directly or indirectly in this
interim report. These risks and uncertainties include,
but are not limited to, general economic conditions
and developments, changes in demand for RTX’s
products and services, competition, technological
changes, fluctuations in currencies, component
availability and fluctuations in sub-contractor supplies
as well as legislative and/or regulatory changes.
Financial calendar
Expected publication of financial infor-
mation for the financial year 2024/25:
13 May 2025
Q2 Report 2024/25
28 August 2025
Q3 Report 2024/25
27 November 2025
Annual Report 2024/25
Enquiries and
further information:
CFO, Mille Tram Lux tel +45 96 32 23 00
Capacity costs for 2024/25 are expected to be slight-
ly higher than for 2023/24. This reflects a balance
between cost cautiousness, salary development and
organizational adjustments.
Inventory comprises components, finished goods,
and goods in transit. We expect to see a reduction of
component inventory during 2024/25, as components
will be used in sold products and inflow of components
is returning to normal practice, where they are sourced
by our production partners. The absolute size of the in-
ventory reduction depends on development in revenue
and the product mix.
The outlook is based on dialogue with key customers
on their expectations for 2024/25, combined with our
market insight on new customers and products. For a
full list of assumptions behind the outlook, refer to the
annual report for 2023/24 (pages 32-33).
RTX A/S
Peter Thostrup Mille Tram Lux
Chair CFO
8
RTX interim report for Q1 2024/25
Amounts in DKK ‘000 Note
Q1
2024/25
Q1
2023/24
FY
2023/24
Revenue 3 100,525 81,900 498,340
Value of own work capitalized 4 3,516 3,623 19,937
Cost of sales -49,505 -50,037 -265,430
Other external expenses -17,707 -19,293 -71,063
Staff costs -46,236 -46,650 -178,667
Operating profit/loss before depreciation and amortization (EBITDA) -9,407 -30,457 3,117
Depreciation, amortization and impairment 4 -6,231 -10,699 -37,219
Operating profit/loss (EBIT) -15,638 -41,156 -34,102
Financial income 5 8,614 3,096 6,434
Financial expenses 5 -2,211 -6,329 -10,633
Profit/loss before tax -9,235 -44,389 -38,301
Tax on profit/loss 2,032 9,766 7,616
Profit/loss for the period -7,203 -34,623 -30,685
Earnings per share
Earnings per share (DKK) -0.9 -4.2 -3.8
Earnings per share, diluted (DKK) -0.9 -4.3 -3.8
Income Statement
(non-audited)
Statement of
Comprehensive Income
(non-audited)
Amounts in DKK ‘000 Note
Q1
2024/25
Q1
2023/24
FY
2023/24
Profit/loss for the period -7,203 -34,623 -30,685
Items that can be reclassified subsequently to the income statement
Exchange rate adjustments of
foreign subsidiaries 3,376 -1,734 -2,076
Fair value adjustment relating to
hedging instruments - 113 71
Tax on hedging instruments - -25 -16
Fair value of hedging instruments reclassified to the income state-
ment - 180 222
Tax on hedging instruments reclassified - -40 -49
Other comprehensive income, net of tax 3,376 -1,506 -1,848
Comprehensive income for the period -3,827 -36,129 -32,533
9
RTX interim report for Q1 2024/25
Amounts in DKK ‘000 31.12.24 31.12.23 30.09.24
Assets
Own completed development projects 8,199 21,317
Own development projects in progress 65,833 23,646
Software 581 928
Goodwill 7,797 7,797
Intangible assets 82,410 53,688
Right-of-use assets (lease assets) 48,108 49,345
Plant and machinery 12,674 18,693
Other fixtures, tools and equipment 4,043 3,708
Leasehold improvements 8,845 10,405
Tangible assets 73,670 82,151
Deposits 6,658 6,712
Deferred tax assets 7,498 5,537
Other non-current assets 14,156 12,249
Total non-current assets 170,236 148,088
Inventories 81,889 107,704 78,271
Trade receivables 113,849 83,540
Contract development projects in progress 2,838 1,914
Income taxes 329 307
Other receivables 208 5,969
Prepaid expenses 5,648 6,973
Receivables 122,872 98,703
Current asset investments in the trading portfolio 33,864 32,476
Current asset investments 33,864 32,476
Cash at bank and in hand 62,706 83,007
Total current assets 301,331 321,890
Total assets 471,567 469,978
Balance Sheet
(non-audited)
Amounts in DKK ‘000 31.12.24 31.12.23 30.09.24
Equity and liabilities
Share capital 42,339 42,339 42,339
Share premium account 170,439 170,439 170,439
Currency adjustments 10,151 7,117 6,775
Cash flow hedging - -65 -65
Retained earnings 96,939 118,932 103,931
Equity 319,868 338,762 323,419
Lease liabilities 47,046 48,821 48,167
Deferred tax liabilities - - -
Provisions 969 1,389 969
Deferred income 21,935 - 21,935
Other payables - - 2,775
Non-current liabilities 69,950 50,210 73,846
Lease liabilities 7,045 5,896 7,041
Prepayments received from customers 11,445 11,203 8,823
Trade payables 43,160 30,806 57,402
Contract development projects in progress 2,836 4,008 3,370
Income taxes 85 210 98
Provisions 716 2,716 1,110
Other payables 16,462 26,167 16,159
Current liabilities 81,749 81,006 94,003
Total liabilities 151,699 131,216 167,849
Total equity and liabilities 471,567 469,978 491,268
10
RTX interim report for Q1 2024/25
Amounts in DKK ‘000
Share
capital
Share
premium
Currency
adjust-
ments
Cash flow
hedging
Retained
earnings Total
Equity at 1 October 2024 42,339 170,439 6,775 -65 103,931 323,419
Profit/loss for the period - - - - -7,203 -7,203
Exchange rate adjustments
of foreign subsidiaries - - 3,376 - - 3,376
Fair value adjustment relating
to hedging instruments - - - 19 -19 -
Tax on hedging instruments - - - 109 -109 -
Fair value of hedging instruments
reclassified to the income statement - - - - - -
Tax on hedging instruments reclas-
sified - - - -63 63 -
Other comprehensive income,
net of tax - - 3,376 65 -65 3,376
Comprehensive income for the period - - 3,376 65 -7,268 -3,827
Share-based remuneration - - - - 434 434
Current tax on equity transactions - - - - -158 -158
Deferred tax on equity transactions - - - - - -
Acquisition of treasury shares - - - - - -
Other transactions - - - - 276 276
Equity at 31 December 2024 42,339 170,439 10,151 - 96,939 319,868
Share capital of DKK 42,339,190 consists of 8,467,838 shares at DKK 5 (DKK 42,339,190 consisting of 8,467,838
shares at 31 December 2023). The Group holds 489,362 treasury shares at 31 December 2024 (300,264 shares at
31 December 2023). There are no shares carrying special rights.
Amounts in DKK ‘000
Share
capital
Share
premium
Currency
adjust-
ments
Cash flow
hedging
Retained
earnings Total
Equity at 1 October 2023 42,339 170,439 8,851 -293 155,769 377,105
Profit/loss for the period - - - - -34,623 -34,623
Exchange rate adjustments
of foreign subsidiaries - - -1,734 - - -1,734
Fair value adjustment relating
to hedging instruments - - - 113 - 113
Tax on hedging instruments - - - -25 - -25
Fair value of hedging instruments
reclassified to the income statement - - - 180 - 180
Tax on hedging instruments reclas-
sified - - - -40 - -40
Other comprehensive income,
net of tax - - -1,734 228 - -1,506
Comprehensive income for the period - - -1,734 228 -34,623 -36,129
Share-based remuneration - - - - 897 897
Current tax on equity transactions - - - - -154 -154
Deferred tax on equity transactions - - - - - -
Acquisition of treasury shares - - - - -2,957 -2,957
Other transactions - - - - -2,214 -2,214
Equity at 31 December 2023 42,339 170,439 7,117 -65 118,932 338,762
Equity Statement
(non-audited)
11
RTX interim report for Q1 2024/25
Cash Flow Statement
(non-audited)
Amounts in DKK ‘000
Q1
2024/25
Q1
2023/24
FY
2023/24
Operating profit/loss (EBIT) -15,638 -41,156 -34,102
Reversal of items with no effects on cash flow
Depreciation, amortization and impairment 6,231 10,699 37,219
Other items with no effects on cash flow -1,146 -5,880 813
Change in working capital
Change in inventories -2,218 -5,647 21,276
Change in receivables 14,955 88,729 50,009
Change in trade payables, etc. -14,626 -44,349 -28,004
Financial income received 7,849 1,687 3,803
Financial expenses paid -2,211 -4,968 -9,758
Income taxes paid -233 -17,732 -19,756
Cash flow from operations activities -7,037 -18,617 21,500
Investments in own development projects -4,071 -3,931 -21,808
Acquisition of intangible assets - - -1,361
Acquisition of property, plant and equipment -2,306 -530 152
Sale of tangible assets - - -38
Deposits on leaseholds -53 45 -
Acquisition / sale of current asset investments in the trading portofolio, net -166 -38 533
Cash flow from investments -6,596 -4,454 -22,522
Amounts in DKK ‘000
Q1
2024/25
Q1
2023/24
FY
2023/24
Repayment of lease liabilities -1,331 -1,696 -7,115
Acquisition of treasury shares - -2,957 -20,190
Paid dividend - - -
Cash flow from financing activities -1,331 -4,653 -27,305
Increase/decrease in cash and cash equivalents -14,964 -27,724 -28,327
Exchange rate adjustments on cash 3,683 4,060 -4,357
Cash and cash equivalents at the beginning of the period, net 73,987 106,671 106,671
Cash and cash equivalents at the end of the period, net 62,706 83,007 73,987
Cash and cash equivalents at the end of the period, net are composed
as follows:
Cash at bank and in hand 62,706 83,007 73,987
Cash and cash equivalents at the end of the period, net 62,706 83,007 73,987
12
RTX interim report for Q1 2024/25
Notes
1 Accounting policies
The interim report is presented in accordance with IAS 34 “Interim Financial Reporting” as adopted by the EU and additional
Danish disclosure requirements for interim reporting of listed companies. An interim report has not been prepared for the
Parent.
The accounting policies applied in this interim report are consistent with those applied in the Company’s 2023/24 annual
report which was presented in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and
additional Danish disclosure requirements for annual reports of listed companies. We refer to the 2023/24 annual report for
a more detailed description of the accounting policies.
The applied accounting policies are unchanged compared to the annual report for 2023/24. New or amended standards
and interpretations becoming effective for the financial year 2024/25 have no material impact on the interim report.
2 Estimates and assumptions
The preparation of interim reports requires management to make financial estimates and assumptions that affect the
application of accounting policy and recognised assets, liabilities, income and expenses. Actual results might be different
from these estimates.
The material estimates that management make when applying the accounting principles of the Group and the material
uncertainty connected with these estimates and assumptions are unchanged in the preparation of the interim report
compared to the preparation of the annual report as per 30 September 202
4.
3 Segment information
In accordance with internal reporting, RTX reports on the three target market segments; Enterprise, ProAudio and Health-
care. Costs are reported by allocating costs directly attributable to the three reportable market segments whereas common
functions costs which cannot be allocated directly to a segment (primarily other external expenses, staff costs and deprecia-
tions related to IT, finance, overall management, joint facilities, joint technology projects, and supply chain management) are
allocated based on allocation keys related to relative revenue split in accordance with internal reporting. The full allocation
to segments was implemented during 2023/24 and comparative figures for previous periods are presented below. For a
presentation of the events within the segments in the financial year and the development compared to 2023/24, please
refer to the Management Review.
13
RTX interim report for Q1 2024/25
Notes
3 Segment information continued
2024/25 2023/24
Amounts in DKK million Q1 Q2 Q3 Q4 Full year Q1 Q2 Q3 Q4 Full year
Revenue
Enterprise 78,559 - - - 78,559 44,530 80,906 102,956 102,955 331,347
ProAudio 17,442 - - - 17,442 23,830 40,803 26,989 28,679 120,301
Healthcare 4,524 - - - 4,524 13,540 3,500 11,995 17,657 46,692
Total Revenue, RTX Group 100,525 - - - 100,525 81,900 125,209 141,940 149,291 498,340
EBITDA
Enterprise 462 - - - 462 -25,555 -2,427 7,833 13,755 -6,395
ProAudio -4,864 - - - -4,864 -3,664 4,696 617 3,677 5,327
Healthcare -5,005 - - - -5,005 -1,239 -1,354 945 5,833 4,185
Total EBITDA, RTX Group -9,407 - - - -9,407 -30,457 916 9,395 23,263 3,117
Revenue, geographical segment
Denmark 11,630 - - - 11,630 3,551 21,080 12,231 20,376 57,238
France 21,013 - - - 21,013 2,729 11,562 23,680 28,356 66,327
Germany 5,973 - - - 5,973 3,152 17,664 15,880 22,973 59,669
Great Britain 14,310 - - - 14,310 - - - 50,030 50,030
Other Europe 7,908 - - - 7,908 16,215 30,682 35,288 -31,366 50,819
USA 22,332 - - - 22,332 32,089 10,101 41,518 31,758 115,466
Hong Kong 3,412 - - - 3,412 4,988 518 329 12,829 18,664
Other Asia and Pacific 12,584 - - - 12,584 19,176 33,593 12,994 13,366 79,129
Other 1,363 - - - 1,363 - 9 20 969 998
Total Revenue, RTX Group 100,525 - - - 100,525 81,900 125,209 141,940 149,291 498,340
Revenue distributed to geographic area according to the geographical location of the customer entity being invoiced.
14
RTX interim report for Q1 2024/25
Notes
4 Development costs
Amounts in DKK ‘000
Q1
2024/25
Q1
2023/24
FY
2023/24
Development cost incurred before capitalization
(1)
8,756 9,333 65,477
Value of own work capitalized
(2)
-3,491 -3,613 -19,914
Total amortization and impairment on development projects 1,856 6,039 18,995
Development costs recognized in the profit/loss account 7,121 11,759 64,558
(1)
Total value of development cost incurred before capitalization of DKK 65.5 million in 2023/24 includes additional
investment in strategic collaboration with a large global Healthcare company regarding a new generation of wire-
less infrastructure for patient monitoring solutions for the hospital healthcare sector. The investment relates to
deferred income of DKK 21.9 million which will be recognized as income on a long-term basis.
(2)
Total value of own capitalized of DKK 3.5 million in Q1 2024/25 according to the income statement includes own
tangible assets of DKK 0.0 million (Q1 2023/24: DKK 0.0 million).
5 Financial items
Amounts in DKK ‘000
Q1
2024/25
Q1
2023/24
FY
2023/24
Exchange rate gains (net) 7,049 - -
Fair value adjustments of investments
in trading portfolio - 1,409 2,631
Gain on hedging instruments (net) - 406 351
Other financial income 1,565 1,281 3,452
Total financial income 8,614 3,096 6,434
Exchange rate losses (net) - 5,472 7,449
Financing element, IFRS 16 587 596 2,334
Loss on hedging instruments (net) 928
Other financial costs 696 261 850
Total financial expenses 2,211 6,329 10,633
15
RTX interim report for Q1 2024/25
Notes
6 Fair value hierarchy for financial instruments
The below indicates the classification of the financial instruments divided in accordance with the fair value hierarchy:
• Listed prices in an active market for the same type of instrument (level 1)
• Listed prices in an active market for similar assets or liabilities or other valuation methods, where all significant
input is based on observable market data (level 2)
• Valuation methods, where any significant input is not based on observable market data (level 3)
Amounts in DKK ‘000 Level 1 Level 2 Level 3 Total
Financial instruments (hedging), liability - - - -
Bonds listed on the stock exchange, in the trading portfolio 33,864 - - 33,864
Financial net assets at fair value at 31 December 2024 33,864 - - 33,864
Financial instruments (hedging), asset - 39 - 39
Bonds listed on the stock exchange, in the trading portfolio 32,476 - - 32,476
Financial net assets at fair value at 31 December 2023 32,476 39 - 32,515
Financial hedging instruments comprise standard foreign exchange forward contracts with the USD/DKK exchange
rate as the main element affecting the fair value of the contracts.
16
RTX interim report for Q1 2024/25
Management’s Statement
Executive Board
Board of Directors
17
RTX interim report for Q1 2024/25
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