Continued Demand Growth; Supply Challenges Persist
2022年5月3日 - 07:44PM
Continued Demand Growth; Supply Challenges Persist
Announcement To
Nasdaq Copenhagen A/S and the press
Nørresundby, Denmark, 3 May 2022Announcement no.
12/2022
Interim
report for
Q2 and H1
2021/22(the
period 01.10.2021 - 31.03.2022)
“The strong improvement in demand continued in second quarter of
2021/22 and led to revenue increasing by more than 50% compared to
last year. I see the growth opportunities for RTX from our large
framework agreements and our product platforms as significant and
the continued demand improvement after the pandemic underlines this
belief. The global component scarcity in the electronics industry
and other supply chain disruptions such as temporary lockdowns have
had a negative effect on the second quarter for RTX – without such
challenges our strong order book would have led to a significantly
higher revenue. We maintain our outlook for the year based on a
record strong order book but with uncertainty from the supply chain
challenges.”
Peter Røpke, CEO
HIGHLIGHTS Q2
2021/22
- Net
revenue increased by 51.7% to DKK 134.3 million in Q2
2021/22 (Q2 2020/21: DKK 88.5 million). The strong growth is driven
by continued demand improvement in the quarter. Growth continued to
be adversely impacted by supply challenges primarily related to
global component scarcity in the electronics industry and
secondarily to supply chain disruptions in production and logistics
due to temporary lockdowns, especially in China. These supply
challenges postponed deliveries and revenue of approx. DKK 90
million into future periods. As revenue of approx. DKK 55 million
had been postponed from Q1 into Q2, the net effect on revenue from
these supply challenges in Q2 has been a negative effect of approx.
DKK 35 million.
-
Enterprise segment: Revenue increased by 43.4% to
DKK 84.0 million. The increase is seen broadly in the segment and
the demand is generally high across products and customers. Revenue
was adversely impacted by the component scarcity.
-
ProAudio segment: Revenue increased by 63.3% to
DKK 35.2 million. The effects of COVID-19 on demand have been
limited in the quarter. Recurring revenue from product sales and
royalty increased over last year due to continued increase in
demand for RTX’s product platforms in the ProAudio segment in
accordance with the strategy for the segment. Revenue from
engineering services decreased compared to last year in line with
the strategy to focus on creating recurring revenue.
-
Healthcare segment: Revenue increased by 79.8% to
DKK 15.1 million with growth broadly in the segment.
FX corrected
revenue growth was 42.0% as revenue compared to last year was
positively impacted by the stronger US dollar.
- Gross
profit increased by 34.5% to DKK 67.0 million in Q2
2021/22 (Q2 2020/21: DKK 49.8 million) driven by the revenue
growth. The gross margin decreased to 49.9% (Q2 2020/21: 56.3%)
negatively impacted compared to last year by the revenue mix with a
lower share of revenue from engineering services and by increased
component costs compared to last year due to the component scarcity
and high prices on component spot buys. Increases in sales prices
have partly counterbalanced the component price increases.
-
Operating performance improved over last year
driven by the increase in revenue with EBITDA of
DKK 11.7 million in Q2 2021/22 (Q2 2020/21: DKK -4.0 million) and
EBIT of DKK 1.7 million in Q2 2021/22 (Q2 2020/21:
DKK -11.3 million).
- Cash
flows from operations (CFFO) in Q2 2021/22 amounted to DKK
6.6 million compared to DKK -20.8 million in Q2 2020/21. Compared
to last year, CFFO was positively impacted by the increased
earnings and by the working capital development.
SUMMARY H1
2021/22
- Net
revenue increased by 74.0% to DKK 260.7 million in H1
2021/22 (H1 2020/21: DKK 149.8 million) with the strong growth
driven by the improvement in demand. The growth could have been
even stronger had it not been for the global component scarcity in
the electronics industry and other supply chain impediments. In H1
2021/22, Enterprise segment revenue increased by 84.8% to DKK 173.8
million, ProAudio segment revenue increased by 49.6% to DKK 60.8
million and Healthcare segment revenue increased by 72.6% to DKK
26.1 million. FX corrected revenue growth of RTX in H1 was 64.1% as
revenue compared to last year was positively impacted by the
stronger US dollar.
- Gross
profit in H1 2021/22 increased by 58.6% to DKK 127.4
million (H1 2020/21: DKK 80.3 million) due to the revenue growth –
corresponding to a gross margin of 48.9% (H1 2020/21: 53.6%)
impacted, compared to last year, by a lower share of revenue from
engineering services and by increases in component costs partly
counterbalanced by sales price increases. The significantly higher
revenue increased earnings in H1 2021/22 with
EBITDA of DKK 16.7 million (H1 2020/21: DKK -22.7
million) and EBIT of DKK -3.1 million (2020/21:
DKK -36.6 million).
- Cash
flow from operations (CFFO) amounted to DKK 20.9 million
in H1 2021/22 (H1 2020/21: DKK 9.9 million).
OUTLOOK FOR
2021/22
- RTX maintains the outlook for the
financial year 2021/22 with revenue above DKK 520 million, EBITDA
above DKK 50 million and EBIT above DKK 10 million. As stated in
the annual report for 2020/21 when announcing the outlook,
uncertainty for the financial year remains higher than normal
especially due to the component situation.
- The order book for 2021/22 is very
strong at a record level with high demand and a significant order
backlog. The order book for 2021/22 has improved further in Q2.
This provides a strong revenue visibility for the year. However,
the global component shortage – especially related to
semiconductors and other electronic components – and the supply
chain disruptions from temporary lockdowns in Asia and the global
logistic challenges continue to create uncertainty for the
financial year and therefore for the outlook for 2021/22. The
component shortage situation and other supply chain impediments
appear to continue throughout 2022 and the situation has not
improved in Q2.
- The increasing component costs,
including the increasing costs for securing components in the spot
buy market and through other channels, creates added uncertainty
for the year related to the outlook regarding earnings (EBITDA and
EBIT).
- For the list of assumptions behind
the outlook, refer to the annual report for 2020/21 (pages
22-23).
SHARE CAPITAL REDUCTION
COMPLETED
- As decided by the General Meeting
in 2022, RTX’s share capital has been reduced by nominal DKK
875,000 via cancellation of 175,000 treasury shares acquired
through share buy-back programs. The share capital reduction was
finally completed and registered on 7 April 2022 (cf. company
announcement 10/2022).
RTX A/S
PETER
THOSTRUP PETER
RØPKEChair
President and CEO
Investor and analyst
conference callOn Tuesday, 3 May 2022 at 15.00
(3.00 pm) CET, RTX will hold a conference call for investors and
analysts hosted by Danske Bank. In this conference call, the
Company’s management will comment on the interim report for the
second quarter and first half of the financial year 2021/22. To
register for the conference call, please e-mail
vonh@danskebank.dk.
Enquiries and further
information: CEO Peter Røpke, tel +45 96 32 23 00CFO
Morten Axel Petersen, tel +45 96 32 23 00RTX’s homepage:
www.rtx.dk
- RTX CA No 12-2022 - 03.05.22 - Interim Report Q2 2021-22
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