RTX Growth Continues in Q3 2021/22
2022年8月31日 - 3:27AM
RTX Growth Continues in Q3 2021/22
Announcement To
Nasdaq Copenhagen A/S and the press
Nørresundby, Denmark, 30 August 2022Announcement
no. 15/2022
Interim
report for
Q3 and
9M
2021/22(the
period 01.10.2021 - 30.06.2022)
“The revenue growth of RTX continued in the
third quarter of 2021/22 with growth of more than 36%. For the
first nine months of 2021/22 we have grown our revenue by more than
57% over last year. The strong demand confirms the belief we have
in the growth opportunities from our large framework agreements.
The challenging supply situation with component scarcity in the
electronics industry continued in the quarter but it was stabilized
and did not worsen. However, the global component scarcity did
impact gross margin both via higher component costs due to the need
to secure components in the spot buy market and through the effect
on the realized product mix. Based on the strong demand situation,
we updated our outlook for the financial year on 7 July with an
upgrade of our revenue outlook and a specification of our earnings
outlook”
Peter Røpke, CEO
HIGHLIGHTS Q3
2021/22
- Net
revenue increased by 36.6% to DKK 164.8 million in Q3
2021/22 (Q3 2020/21: DKK 120.6 million) driven by continued demand
improvements in the Enterprise segment. Component scarcity in the
global electronics industry and other supply challenges continue to
impact revenue. Such supply challenges have postponed deliveries
and revenue of approximately DKK 90 million into future periods.
This is roughly the same amount postponed from Q2 into Q3 and
therefore the net effect on revenue in Q3 has been limited. Going
forward, RTX will only comment on the development in postponed
deliveries and revenue if it has a significant impact on the period
being reported on.
-
Enterprise segment: Revenue increased by 60.0% to
DKK 131.3 million. The growth is seen broadly in the segment
especially for the large framework agreement customers.
-
ProAudio segment: Revenue
decreased by 12.6% to DKK 22.6 million. While recurring revenue
from product sales and royalty are on the same level as last year,
revenue from engineering services decreased compared to last year
in line with the strategy to focus on creating recurring revenue.
Supply challenges had a negative impact on revenue in Q3.
-
Healthcare segment: Revenue decreased by 14.7% to
DKK 10.8 million as the volume distribution over the financial
year, as expected, is more even compared to last year which was
significantly backloaded
- FX corrected
revenue growth was 19.6% as revenue compared to last year was
positively impacted by the stronger US dollar.
- Gross
profit increased by 18.2% to DKK 71.9 million in Q3
2021/22 (Q3 2020/21: DKK 60.8 million) driven by the revenue
growth. The gross margin decreased to 43.7% (Q3 2020/21: 50.4%).
Compared to last year, the gross margin is negatively impacted by
the revenue mix with a lower share of revenue from engineering
services, by the specific product mix realized given shortages on
specific components in the quarter as well as by increased
component costs compared to last year due to the component scarcity
and high prices on components (including in the spot buy market).
Increases in sales prices have partly counterbalanced the component
price increases. A further negative impact on the gross margin in
the quarter has been customer payments to cover extraordinary
component costs (meaning that such extraordinary additional
component costs are carried by the customers, but at roughly zero
margin).
- The strong
growth in revenue drove improvements in operating
performance with EBITDA
increasing by 59.6% to DKK 16.1 million in Q3 2021/22 (Q3 2020/21:
DKK 10.1 million) and EBIT increasing by 99.5% to
DKK 5.9 million in Q3 2021/22 (Q3 2020/21: DKK 3.0 million).
- Cash
flows from operations (CFFO) in Q3 2021/22 amounted to DKK
-0.2 million compared to DKK 22.1 million in Q3 2020/21. Compared
to last year, CFFO was positively impacted by the increased
earnings and negatively impacted by the working capital development
with higher inventories (both finished goods in transit towards
customers and component buffer stocks) and higher receivables.
SUMMARY 9M
2021/22
- Driven by a
strong improvement in demand, net revenue
increased by 57.3% to DKK 425.4 million in 9M 2021/22 (9M 2020/21:
DKK 270.4 million). 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 which has had an
adverse impact on deliveries and revenue especially in Q1 and Q2 of
2021/22. All segments have contributed to the strong growth.
Enterprise segment revenue increased by 73.2% to DKK 305.1 million
in 9M 2021/22, while ProAudio segment revenue increased by 25.5% to
DKK 83.4 million and Healthcare segment revenue increased by 32.8%
to DKK 37.0 million. FX corrected revenue growth of RTX in 9M
2021/22 was 44.2% as revenue compared to last year was positively
impacted by the stronger US dollar.
- Gross
profit amounted to DKK 199.3 million in 9M 2021/22 – an
increase of 41.2% (9M 2020/21: DKK 141.1 million) due to the
revenue growth. The gross margin reached 46.8% in the first nine
months (9M 2020/21: 52.2%). Compared to last year, the gross margin
is impacted by a lower share of revenue from engineering services
and by increases in component costs (whether paid for by customers
or by RTX), partly counterbalanced by sales price increases. The
stronger revenue has driven significantly higher earnings in 9M
2021/22 with EBITDA of DKK 32.8 million (9M
2020/21: DKK -12.7 million) and EBIT of DKK 2.9
million (9M 2020/21: DKK -33.6 million)
- Cash
flow from operations (CFFO) amounted to DKK 20.8 million
in 9M 2021/22 (9M 2020/21: DKK 32.0 million).
OUTLOOK FOR
2021/22
- On 7 July 2022, RTX updated the
outlook for the financial year (see company announcement 13/2022).
RTX now expects revenue of DKK 550 to 610 million, EBITDA of DKK 50
to 70 million and EBIT of DKK 10 to 30 million for 2021/22.
- On 7 July 2022, the revenue outlook
was upgraded to DKK 550 to 610 million (from previously above DKK
520 million). The increase in expected revenue reflects the strong
demand situation and the relatively wide interval for the expected
revenue reflects the continued significant uncertainty on the
global electronics supply markets from component shortages and
other supply challenges. So, while the order book for 2021/22 is
very strong and at a record high level, the global component
scarcity – 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 some uncertainty for the financial year and
therefore for the outlook for 2021/22.
- The expected EBITDA was specified
from previously above DKK 50 million to now DKK 50 to 70 million
and the expected EBIT from previously above DKK 10 million to now
DKK 10 to 30 million. The adjustments in the expected earnings
levels are driven by the expected revenue and gross margin levels
where revenue is higher but where the gross margin is negatively
impacted by the product mix expected to be realized given the
component shortages and by the need to secure components in the
spot buy market and through other channels.
- The actual performance in 2021/22
will now therefore primarily depend on the supply situation towards
the end of the financial year. Determinants of the actual supply
situation towards the end of the year are factors such as component
deliveries, lock-downs affecting production, shipping and logistic
impediments etc.
- For the list of assumptions behind
the outlook, refer to the annual report for 2020/21 (pages 22-23)
and to company announcement 13/2022.
RTX A/S
PETER
THOSTRUP PETER
RØPKEChair
President and CEO
Investor and analyst
conference callOn Wednesday, 31 August 2022 at
9.00 am 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
third quarter and the first nine months 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 15-2022 - 30.08.22 - Interim Report Q3 2021-22
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