ROBIT PLC HALF-YEAR REPORT 1 JANUARY–30 JUNE 2022: RECORD NET
SALES, PROFITABILITY IMPROVED
ROBIT PLC
STOCK EXCHANGE
RELEASE
09/08/2022 at 11:00 am
ROBIT PLC HALF-YEAR REPORT 1 JANUARY–30 JUNE
2022: RECORD NET SALES, PROFITABILITY
IMPROVED
In the text, ‘review period’ refers to 1 April–30 June 2022
(Q2), and ‘H1’ refers to 1 January–30 June 2022. Figures from the
corresponding time period in 2021 are given in parentheses. All the
figures presented are in euros. Percentages are calculated from
thousands of euros.
1 April–30 June 2022 in brief
- Net sales EUR 31.0
million (25.1), increase 23.7%
- EBITDA EUR 4.1
million (1.9)
- EBITDA 13.1% of net
sales (7.4%)
- EBITA EUR 2.8
million (0.7)
- EBIT 8.4% of net
sales (1.8%)
- Review period net
income EUR 2.1 million (-0.2)
- Net cash flow from
operating activities EUR 1.4 million (-2.4)
1 January–30 June 2022 in brief
- Net sales EUR 57.3
million (48.1), increase 19.2%
- EBITDA EUR 5.0
million (3.4)
- EBITDA 8.7% of net
sales (7.2%)
- EBITA EUR 2.6
million (1.0)
- EBIT 3.7% of net
sales (1.2)
- Review period net
income EUR 1.3 million (0.2)
- Net cash flow from
operating activities EUR 1.0 million (-4.1)
- Equity ratio at the
end of the review period 45.7% (44.2)
Key financials |
Q2 2022 |
Q2 2021 |
Change % |
H1 2022 |
H1 2021 |
Change % |
2021 |
Net
sales, EUR 1,000 |
31,025 |
25,088 |
23.7% |
57,328 |
48,110 |
19.2% |
100,755 |
EBITDA*,
EUR 1,000 |
4,062 |
1,864 |
118% |
4,984 |
3,441 |
44.8% |
7,595 |
EBITDA, %
of net sales |
13.1% |
7.4% |
|
8.7% |
7.2% |
|
7.5% |
EBITA,
EUR 1,000 |
2,844 |
678 |
319.5% |
2,571 |
1,015 |
153.4% |
2,940 |
EBITA, %
of net sales |
9.2% |
2.7% |
|
4.5% |
2.1% |
|
2.9% |
EBIT, EUR
1,000 |
2,619 |
462 |
466.6% |
2,127 |
583 |
264.9% |
2,080 |
EBIT, %
of net sales |
8.4% |
1.8% |
|
3.7% |
1.2% |
|
2.1% |
Result
for the period, EUR 1,000 |
2,082 |
-191 |
1,188.3% |
1,333 |
224 |
495.0% |
886 |
Result
for the period, % of net sales |
6.7% |
-0.8% |
|
2.3% |
0.5% |
|
0.9% |
Earnings
per share (EPS), EUR 1,000 |
0.09 |
-0.01 |
|
0.05 |
0.01 |
|
0.04 |
Return on
equity (ROE), %** |
|
|
|
4.5% |
0.5% |
|
1.8% |
Return on
capital employed (ROCE), %** |
|
|
|
4.2% |
1.5% |
|
2.5% |
*No items affecting comparability H1/2022 or H1/2021
**Calculation principles corrected to correspond to the formula
defined for key figures
ROBIT’S OUTLOOK FOR 2022
Considering all identified risk factors, Robit estimates the
demand in the global mining and construction industry to remain at
the current level. The company has identified global factors, such
as the war in Ukraine, cost inflation in raw materials and
logistics and the potential global decline of economic development.
They are unlikely to substantially affect the company's operations
in 2022.
Demand in the construction industry is supported by the good
work situation in the construction market areas that are relevant
to Robit and the significant financing decided globally for the
construction industry. General deterioration in the economic
situation and high cost inflation may have the effect of suspending
construction projects. For the time being, Robit is not accepting
any new export orders from Russia and Belarus, which accounted for
under 8% of the company’s net sales in the 2021 financial period.
To compensate for this revenue, the company seeks revenue growth
from other global markets.
GUIDANCE FOR 2022
Robit estimates that net sales in 2022 will
increase and comparable EBITDA profitability in euros will improve
compared to 2021, assuming that there are no significant changes in
the exchange rates from the level at the end of 2021.
CEO ARTO HALONEN:
Robit experienced a record strong Q2 both in terms of growth and
profitability. In Q2, for the first time, our net sales exceeded
the EUR 30 million mark, with net sales totalling EUR 31 million
(25.1). Orders received stood at EUR 26.4 million (26.5). The
company’s profitability improved on the comparison period. EBITDA
was EUR 4.1 million (1.9), up 118% on the comparison period. A
significant step in H1 was also our progress made towards the
sustainability goals we have set. We achieved a clear improvement
with Robit’s emission intensity.
The company’s priorities for 2022 are improved profitability,
profitable growth and strengthening cash flow. We were successful
in achieving these goals. To strengthen profitability, the measures
will focus on three key areas: pricing management, procurement
savings projects and remedial measures for low profitability
customers. In all three areas where we seek to strengthen
profitability, we succeeded in implementing our action plans. We
were able to pass on the rise in costs, we completed a competitive
tendering process in one of our key procurement categories and we
took forward other procurement savings projects.
In Q2, growth was strong in both business units.
Both the Top Hammer and the Down the Hole business unit grew 23.7%
over the comparison period. During the quarter, we were able to
complete a Top Hammer business investment programme. Our Top Hammer
capacity has increased considerably, and we will also be able to
adapt to the growth of the business in the future. In addition, we
achieved growth in all markets. Growth was strongest in the East
region, where we delivered from the existing orderbook. For the
time being, we are not accepting any new export orders from Russia
or Belarus, which is why H2 sales from these countries will
experience a significant decrease. In the course of the review
period, we sharpened the implementation of the growth projects to
safeguard continued growth despite the effects caused by the war in
Ukraine.
Net cash flow from the company’s operating activities improved
in the quarter as a result of strong profitability. Managing the
company’s working capital, and especially inventories, is key to
strengthening cash flow further. In Q2, we did not witness
any marked improvement in working capital. During the quarter, we
implemented the optimised inventory management parameters and took
measures to cut the delivery times. The impacts of the measures
taken will be visible in H2.
SUSTAINABILITY
Lost Time Incident Frequency (LTIF) developed negatively in the
review period, and further measures to improve safety were added.
Our factories are constantly working to increase safety awareness,
and a new easy-to-use tool was taken into use for the purpose of
reporting safety observations. With regard to emission intensity,
clear improvement has been achieved, and in terms of a responsible
and sustainable delivery chain we were able to reach our goals.
|
Emission intensity |
Waste |
Consultative sales hours per year |
LTIF |
Sustainable suppliers |
Sustainable distributors |
06/2022 |
-21.3% |
88% |
362 h |
4.1 |
92% |
76% |
12/2021 |
-0.5% |
87% |
921
h |
2.1 |
79% |
38% |
Target |
-50.0% |
>90% |
>1,000 h |
0.0 |
>90% |
>90% |
NET SALES
Net sales by product area
EUR thousand |
Q2 2022 |
Q2 2021 |
Change % |
H1 2022 |
H1 2021 |
Change % |
2021 |
Top
Hammer |
17,126 |
13,848 |
23.7% |
33,594 |
26,299 |
27.7% |
56,287 |
Down the
Hole |
13,899 |
11,239 |
23.7% |
23,734 |
21,811 |
8.8% |
44,468 |
Total |
31,025 |
25,088 |
23.7% |
57,328 |
48,110 |
19.2% |
100,755 |
The Group’s net sales in Q2 totalled EUR 31
million (25.1). There was an increase of 23.7% over the comparison
period. In constant currencies, the increase was 17.4%.
The Group’s net sales in H1 totalled EUR 57.3
million (48.1). There was an increase of 19.2% over the comparison
period. In constant currencies, the increase was 15.5%.
The Top Hammer business continued to grow
strongly in Q2, growing 23.7%. In H1, Top Hammer net sales grew by
27.7% to EUR 33.6 million (26.3). The investments made last year in
our production capacity continued to improve our delivery capacity,
enabling strong growth also in the future.
In Q2, the Down the Hole business also
experienced strong growth of 23.7%. In H1, net sales grew 8.8% to
EUR 23.7 million. Growth was especially significant in North
America. Sales in the East region also developed strongly, driven
by sales in the very strong Geotechnical market segment.
Net sales by market area
EUR thousand |
Q2 2022 |
Q2 2021 |
Change % |
H1 2022 |
H1 2021 |
Change % |
2021 |
EMEA |
13,154 |
11,810 |
11.4% |
23,906 |
22,576 |
5.9% |
45,298 |
Americas |
6,658 |
4,566 |
45.8% |
13,260 |
8,274 |
60.3% |
19,960 |
Asia |
3,231 |
2,643 |
22.2% |
6,083 |
5,016 |
21.3% |
10,771 |
Australasia |
3,686 |
3,590 |
2.7% |
6,994 |
6,792 |
3.0% |
14,001 |
East |
4,296 |
2,479 |
73.3% |
7,085 |
5,451 |
30.0% |
10,725 |
Total |
31,025 |
25,088 |
23.7% |
57,328 |
48,110 |
19.2% |
100,755 |
In Q2, the company’s growth was strong in the Americas and the
Asia region. In the Americas region, sales especially increased in
North America. During Q2, there was a strong increase in
sales, 73.3%, in the East region due to a significant number of
deliveries made to our contract customers not on the sanction list
scheduled on the review period. In Australia, sales increased by
2.7% in the review period. The EMEA region returned to a growth
track, and sales increased by 11.4% in Q2.
In H1, all markets experienced growth. Growth
was strongest in the Americas region, where net sales grew
substantially 60.3%, while market demand remained good. The Asia
and East regions also grew strongly in H1 and achieved over 20%
growth. The Australasia and EMEA regions experienced growth in the
review period.
PROFITABILITY
Key figures
EUR thousand |
Q2 2022 |
Q2 2021 |
Change % |
H1 2022 |
H1 2021 |
Change % |
2021 |
EBITDA,
EUR 1,000 |
4,062 |
1,864 |
118% |
4,984 |
3,441 |
44.8% |
7,595 |
EBITDA,
% of net sales |
13.1% |
7.4% |
|
8.7% |
7.2% |
|
7.5% |
EBIT,
EUR 1,000 |
2,619 |
462 |
466.6% |
2,127 |
583 |
264.9% |
2,080 |
EBIT, %
of net sales |
8.4% |
1.8% |
|
3.7% |
1.2% |
|
2.1% |
Result
for the period, EUR 1,000 |
2,082 |
-191 |
1,188.3% |
1,333 |
224 |
495.0% |
886 |
Result
for the period, % of net sales |
6.7% |
-0.8% |
|
2.3% |
0.5% |
|
0.9% |
The company’s profitability in the review period
clearly improved. EBITDA for Q2 was EUR 4.1 million (1.9). EBITDA’s
share of net sales was at the strategy level, at 13.1% (7.4%). The
company’s EBIT was EUR 2.6 million (0.5). EBIT was 8.4% (1.8%) of
the review period net sales.
EBITDA for H1 was EUR 5 million (3.4) EBITDA’s
share of net sales was 8.7% (7.2%). The company’s EBIT was EUR 2.1
million (0.6). EBIT was 3.7% (1.2%) of the review period net
sales.
The improved operating profit was supported by
sales that grew strongly as well as by more accurate pricing. The
company’s profitability improvement measures systematically
progressed in the review period, and the results materialized in
Q2. The positive development of profitability was also
affected by the successful management of fixed costs.
Financial income and expenses in Q2 totalled EUR
-0.5 million (-0.9), of which EUR -0.3 million (-0.3) was in
interest expenses and EUR -0.1 million (-0.5) in exchange rate
changes. The result for the quarter improved, being EUR 2.1 million
(-0.2)
Financial income and expenses in H1 totalled EUR
-1.0 million (-0.7), of which EUR -0.7 million (-0.6) was in
interest expenses and EUR -0.2 million (0.0) in exchange rate
changes. The review period results improved, being EUR 1.3 million
(0.2)
CASH FLOW AND INVESTMENTS
Consolidated cash flow statement
EUR thousand |
Q2 2022 |
Q2 2021 |
H1 2022 |
H1 2021 |
2021 |
Net cash flows from operating activities |
|
|
|
|
|
Cash flows
before changes in working capital |
4,827 |
1,934 |
5,581 |
3,609 |
7,826 |
Cash flows
from operating activities before financial items and taxes |
1,739 |
-2,110 |
1,772 |
-3,271 |
-2,785 |
Net cash inflow (outflow) from operating
activities |
1,440 |
-2,370 |
1,047 |
-4,084 |
-4,174 |
Net cash inflow (outflow) from investing
activities |
-371 |
-492 |
-805 |
-1,287 |
-3,885 |
Net cash inflow (outflow) from financing
activities |
-1,617 |
-82 |
-3,111 |
292 |
3,091 |
Net increase (+)/decrease (-) in cash and cash
equivalents |
-549 |
-2,944 |
-2,869 |
-5,078 |
-4,968 |
Cash and
cash equivalents at the beginning of the financial year |
7,185 |
12,352 |
9,525 |
14,339 |
14,339 |
Exchange
gains/losses on cash and cash equivalents |
443 |
-37 |
422 |
111 |
154 |
Cash and cash equivalents at end of the year |
7,079 |
9,372 |
7,079 |
9,372 |
9,525 |
The Group’s Q2 cash flow before changes in
working capital improved to EUR 4.8 million (1.9). Net cash flow
for operating activities was EUR 1.4 million (-2.4). The changes in
working capital had an impact of EUR -2.8 million (-4.0). The
change in working capital was affected slightly positively by the
EUR 0.2 million increase in accounts payable. The growth in account
and other receivables had a negative impact of EUR 2.4 million on
cash flow, and the growth of inventories had an impact of EUR 0.6
million. Increased invoicing increased the amount of account
receivables.
Net cash inflow (outflow) from investing
activities for Q2 was EUR -0.4 million (-0.5) Gross investments in
production totalled EUR 0.4 million (0.6). The share of investments
in net sales was 1.4% (2.3). The investments were mainly directed
at the company’s factories in South Korea and Lempäälä, Finland.
The investments are aimed at responding to the growth of the Top
Hammer business.
Net cash inflow (outflow) from financing
activities for Q2 was EUR -1.6 million (-0.1) Net changes in loans
totalled EUR -1.9 million (4.0). The change in bank overdrafts was
EUR 0.8 million (-3.6). The repayment of lease liabilities reported
in net cash flow from financing activities under IFRS 16 totalled
EUR 0.5 million (0.5).
Depreciation, amortisation and write-downs
totalled EUR 1.4 million (1.4). Of this, EUR 0.2 million related to
the amortisation of customer relationships and brand value from
business acquisitions.
FINANCIAL POSITION
|
30 June 2022 |
30 June 2021 |
31 December 2021 |
Cash and
cash equivalents, EUR thousand |
7,079 |
9,372 |
9,525 |
Interest-bearing liabilities, EUR thousand |
38,805 |
35,139 |
41,522 |
of which short-term interest-bearing financial liabilities: |
8,066 |
3,758 |
10,500 |
Net
interest-bearing liabilities, EUR thousand |
31,726 |
25,767 |
31,996 |
Undrawn
credit facility, EUR thousand |
3,397 |
6,000 |
2,738 |
Gearing,
% |
60.2% |
53.8% |
65.1% |
Equity
ratio, % |
45.7% |
44.2% |
42.2% |
The Group had interest-bearing liabilities
amounting to EUR 38.8 million (35.1), of which EUR 7 million (4.8)
were IFRS 16 interest-bearing liabilities. The Group’s liquid
assets totalled EUR 7.1 million (9.4). Interest-bearing net
liabilities amounted to EUR 31.7 million (25.8), and
interest-bearing net bank liabilities excluding IFRS 16 liabilities
stood at EUR 24.7 million (20.9).
The Group’s equity at the end of the review
period was EUR 52.7 million (47.9). The Group’s equity ratio was
45.7% (44.2) and gearing stood at 60.2% (53.8).
PERSONNEL AND MANAGEMENT
The number of personnel decreased by 4 persons
from the end of the comparison period, and at the end of the review
period it was 268 (272). At the end of the review period, 72% of
the company’s personnel were located outside Finland.
The company’s Management Team at the end of the review period
was composed of Arto Halonen (CEO), George Apostolopoulos (VP
Global Sales), Adam Baker (VP Down the Hole), Jorge Leal (VP Top
Hammer), Ville Peltonen (Interim CFO), Ville Pohja (VP
Geotechnical) and Jaana Rinne (Group HR Director).
FINANCIAL TARGETS
Robit’s long-term target is to achieve organic
net sales growth of 15% annually and comparable EBITDA
profitability of 13%.
|
Long-term target |
2020 |
2021 |
H1 2022 |
Net sales growth, p.a. |
15% |
6% |
10% |
19.2% |
Comparable EBITDA, % of net sales |
13% |
5.6% |
7.5% |
8.7% |
RESOLUTIONS OF THE ANNUAL GENERAL MEETING
2022
Robit Plc’s Annual General Meeting on 22 March 2022 adopted the
financial statements presented for 1 January–31 December 2021 and
resolved that no dividend would be paid based on the adopted
balance sheet for the 2021 financial year.
The General Meeting resolved to discharge the
members of the Board of Directors and the Chief Executive Officer
from liability for the financial year ending 31 December 2021
The General Meeting decided to approve the
Remuneration Report for Governing Bodies. The decision was
advisory.
The General Meeting resolved that the Board of
Directors consists of six (6) members. Kim Gran, Mikko Kuitunen,
Anne Leskelä and Harri Sjöholm were re-elected as members of the
Board of Directors. Markku Teräsvasara and Eeva-Liisa Virkkunen
were elected as new members of the Board of Directors.
The annual remuneration for the Chairman of the
Board of Directors is EUR 50,000, of which 40% is paid in shares
and the remaining 60% is an advance tax withheld and paid to the
Finnish Tax Administration by the company. There is also a meeting
fee of EUR 500 per meeting. The fee is paid for meetings attended
by the Chairman of the Board. Other costs such as travel, and
lodging expenses will also be compensated.
The annual remuneration for the Board members is
EUR 30,000, of which 40% is paid in shares and the remaining 60% is
an advance tax withheld and paid to the Finnish Tax Administration
by the company. There is also a meeting fee of EUR 500 per meeting.
The fee is paid for meetings attended by the member of the Board.
Other costs, such as travel and lodging expenses, will also be
compensated.
Members of the Working Committee, Personnel
Committee and Audit Committee are paid a financial compensation of
EUR 500 per meeting attended. Other costs such as travel, and
lodging expenses will also be compensated.
The annual remuneration of the Chairman of the
Board and Board members for the entire term of office will be paid
in December 2022. The part of the remuneration paid in shares may
be paid by issuing new shares in the company or by acquiring shares
by the authorisation given to the Board of Directors by the General
Meeting. The receiver of the remuneration pays the transfer
tax.
Ernst & Young Oy, an audit firm, was
re-elected as the company’s auditor for a term that will continue
until the end of the next Annual General Meeting. Ernst & Young
Oy has notified the company that Authorised Public Accountant Toni
Halonen will serve as the company’s principal responsible
auditor.
The General Meeting resolved to pay the
auditor’s remuneration in accordance with an invoice approved by
the company.
The General Meeting resolved to authorise the
Board of Directors to resolve on the acquisition of a maximum of
2,117,990 shares of the company and/or accepting the same number of
the company’s shares as a pledge, in one or several tranches by
using funds in the unrestricted shareholders’ equity. The maximum
total of shares that will be acquired and/or accepted as a pledge
corresponds to 10% of all the shares in the company as of the date
of the notice to the General Meeting. However, the company cannot,
together with its subsidiary companies, own or accept as a pledge
altogether more than 10% of its own shares at any point in time.
The company’s shares may be purchased under this authorisation
solely by using unrestricted shareholders’ equity.
The shares will be acquired other than in
proportion to the share ownership of the shareholders via public
trading arranged by Nasdaq Helsinki Ltd at the market price on the
date on which the acquisition is made or at a price formed on the
market. The authorisation is proposed to be used for the purposes
of implementing the company’s share-based incentive schemes or for
other purposes as decided by the Board of Directors, for
example.
It was resolved that the authorisation revokes
the authorisation granted by the General Meeting on 25 March 2021
to decide on the acquisition of treasury shares.
The authorisation is valid until the closing of
the next Annual General Meeting, but no longer than until 30 June
2023.
The Annual General Meeting resolved to authorise
the Board of Directors to resolve on a share issue and on the
issuance of special rights entitling to shares as referred to in
Chapter 10, Section 1 of the Finnish Limited Liability Companies
Act, in one or more tranches, either against or without
consideration.
The number of shares to be issued, including
shares to be issued on the basis of special rights, may not exceed
2,117,990, which amounts to 10% of all shares in the company as at
the date of the notice to the Annual General Meeting. The Board of
Directors may decide to either issue new shares or to transfer any
treasury shares held by the company.The authorisation entitles the
Board of Directors to decide on all terms that apply to the share
issue and to the issuance of special rights entitling to shares,
including the right to derogate from the shareholders’ pre-emptive
right. The authorisation will be used, for example, for the
purposes of strengthening the company’s balance sheet and improving
its financial status, implementing the company’s share-based
incentive systems or for other purposes as decided by the Board of
Directors.
The authorisation is valid until the closing of
the next Annual General Meeting, but no longer than until 30 June
2023. The authorisation will revoke all the previously granted,
unused authorisations to decide on a share issue and the issuance
of options or other special rights entitling to shares.
SHARES AND SHARE TURNOVER
On 30 June 2022, the company had 21,179,900
shares and 4,399 shareholders. Trading volume in January–June was
1,767,980 shares (3,624,890).
The company held 88,464 treasury shares (0.42%
of total shares). On 30 June 2022, the market value of the
company’s shares was EUR 48.3 million. The closing price of the
share was EUR 2.28. The highest price in January–June was EUR 4.55
and the lowest price was EUR 2.13.
RISKS AND BUSINESS UNCERTAINTIES
The geopolitical situation, which is growing tenser, poses a
risk to the company’s business. The war in Ukraine and the
sanctions imposed on Russia affect the development of net sales and
profitability especially in Russia, Belarus and Ukraine, which
account for under 8% of the company’s sales in the 2021 financial
year. The crisis has also significantly increased the prices of raw
materials, to which Robit reacted by introducing a premium in
customer prices. Furthermore, the effects of the sanctions on the
smooth flow of Russian payment transactions pose a risk to the
company’s cash flow and treasury management. Robit complies with
all the imposed sanctions and continuously monitors the
situation.
Robit closely monitors the impact of COVID-19 on demand in the
sector. In general, customer operations have returned to normal
levels. The effects on Robit’s operations are now limited and only
affect individual countries or regions. Robit will continue actions
to protect the health of its personnel and to ensure the continuity
of the company’s operations. At the time of reporting, all of the
company’s factories were operating at the planned capacity. No
disruptions in the supply chain have been identified that cannot be
managed, for example, with current inventory levels and supplier
cooperation.
Other uncertainty factors include exchange rate development, the
functioning of information systems, integration of corporate
acquisitions, risks related to the security of supply and
logistics, and IPR risks. Fully transferring the increase in raw
material costs to customer prices may pose a financial risk.
Changes in export countries’ tax and customs legislation may
adversely impact the company’s export trade or its profitability.
Risks related to information security and cyber threats may also
have a detrimental effect on Robit’s business. Potential changes in
the business environment may adversely impact the payment behaviour
of the Group’s customers and increase the risk of litigation, legal
claims and disputes related to Robit’s products and other
operations.
CHANGES IN GROUP STRUCTURE
There were no changes in the Group structure during the review
period.
OTHER EVENTS IN JANUARY–JUNE
2022
On 20 January 2022, the company announced the proposals of Robit
Plc’s Shareholders’ Nomination Committee regarding the Board
members and Board fees for the Annual General Meeting. The
Nomination Committee’s proposals were included in the notice to the
General Meeting. Timo Sallinen (Director, Head of Listed
Securities, Varma Mutual Pension Insurance Company) acted as the
Chairman of the Shareholder’ Nomination Committee, with Harri
Sjöholm (Chairman of the Board, Five Alliance Oy), Tuomas Virtala
(CEO, Asset Management, OP Corporate Bank Plc) and Jukka Vähäpesola
(Head of Equities, Elo Mutual Pension Insurance Company) as the
other members.
On 15 February 2022, Robit Plc’s Board of Directors decided on a
performance-based share reward scheme for key personnel. The
purpose of the share scheme is to align the owners’ and the key
persons’ goals in order to increase the value of the company in the
long term, to commit the key persons to the company and to
encourage them to achieve the company’s key strategic goals as well
as to provide them with a competitive long-term incentive scheme.
The share scheme includes earning periods of one and two years. The
first earning period of the share scheme comprises the year 2022
and the second earning period comprises the years 2023–2024. The
remuneration that may be paid under the share scheme for the 2022
one-year earning period is based on the company’s predetermined net
cash inflow target in the 2022 financial statements. The
remuneration that may be paid under the share scheme for the
2023–2024 two-year earning period is based on the company’s
predetermined average earnings per share in the financial
statements for the years 2023 and 2024. The remuneration that may
be paid under the share scheme for both earning periods will be
paid in May 2025. The share scheme covers a target group of some 30
key persons, members of the Management Team and high-potential
employees.
On 15 February 2022, Robit published its financial statements
release for 1 January–31 December 2021.
On 15 February 2022, the company sent Robit Plc’s shareholders a
notice to the Annual General Meeting of 22 March 2022.
On 25 February 2022, Robit announced that the company’s Annual
Report, Corporate Governance Statement and Remuneration Report for
2021 had been published on the company’s website.
Robit Plc CEO Tommi Lehtonen and Robit Plc’s Board of Directors
agreed together that Mr Lehtonen will leave his post as CEO on 15
March 2022. The company’s Board of Directors appointed Arto Halonen
CEO as of 15 March 2022. Ville Peltonen was appointed Robit Plc’s
Interim CFO on 16 March 2022.
The company’s Annual General Meeting was held on 22 March 2022.
Robit announced the decisions of the Annual General Meeting in a
separate stock exchange release on 22 March 2022.
On 22 March 2022, Robit published the decisions of the
constituent meeting of the company’s Board of Directors. At its
constituent meeting, the Board of Directors elected by Robit Plc’s
Annual General Meeting on 22 March 2022 elected from among its
members Harri Sjöholm as Chairman of the Board and Anne Leskelä as
Vice Chairman, and members to serve on Robit Plc’s Remuneration
Committee, Working Committee and Audit Committee.
On 24 March 2022, Robit Plc announced that the company’s Board
of Directors decided to increase the maximum size of the
performance-based share reward scheme decided on 15 February 2022
from 180,000 shares to 240,000 shares. This update of the maximum
size is due to Robit Plc’s new CEO. It was decided that no other
updates would be made to the scheme. Previously, information on the
scheme was published in a stock exchange release on 15 February
2022. Following this update, the 2022–2024 share reward scheme is
dimensioned in such a way that the relative proportion of the share
transfer taking place under all share schemes in force at the
company will remain below four per cent of the company’s
shares.
On 27 April 2022, Robit published its interim financial
reporting for 1 January–31 March 2022.
On 15 June 2022, Robit published the corrected ESEF financial
statements including the Report of the Board of Directors.
EVENTS AFTER THE REVIEW PERIOD
No events after review period.
Lempäälä, 9 August 2022
ROBIT PLC Board of Directors
For more information, contact:
Arto Halonen, CEO +358 40 028 0717
arto.halonen@robitgroup.com
Ville Peltonen, Interim CFO+358 40 759
9142ville.peltonen@robitgroup.com
Distribution: Nasdaq Helsinki Ltd Key media
www.robitgroup.com
Robit is a strongly international growth company
servicing global customers and selling drilling consumables for
applications in mining, construction, geotechnical engineering and
well drilling. The company’s offering is divided into three product
and service ranges: Top Hammer, Down the Hole and Geotechnical.
Robit has sales and service points in nine countries as well as an
active sales network in more than 100 countries. Robit’s
manufacturing units are located in Finland, South Korea, Australia
and the UK. Robit’s shares are listed on Nasdaq Helsinki Ltd.
Further information is available at www.robitgroup.com.
The information presented above includes
statements about future prospects. These relate to events or the
company’s economic development in the future. In some cases, such
statements can be recognised by their use of conditional words
(such as “may”, “expected”, “estimated”, “believed”, “predicted”
and so on) or other similar expressions. Statements such as these
are based on assumptions and factors that Robit’s management have
at their disposal and on current decisions and plans. There is
always risk and uncertainty attached to any statements regarding
future events because they pertain to events and depend on factors
that are not possible to predict with certainty. For this reason,
future results may differ - even significantly - from the figures
expressed or assumed in statements about future prospects.
CONDENSED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EUR thousand |
4–6/2022 |
4–6/2021 |
1–6/2022 |
1–6/2021 |
2021 |
Net sales |
31,025 |
25,088 |
57,328 |
48,110 |
100,755 |
Other operating income |
1,056 |
323 |
2,606 |
803 |
1,690 |
Materials and services* |
-19,280 |
-16,369 |
-37,260 |
-31,241 |
-65,699 |
Employee benefit expense |
-4,523 |
-4,154 |
-8,790 |
-8,106 |
-16,280 |
Depreciation, amortisation and
impairment |
-1,443 |
-1,401 |
-2,857 |
-2,858 |
-5,514 |
Other operating expenses* |
-4,217 |
-3,024 |
-8,900 |
-6,125 |
-12,871 |
EBIT (Operating profit/loss) |
2,619 |
462 |
2,127 |
583 |
2,080 |
|
|
|
|
|
|
Finance income and costs |
|
|
|
|
|
Interest income and finance income |
1,139 |
2 |
1,561 |
587 |
924 |
Interest cost and finance cost |
-1,691 |
-859 |
-2,523 |
-1,247 |
-2,253 |
Finance income and costs net |
-552 |
-857 |
-962 |
-660 |
-1,329 |
|
|
|
|
|
|
Profit/loss before tax |
2,067 |
-394 |
1,165 |
-77 |
751 |
|
|
|
|
|
|
Taxes |
|
|
|
|
|
Income tax |
-144 |
6 |
-143 |
-37 |
-333 |
Change in deferred taxes |
159 |
209 |
310 |
338 |
468 |
Income
taxes |
15 |
203 |
168 |
301 |
135 |
Result for the period |
2,082 |
-191 |
1,333 |
224 |
886 |
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
Parent company shareholders |
1,985 |
-235 |
1,140 |
126 |
843 |
Non-controlling interest** |
97 |
43 |
193 |
98 |
44 |
|
2,082 |
-191 |
1,333 |
224 |
886 |
Other comprehensive
income |
|
|
|
|
|
Items that may be
reclassified to profit or loss in subsequent periods: |
Cash flow hedges |
126 |
0 |
367 |
0 |
45 |
Translation differences** |
944 |
-386 |
1,826 |
590 |
1,003 |
Other comprehensive income, net
of tax |
1,070 |
-386 |
2,193 |
590 |
1,048 |
Total comprehensive income |
3,152 |
-621 |
3,526 |
717 |
1,934 |
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
Parent company shareholders |
3,077 |
-577 |
3,321 |
814 |
1,892 |
Non-controlling interest** |
74 |
-43 |
204 |
-98 |
42 |
Consolidated comprehensive income |
3,152 |
-621 |
3,526 |
717 |
1,934 |
|
|
|
|
|
|
Earnings per
share |
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
0.09 |
-0.01 |
0.05 |
0.01 |
0.04 |
*In the condensed income statement, changes in inventories are
presented in Materials and services, and manufacture for own use in
Other operating expenses.
**Founded in 2015 by Robit SA, Black Employees Empowerment Trust
owns 26% of the shares of Robit SA.*** The Group has internal loans
that are treated as net investments in foreign entities in
accordance with IAS 21 The Effects of Changes in Foreign Exchange
Rates.
CONSOLIDATED STATEMENT OF
FINANCIAL POSITION |
|
|
|
EUR thousand |
30 June 2022 |
30 June 2021 |
31 December 2021 |
ASSETS |
|
|
|
Non-current assets |
|
|
|
Goodwill |
5,374 |
5,375 |
5,487 |
Other intangible assets |
2,077 |
3,185 |
2,695 |
Property, plant and equipment |
26,135 |
23,103 |
27,396 |
Loan receivables |
271 |
299 |
287 |
Other receivables |
0 |
3 |
0 |
Derivatives |
515 |
0 |
56 |
Deferred tax assets |
2,325 |
1,848 |
1,926 |
Total non-current assets |
36,697 |
33,813 |
37,847 |
|
|
|
|
Current assets |
|
|
|
Inventories |
47,399 |
40,297 |
43,538 |
Account and other receivables |
25,749 |
24,160 |
25,337 |
Loan receivables |
88 |
95 |
100 |
Current tax assets |
209 |
65 |
57 |
Cash and cash equivalents |
7,079 |
9,372 |
9,525 |
Total current assets |
80,524 |
73,989 |
78,557 |
Total assets |
117,222 |
107,801 |
116,403 |
|
|
|
|
EQUITY AND
LIABILITIES |
|
|
|
Equity |
|
|
|
Share capital |
705 |
705 |
705 |
Share premium |
202 |
202 |
202 |
Reserve for invested unrestricted
equity |
82,570 |
82,570 |
82,570 |
Translation differences |
21 |
-2,208 |
-1,793 |
Fair value reserve |
412 |
- |
45 |
Retained earnings |
-32,799 |
-33,814 |
-33,738 |
Profit/loss for the year |
1,140 |
126 |
843 |
Equity attributable to parent company shareholders in
total |
52,252 |
47,581 |
48,833 |
Non-controlling interests* |
485 |
355 |
281 |
Capital and reserves in total |
52,737 |
47,936 |
49,114 |
|
|
|
|
Liabilities |
|
|
|
Non-current
liabilities |
|
|
|
Borrowings |
25,443 |
28,232 |
25,209 |
Lease liabilities |
5,296 |
3,149 |
5,813 |
Deferred tax liabilities |
937 |
726 |
694 |
Employee benefit obligations |
754 |
682 |
725 |
Total non-current liabilities |
32,431 |
32,790 |
32,441 |
|
|
|
|
Current liabilities |
|
|
|
Borrowings |
6,363 |
2,072 |
8,619 |
Lease liabilities |
1,702 |
1,686 |
1,881 |
Advances received |
1,624 |
375 |
771 |
Income tax liabilities |
33 |
44 |
259 |
Account payables and other
liabilities |
22,094 |
22,746 |
23,278 |
Other provisions |
237 |
153 |
40 |
Total current liabilities |
32,054 |
27,076 |
34,848 |
Total liabilities |
64,485 |
59,865 |
67,289 |
Total equity and liabilities |
117,222 |
107,801 |
116,403 |
* Founded in 2015 by Robit SA, Black Employees Empowerment Trust
owns 26% of the shares of Robit SA.
CONSOLIDATED CASH FLOW
STATEMENT |
|
|
|
|
|
EUR thousand |
4–6/2022 |
4–6/2021 |
1–6/2022 |
1–6/2021 |
2021 |
Cash flows from operating
activities |
|
|
|
|
|
Profit before tax |
2,067 |
-394 |
1,165 |
-77 |
751 |
Adjustments: |
|
|
|
|
|
Depreciation, amortisation and impairment |
1,443 |
1,401 |
2,857 |
2,858 |
5,514 |
Finance income and costs |
549 |
857 |
962 |
660 |
1,329 |
Share-based payments to employees |
75 |
-151 |
89 |
-161 |
-178 |
Loss (+)/Gain (-) on sale of property, plant and equipment |
-1 |
0 |
-24 |
-1 |
-144 |
Other non-cash transactions |
693 |
221 |
532 |
330 |
553 |
Cash flows before changes in working capital |
4,827 |
1,934 |
5,581 |
3,609 |
7,826 |
|
|
|
|
|
|
Change in working capital |
|
|
|
|
|
Increase (-) in account and other receivables |
-2,438 |
-3,592 |
761 |
-5,255 |
-6,452 |
Increase (-)/decrease (+) in inventories |
-579 |
-2,412 |
-2,189 |
-4,803 |
-8,187 |
Increase (+) in account and other payables |
227 |
1,960 |
-2,083 |
3,178 |
4,028 |
Cash flows from operating activities before financial items and
taxes |
2,037 |
-2,110 |
2,070 |
-3,271 |
-2,785 |
|
|
|
|
|
|
Interest and other finance expenses
paid |
-469 |
-220 |
-601 |
-539 |
-1,046 |
Interest and other finance income
received |
0 |
58 |
1 |
58 |
22 |
Income taxes paid |
-128 |
-98 |
-422 |
-331 |
-365 |
Net cash inflow (outflow) from operating
activities |
1,440 |
-2,370 |
1,047 |
-4,084 |
-4,174 |
|
|
|
|
|
|
Cash flows from investing
activities |
|
|
|
|
|
Purchases of property, plant and
equipment |
-452 |
-525 |
-827 |
-1,317 |
-4,169 |
Purchases of intangible assets |
8 |
-52 |
-38 |
-69 |
-124 |
Proceeds from the sale of property, plant
and equipment |
1 |
32 |
32 |
37 |
279 |
Proceeds from loan receivables |
72 |
53 |
28 |
62 |
129 |
Net cash inflow (outflow) from investing
activities |
-371 |
-492 |
-805 |
-1,287 |
-3,885 |
|
|
|
|
|
|
Cash flows from financing
activities |
|
|
|
|
|
Dividend payment* |
0 |
0 |
0 |
0 |
-9 |
Changes in non-current loans |
-1,872 |
4,009 |
-1,550 |
4,949 |
5,385 |
Change in bank overdrafts |
725 |
-3,636 |
-659 |
-3,739 |
-478 |
Payment of leasing liabilities |
-470 |
-455 |
-902 |
-918 |
-1,807 |
Net cash inflow (outflow) from financing
activities |
-1,617 |
-82 |
-3,111 |
292 |
3,091 |
|
|
|
|
|
|
Net increase (+)/decrease (-) in
cash and cash equivalents |
-549 |
-2,944 |
-2,868 |
-5,078 |
-4,968 |
Cash and cash equivalents at the
beginning of the financial year |
7,185 |
12,352 |
9,525 |
14,339 |
14,339 |
Exchange gains/losses on cash and cash
equivalents |
443 |
-37 |
422 |
111 |
154 |
Cash and cash equivalents at end of the year |
7,079 |
9,372 |
7,079 |
9,372 |
9,525 |
*Dividend paid to the foundation of Robit SA as a minority
shareholder in accordance with the agreement
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
|
|
|
|
|
|
|
A = Share
capital |
|
|
|
|
|
|
|
|
|
B = Share
premium |
|
|
|
|
|
|
|
|
|
C = Reserve for
invested unrestricted equity |
|
|
|
|
|
|
|
|
|
D = Cumulative
translation difference |
|
|
|
|
|
|
|
|
|
E = Fair value
reserve |
|
|
|
|
|
|
|
|
|
F = Retained
earnings |
|
|
|
|
|
|
|
|
|
G = Equity
attributable to parent company shareholders |
|
|
|
|
|
|
|
|
|
H =
Non-controlling interests |
|
|
|
|
|
|
|
|
|
I = Capital and reserves in total |
|
|
|
|
|
|
|
|
|
EUR thousand |
A |
B |
C |
D |
E |
F |
G |
H |
I |
Equity as at 1 January 2021 |
705 |
202 |
82,570 |
-2,798 |
|
-33,690 |
|
|
46,989 |
Profit for the period |
|
|
|
|
|
|
126 |
98 |
224 |
Other comprehensive income |
|
|
|
|
|
|
|
|
|
Translation differences |
|
|
|
590 |
|
|
|
17 |
607 |
Total comprehensive changes |
|
|
|
590 |
|
|
126 |
115 |
831 |
Share-based payments to employees |
|
|
|
|
|
-124 |
|
|
-124 |
Change in the share of non-controlling
owners |
|
|
|
|
|
|
|
240 |
240 |
Total transactions with owners, recognised directly in
equity |
|
|
|
|
|
-124 |
|
240 |
115 |
|
|
|
|
|
|
|
|
|
|
Equity as at 30 June 2021 |
705 |
202 |
82,570 |
-2,208 |
|
-33,814 |
126 |
354 |
47,936 |
|
|
|
|
|
|
|
|
|
|
EUR thousand |
A |
B |
C |
D |
E |
F |
G |
H |
I |
Equity as at 1 January 2022 |
705 |
202 |
82,570 |
-1,793 |
45 |
-32,846 |
48,883 |
281 |
49,114 |
Profit for the period |
|
|
|
|
|
1,140 |
1,140 |
193 |
1,333 |
Other comprehensive income |
|
|
|
|
|
|
|
|
|
Cash flow hedges |
|
|
|
|
367 |
|
367 |
|
367 |
Translation differences |
|
|
|
1,814 |
|
|
1,814 |
12 |
1,826 |
Total comprehensive changes |
|
|
|
1,814 |
367 |
1,140 |
3,321 |
204 |
3,526 |
Share-based payments to employees |
|
|
|
|
|
47 |
47 |
|
47 |
Total transactions with owners, recognised directly in
equity |
|
|
|
|
|
47 |
47 |
|
47 |
Equity as at 30 June 2022 |
705 |
202 |
82,570 |
21 |
412 |
-31,659 |
52,252 |
485 |
52,737 |
NOTESContents
- Scope and principles of the interim
report
- Key figures and calculation
- Breakdown of net sales
- Financing arrangements
- Changes to property, plant and equipment
- Given guarantees
- Business acquisitions
- Derivatives
1. SCOPE AND PRINCIPLES OF THE INTERIM
REPORTThis interim report has been prepared in accordance
with the IAS 34 standard for interim financial reporting and using
the same principles as for the annual financial statements. The
interim report has not been audited.
All figures in the summarised financial statement have been
rounded to the nearest figure; therefore, the sum of reported
figures may not exactly match those presented.2.1 KEY
FIGURES
Consolidated key figures |
Q2 2022 |
Q2 2021 |
H1 2022 |
H1 2021 |
2021 |
Net sales, EUR 1,000 |
31,025 |
25,088 |
57,328 |
48,110 |
100,755 |
EBIT, EUR 1000 |
2,619 |
462 |
2,127 |
583 |
2,080 |
EBIT, % of net sales |
8.4% |
1.8% |
3.7% |
1.2% |
2.1% |
Earnings per share (EPS), EUR |
0.09 |
-0.01 |
0.05 |
0.01 |
0.04 |
Return on equity (ROE), % |
|
|
4.5% |
0.5% |
1.8% |
Return on capital employed (ROCE), % |
|
|
4.2% |
1.5% |
2.5% |
Equity ratio, % |
|
|
45.7% |
44.2% |
42.2% |
Net gearing, % |
|
|
60.2% |
53.8% |
65.1% |
Gross investments, EUR 1,000 |
445 |
577 |
865 |
1,386 |
4,293 |
Gross investments, % of net sales |
1.4% |
2.3% |
1.5% |
2.9% |
4.3% |
Number of shares (outstanding shares) |
|
|
21,091,436 |
21,067,436 |
21,091,436 |
Treasury shares (owned by the Group) |
|
|
88,464 |
112,464 |
88,464 |
Percentage of votes/shares |
|
|
0.42% |
0.53% |
0.42% |
2.2 CONSOLIDATING ALTERNATIVE KEY FIGURES
Robit presents alternative key figures to
supplement the key figures given in the Group’s income statements,
balance sheets and cash flow statements that have been drawn up
according to IFRS standards. Robit considers that the alternative
figures give significant extra insight into the result of Robit’s
operations, its financial position and cash flows. These figures
are often used by analysts, investors and other parties.
Alternative key figures should not be studied
apart from the key figures according to IFRS or instead of them.
Not all companies calculate their alternative key figures in the
same way and, therefore, Robit’s alternative figures may not be
directly comparable to those presented by other companies, even if
they carry the same headings.
Adjusted EBITDA and EBITA |
|
|
|
|
|
EUR thousand |
4–6/2022 |
4–6/2021 |
1–6/2022 |
1–6/2021 |
2021 |
EBIT (Operating profit) |
2,619 |
462 |
2,127 |
583 |
2,080 |
Depreciation, amortisation and impairment |
1,443 |
1,401 |
2,857 |
2,858 |
5,514 |
EBITDA |
4,062 |
1,864 |
4,984 |
3,441 |
7,595 |
|
|
|
|
|
|
EBIT (Operating
profit) |
2,619 |
462 |
2,127 |
583 |
2,080 |
Amortisation of acquisitions |
225 |
216 |
444 |
432 |
859 |
EBITA |
2,844 |
678 |
2,571 |
1,015 |
2,940 |
|
|
|
|
|
|
2.3 CALCULATION OF KEY FIGURES
EBITDA: |
EBIT +
Depreciation, amortisation and impairment |
|
EBITA |
EBIT +
Amortisation of customer relationships |
|
Net working capital |
Inventory
+ Accounts receivables and other receivables – Accounts payables
and other liabilities |
|
Earnings
per share (EPS), EUR |
|
Profit (loss) for the financial year |
|
Amount of shares
adjusted with the share issue (average during the financial
year) |
|
|
Return on equity (ROE), % |
Profit (loss) for the financial year |
x
100 |
Equity (average
during the financial year) |
|
Return on capital employed (ROCE), % |
Profit before appropriations and taxes + Interest expenses and
other financing expenses |
x
100 |
Equity (average
during the financial year) + Interest-bearing financial liabilities
(long-term and short-term loans from financial institutions,
average during the financial year) |
|
Net interest-bearing financial liabilities |
Long-term and
short-term loans from financial institutions – Cash and cash
equivalents – Short-term financial securities |
|
|
Equity ratio, % |
Equity |
x
100 |
Balance sheet total
– Advances received |
|
Gearing, % |
Net interest-bearing financial liabilities |
x
100 |
Equity |
3. BREAKDOWN OF NET SALES
Entries are recorded according to IFRS 15 in the same way for
each business unit and market area.
NET
SALES |
|
|
|
|
|
|
|
Net sales by
product area |
EUR thousand |
4–6/2022 |
4–6/2021 |
Change % |
1–6/2022 |
1–6/2021 |
Change % |
2021 |
Top Hammer |
17,126 |
13,848 |
23.7% |
33,594 |
26,299 |
27.7% |
56,287 |
Down the
Hole |
13,899 |
11,239 |
23.7% |
23,734 |
21,811 |
8.8% |
44,468 |
Total |
31,025 |
25,088 |
23.7% |
57,328 |
48,110 |
19.2% |
100,755 |
|
|
|
|
|
|
|
|
Net sales
by market area |
|
|
|
|
|
|
EUR thousand |
4–6/2022 |
4–6/2021 |
Change % |
1–6/2022 |
1–6/2021 |
Change % |
2021 |
EMEA |
13,154 |
11,810 |
11.4% |
23,906 |
22,576 |
5.9% |
45,298 |
Americas |
6,658 |
4,566 |
45.8% |
13,260 |
8,274 |
60.3% |
19,960 |
Asia |
3,231 |
2,643 |
22.2% |
6,083 |
5,016 |
21.3% |
10,771 |
Australasia |
3,686 |
3,590 |
2.7% |
6,994 |
6,792 |
3% |
14,001 |
East |
4,296 |
2,479 |
73.3% |
7,085 |
5,451 |
30% |
10,725 |
Total |
31,025 |
25,088 |
23.7% |
57,328 |
48,110 |
19.2% |
100,755 |
4. FINANCING ARRANGEMENTS
The company’s cash and cash equivalents were EUR 7.1 million on
30 June 2022. In addition, the company has EUR 3.5 million undrawn
of the financing agreement of EUR 30 million signed on 8 June 2021.
In May 2022, the company utilised the first option to extend the
agreement according to the original financing agreement. The
company’s sufficient liquidity is secured through cash and a loan
that has not been drawn down.
The parent company’s covenants are based on the company’s net
debt/EBITDA ratio and the company’s equity ratio. The covenants are
tested on a quarterly basis. The company met all the covenant
conditions in Q2.
BORROWINGS/LOANS/INTEREST-BEARING LOANS |
|
|
|
EUR thousand |
30 June 2022 |
30 June 2021 |
31 December 2021 |
Non-current borrowings |
|
|
|
Loans from credit institutions |
25,430 |
28,144 |
25,182 |
Other loans |
12 |
12 |
12 |
Lease liabilities |
5,298 |
3,226 |
5,828 |
Total non-current borrowings |
30,740 |
31,381 |
31,022 |
|
|
|
|
Current borrowings |
|
|
|
Loans from credit institutions |
3,668 |
1,849 |
5,187 |
Other loans |
0 |
0 |
0 |
Bank overdrafts |
2,603 |
0 |
3,262 |
Lease liabilities |
1,795 |
1,909 |
2,051 |
Total current borrowings |
8,066 |
3,758 |
10,500 |
|
|
|
|
Total borrowings |
38,805 |
35,139 |
41,522 |
5. CHANGES
TO PROPERTY, PLANT AND
EQUIPMENT |
EUR thousand |
30 June 2022 |
30 June 2021 |
31 December 2021 |
Cost at the beginning of period |
53,794 |
47,323 |
47,323 |
Additions |
961 |
1,728 |
6,644 |
Disposals |
-43 |
-1,390 |
-282 |
Reclassification |
0 |
37 |
-533 |
Exchange differences |
124 |
286 |
644 |
Cost at the
end of period |
54,836 |
47,984 |
53,794 |
|
|
|
|
Accumulated depreciation and impairment at
the beginning of period |
-26,398 |
-22,682 |
-22,682 |
Depreciation |
-2,176 |
-2,090 |
-3,902 |
Disposals |
34 |
67 |
227 |
Reclassification |
-44 |
- |
289 |
Exchange
differences |
-116 |
-176 |
-330 |
Accumulated depreciation and impairment at
the end of period |
-28,700 |
-24,881 |
-26,398 |
Net
book amount at the beginning of period |
27,396 |
24,642 |
24,642 |
Net
book amount at the end of period |
26,135 |
23,103 |
27,396 |
|
|
|
|
6. GIVEN GUARANTEES |
|
|
|
EUR thousand |
30 June 2022 |
30 June 2021 |
31 December 2021 |
Guarantees and mortgages given on own
behalf |
48,184 |
47,774 |
48,205 |
Other
guarantee liabilities |
49 |
1,107 |
80 |
Total |
48,232 |
48,882 |
48,285 |
7. ACQUISITIONS
There were no changes in the Group structure during the review
period.
8. DERIVATIVES
The company hedges the most significant net currency positions
that can be predicted in time and volume and interest rate
risk.
There were no open currency derivatives at the end of the review
period.
On 8 June 2021, the company concluded a financing agreement of
EUR 30 million and, in connection with this, an interest rate swap
of EUR 10 million with an interest rate cap in order to hedge part
of its exposure to fluctuating interest rates. The interest rate
swap subs. The company applies hedge accounting in accordance with
IFRS 9. This effectively leads to the recording of interest
expenses on a hedged floating rate loan at a fixed rate.
The company’s main interest rate risk arises from long-term
loans with floating interest rates that expose the Group’s cash
flow to interest rate risk. The Group’s policy is to use, if
necessary, a floating to fixed interest rate swap.
Interest derivatives |
|
|
|
EUR thousand |
30 June 2022 |
30 June 2021 |
31 December 2021 |
Interest rate
swaps |
|
|
|
Nominal value |
10,000 |
- |
10,000 |
Fair value |
515 |
- |
56 |
- Robit Plc Half-Year Report 1.1.-30.6.2022
Robit (LSE:0RPG)
過去 株価チャート
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過去 株価チャート
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