Quarterly Report • Mar 13, 2018
Quarterly Report
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Roblon has concluded an agreement to sell the largest part of the Engineering segment effective at 23 February 2018. The profit/loss from the divested business for Q1 2017/18 is reported under discontinued operations, and comparative figures have been restated.
The consolidated revenue and performance for Q1 2017/18 was better than expected. However, revenue for the quarter was positively affected by project sales which were projected to be realised over a period later in the financial year. The positive development thus does not change Management's full-year guidance for the Group, which, as stated in announcement no. 2/2018, is also affected by overhead costs of around DKKm 6 that were previously allocated to and included in the profit/loss from the divested part of Roblon Engineering.
After Q1, Management maintains its guidance for 2017/18 as set out in announcement no. 2/2018. For the financial year 2017/18, unchanged revenue of around DKKm 235 and profit before tax of around DKKm 25 is forecast in respect of the Group's continuing activities.
Jørgen Kjær Jacobsen Lars Østergaard Chairman of the Board Managing Director and CEO
Enquiries regarding this announcement should be addressed to: 2016/17 2017/18 Managing Director and CEO Lars Østergaard, tel. +45 9620 3300.
Quarterly EBIT
for the Roblon Group
| Unit | Q1 | Q1 2017/181) 2016/171) |
Full year 2016/17 |
|
|---|---|---|---|---|
| Orders | ||||
| Order intake | DKKm | 48.7 | 45.9 | 220.4 |
| Order book | DKKm | 34.4 | 40.2 | 48.9 |
| Income statement | ||||
| Revenue | DKKm | 63.9 | 34.5 | 198.6 |
| Gross profit | DKKm | 31.1 | 18.8 | 104.6 |
| Operating profit (EBIT) | DKKm | 10.5 | 3.4 | 19.6 |
| Net financial income | DKKm | 1.0 | 1.0 | 2.0 |
| Profit before tax from continuing operations | DKKm | 11.5 | 4.4 | 21.6 |
| Profit for the period from continuing operations | DKKm | 9.0 | 3.4 | 15.6 |
| Profit/loss for the period from discontinued operations | DKKm | -0.5 | 1.3 | 4.6 |
| Profit for the period | DKKm | 8.5 | 4.7 | 20.2 |
| Balance sheet | ||||
| Cash and securities | DKKm | 88.6 | 98.2 | 100.8 |
| Total assets | DKKm | 286.0 | 289.7 | 306.4 |
| Equity | DKKm | 242.5 | 240.6 | 252.4 |
| Working capital | DKKm | 50.9 | 77.5 | 80.4 |
| Cash flows | ||||
| Cash flow from operating activities | DKKm | 6.6 | 0.0 | 36.6 |
| Cash flow from investing activities | DKKm | 15.1 | -5.5 | -31.4 |
| Of which investment in marketable securities | DKKm | 17.4 | -0.4 | 7.1 |
| Cash flow from financing activities | DKKm | -16.0 | -16.0 | -17.9 |
| Investments in property, plant and equipment | DKKm | -0.9 | -4.9 | -9.3 |
| Cash flow for the period | DKKm | 5.7 | -21.5 | -12.7 |
for the Roblon Group
| Unit | Q1 | Q1 2017/181) 2016/171) |
Full year 2016/17 |
|
|---|---|---|---|---|
| Ratios | ||||
| Book-to bill ratio | % | 76.2 | 133.0 | 111.0 |
| Revenue growth | % | 85,2 | 51,3 | 24,6 |
| Gross margin | % | 48.7 | 54.5 | 52.7 |
| EBIT margin | % | 16.4 | 9.9 | 9.9 |
| ROIC/return on average invested capital 2) | % | 26.3 | 14.4 | 13.5 |
| Equity ratio | % | 84.8 | 83.3 | 82.4 |
| Return on equity 2) | % | 14.6 | 5.7 | 6.2 |
| Employees 3) | ||||
| Average no. of full-time employees | No. | 88 | 86 | 87 |
| Gross profit per full-time employee | DKKm | 0.4 | 0.2 | 1.2 |
| Per share ratios | ||||
| Earnings per DKK 20 share (EPS) 4) | DKK | 4.8 | 2.7 | 11.3 |
| Price/earnings ratio (PE) | DKK | 72.5 | 84.8 | 36.2 |
| Book value of shares 2) | DKK | 135.6 | 134.6 | 141.1 |
| Market price per share | DKK | 348.0 | 229.0 | 408.5 |
| Market price/book value | 2.6 | 1.7 | 2.9 |
(1) The interim report has not been audited or reviewed by the company's auditors.
(2) The ratio is calculated on a full-year basis.
(3)Continuing operations
(4)The ratio has not been converted to full-year figures
The ratios are defined in the accounting policies section on page 82 of the 2016/17 annual report.
Comments on the performance in Q1 2017/18.
Roblon has concluded an agreement, effective at 23 February 2018, to sell the largest part of the Roblon Engineering business segment, comprising sale of rope-making equipment, twisters and winders. Company Announcement No 2-2018 "Roblon enhances focus on the Industrial Fiber business segment" provides details about the transaction.
Management's resolution to initiate the above-mentioned sale was made at Roblon's board meeting held on 19 December 2017.
The Group's profit for Q1 2017/18 from the divested business is reported as profit/loss from discontinued operations, and comparative figures have been restated. Net assets transferred in connection with the sale are reported in the consolidated balance sheet under assets held for sale and liabilities relating to assets held for sale.
After the sale of the largest part of Roblon Engineering business segment, Roblon will report on a single segment. Revenue will consequently be disclosed by product groups in the notes to the interim report and the product groups are:
• FOC (optic cable components and cable machinery for the fibre optic cable industry)
• Composite (composite materials for onshore and offshore industries)
The consolidated revenue and performance for Q1 2017/18 was better than expected. However, revenue for the quarter was positively affected by project sales which were projected to be realised over a period later in the financial year.
The Group's order intake was DKKm 48.7 in Q1 2017/18, an improvement of 6.1% on last year (2016/17: DKKm 45.9). The DKKm 2.8 improvement was composed of a DKKm 9.3 improvement in FOC, of which DKKm 8.3 related to the acquired business in the USA, and a DKKm 6.5 decline in Composite
Book-to bill was 76.2% for Q1 2017/18 (2016/17: 133.0%).
For Q1 2017/18, Roblon's revenue amounted to DKKm 63.9, compared with DKKm 34.5 for the same period last year. Of the DKKm 29.4 improvement, DKKm 23.2 was generated by FOC and DKKm 6.2 by Composite. Of the total DKKm 29.4 improvement, DKKm 11.6 related to last year's business acquisition in the USA.
The USD/DKK development did not affect reported consolidated revenue for Q1
2017/18. The Group's outlook for 2017/18 is based on a projected USD/DKK exchange rate of 625.
The Group's gross profit amounted to DKKm 31.1, a year-on-year increase of DKKm 12.3, of which DKKm 3.2 related to the business acquired in the USA last year. The gross margin for Q1 2017/18 amounted to 48.7%, a drop compared to last year's gross margin of 54.5%, which was entirely attributable to the diversified revenue mix.
Other external costs amounted to DKKm 7.5, which was an increase of DKKm 3.1 compared to last year. Of the total increase, DKKm 2.5 was attributable to the US subsidiary.
Staff costs increased from DKKm 9.5 for Q1 2016/17 to DKKm 11.8 in Q1 2017/18, and the increase was due to recruitments in sales and development due to the increased focus on these areas.
The Group's depreciation, amortisation and impairment amounted to DKKm 2.2, which was an increase of DKKm 0.6 compared with last year. Of the total increase, DKKm 0.6 related to amortisation, depreciation and impairment of intangible assets and property, plant and equipment added in connection with last year's acquisition in the USA.
For Q1 2017/18, operating profit (EBIT) was DKKm 10.5, against DKKm 3.4 in the year-earlier period.
Financial items amounted to net income of DKKm 1.0, in line with last year.
The profit before tax from continuing operations for Q1 2017/18 amounted to DKKm 11.5, which was an increase of DKKm 7.1 compared with last year.
Tax is calculated at a rate of 22% of profit for the year before tax.
Profit/loss from discontinued operations after tax was a loss of DKKm 0.5 for Q1 2017/18. It related to the operating results for the largest part of the Roblon Engineering business segment, which was sold effective at 23 February 2018 (2016/17: DKKm 1.3 relating to the discontinuation of Roblon Lighting).
Profit for the period after tax from continuing and discontinued operations was DKKm 8.5 in Q1 2017/18, against DKKm 4.7 last year.
Total assets for the Group amounted to DKKm 286.0 at 31 January 2018 – a DKKm 3.7 decrease from last year.
Assets held for sale and liabilities relating to assets held for sale in the balance sheet at 31 January 2018 related to the sale of the largest part of the Roblon Engineering segment. Comparative figures have not been restated.
The Group's net working capital amounted to DKKm 50.8 at 31 January 2018, corresponding to 19.9% on full-year recalculation of realised revenue for Q1 2017/18. In the annual report for 2016/17, net working capital was reported at DKKm 80.4 and realised revenue at DKKm 284.5. Since 31 October 2017, the ratio of working capital to revenue has dropped from 28.3% to 19.9%.
Total investment in product development amounted to DKKm 1.4 for Q1 2017/18, against DKKm 0.2 last year. Investments in property, plant and equipment declined to DKKm 1.0 in Q1 2017/18 from DKKm 4.9 in the year-earlier period.
The Group's equity stood at DKKm 242.5 at 31 January 2018, against DKKm 240.6 at 31 October 2016. The equity ratio at 31 January 2018 was 85%, against 83% last year.
The Group's contribution of cash from operations in Q1 2017/18 was DKKm 6.6, against DKKm 0.0 last year.
Securities were sold in Q1 2017/18, resulting in a net cash inflow of DKKm 15.1 from the Group's investing activities, against a net cash outflow of DKKm 5.5 last year.
Contribution of cash from financing activities, related to dividend payments, was an outflow of DKKm 16.0 in Q1 2017/18, in line with last year.
At 31 January 2018, marketable securities and net cash amounted to DKKm 88.6, against DKKm 98.2 last year. In addition to this, Roblon has an undrawn credit facility of DKKm 10.0 with the Group's bankers.
The consolidated revenue and performance for Q1 2017/18 was better than expected. However, revenue for the quarter was positively affected by project sales which were projected to be realised over a period later in the financial year. The positive development thus does not change Management's full-year guidance for the Group, which, as stated in announcement no. 2/2018 is also affected by overhead costs of around DKKm 6 that were previously allocated to and included in the profit/loss from the divested part of Roblon Engineering.
After Q1, Management maintains its guidance for 2017/18 as set out in announcement no. 2/2018. For the financial year 2017/18, unchanged revenue of around DKKm 235 and profit before tax of around DKKm 25 is forecast in respect of the Group's continuing activities.
The above forward-looking statements, in particular revenue and earnings projections, are inherently uncertain and subject to risk. Many factors are beyond Roblon's control and, consequently, actual results may differ significantly from the projections expressed in this interim report. Such factors include, but are not limited to, changes in market and competitive situation, changes in demand and purchasing behaviour, foreign exchange and interest rate fluctuations and general economic, political and commercial conditions.
Roblon's sales are characterised by a structure based on project sales. This makes it difficult at any given time to forecast future revenue for a specific period, i.e. three-month, six-month or 12-month periods.
| 26/6 2018: | Interim report for Q2 2017/18 |
|---|---|
| 11/9 2018: | Interim report for Q3 2017/18 |
| 20/12 2018: | Preliminary statement 2017/18 |
| 24/1 2019: | Annual General Meeting |
During the period 1 November 2017 to 13 March 2018, the company sent the following announcements to NASDAQ Copenhagen; these can be found on the company's website, www.roblon.com.
| No. 17/2017: | Preliminary statement 2016/17 |
|---|---|
| No. 18/2017: | Notice convening Annual General Meeting |
| No. 1/2018: | Decisions of the Annual General Meeting |
| No. 2/2018: | Roblon enhances focus on the Industrial Fiber business segment |
The Board of Directors and Executive Management have today considered and approved the interim report of Roblon A/S for Q1 2017/18 (the period 1 November 2017 to 31 January 2018).
The interim report, which has not been audited or reviewed by the company's auditor, is presented in accordance with IAS 34 "Interim Financial Reporting" as adopted by the EU and additional requirements under the Danish Financial Statements Act.
It is our opinion that the interim financial statements give a true and fair view of the Group's assets, liabilities and financial position as of 31 January 2018 and of the results of the Group's operations and cash flows for Q1 2017/18.
Furthermore, in our opinion the management's review includes a fair review of the development and performance of the Group's business, results for the period and the Group's financial position together with a description of the principal risks and uncertainties that the Group faces.
| Frederikshavn, 13 March 2018 | ||
|---|---|---|
| Executive Management | ||
| Lars Østergaard Managing Director and CEO |
Carsten Michno Chief Financial Officer (CFO) |
Kim Müller Chief Operating Officer (COO) |
| Board of Directors | ||
| Jørgen Kjær Jacobsen Chairman |
Ole Lønsmann Andersen Deputy Chairman |
Peter Sloth Vagner Karlsen |
| Randi Toftlund Pedersen | Nita Svendsen Employee representative |
Flemming Nielsen Employee representative |
for the period 1 November 2017 to 31 January 2018
| Q1 Q1 Full year |
|||
|---|---|---|---|
| DKKm | Note 2017/18 2016/17 2016/17 | ||
| Revenue 4 |
63.9 | 34.5 | 198.6 |
| Cost of sales | -32.8 | -15.7 | -94.0 |
| Work carried out for own account and capitalised | 0.7 | 0.1 | 0.8 |
| Other operating income | 0.2 | 0.0 | 0.2 |
| Other external costs | -7.5 | -4.4 | -31.0 |
| Staff costs | -11.8 | -9.5 | -47.0 |
| Depreciation, amortisation and impairment | -2.2 | -1.6 | -8.0 |
| Operating profit (EBIT) | 10.5 | 3.4 | 19.6 |
| Net financial income | 1.0 | 1.0 | 2.0 |
| Profit before tax (PBT) | 11.5 | 4.4 | 21.6 |
| Tax on profit for the period | -2.5 | -1.0 | -6.0 |
| Profit for the period from continuing operations | 9.0 | 3.4 | 15.6 |
| Profit/loss for the period from discontinued operations 5 |
-0.5 | 1.3 | 4.6 |
| Profit for the period | 8.5 | 4.7 | 20.2 |
| Earnings per share (EPS), continuing and discontinued operations | 4.8 | 2.7 | 11.3 |
|---|---|---|---|
| Earnings per share, diluted (EPS-D), continuing and discontinued operations | 4.8 | 2.7 | 11.3 |
| Earnings per share (EPS), continuing operations | 5.0 | 2.0 | 8.4 |
| Earnings per share, diluted (EPS-D), continuing operations | 5.0 | 2.0 | 8.4 |
for the period 1 November 2017 to 31 January 2018
| DKKm | Q1 Note 2017/18 2016/17 2016/17 |
Q1 Full year | |
|---|---|---|---|
| Profit for the period | 8.5 | 4.7 | 20.2 |
| Items that may be recycled to profit or loss | |||
| Fair value adjustment of available-for-sale financial assets | -0.9 | 0.1 | 0.6 |
| Foreign exchange adjustment of foreign subsidiaries | -1.6 | 0.0 | -2.3 |
| Tax on other comprehensive income | 0.2 | 0.0 | -0.1 |
| Comprehensive income | 6.2 | 4.8 | 18.4 |
| DKKm | Note 31.01.18 31.01.17 31.10.17 | ||
|---|---|---|---|
| ASSETS | |||
| Completed development projects | 1.6 | 6.4 | 5.6 |
| Development projects in progress | 3.2 | 2.1 | 3.3 |
| Trademarks | 8.1 | - | 8.9 |
| Intangible assets | 12.9 | 8.5 | 17.8 |
| Land and buildings | 24.2 | 33.7 | 37.8 |
| Technical plant and machinery | 17.7 | 13.5 | 21.1 |
| Other fixtures and fittings, tools and equipment | 1.1 | 1.5 | 1.2 |
| Property, plant and equipment under construction | 1.5 | 5.8 | 0.9 |
| Property, plant and equipment | 44.5 | 54.5 | 61.0 |
| Financial assets 5 |
1.4 | - | 1.3 |
| Total non-current assets | 58.8 | 63.0 | 80.1 |
| Inventories | 37.9 | 74.7 | 74.1 |
| Trade receivables | 32.4 | 37.0 | 46.8 |
| Other receivables | 3.4 | 6.5 | 4.6 |
| Securities | 68.5 | 92.4 | 86.2 |
| Cash and cash equivalents | 20.1 | 5.8 | 14.6 |
| 162.3 | 216.4 | 226.3 | |
| Assets held for sale 5 |
64.9 | 10.3 | - |
| Total current assets | 227.2 | 226.7 | 226.3 |
| TOTAL ASSETS | 286.0 | 289.7 | 306.4 |
| DKKm | Note 31.01.18 31.01.17 31.10.17 | ||
|---|---|---|---|
| EQUITY AND LIABILITIES | |||
| Share capital | 35.8 | 35.8 | 35.8 |
| Other reserves | -5.8 | 0.7 | -1.1 |
| Retained earnings | 212.5 | 204.1 | 217.7 |
| Equity | 242.5 | 240.6 | 252.4 |
| Deferred tax | 4.9 | 4.2 | 4.9 |
| Other provisions | 0.6 | 0.6 | 0.7 |
| Non-current liabilities | 5.5 | 4.8 | 5.6 |
| Prepayments received from customers | 0.1 | 3.8 | 7.8 |
| Trade payables | 16.4 | 26.1 | 22.8 |
| Income tax | 0.9 | 1.0 | 3.9 |
| Other debt | 5.7 | 10.2 | 13.9 |
| 23.1 | 39.2 | 48.4 | |
| Liabilities relating to assets held for sale 5 |
14.9 | 3.2 | - |
| Current liabilities | 38.0 | 44.3 | 48.4 |
| Total liabilities | 43.5 | 49.1 | 54.0 |
| TOTAL EQUITY AND LIABILITIES | 286.0 | 289.7 | 306.4 |
| DKKm | Share capital | trans- lation reserve |
Reserve for Currency available for-sale financial assets |
Retained earnings |
Proposed dividends |
Total equity |
|---|---|---|---|---|---|---|
| Q1 2017/18 | ||||||
| Equity 01/11/2017 | 35.8 | -2.3 | 1.1 | 199.8 | 17.9 | 252.3 |
| Comprehensive income for the period | ||||||
| Profit for the period | - | - | - | 8.5 | - | 8.5 |
| Other comprehensive income | - | -1.6 | -0.7 | - | - | -2.3 |
| Total comprehensive income for the period | - | -1.6 | -0.7 | 8.5 | - | 6.2 |
| Transactions with owners Dividend paid |
- | - | - | - | -16.0 | -16.0 |
| Equity 31/01/2018 | 35.8 | -3.9 | 0.4 | 208.3 | 1.9 | 242.5 |
| Q1 2016/17 Equity 01/11/2016 |
35.8 | - | 0.6 | 197.5 | 17.9 | 251.8 |
| Comprehensive income for the period | ||||||
| Profit for the period | - | - | - | 4.7 | - | 4.7 |
| Other comprehensive income | - | 0.1 | - | - | - | 0.1 |
| Total comprehensive income for the period | - | 0.1 | - | 4.7 | - | 4.8 |
| Transactions with owners | ||||||
| Dividend paid | - | - | - | - | -16.0 | -16.0 |
| Equity 31/01/2017 | 35.8 | 0.1 | 0.6 | 202.2 | 1.9 | 240.6 |
| DKKm | Share capital | trans- lation reserve |
Reserve for Currency available for-sale financial assets |
Retained earnings |
Proposed dividends |
Total equity |
|---|---|---|---|---|---|---|
| 2016/17 Equity 01/11/2016 |
35.8 | - | 0.7 | 197.5 | 17.9 | 251.9 |
| Comprehensive income for the period | ||||||
| Profit for the period | - | - | - | 2.3 | 17.9 | 20.2 |
| Other comprehensive income | - | -2.3 | 0.5 | - | - | -1.8 |
| Total comprehensive income for the period | - | -2.3 | 0.5 | 2.3 | 17.9 | 18.4 |
| Transactions with owners Dividend paid |
- | - | - | - | -17.9 | -17.9 |
| Equity 31/10/2017 | 35.8 | -2.3 | 1.2 | 199.8 | 17.9 | 252.4 |
for the period 1 November 2017 to 31 January 2018
| DKKm | Q1 | Spec. 2017/18 2016/17 2016/17 | Q1 Full year |
|---|---|---|---|
| Operating profit (EBIT) from continuing operations | 10.5 | 3.4 | 19.6 |
| Operating profit/loss (EBIT) from discontinued operations | -0.6 | 1.7 | 5.9 |
| Operating profit (EBIT) | 9.9 | 5.1 | 25.5 |
| Adjustment for non-cash items A |
1.8 | 2.2 | 10.1 |
| Change in working capital B |
-0.5 | -15.4 | -2.5 |
| Financing provided by seller, discontinued operations | - | - | -2.6 |
| Cash generated from operating activities | 11.2 | -8.1 | 30.5 |
| Financial income received | 0.6 | 0.5 | 1.2 |
| Financial expenses paid | - | - | -0.1 |
| Income tax paid | -5.2 | 7.6 | 5.0 |
| Cash flow from operating activities | 6.6 | 0.0 | 36.6 |
| Investment in intangible assets | -1.4 | -0.2 | -1.9 |
| Purchase of securities | -0.6 | -0.4 | -54.1 |
| Sale of securities | 18.0 | - | 61.2 |
| Acquisition of subsidiaries and operations | - | - | -27.3 |
| Purchase of property, plant and equipment | -1.0 | -4.9 | -9.3 |
| Sale of property, plant and equipment | 0.1 | - | - |
| Cash flow from investing activities | 15.1 | -5.5 | -31.4 |
| Dividends paid | -16.0 | -16.0 | -17.9 |
| Cash flow from financing activities | -16.0 | -16.0 | -17.9 |
| Change in cash and cash equivalents | 5.7 | -21.5 | -12.7 |
| Cash and cash equivalents at beginning of period | 14.6 | 27.2 | 27.2 |
| Foreign exchange adjustment of cash and cash equivalents | -0.2 | 0.1 | 0.1 |
| Cash and cash equivalents at end of period | 20.1 | 5.8 | 14.6 |
| Q1 | Q1 Full year | ||
|---|---|---|---|
| DKKm | Spec. 2017/18 2016/17 2016/17 | ||
| Spec. A: Adjustments for non-cash items | |||
| Depreciation and amortisation | 2.5 | 1.6 | 10.0 |
| Provisions | - | 0.6 | -0.4 |
| Adjustm., current part of financing by seller on sale of discont. operations | - | - | 1.3 |
| Foreign exchange adjustment | -0.7 | - | -0.8 |
| 1.8 | 2.2 | 10.1 | |
| Spec.B: Change in working capital | |||
| Change in inventories | -0.4 | -7.5 | 7.3 |
| Change in receivables | 7.4 | -7.2 | -10.8 |
| Change in current liabilities | -7.5 | -0.7 | 0.9 |
| -0.5 | -15.4 | -2.6 |
The interim report is presented in accordance with IAS 34 "Interim Financial Reporting" as adopted by the EU and Danish disclosure requirements for listed companies. No interim report has been prepared for the parent company.
The accounting policies applied in the interim report are consistent with those applied in Roblon's annual report for 2016/17, which was prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the EU and additional Danish disclosure requirements for annual reports of listed companies. For a more detailed description of the accounting policies, see the annual report for 2016/17.
New or amended standards and interpretations which have come into force effective for the financial year 2017/18 have no effect on recognition and measurement.
The preparation of interim reports requires Management to make accounting estimates that will affect the accounting policies and recognised assets, liabilities, income and costs. Actual results may differ from these estimates.
The most significant estimates made by Management in the application of the Group's accounting policies, and the most significant uncertainties associated therewith, in preparing the consolidated interim report are identical to those applying to the preparation of the annual report for 2016/17.
The Group's activities in the interim report have not been affected by seasonal or cyclical fluctuations.
In 2015/16, Roblon changed its segment reporting to comprise three segments: Industrial Fiber, Lighting, Engineering. During the financial year 2016/17, Roblon Lighting was divested and, as announced in company Announcement no. 2/2018, the largest part of Roblon Engineering was divested on 23 February 2018 with effect at 14 March 2018.
As a consequence of these two divestments, the Group's segment reporting will comprise a single segment as from 1 November 2017, and additional information on external revenue by product groups will be disclosed in the notes to the financial statements.
Effective at 1 November 2017, the Roblon Group has the following product groups:
| DKKm | Q1 | 2017/18 2016/17 2016/17 | Q1 Full year |
|---|---|---|---|
| 4. Segment information, continued | |||
| Revenue from external customers: | |||
| By product groups | |||
| FOC | 39.0 | 15.8 | 101.7 |
| Composite | 24.9 | 18.7 | 96.9 |
| Total | 63.9 | 34.5 | 198.6 |
| By geographical markets | |||
| Denmark | 7.6 | 0.4 | 8.1 |
| United Kingdom | 11.7 | 13.7 | 35.5 |
| Rest of Europe | 21.5 | 10.0 | 49.9 |
| Asia | 2.0 | 3.2 | 13.6 |
| Brazil | 9.4 | 6.7 | 59.9 |
| Latin America | 5.7 | 0.5 | 17.9 |
| North America | 6.0 | - | 13.7 |
| Total | 63.9 | 34.5 | 198.6 |
Of the Group's non-current assets, DKKm 44.2 were located in Denmark (2016/17: DKKm 63.0) and DKKm 14.6 in North America (2016/17: DKKm 0).
The Group's revenue was largely derived from the sale of goods.
Of the Group's total revenue, DKKm 11.5 (DKKm 10.2) and DKKm 8.5 (DKKm 5.1) related to two of the Group's major customers. Accordingly, revenue from these two customers constituted more than 10% of the Group's total revenue for Q1 2017/18 and 2016/17. These customers' percentage of total revenue dropped from 44.3% to 31.3% in Q1 2017/18.
Roblon has concluded an agreement, effective at 23 February 2018, to sell the largest part of the Roblon Engineering business segment, comprising sale of rope-making equipment, twisters and winders. Information on the transaction can be found in Company Announcement No 2-2018 "Roblon enhances focus on the Industrial Fiber business segment". The profit/loss for Q1 2017/18 from these operations is reported as discontinued operations, and comparative figures have been restated. The selling price payable to Roblon on a debt-free basis is DKKm 64, and Roblon expects net proceeds from the sale after transaction costs of around DKKm 10.
The restated comparative figures for Q1 2016/17 and full year 2016/17 furthermore comprise the profit/loss of Roblon Lighting, which was divested in 2017 and was also reported as discontinued operations for the period.
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