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Roblon — Interim / Quarterly Report 2016
Jun 9, 2016
3456_rns_2016-06-09_8701ab47-cd31-4bf1-a7df-c72e96c52578.pdf
Interim / Quarterly Report
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Roblon
Company Announcement No 14 - 2016
Roblon A/S
PO box 120
Nordhavnsvej 1
9900 Frederikshavn
Denmark
Tel. +45 9620 3300
Fax +45 9620 3399
www.roblon.com
CVR no. 5706 8515
Interim report for Q2 2015/16
(the period from 1 November 2015 to 30 April 2016)
Positive performance in the second quarter. The expectations for 2015/16 are maintained.
Summary
- Order intake in the first half of the year was DKK 150.9 million (DKK 123.5 million). The growth is mainly attributable to the Industrial Fiber segment.
- The order book at the end of April 2016 was DKK 71.4 million (DKK 56.8 million).
- Revenue amounted to DKK 108.6 million (DKK 112.7 million).
- Operating profit (EBIT) amounted to DKK 8.7 million (DKK 19.4 million).
- Profit before tax amounted to DKK 9.9 million (DKK 20.9 million).
- The gross margin was 55.7% (61.2%). The downturn is due to the revenue mix and falling profit margins in Industrial Fiber due to rising raw material prices.
- After Q2, the management is maintaining its expectations for 2015/16, which were announced in the annual report for 2014/15. Revenue in the region of DKK 250 million and profit before tax of DKK 25 million is therefore expected in the financial year 2015/16.



Frederikshavn, 9 June 2016
Roblon A/S
Jørgen Kjær Jacobsen
Chairman of the Board
Lars Østergaard
Managing Director and CEO
Enquiries regarding this announcement must be made to:
Managing Director and CEO Lars Østergaard, tel. +45 9620 3300
Company Announcement No 14 2016
9 June 2016
Page 1 of 13
Roblon
| Financial highlights | Unit | Q2 2015/16^{1} | Q2 2014/15^{1} | Q1-Q2 2015/16^{1} | Q1-Q2 2014/15^{1} | Full year 2014/15 |
|---|---|---|---|---|---|---|
| Orders | ||||||
| Order intake | DKK million | 70.2 | 74.8 | 150.9 | 123.5 | 210.8 |
| Order book | DKK million | 71.4 | 56.8 | 71.4 | 56.8 | 29.0 |
| Income statement | ||||||
| Net revenue | DKK million | 70.3 | 61.5 | 108.6 | 112.7 | 227.7 |
| Of which exports | DKK million | 66.3 | 59.0 | 102.2 | 108.6 | 220.3 |
| Export ratio | % | 94.3 | 95.9 | 94.1 | 96.4 | 96.8 |
| Gross profit | DKK million | 39.7 | 38.8 | 60.5 | 69.0 | 127.5 |
| Operating profit (EBIT) | DKK million | 12.8 | 11.3 | 8.7 | 19.4 | 22.1 |
| Financing etc. (net) | DKK million | 1.3 | 0.6 | 1.2 | 1.5 | 1.9 |
| Profit before tax | DKK million | 14.1 | 11.9 | 9.9 | 20.9 | 24.0 |
| Profit for the period | DKK million | 11.0 | 9.1 | 7.7 | 16.0 | 18.4 |
| Balance sheet | ||||||
| Total assets | DKK million | 283.9 | 282.1 | 283.9 | 282.1 | 287.4 |
| Working capital | DKK million | 70.5 | 90.4 | 70.5 | 90.4 | 71.3 |
| Share capital | DKK million | 35.8 | 35.8 | 35.8 | 35.8 | 35.8 |
| Equity | DKK million | 238.6 | 247.2 | 238.6 | 247.2 | 249.7 |
| Cash flows | ||||||
| Operating cash flows | DKK million | 4.3 | -6.2 | 5.9 | -7.9 | 23.2 |
| Cash flow from investing | DKK million | -2.4 | -2.7 | -33.8 | -12.3 | -67.0 |
| Of which investment in current securities | -0.5 | 0.0 | -31.1 | 0.0 | -49.2 | |
| Cash flow from financing | DKK million | -17.9 | -21.5 | -17.9 | -21.5 | -21.5 |
| Change in liquidity | DKK million | -16.0 | -30.4 | -45.8 | -41.7 | -65.3 |
| No. of employees (average)^{2} | Number | 140 | 141 | 140 | 141 | 139 |
| Key figures | ||||||
| Gross margin | % | 56.5 | 63.1 | 55.7 | 61.2 | 56.0 |
| EBIT margin | % | 18.2 | 18.4 | 8.0 | 17.2 | 9.7 |
| ROIC/return on average invested capital^{2} | % | 39.1 | 30.5 | 13.3 | 26.1 | 16.7 |
| Equity/assets ratio | % | 84.0 | 87.6 | 84.0 | 87.6 | 86.9 |
| Return on equity^{2} | % | 18.0 | 14.5 | 6.3 | 12.7 | 7.3 |
| Share-related key figures | ||||||
| Earnings per DKK 20 share | DKK | 6.2 | 5.1 | 4.3 | 8.9 | 10.3 |
| Market price per share | DKK | 219.0 | 328.5 | 219.0 | 328.5 | 243.0 |
| Intrinsic value of shares | DKK | 133.4 | 138.0 | 133.0 | 138.0 | 140.0 |
Company Announcement No 14 2016
9 June 2016
Page 2 of 13
1 The interim report has not been audited, and no review has been conducted by the company's auditor.
2 This key figure is calculated for the whole year.
The above key figures have been calculated in accordance with the recommendations issued by the Danish Association of Financial Analysts. The share-based key figures relate to the class B shares.
Roblon
Management report
for Q2 2015/16 and the period 1 November 2015 - 30 April 2016.
| Main figures for Q2 | |||
|---|---|---|---|
| DKK million | 2015/16 | 2014/15 | Change |
| Order intake | 70.2 | 74.8 | -6.1% |
| Revenue | 70.3 | 61.5 | 14.3% |
| EBIT | 12.8 | 11.3 | 13.3% |
| Main figures for the first half of the year | |||
| --- | --- | --- | --- |
| DKK million | 2015/16 | 2014/15 | Change |
| Order intake | 150.9 | 123.5 | 22.2% |
| Order book | 71.4 | 56.8 | 25.7% |
| Revenue | 108.6 | 112.7 | -3.6% |
| EBIT | 8.7 | 19.4 | -55.2% |
Income statement
The revenue and profit achieved are as expected in Q2 2015/16 and for the first six months of 2015/16.
Revenue
Roblon achieved revenue of DKK 108.6 million in the first six months of the financial year 2015/16, corresponding to a fall of 3.6%. The decline in revenue can primarily be attributed to the Engineering segment and is due to a low order book at the start of the financial year.
Operating profit (EBIT)
Operating profit (EBIT) in the first six months of 2015/16 amounted to DKK 8.7 million compared to DKK 19.4 million in the same period last year. In Q2 of 2015/16, EBIT of DKK 12.8 million was achieved, which is an improvement of 13.3% compared to last year's EBIT of DKK 11.3 million. This positive development was thanks to increased revenue in Q2.
Costs
There has been an increase in the relative goods consumed. In the first half of the year, the gross margin was 55.7% (61.21%) and this has been adversely affected by the performance of the product mix and the falling profit margin in the Industrial Fiber segment due to rising raw material prices.
As expected, other external costs came to DKK 15.4 million in the first half of the financial year (DKK 15.2 million).
Staff costs came to DKK 33.4 million in the first half of 2015/16 (DKK 31.0 million). The increase can primarily be attributed to taking on new staff in the sales and development organisation.
Net financial items
Net financial items amounted to DKK 1.2 million (DKK 1.5 million).
Tax
A provision of 22% has been calculated for tax on the profit before tax.
Balance sheet
As at 30 April 2016, the value of the total assets amounted to DKK 283.9 million (DKK 282.1 million). The working capital amounted to DKK 70.5 million, corresponding to 30.1% (34.8%) of the 2014/15 (2013/14) revenue. The reduction may be attributed to the slowdown in activity and increased current liabilities.
Inventories fell from DKK 79.4 million as at 30 April 2015 to DKK 74.7 million as at 30 April 2016. In comparison to 31 October 2015, the inventories have increased by DKK 7 million, which relates to the larger order book.
Receivables from sales totalled DKK 34.3 million at the end of the second quarter, compared to DKK 39.9 million in the same quarter of the previous year. The credit risk on debtors is deemed unchanged and there have not been any significant bad debts during the course of the last year.
Current securities have increased from DKK 10.7 million as at 30 April 2015 to DKK 90.0 million at the end of April 2016. These securities are available for sale and agreements are in place in cooperation with external asset manager to follow an active management strategy with low risk. Total return in the first six months of 2015/16 amounts to 0.85%, which is equivalent to 1.7% p.a.
Company Announcement No 14 2015/16
9 June 2016
Page 3 of 13
Roblon
Cash and cash equivalents amounted to DKK 9.8 million at the end of April 2016 (DKK 79.2 million).
The company's total liabilities as at 30 April 2016 amount to DKK 45.3 million (34.9 million), and the increase can primarily be attributed to increased debt to suppliers and severance obligations to the previous Managing Director and CEO.
Cash flows
Cash flows from operating activities for the first half of the 2015/2016 financial year amounted to DKK 5.9 million (DKK -7.9 million).
Cash flows from investing activities amounted to DKK -33.8 million in the first half of 2015/16 compared to DKK -12.3 million last year. This amount includes the placement of excess liquidity in securities amounting to DKK -31.1 million (0 million).
Cash flows from financing activities amounted to DKK -17.9 million in the first half of 2015/16 (DKK -21.5 million).
Segment reporting
The company's reporting changed with effect from the 2015/16 financial year, so that reporting is done for three segments in Roblon A/S.
Industrial Fiber
The Industrial Fiber segment includes development, production and sale of fibre cable materials to the optical fibre cable industry and solutions for Offshore and other industry.
| Main figures for Q2 | |||
|---|---|---|---|
| DKK million | 2015/16 | 2014/15 | Change |
| Order intake | 42.2 | 34.7 | 21.6% |
| Revenue | 38.2 | 40.5 | -5.7% |
| EBIT | 8.9 | 12.0 | -25.8% |
| Main figures for the first half of the year | |||
| DKK million | 2015/16 | 2014/15 | Change |
| Order intake | 97.5 | 65.0 | 50.0% |
| Order book | 52.9 | 24.8 | 113.3% |
| Revenue | 58.5 | 73.8 | -20.7% |
| EBIT | 7.3 | 21.2 | -65.6% |
The order intake in the first half of 2015/16 amounted to DKK 97.5 million, which was an increase of 50% compared to last year. The growth was achieved through sales to existing customers, including continued access to orders from the Offshore industry. The order book at the end of April 2016 amounted to DKK 52.9 million (DKK 24.8 million). Revenue amounted to DKK 58.5 million compared to DKK 73.8 million last year. This was to be expected, as the order book at the start of the financial year was low.
EBIT in the first half of 2015/16 was DKK 7.3 million (DKK 21.2 million), and the decline in profits is due to the fall in revenue in combination with a simultaneous downturn in the gross margin. The falling gross margin is mainly due to the change in the revenue mix and to a lesser extent fluctuating margins on sales to the optical fibre industry caused by rising raw material prices.
The offshore industry continues to suffer due to the low oil price. The order intake from this part of the business has been permanently affected by the outcome of large individual projects.
Lighting
The Lighting segment comprises development, production and sale of fibre optic and LED lighting.
| Main figures for Q2 | |||
|---|---|---|---|
| DKK million | 2015/16 | 2014/15 | Change |
| Order intake | 4.4 | 5.7 | -22.8% |
| Revenue | 5.7 | 3.9 | 46.0% |
| EBIT | -0.4 | -0.5 | 20.0% |
| Main figures for the first half of the year | |||
| --- | --- | --- | --- |
| DKK million | 2015/16 | 2014/15 | Change |
| Order intake | 11.0 | 10.0 | 10.0% |
| Order book | 1.5 | 2.5 | -40.0% |
| Revenue | 9.6 | 11.6 | 20.8% |
| EBIT | -0.4 | -0.8 | 50.0% |
The order intake in the first half of 2015/16 amounted to DKK 11.0 million and is on a par with last year (DKK 10.0 million). The order book at the end of April 2016 amounted to DKK 1.5 million (DKK 2.5 million).
Revenue in the first half of 2015/16 amounted to DKK 9.6 million (DKK 11.6 million).
EBIT in the first half of 2015/16 was DKK -0.4 million (DKK -0.8 million).
Company Announcement No 14 2015/16
9 June 2016
Roblon
Engineering
The Engineering segment comprises development, production and sale of cable machinery, rope-making equipment, twisters and winders.
| Main figures for Q2 | |||
|---|---|---|---|
| DKK million | 2015/16 | 2014/15 | Change |
| Order intake | 23.6 | 34.4 | -31.4% |
| Revenue | 26.3 | 17.2 | 52.9% |
| EBIT | 4.2 | 0.1 | + |
| Main figures for the first half of the year | |||
| --- | --- | --- | --- |
| DKK million | 2015/16 | 2014/15 | Change |
| Order intake | 42.4 | 48.5 | -12.6% |
| Order book | 17.0 | 29.5 | -42.4% |
| Revenue | 38.5 | 29.3 | 31.4% |
| EBIT | 1.8 | -1.0 | 280.0% |
The order intake in the first half of 2015/16 was DKK 42.4 million (DKK 48.5 million). The order book at the end of April 2016 amounted to DKK 17.0 million (DKK 29.5 million).
The revenue was DKK 38.5 million, which is an increase of 31% compared to last year. Revenue from machines and sales of spare parts has grown.
EBIT amounted to DKK 1.8 million (DKK -1.0 million).
Innovation and product development
The company is always working to develop new products within the individual business segments.
The Board of Directors has set up an innovation and product development committee to support the management focus in these areas.
In Q2 of 2015/2016, the company introduced a new machine to the fibre optic industry, the CB-2LT Concentric Low Tension Binder, to address the market trend.
Ongoing strategy process
The management has started a strategy process with the purpose of developing a growth strategy spanning up to 2019/20.
Additional information on this will be provided after the board meeting scheduled to be held on 8 September 2016.
Expectations for 2015/16
After Q2 of the 2015/16 financial year, the management is maintaining its expectations for the 2015/16 financial year as a whole, which were announced in the annual report for 2014/15. The management therefore still expects revenue in the region of DKK 250 million and profit before tax of DKK 25 million.
Future conditions
Roblon's sales are characterised by a structure based on project sales. This always makes it difficult to produce forecasts for future revenue within given periods, i.e. quarters, half-years and full years.
Statements on future conditions, especially those on future revenue and operating profit, are uncertain and risky.
Many factors are and will remain outside of the company's control and may lead to the actual development deviating wildly from the expectations detailed in the report.
Such factors include but are not limited to the following: changes in general business and financial conditions, the trend in the global oil industry, changes in the global economy and changes in interest rates and exchange rates.
Company Announcement No 14 2015/16
9 June 2016
Page 5 of 13
Roblon
Financial calendar
8 Sept.2016: Quarterly report for Q3 2015/16
20 Dec.2016: Preliminary announcement of financial statements 2015/16
26 Jan.2017: Annual General Meeting of shareholders
Announcements - NASDAQ Copenhagen
During the period 1 November 2015 - 9 June 2016, the company sent the following announcements to NASDAQ Copenhagen, which may be found on the website www.roblon.com.
No 13-2015: New CEO for Roblon A/S
No 1-2016: Preliminary announcement of financial statements 2014/15
No 2-2016: Notice of annual general meeting
No 3-2016: Reporting of transactions
No 4-2016: Reporting of transactions
No 5-2016: Information on Roblon's Q1 2015/16
No 6-2016: Annual general meeting of Roblon A/S
No 7-2016: Interim report for Q1 2015/16
No 8-2016: Reporting of transactions
No 9-2016: Market maker (market maker agreement)
No 10-2016: Reporting of transactions
No 11-2016: Reporting of transactions
No 12-2016: Reporting of transactions
No 13-2016: Reporting of transactions
Company Announcement No 14 2015/16
9 June 2016
Page 6 of 13
Roblon
Statement by the management
The Board of Directors and Executive Management have today discussed and adopted the interim report for the period 1 November 2015 to 30 April 2016 for Roblon A/S.
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 Danish disclosure requirements for listed companies.
It is our opinion that the interim financial statements give a true and fair view of the company's
assets, liabilities and financial position as at 30 April 2016 as well as of the result of the company's activities and cash flows for the financial period 1 November 2015 to 30 April 2016.
It is also our opinion that the management report contains a true and fair account of the development in the company's activities and financial circumstances, the profit for the period and the company's financial position as a whole, as well as a description of the most significant risks and uncertainties facing the company.
Frederikshavn, 9 June 2016
Executive Management
Lars Østergaard
Managing Director and CEO
Carsten Michno
Chief Financial Officer
Kim Müller
Chief Operating Officer
Board of Directors
Jørgen Kjær Jacobsen
Chairman
Ole Krogsgaard
Deputy Chairman
Peter Sloth Vagner Karlsen
Randi Toftlund Pedersen
Nita Svendsen
Elected by the staff
Hans Martin Kirkegaard
Elected by the staff
Company Announcement No 14 2015/16
9 June 2016
Roblon
Income statement
| DKK million | Note | Q2 2015/16 | Q2 2014/15 | Q1-Q2 2015/16 | Q1-Q2 2014/15 | Full year 2014/15 |
|---|---|---|---|---|---|---|
| Net revenue | 4 | 70.3 | 61.5 | 108.6 | 112.7 | 227.7 |
| Work carried out at own expense and recognised under assets | 0.7 | - | 1.0 | - | 5.5 | |
| Other operating income | - | - | - | - | 0.2 | |
| Goods consumed | -30.6 | -24.0 | -48.1 | -43.7 | -100.2 | |
| Other external costs | -7.8 | -8.5 | -15.4 | -15.2 | -29.8 | |
| Staff costs | -17.8 | -16.0 | -33.4 | -31.0 | -72.9 | |
| Depreciation, amortisation and impairment of intangible assets and property, plant and equipment | -2.0 | -1.7 | -4.0 | -3.4 | -8.4 | |
| Operating profit (EBIT) | 12.8 | 11.3 | 8.7 | 19.4 | 22.1 | |
| Financial income, net | 1.3 | 0.6 | 1.2 | 1.5 | 1.9 | |
| Profit before tax (PBT) | 14.1 | 11.9 | 9.9 | 20.9 | 24.0 | |
| Tax on profit for the period | -3.1 | -2.8 | -2.2 | -4.9 | -5.6 | |
| Profit for the period | 11.0 | 9.1 | 7.7 | 16.0 | 18.4 |
Statement of comprehensive income
| DKK million | Q2 2015/16 | Q2 2014/15 | Q1-Q2 2015/16 | Q1-Q2 2014/15 | Full year 2014/15 |
|---|---|---|---|---|---|
| Profit for the period | 11.0 | 9.1 | 7.7 | 16.0 | 18.4 |
| Items that can be reclassified to the income statement: | |||||
| Fair value adjustments of financial assets available for sale | -0.7 | -0.1 | -1.2 | -0.1 | - |
| Fair value adjustment of financial assets | |||||
| Tax on other comprehensive income | 0.2 | - | 0.3 | - | - |
| Comprehensive income | 10.5 | 9.0 | 6.8 | 15.9 | 18.4 |
Company Announcement No 14 2015/16
9 June 2016
Page 8 of 13
Roblon
Balance sheet
| DKK million | 30/04/2016 | 30/04/2015 | 31/10/2015 |
|---|---|---|---|
| Completed development projects | 3.9 | 3.5 | 4.8 |
| Development projects in progress | 6.1 | 5.7 | 4.0 |
| Intangible assets | 10.0 | 9.2 | 8.8 |
| Land and buildings | 35.5 | 38.0 | 36.8 |
| Production equipment and machinery | 14.5 | 13.9 | 15.6 |
| Other fixtures and fittings, operating equipment and inventories | 1.1 | 0.5 | 1.1 |
| Property, plant and equipment in progress | 0.1 | 0.3 | 0.3 |
| Property, plant and equipment | 51.2 | 52.7 | 53.8 |
| Total non-current assets | 61.2 | 61.9 | 62.6 |
| Inventories | 74.7 | 79.4 | 67.7 |
| Receivables from sales | 34.3 | 39.9 | 29.5 |
| Corporation tax receivable | 11.6 | 8.9 | 8.9 |
| Other receivables | 1.0 | 0.9 | 2.6 |
| Prepayments and accrued income | 1.3 | 1.2 | 0.5 |
| Securities | 90.0 | 10.7 | 60.0 |
| Cash and cash equivalents | 9.8 | 79.2 | 55.6 |
| Total current assets | 222.7 | 220.2 | 224.8 |
| TOTAL ASSETS | 283.9 | 282.1 | 287.4 |
Company Announcement No 14 2015/16
9 June 2016
Page 9 of 13
Roblon
Balance sheet
| DKK million | 30/04/2016 | 30/04/2015 | 31/10/2015 |
|---|---|---|---|
| Share capital | 35.8 | 35.8 | 35.8 |
| Other reserves | - | 0.6 | 0.7 |
| Retained earnings | 202.8 | 210.8 | 213.2 |
| Equity | 238.6 | 247.2 | 249.7 |
| Deferred tax | 4.5 | 3.8 | 4.5 |
| Other provisions | - | 0.1 | 0.3 |
| Other debt | - | - | 3.8 |
| Non-current liabilities | 4.5 | 3.9 | 8.6 |
| Suppliers of goods and services | 24.1 | 20.5 | 13.8 |
| Corporation tax | - | - | - |
| Other debt | 16.7 | 10.5 | 15.3 |
| Current liabilities | 40.8 | 31.0 | 29.1 |
| Total provisions | 45.3 | 34.9 | 37.7 |
| TOTAL LIABILITIES | 283.9 | 282.1 | 287.4 |
Statement of changes in equity
| DKK million | 30/04/2016 | 30/04/2015 | 31/10/2015 |
|---|---|---|---|
| Equity as at 1 November | 249.7 | 252.8 | 252.8 |
| Comprehensive income for the period | 6.8 | 15.9 | 18.4 |
| Other reserves, transferred to free reserves at beginning of year | -0.6 | ||
| Other reserves, transferred to free reserves at beginning of year | 0.6 | ||
| Dividend paid | -17.9 | -21.5 | -21.5 |
| Equity | 238.6 | 247.2 | 249.7 |
Company Announcement No 14 2015/16
9 June 2016
Page 10 of 13
Roblon
Cash flow statement
| DKK million | Note | Q2 2015/16 | Q2 2014/15 | Q1-Q2 2015/16 | Q1-Q2 2014/15 | Full year 2014/15 |
|---|---|---|---|---|---|---|
| Operating profit (EBIT) | 12.8 | 11.3 | 8.7 | 19.4 | 22.1 | |
| Adjustment of items without liquidity effect | A | 2.3 | 1.6 | 4.0 | 3.3 | 8.3 |
| Change in working capital | B | -8.9 | -7.1 | -3.4 | -7.9 | 15.1 |
| Cash flows from primary operations | 6.2 | 5.8 | 9.3 | 14.8 | 45.5 | |
| Financial payments received | 1.3 | 0.6 | 1.2 | 1.5 | 1.9 | |
| Corporation tax paid | -3.2 | -12.6 | -4.6 | -24.2 | -24.2 | |
| Cash flows from operating activities | 4.3 | -6.2 | 5.9 | -7.9 | 23.2 | |
| Investments in intangible assets | -1.5 | -0.4 | -2.1 | -1.3 | -2.4 | |
| Investments in securities | -0.5 | - | -31.1 | - | -49.2 | |
| Purchase of property, plant and equipment | -0.4 | -2.3 | -0.6 | -11.0 | -15.7 | |
| Sale of property, plant and equipment | - | - | - | - | 0.3 | |
| Cash flows from investing activities | -2.4 | -2.7 | -33.8 | -12.3 | -67.0 | |
| Paid dividend | -17.9 | -21.5 | -17.9 | -21.5 | -21.5 | |
| Cash flows from financing activities | -17.9 | -21.5 | -17.9 | -21.5 | -21.5 | |
| Change in cash and cash equivalents | 16.0 | -30.4 | -45.8 | -41.7 | -65.3 | |
| Cash and cash equivalents at the start of the period | 25.8 | 109.6 | 55.6 | 120.9 | 120.9 | |
| Cash equivalents at the end of the period | 9.8 | 79.2 | 9.8 | 79.2 | 55.6 | |
| Note A: Adjustment of items without liquidity effect | ||||||
| Depreciation/amortisation | 2.0 | 1.7 | 4.0 | 3.4 | 8.4 | |
| Loss on sale of intangible assets | - | - | - | - | -0.2 | |
| Other provisions | 0.3 | -0.1 | - | -0.1 | 0.1 | |
| 2.3 | 1.6 | 4.0 | 3.3 | 8.3 | ||
| Note B: Change in working capital | ||||||
| Change in inventories | 1.2 | -3.7 | -7.1 | -16.9 | -5.2 | |
| Change in receivables | -13.4 | -1.0 | -3.9 | 11.4 | 20.9 | |
| Change of suppliers of goods and services | -7.8 | 2.5 | -0.3 | 3.3 | -6.3 | |
| Change in other debt, non-current | -3.0 | -5.4 | -3.8 | -5.4 | 3.8 | |
| Change in other debt, current | 14.1 | 0.5 | 11.7 | -0.3 | 1.9 | |
| -8.9 | -7.1 | -3.4 | -7.9 | 15.1 |
Company Announcement No 14 2015/16
9 June 2016
Page 11 of 13
Roblon
Notes
- Accounting policies applied
- Estimates
- Season
- Segment reporting
Note 1 - Accounting policies applied
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 reports for listed companies.
Accounting policies applied are unchanged compared to the 2014/15 annual report and the full description of accounting policies applied appears in this.
Note 2 - Estimates
The preparation of interim reports requires the management to make accounting estimates that will affect the application of the accounting policies and recognised assets, liabilities, income and costs. Actual results may deviate from these estimates.
The most important estimates, made by the management through the application of the company's accounting policies, and the most significant uncertainties associated therewith are the same when preparing the consolidated interim report as for the preparation of the annual report for 2014/15.
Note 3 - Season
The company's activities have not been affected by seasons or cyclical fluctuations in the interim report.
Company Announcement No 14 2015/16
9 June 2016
Page 12 of 13
Roblon
Note 4 - Segment reporting
The company's reporting changed with effect from 2015/16 so that three segments in Roblon A/S are reported. Comparative figures for 2014/15 have been revised.
The activity in the three business segments is as follows:
Industrial Fiber: Development, production and sale of fibre cable materials and solutions to Offshore and other industry
Lighting: Development, production and sale of fibre optic and LED lighting
Engineering: Development, production and sale of cable machinery, rope-making equipment, twisters and winders
| DKK million | Q2 2015/16 | Q2 2014/15 | Q1-Q2 2015/16 | Q1-Q2 2014/15 | Full year 2014/15 |
|---|---|---|---|---|---|
| Net revenue | |||||
| Industrial Fiber | 38.2 | 40.4 | 58.5 | 73.8 | 126.4 |
| Lighting | 5.7 | 3.9 | 11.6 | 9.6 | 24.9 |
| Engineering | 26.3 | 17.2 | 38.5 | 29.3 | 76.4 |
| Total | 70.2 | 61.5 | 108.6 | 112.7 | 227.7 |
| Operating profit/loss (EBIT) | |||||
| Industrial Fiber | 9.0 | 11.9 | 7.3 | 21.2 | 23.2 |
| Lighting | -0.4 | -0.8 | -0.4 | -0.8 | -2.1 |
| Engineering | 4.1 | 0.1 | 1.8 | -1.0 | 1.0 |
| Total | 12.7 | 11.2 | 8.7 | 19.4 | 22.1 |
| Segment assets | |||||
| Industrial Fiber | 94.3 | 97.6 | 94.3 | 97.6 | 82.6 |
| Lighting | 15.2 | 18.1 | 15.2 | 18.1 | 15.2 |
| Engineering | 63.1 | 67.6 | 63.1 | 67.6 | 62.0 |
| Undistributed items | 111.3 | 98.8 | 111.1 | 98.8 | 127.6 |
| Total | 283.9 | 282.1 | 283.7 | 282.1 | 287.4 |
| Geographical segments | |||||
| Denmark | 4.0 | 2.5 | 6.4 | 4.1 | 7.5 |
| United Kingdom | 9.5 | 9.7 | 14.6 | 18.0 | 37.5 |
| Rest of Europe | 24.4 | 20.5 | 40.7 | 37.4 | 89.1 |
| Asia | 14.3 | 13.3 | 21.5 | 19.6 | 45.0 |
| Brazil | 11.9 | 9.7 | 13.1 | 19.1 | 20.5 |
| USA | 6.1 | 5.8 | 13.3 | 14.5 | 28.1 |
| Total | 70.2 | 61.5 | 108.6 | 112.7 | 227.7 |
When presenting the information, the revenue distribution in geographical segments is calculated on the basis of the customers' geographical location. The geographical distribution of assets is materially in Denmark.
Company Announcement No 14 2015/16
9 June 2016
Page 13 of 13