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Roblon Interim / Quarterly Report 2023
3456_rns_2023-06-21_aa77d120-0baf-4e50-91cd-baf058ded29c.pdf
Interim / Quarterly Report
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Roblon
Contents
02 Highlights
03 Financial highlights and ratios for the Group
04 Interim report for Q2 2022/23
05 Full-year guidance for 2022/23
06 Financial calendar and company announcements
07 Statement by Management
08 Consolidated income statement and statement of comprehensive income
09 Consolidated balance sheet
10 Consolidated statement of changes in equity
11 Consolidated statement of cash flows
12 Notes to the financial statements
Interim report for Q2 2022/23
Roblon A/S
Nordhavnsvej 1
DK-9900 Frederikshavn
CVR no. 57 06 85 15
Roblon Interim report for Q2 2022/23
回
Roblon's reported revenue and earnings fall short of expectations
Selected financial highlights:
- The Group's order intake amounted to DKKm 175.6 in H1 2022/23 (DKKm 207.1). An increase in order intake is projected in the second half of the financial year.
- At the end of April 2023, the Group's order book amounted to DKKm 118.6 (DKKm 103.4).
- Revenue of DKKm 171.7 (DKKm 178.1), which was less than expected.
- Gross margin of 49.5% (49.7%).
- Operating profit before depreciation, amortisation and impairment and special items (EBITDA) was DKKm 6.3 (DKKm 12.6).
- Operating loss before special items (EBIT) of DKKm 7.5 (a loss of DKKm 0.5).
- Financial items amounted to a net expense of DKKm 3.0 (net income of DKKm 5.1).
Full-year guidance for 2022/23:
In Company announcement no. 15 of 7 December 2022, we stated that Management's full-year guidance for 2022/23 was revenue in the range of DKKm 430-470; EBITDA in the range of DKKm 40-55 and EBIT in the range of DKKm 10-25.
Based on the reported revenue, EBITDA and EBIT for the first half of the 2022/23 financial year and in view of the major uncertainties that continue to exist, Management downgraded its full-year guidance for 2022/23 on 9 June 2023.
After the first six months of the financial year, Management guides:
- Revenue in the DKKm 400-430 range (2021/22: DKKm 380.9).
-
Operating profit before depreciation, amortisation and impairment and special items (EBITDA) in the range of DKKm 35-50 (2021/22: DKKm 23.4).
-
Operating profit before special items (EBIT) in the range of DKKm 5-20 (2021/22: a loss of DKKm 3.8).
- The full-year guidance remains subject to significant uncertainty, in part because of the short order horizon.
Revenue (DKKm)
EBIT before special items (DKKm)
Roblon Interim report for Q2 2022/23
三
Financial highlights
for the Group
| Unit | Q2 2022/23¹ | Q2 2021/22¹ | H1 2022/23¹ | H1 2021/22¹ | FY 2021/22 | |
|---|---|---|---|---|---|---|
| Orders | ||||||
| Order intake | DKKm | 75.5 | 92.3 | 175.6 | 207.1 | 415.4 |
| Order book | DKKm | 118.6 | 103.4 | 118.6 | 103.4 | 111.8 |
| Income statement | ||||||
| Revenue | DKKm | 90.4 | 99.8 | 171.7 | 178.1 | 380.9 |
| Gross profit | DKKm | 42.2 | 52.0 | 85.0 | 88.5 | 181.2 |
| Operating profit/loss before depreciation, amortisation and impairment and special items (EBITDA) | DKKm | 2.9 | 11.1 | 6.3 | 12.6 | 23.4 |
| Operating profit/loss before special items (EBIT) | DKKm | -3.9 | 4.1 | -7.5 | -0.5 | -3.8 |
| Net special items | DKKm | - | -0.5 | - | -3.5 | -6.8 |
| Net financial items | DKKm | -1.0 | 2.6 | -3.0 | 5.1 | 9.3 |
| Profit/loss before tax from continuing operations | DKKm | -4.9 | 6.3 | -10.5 | 1.1 | -1.4 |
| Profit/loss for the period from continuing operations | DKKm | -3.7 | 4.9 | -7.9 | 0.2 | -2.3 |
| Profit/loss for the period from discontinued operations | DKKm | - | 0.1 | 0.1 | 0.3 | 0.5 |
| Profit/loss for the period | DKKm | -3.7 | 5.1 | -7.9 | 0.5 | -1.8 |
| Balance sheet | ||||||
| Cash and securities | DKKm | 12.1 | 13.4 | 12.1 | 13.4 | 11.9 |
| Assets | DKKm | 333.8 | 339.8 | 333.8 | 339.8 | 373.1 |
| Working capital | DKKm | 130.4 | 125.8 | 130.4 | 125.8 | 155.9 |
| Invested capital | DKKm | 189.0 | 206.0 | 189.0 | 206.0 | 206.5 |
| Equity | DKKm | 206.5 | 220.1 | 206.5 | 220.1 | 218.8 |
| Cash flows | ||||||
| Cash flow from operating activities | DKKm | 23.6 | -1.6 | 24.5 | -18.6 | -27.0 |
| Cash flow from investing activities | DKKm | -5.2 | -5.5 | -8.0 | -13.3 | -25.2 |
| Of which investment in marketable securities | DKKm | - | - | - | 42.3 | 42.3 |
| Of which investment in property plant and equipment | DKKm | -5.0 | -4.9 | -7.3 | -6.9 | -17.9 |
| Cash flow from financing activities | DKKm | -14.5 | 0.1 | -16.2 | 30.5 | 60.5 |
| Depreciation, amortisation and impairment, total | DKKm | -6.8 | -7.0 | -13.9 | -13.1 | -27.2 |
| Cash flow for the period | DKKm | 4.0 | -7.1 | 0.3 | 9.7 | 8.3 |
| Unit | Q2 2022/23¹ | Q2 2021/22¹ | H1 2022/23¹ | H1 2021/22¹ | FY 2021/22 | |
| --- | --- | --- | --- | --- | --- | --- |
| Ratios | ||||||
| Book-to-bill ratio | % | 83.5 | 92.5 | 102.3 | 116.3 | 109.1 |
| Revenue growth | % | -9.4 | 64.4 | -3.6 | 72.9 | 52.4 |
| Gross margin | % | 46.7 | 52.1 | 49.5 | 49.7 | 47.6 |
| EBIT margin | % | -4.3 | 4.1 | -4.4 | -0.3 | -1.0 |
| ROIC/return on average invested capital² | % | -8.7 | 9.0 | -8.3 | -0.7 | -2.0 |
| Equity ratio | % | 61.9 | 64.8 | 61.9 | 64.8 | 58.6 |
| Return on equity² | % | -6.5 | 8.4 | -6.9 | 0.3 | -0.8 |
| Employees | ||||||
| Average no. of full-time employees | No. | 274 | 233 | 274 | 233 | 279 |
| Gross profit per full-time employee | DKKm | 0.2 | 0.2 | 0.3 | 0.4 | 0.6 |
| Per share ratios | ||||||
| Earnings per DKK 20 share (EPS)² | DKKm | -2.1 | 2.8 | -4.4 | 0.2 | -1.3 |
| Price/earnings ratio (PE) | DKKm | -67.7 | 50.9 | -32.1 | 712.5 | -108.0 |
| Cash flow from operations per DKK 20 share | DKKm | 13.2 | -1.0 | 13.7 | -10.4 | -15.1 |
| Book value of shares² | DKKm | 115.5 | 123.0 | 115.5 | 123.0 | 122.4 |
| Market price per share | DKKm | 140.0 | 142.5 | 140.0 | 142.5 | 141.0 |
| Price/book value | % | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 |
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.
The ratios are defined in note 33 to the 2021/22 annual report, Financial ratio definitions and formulas.
Roblon Interim report for Q2 2022/23
三
Interim report for Q2 2022/23
Roblon's management reporting is based on one segment comprising the following product groups:
- FOC (comprising cable materials and cable machinery for the fibre optic cable industry)
- Composite (comprising composite materials for onshore and offshore industries)
Consolidated income statement
Order intake and order book
The Group's order intake amounted to DKKm 175.6 in H1 2022/23 (DKKm 207.1). The DKKm 31.5 net decline covered a DKKm 51.4 decline in the FOC product group and a DKKm 19.9 improvement in the Composite product group.
The reduced order intake in the FOC product group had been expected, due mainly to post-COVID-19 challenges affecting the US market in the last six months of 2022. For Roblon's customers, this meant significant stock building as well as adverse effects of labour shortages and project delays. Moreover, the first half of 2022/23 saw a DKKm 13.3 decline in order intake in FOC EMEA compared with last year.
Order intake in the FOC product group is expected to pick up in the USA and EMEA in H2 2022/23.
The improvement in Composite was mainly driven by a higher level of activity in the offshore oil & gas industry, which, according to market information from customers and independent market analysts, is expected to continue in the coming three to five years.
At the end of April 2023, the Group's order book stood at DKKm 118,6 (DKKm 103.4), distributed with DKKm 51.7 (DKKm 82.1) in the FOC product group and DKKm 66.9 (DKKm 21.3) in the Composite product group.
Revenue
Roblon reported revenue of DKKm 171.7 (DKKm 178.1) for H1 2022/23, which was below Management's expectations. The USD/CZK exchange rate development had a negative impact of DKKm 2.6 on reported revenue for H1 2022/23.
The DKKm 6.4 net decline covered a DKKm 36.9 decline in the FOC product group and a DKKm 30.5 improvement in the Composite product group.
As expected, revenue for H1 2022/23 was negatively impacted by the adverse market conditions in the FOC industry. See the mention above under order intake. The overall negative deviation was great than expected, however.
The Composite product group recorded an improvement in H1 2022/23, the majority of which was attributable to the offshore oil & gas industry, while DKKm 5.1 of the improvement was due to the fact that the Czech company acquired at 3 January 2022 was consolidated for the full six months of H1 2022/23 compared with four months in the year-earlier period.
Gross profit and gross margin
The Group's gross profit amounted to DKKm 85.0 (DKKm 88.5) and the gross margin for H1 2022/23 was 49.5% (49.7%). In the first half, the gross margin was still adversely affected by elevated costs of raw materials, components, freight and energy, which Roblon was not able to fully pass on to selling prices. On the other hand, the gross margin benefited from a favourable product mix and improved profitability of the FOC product group in Roblon US and the part of production relocated to the Czech Republic.
Other external costs
Other external costs amounted to DKKm 20.6 (DKKm 20.4) in H1 2022/23, despite high inflation and the increased level of activity.
Staff costs
Staff costs amounted to DKKm 59.6 (DKKm 58.0) in H1 2022/23, a DKKm 1.6 increase relative to the year-earlier period, in which the Czech subsidiary was only consolidated from the acquisition date at 3 January 2022 (4 mths.).
Operating profit/loss before depreciation, amortisation and impairment and special items (EBITDA)
In H1 2022/23, EBITDA amounted to DKKm 6.3 (DKKm 12.6), which was below Management's expectations.
Depreciation, amortisation and impairment
The Group's depreciation, amortisation and impairment for H1 2022/23 was DKKm 13.9 (DKKm 13.1). The increase over the previous year was due to increased investments in production equipment to enhance capacity and production, primarily for Roblon's Czech subsidiary.
Roblon Interim report for Q2 2022/23
5
Operating profit/loss before special items (EBIT)
In H1 2022/23, EBIT before special items amounted to a loss of DKKm 7.5 (DKKm a loss of 0.5), which was below Management's expectations.
Net financial items
The Group's financial items for H1 2022/23 amounted to a net expense of DKKm 3.0 (net income of DKKm 5.1). The net amount was made up of DKKm 1.7 in interest expenses and DKKm 1.3 in negative foreign exchange adjustments. The year-earlier figure included a positive foreign exchange adjustment of DKKm 5.1 on intra-group loans to the US subsidiary.
In the parent company, parts of the intra-group balance in Roblon's US subsidiary at 1 November 2022 was converted to shares, and parts of the balance were converted into a long-term receivable, which is considered part of the net investment and therefore adjusted through comprehensive income.
Profit/loss before tax from continuing operations
For H1 2022/23, the Group posted a loss before tax from continuing operations of DKKm 10.5 (a profit of DKKm 1.1).
Profit/loss from discontinued operations
In 2019/20, Roblon wrote off a receivable relating to the sale of a former Roblon division. In the current financial year, Roblon has received a partial repayment of DKKm 0.1 (DKKm 0.3) on the receivable, and at the end of H1 2022/23 the profit/loss from discontinued operations after tax was recognised at DKKm 0.1.
Profit/loss after tax
Roblon realised a net loss for the period of DKKm 7.9 (a net profit of DKKm 0.5). Tax for the period has been calculated at the applicable tax rates in the countries in which the Group has operations.
The overall impact of the US dollar (USD/DKK) and Czech koruna (CZK/DKK) exchange rates was immaterial.
Consolidated balance sheet
The Group's total assets at 30 April 2023 amounted to DKKm 333.8 (DKKm 339.8).
Total investments in intangible assets for H1 2022/23 amounted to DKKm 0.6 (DKKm 1.5), in the current year comprising investments in development projects.
Investments in property plant and equipment amounted to DKKm 7.5 (DKKm 8.0) in H1 2022/23, mainly comprising investment projects to strengthen production capacity in the FOC business in the US and Czech subsidiaries. Property, plant and equipment sold amounted to DKKm 0.1 (DKKm 1.1).
The investment in Roblon US was tested for impairment, which did not give rise to any write-down.
Inventories amounted to DKKm 99.9 (DKKm 99.6) at 30 April 2023, a DKKm 14.6 reduction since 31 October 2022.
The Group regularly implements decisions and actions with a view to reducing working capital tied up in, among other things, inventories. These include initiatives targeting the commercial terms and conditions with customers and suppliers, optimisation of sales and operational processes and ongoing monitoring of slow-moving inventories.
The Group's equity at 30 April 2023 amounted to DKKm 206.5 (DKKm 220.1). The equity ratio at 30 April 2023 was 61.9% (64.8%).
Consolidated cash flows
The Group's cash flow from operating activities for H1 2022/23 was an inflow of DKKm 24.5 (an outflow of DKKm 7.5), driven by a positive development in working capital.
Total cash flow from investing activities was an outflow of DKKm 8.0 (an outflow of DKKm 13.3).
Cash flow from financing activities for H1 2022/23 was an outflow of DKKm 16.2 (an inflow of DKKm 30.5) and mainly consisted of repayments of operating credits and lease payments, while the year-earlier figure consisted of financing of the acquired Czech subsidiary.
Capital resources
At 30 April 2023, net deposits of cash amounted to DKKm 12.1 (DKKm 13.4).
The Group's total credit facilities amounted to DKKm 88 (DKKm 80), and at 30 April 2023, the Group had an undrawn credit facility of DKKm 18.7 (DKKm 28.3).
Total cash resources at 30 April 2023 amounted to DKKm 30.8 (DKKm 41.7).
Product development
In H1 2022/23, the Group incurred product development costs of DKKm 3.1 (DKKm 3.8).
Full-year guidance for 2022/23
In Company announcement no. 15 of 7 December 2022, we stated that Management's full-year guidance for 2022/23 was revenue in the range of DKKm 430-470; EBITDA in the range of DKKm 40-55 and EBIT in the range of DKKm 10-25.
Based on the reported revenue, EBITDA and EBIT for the first half of the 2022/23 financial year and in view of the major uncertainties that continue to exist, Management downgraded its full-year guidance for 2022/23 on 9 June 2023.
Roblon Interim report for Q2 2022/23
6
After the first six months of the financial year, Management guides:
- Revenue in the DKKm 400-430 range (2021/22: DKKm 380.9)
- Operating profit before depreciation, amortisation and impairment and special items (EBITDA) in the range of DKKm 35-50 (2021/22: DKKm 23.4).
- Operating profit before special items (EBIT) in the range of DKKm 5-20 (2021/22: a loss of DKKm 3.8).
Management's guidance for full year 2022/23 is based on the following:
- Order intake is expected to rise in the FOC market in the coming months.
- We expect further profitability improvements in Roblon US as a result of completed and current investment programmes that will be fully implemented in the summer of 2023.
- Profitability improvements are expected in the FOC business relocated from Denmark to the subsidiary in the Czech Republic.
-
Substantial improvements are expected in the Composite product group compared to reported 2021/22 levels, particularly in supplies to the offshore oil and gas industry. This is supported by the reported revenue for H1 2022/23, the larger order book at the end of April 2023 and an expected higher level of activity with the Group's customers in 2023.
-
The force majeure situation experienced by one of Roblon's suppliers, as mentioned in the interim report for Q1 2022/23, was resolved in May 2023. Roblon has been in regular close contact and dialogue with the supplier and has received assurances that Roblon will receive sufficient supplies of raw materials to complete expected composite orders for delivery in the current financial year.
Head office building put up for sale
In early 2020, the Group decided to put its head office in Frederikshavn up for sale. Showings are arranged from time to time for prospective buyers and the sales process continues. After the sale, the Group's Danish activities will be centred at Roblon's facilities in Gærum, which currently house production and various administrative functions. As well as generating positive synergies in the day-to-day operations, this initiative is also expected to have a positive impact on Roblon's results and equity going forward.
Forward-looking statements
Due to the war in Ukraine, the guidance provided is subject to uncertainty regarding the supply and transport of components and raw materials, energy supply and energy costs.
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 the market and competitive situation, changes in demand and purchasing behaviour, foreign exchange and interest rate fluctuations and general economic, political and commercial conditions.
Financial calendar
| 21/9 2023: | Interim report for Q3 2022/23 |
|---|---|
| 20/12 2023: | Preliminary statement 2022/23 |
| 25/1 2024: | Annual General Meeting |
Company announcements
During the period 20 December 2022 to 21 June 2023, the Company sent the following announcements to NASDAQ Copenhagen; these can be found on the Company's website, www.roblon.com.
| 16 | 20 December 2022 | Preliminary statement 2021/22 |
|---|---|---|
| 1 | 3 January 2023 | Notice of Annual General Meeting |
| 2 | 6 January 2023 | Reporting of related party transactions in Roblon A/S shares |
| 3 | 26 January 2023 | Minutes of the annual general meeting in Roblon A/S |
| 4 | 16 March 2023 | Interim report for Q1 2022/23 |
| 5 | 9 June 2023 | Roblon downgrades profit guidance for 2022/23 |
The announcements are available at the Company's website:
Roblon's website
roblon.com
Roblon Interim report for Q2 2022/23
三
Statement by Management
The Board of Directors and Executive Management have today considered and approved the interim report of Roblon A/S for H1 2022/23 (the period 1 November 2022 to 30 April 2023).
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 provide a true and fair view of the Group's assets, liabilities and financial position as of 30 April 2023 as well as of the results of the Group's activities and cash flows for the period 1 November 2022 to 30 April 2023.
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, 21 June 2023
Executive Management
Lars Østergaard
Managing Director and CEO
Carsten Michno
Chief Financial Officer (CFO)
Kim Müller
Chief Technology Officer (CTO)
Board of Directors
Jørgen Kjær Jacobsen
Chairman
Ole Lønsmann Andersen
Deputy Chairman
Peter Sloth Vagner Karlsen
Randi Toftlund Pedersen
Anita Skovgaard Pedersen
Employee representative
Anette Frost Hansen
Employee representative
Roblon Interim report for Q2 2022/23
8
Income statement
for the period 1 November 2022 - 30 April 2023
| Amounts in DKK'000 | Note | Q2 2022/23 | Q2 2021/22 | H1 2022/23 | H1 2021/22 | FY 2021/22 |
|---|---|---|---|---|---|---|
| Revenue | 4 | 90,417 | 99,759 | 171,717 | 178,066 | 380,859 |
| Cost of sales | -48,168 | -47,752 | -86,764 | -89,609 | -199,709 | |
| Gross profit | 42,249 | 52,007 | 84,953 | 88,457 | 181,150 | |
| Work carried out for own account and capitalised | 373 | 673 | 1,203 | 1,217 | 2,221 | |
| Other operating income | 164 | 298 | 353 | 1,347 | 1,820 | |
| Other external costs | -11,157 | -11,000 | -20,638 | -20,441 | -38,725 | |
| Staff costs | -28,736 | -30,922 | -59,551 | -58,028 | -123,050 | |
| Operating profit/loss before depreciation, amortisation and impairment and special items (EBITDA) | 2,893 | 11,056 | 6,320 | 12,552 | 23,416 | |
| Depreciation, amortisation and impairment | -6,798 | -6,950 | -13,853 | -13,093 | -27,245 | |
| Operating profit/loss (EBIT), continuing operations before special items | -3,905 | 4,106 | -7,533 | -541 | -3,829 | |
| Special items | - | -472 | - | -3,532 | -6,782 | |
| Operating profit/loss (EBIT), continuing operations after special items | -3,905 | 3,634 | -7,533 | -4,073 | -10,611 | |
| Net financial items | -1,028 | 2,616 | -2,965 | 5,129 | 9,258 | |
| Profit/loss before tax from continuing operations | -4,933 | 6,250 | -10,498 | 1,056 | -1,353 | |
| Tax on profit/loss for the period from continuing operations | 1,231 | -1,302 | 2,560 | -827 | -981 | |
| Profit/loss for the period from continuing operations | -3,702 | 4,948 | -7,938 | 229 | -2,334 | |
| Profit/loss for the period from discontinued operations | - | 125 | 78 | 297 | 530 | |
| Profit/loss for the period | -3,702 | 5,073 | -7,860 | 526 | -1,804 | |
| Earnings per share (DKK) | ||||||
| Earnings per share (EPS), continuing operations | -2.1 | 2.8 | -4.4 | 0.2 | -1.3 | |
| Earnings per share, diluted (EPS-D), continuing operations | -2.1 | 2.8 | -4.4 | 0.2 | -1.3 |
Statement of comprehensive income
for the period 1 November 2022 - 30 April 2023
| Amounts in DKK'000 | Note | Q2 2022/23 | Q2 2021/22 | H1 2022/23 | H1 2021/22 | FY 2021/22 |
|---|---|---|---|---|---|---|
| Profit/loss for the period | -3,702 | 5,073 | -7,860 | 526 | -1,804 | |
| Items that may be recycled to profit or loss: | ||||||
| Foreign exchange adjustment on translation of foreign subsidiaries | 242 | 152 | -5,294 | 2,230 | 3,345 | |
| Tax on other comprehensive income | -597 | - | 803 | |||
| Comprehensive income | -4,057 | 5,225 | -12,351 | 2,756 | 1,541 |
Roblon Interim report for Q2 2022/23
三
Consolidated balance sheet
at 30.04.2023
| Amounts in DKK'000 | Note | 30.04.2023 | 30.04.2022 | 31.10.2022 |
|---|---|---|---|---|
| ASSETS | ||||
| Completed development projects | 5,279 | 6,646 | 6,258 | |
| Development projects in progress | 3,221 | 3,742 | 3,665 | |
| Trademarks and customer relations | 5,149 | 6,492 | 6,193 | |
| Other intangible assets | 6,115 | 8,702 | 7,472 | |
| Intangible assets | 19,764 | 25,582 | 23,588 | |
| Land and buildings | 59,921 | 60,793 | 60,064 | |
| Plant and machinery | 48,798 | 46,559 | 47,692 | |
| Other fixtures and fittings, tools and equipment | 1,475 | 1,903 | 2,008 | |
| Property, plant and equipment in progress | 7,757 | 7,562 | 9,814 | |
| Lease assets | 8,375 | 11,097 | 10,649 | |
| Property, plant and equipment | 126,326 | 127,914 | 130,227 | |
| Deferred tax assets | 6,220 | 4,676 | 6,886 | |
| Financial assets | 6,220 | 4,676 | 6,886 | |
| Total non-current assets | 152,310 | 158,172 | 160,701 | |
| Inventories | 99,908 | 99,586 | 114,467 | |
| Trade receivables | 61,391 | 63,436 | 83,618 | |
| Prepaid income tax | 4,690 | 248 | 275 | |
| Other receivables | 1,511 | 4,244 | 1,970 | |
| Prepayments | 1,846 | 796 | 186 | |
| Receivables | 69,438 | 68,724 | 86,049 | |
| Cash and cash equivalents | 12,146 | 13,351 | 11,884 | |
| Total current assets | 181,492 | 181,661 | 212,400 | |
| TOTAL ASSETS | 333,802 | 339,833 | 373,101 | |
| Amounts in DKK'000 | Note | 30.04.2023 | 30.04.2022 | 31.10.2022 |
| --- | --- | --- | --- | --- |
| EQUITY AND LIABILITIES | ||||
| Share capital | 35,763 | 35,763 | 35,763 | |
| Other reserves | -4,637 | -1,261 | -146 | |
| Retained earnings | 175,362 | 185,552 | 183,222 | |
| Equity | 206,488 | 220,054 | 218,839 | |
| Deferred tax | 4,814 | 3,680 | 4,876 | |
| Lease liabilities | 6,145 | 8,751 | 8,176 | |
| Non-current loans | 8,870 | 9,378 | 9,059 | |
| Non-current liabilities | 19,829 | 21,809 | 22,111 | |
| Current portion of lease liability | 2,834 | 2,918 | 3,123 | |
| Current portion of debt to credit institution | 381 | 416 | 381 | |
| Operating credits | 69,286 | 51,695 | 82,781 | |
| Other provisions | 239 | 220 | 357 | |
| Advance payments | 4,230 | 2,788 | 5,401 | |
| Trade payables | 19,418 | 26,371 | 25,531 | |
| Income tax | 727 | 726 | 1,541 | |
| Other payables | 10,370 | 12,836 | 13,036 | |
| Total current liabilities | 107,485 | 97,970 | 132,151 | |
| Total liabilities | 127,314 | 119,779 | 154,262 | |
| TOTAL EQUITY AND LIABILITIES | 333,802 | 339,833 | 373,101 |
Roblon Interim report for Q2 2022/23
三
Statement of changes in equity
for the Group
| Amounts in DKK'000 | Share capital | Currency translation reserve | Retained earnings | Total equity |
|---|---|---|---|---|
| H1 2022/23 | ||||
| Equity at 1 November 2022 | 35,763 | -146 | 183,222 | 218,839 |
| Comprehensive income for the period | ||||
| Profit/loss for the period | - | - | -7,860 | -7,860 |
| Other comprehensive income | - | -4,491 | - | -4,491 |
| Total comprehensive income for the period | - | -4,491 | -7,860 | -12,351 |
| Equity at 30 April 2023 | 35,763 | -4,637 | 175,362 | 206,488 |
| H1 2021/22 | ||||
| Equity at 1 November 2021 | 35,763 | -3,491 | 185,026 | 217,298 |
| Comprehensive income for the period | ||||
| Profit/loss for the period | 526 | 526 | ||
| Other comprehensive income | 2,230 | 2,230 | ||
| Total comprehensive income for the period | - | 2,230 | 526 | 2,756 |
| Equity at 30 April 2022 | 35,763 | -1,261 | 185,552 | 220,054 |
| Amounts in DKK'000 | Share capital | Currency translation reserve | Retained earnings | Total equity |
| --- | --- | --- | --- | --- |
| 2021/22 | ||||
| Equity at 1 November 2021 | 35,763 | -3,491 | 185,026 | 217,298 |
| Comprehensive income for the period | ||||
| Profit/loss for the period | -1,804 | -1,804 | ||
| Other comprehensive income | 3,345 | 3,345 | ||
| Total comprehensive income for the period | - | 3,345 | -1,804 | 1,541 |
| Equity at 31 October 2022 | 35,763 | -146 | 183,222 | 218,839 |
Roblon Interim report for Q2 2022/23
Statement of cash flows
for the period 1 November 2022 - 30 April 2023
| Amounts in DKK'000 | Spec. | Q2 2022/23 | Q2 2021/22 | H1 2022/23 | H1 2021/22 | FY 2021/22 |
|---|---|---|---|---|---|---|
| Operating profit/loss (EBIT) from continuing operations | -3,905 | 3,634 | -7,533 | -4,073 | -10,611 | |
| Operating profit/loss (EBIT) from discontinued operations | - | 160 | 100 | 381 | 680 | |
| Operating profit/loss (EBIT) | -3,905 | 3,794 | -7,433 | -3,692 | -9,931 | |
| Adjustment for non-cash items | A | 7,133 | 5,771 | 10,148 | 10,441 | 33,848 |
| Change in working capital | B | 22,070 | -13,898 | 25,085 | -21,356 | -51,562 |
| Cash generated from operations | 25,298 | -4,333 | 27,800 | -14,607 | -27,645 | |
| Financial income received | 15 | 3,784 | 85 | 6,186 | 65 | |
| Financial expenses paid | -842 | -1,083 | -1,743 | -1,186 | -1,277 | |
| Income tax paid | -822 | - | -1,777 | - | -313 | |
| Income tax received | - | - | 88 | 2,133 | 2,133 | |
| Cash flow from operating activities | 23,649 | -1,632 | 24,453 | -7,474 | -27,037 | |
| Purchase of intangible assets | -153 | -625 | -644 | -1,497 | -2,513 | |
| Purchase of property, plant and equipment | -5,013 | -5,263 | -7,459 | -8,000 | -19,115 | |
| Sale of property, plant and equipment | - | 340 | 138 | 1,119 | 1,167 | |
| Sale of securities | - | - | - | 42,346 | 42,346 | |
| Acquisition of subsidiary | - | - | - | -47,228 | -47,106 | |
| Cash flow from investing activities | -5,166 | -5,548 | -7,965 | -13,260 | -25,221 | |
| Amounts in DKK'000 | Q2 2022/23 | Q2 2021/22 | H1 2022/23 | H1 2021/22 | FY 2021/22 | |
| --- | --- | --- | --- | --- | --- | |
| Repaid loan on acquisition of subsidiary | - | -79 | - | -11,120 | -11,295 | |
| Operating credits used | -13,555 | -9,356 | -13,495 | 32,367 | 63,453 | |
| Lease payments | -844 | -109 | -2,468 | -436 | -1,073 | |
| Raising of debt with credit institution | - | 9,672 | - | 9,672 | 9,672 | |
| Repayment of debt with credit institution | -99 | - | -210 | - | -232 | |
| Cash flow from financing activities | -14,498 | 128 | -16,173 | 30,483 | 60,525 | |
| Change in cash and cash equivalents | 3,985 | -7,052 | 315 | 9,749 | 8,267 | |
| Cash and cash equivalents at beginning of period | 8,166 | 20,446 | 11,884 | 3,677 | 3,677 | |
| Value adjustment of cash and cash equivalents | -5 | -43 | -53 | -75 | -60 | |
| Cash and cash equivalents at end of period | 12,146 | 13,351 | 12,146 | 13,351 | 11,884 | |
| Spec. A: Adjustments for non-cash items | ||||||
| Profit/loss from sale of property, plant and equipment | -149 | - | -126 | -754 | -975 | |
| Depreciation, amortisation and impairment | 6,947 | 6,875 | 13,986 | 13,093 | 27,245 | |
| Provisions | 7 | 87 | -118 | 220 | 357 | |
| Foreign exchange adjustment | 328 | -1,191 | -3,594 | -2,118 | 7,221 | |
| 7,133 | 5,771 | 10,148 | 10,441 | 33,848 | ||
| Spec. B: Change in working capital | ||||||
| Change in inventories | 12,498 | -13,259 | 14,547 | -21,764 | -36,645 | |
| Change in receivables | 9,419 | -7,452 | 21,019 | -6,656 | -23,955 | |
| Change in current liabilities | 153 | 6,813 | -10,480 | 7,064 | 9,038 | |
| 22,070 | -13,898 | 25,085 | -21,356 | -51,562 |
Roblon Interim report for Q2 2022/23
Notes
1. Accounting policies
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 2021/22, 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 2021/22.
2. Estimates
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 applying the Group's accounting policies and the most significant uncertainties associated therewith in preparing the condensed interim report are identical to those applying to the preparation of the annual report for 2021/22.
3. Seasonality
The Group's activities have not been affected by seasonal or cyclical fluctuations in the interim report.
4. Revenue
| Amounts in DKK'000 | Q2 2022/23 | Q2 2021/22 | H1 2022/23 | H1 2021/22 | FY 2021/22 |
|---|---|---|---|---|---|
| Revenue from external customers: | |||||
| By product groups | |||||
| FOC | 55,572 | 72,019 | 102,627 | 139,511 | 272,192 |
| Composite | 34,845 | 27,740 | 69,090 | 38,555 | 108,667 |
| Total | 90,417 | 99,759 | 171,717 | 178,066 | 380,859 |
| By geographical markets | |||||
| Denmark | 211 | 1,739 | 1,711 | 4,085 | 5,181 |
| United Kingdom | 14,285 | 9,513 | 26,885 | 14,239 | 34,684 |
| Italy | 8,582 | 3,678 | 10,877 | 7,353 | 14,606 |
| Rest of Europe | 20,576 | 27,694 | 40,571 | 38,747 | 87,025 |
| Asia | 6,734 | 8,067 | 13,500 | 15,037 | 30,194 |
| Brazil | 6,674 | 8,030 | 15,361 | 9,874 | 39,396 |
| Latin America | 1,192 | 860 | 3,062 | 2,604 | 6,231 |
| USA | 32,163 | 40,158 | 59,750 | 86,127 | 163,542 |
| Total | 90,417 | 99,759 | 171,717 | 178,066 | 380,859 |
Of the Group's non-current assets, DKKm 55.6 (DKKm 60.0) were located in Denmark, DKKm 32.0 (DKKm 36.7) in the USA and DKKm 58.5 (DKKm 56.8) in the Czech Republic.
The Group's revenue largely derived from the sale of goods.
Several of Roblon's customers are groups comprising several production companies. The revenue of individual customers is determined as the total revenue of all companies within the individual customer's group.
Of the Group's total revenue, one individual customer accounted for more than 10% for the first half of 2022/23. Revenue from this customer amounted to DKKm 23.5. Last year, three individual customers accounted for more than 10% of the Group's total revenue for the first half of 2021/22. Revenue relating to these customers was DKKm 24.7, DKKm 20.6 and DKKm 15.6, respectively.
The US dollar (USD/DKK) exchange rate development had an adverse impact of DKKm 3.8 on reported revenue for H1 2022/23.
The Czech koruna (CZK/DKK) exchange rate development had a positive impact of DKKm 1.2 on reported revenue for H1 2022/23.