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RTX Interim / Quarterly Report 2015
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Interim / Quarterly Report
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ANNOUNCEMENT TO NASDAQ COPENHAGEN A/S AND THE MEDIA
NØRRESUNDBY, 29 NOVEMBER 2016 ANNOUNCEMENT NO. 74/2016
RTX INTERIM REPORT FOR THE FOURTH QUARTER OF 2015/16
NO. OF PAGES: 15
1/15
INTERIM REPORT
FOR Q4 2015/16
(THE PERIOD 01.07.2016 – 30.09.2016)
RTX INCREASES REVENUE AND EBIT
The Supervisory Board of RTX A/S has today considered and adopted the Group's interim report for the fourth quarter of the 2015/16 financial year (covering the period 01.07.2016 – 30.09.2016).
SUMMARY OF THE FINANCIAL YEAR 2015/16 FOR THE RTX GROUP
-
In 2015/16 net revenue amounted to DKK 395.6 million corresponding to an increase of 13.2% compared to last year's net revenue of DKK 349.5 million. Growth over the year was positively affected by the exchange rate for USD, and at the same time it was negatively affected by the ceased income from lease, as the premises was sold in January 2016. Adjusted for the mentioned effects, revenue growth was 10.5%. Revenue apportioned across RTX's business units was as follows:
-
Business Communications rose by DKK 32.4 million corresponding to an increase of 13.8% (after exchange effect 9.2%).
-
Design Services increased revenue by DKK 16.1 million corresponding to an increase of 14.6% (after exchange effect 13.3%).
-
The Group's gross profit increased from DKK 196.2 million to DKK 229.4 million and as a consequence of the revenue mix, the Group's gross margin increased from 56.1% to 58.0%.
-
The increased demand for RTX's competencies made it necessary to increase staff considerably during the financial year. Thus there were 51 more employees at the end of 2015/16 compared to last year. After the sale of the premises, the capacity costs include increased external lease costs. These are the two main reasons for capacity costs that are 14.7% higher than last year.
-
With reference to announcement no. 56/2016 RTX will invest in the development of a new product range complementing the company's existing communica-
REVENUE PER QUARTER
(MILLION DKK)
EBIT PER QUARTER
(MILLION DKK)
RTX A/S
Strømmen 6
DK-9400 Nørresundby
Denmark
Tel +45 96 32 23 00
Fax +45 96 32 23 10
VAT DK 17 00 21 47
Web www.rtx.dk
E-mail [email protected]
RTX
WIRELESS WISDOM™
RTX INTERIM REPORT FOR THE FOURTH QUARTER OF 2015/16
2/15
tion solutions. These investments caused a capitalisation of DKK 1.0 million in 2015/16. The investment continues in 2016/17.
- Operating profit (EBIT) totalled DKK 65.8 million compared to DKK 52.3 million last year corresponding to a growth of 25.8%.
- Result after tax amounted to DKK 49.5 million compared to DKK 48.9 million last year.
- The Group's cash flow from operating activities was DKK 57.2 million compared to DKK 53.2 million for the same period last year.
- In the financial year 2015/16 RTX paid DKK 44.9 million for dividends and share repurchase programmes.
- At the Annual General Meeting in January 2017, the Supervisory Board will recommend a dividend of DKK 2.00 per share to the shareholders, an authorisation to acquire treasury shares for an amount up to DKK 60.0 million, and at the same time recommend a reduction of the company's share capital by nominal DKK 1.5 million by annulment of 290,000 treasury shares.
FUTURE OUTLOOK 2016/17
- Management expects revenue to range between DKK 420-435 million, EBIT between DKK 68-75 million and EBITDA between DKK 73-80 million for the financial year 2016/17. The expectations are based on relatively stable exchange rates at the same level as in October 2016.
SUMMARY FOR THE FOURTH QUARTER OF 2015/16 FOR THE RTX GROUP
-
Net revenue amounted to DKK 96.7 million in the fourth quarter of 2015/16 corresponding to an increase of 13.7% compared to last year's revenue of DKK 85.1 million. Growth in the quarter was negatively affected by the exchange rate for USD and the ceased income from lease after the sale of the premises in January. Adjusted for these effects, the growth in revenue was 15.2%. Revenue apportioned across RTX's business units was as follows:
-
Business Communications increased by DKK 6.7 million corresponding to an increase of 11.6% (after exchange effect 12.1%).
- Design Services increased revenue by DKK 5.8 million corresponding to an increase of 21.7% (after exchange effect 21.9%).
RTX INTERIM REPORT FOR THE FOURTH QUARTER OF 2015/16
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- The Group's gross profit increased from DKK 48.1 million to DKK 51.9 million and as a consequence of the revenue mix, the Group's gross margin decreased from 56.5% to 53.7%.
- Costs for external lease have increased, and staff increased due to the higher activity level. These are the main reasons for higher capacity costs.
- Operating profit (EBIT) totalled DKK 13.1 million compared to DKK 10.6 million last year corresponding to a growth of 24.0%.
- Result after tax amounted to DKK 7.4 million compared to DKK 6.8 million last year corresponding to an increase of 9.4%.
- The Group's cash flow from operating activities for the fourth quarter was DKK 14.7 million compared to DKK 13.2 million for the same period last year.
RTX A/S
Peter Thostrup
Chairman
Peter Røpke
CEO
ENQUIRIES AND FURTHER INFORMATION:
CEO
Peter Røpke, tel +45 96 32 23 00
APPENDICES
Interim report for Q4 2015/16 comprising:
- Group financial highlights and key ratios
- Management report
- Group income statement
- Statement of comprehensive income
- Group balance sheet
- Group equity statement
- Group cash flow statement
- Notes
On Thursday, 1 December 2016 at 12, RTX will hold a meeting for investors and analysts at
ABG Sundal Collier,
Forbindelsesvej 12,
2100 Copenhagen.
At this meeting, the Company's management will comment on the interim report for the fourth quarter and full year of 2015/16.
To register for the meeting, please email
[email protected].
RTX INTERIM REPORT FOR THE FOURTH QUARTER OF 2015/16
4/15
GROUP FINANCIAL HIGHLIGHTS
AND KEY RATIOS
| Amounts in DKK million | Q4 2015/16 | Q4 2014/15 | 01.10.15-30.09.16 | 01.10.14-30.09.15 |
|---|---|---|---|---|
| INCOME STATEMENT ITEMS | ||||
| Revenue | 96.7 | 85.1 | 395.6 | 349.5 |
| Gross profit | 51.9 | 48.1 | 229.4 | 196.2 |
| Operating profit/loss (EBIT) | 13.1 | 10.6 | 65.8 | 52.3 |
| EBITDA | 13.9 | 12.4 | 70.0 | 59.0 |
| EBITDA % | 14.4% | 14.5% | 17.7% | 16.9% |
| Net financials | 1.0 | 0.2 | 2.7 | 0.7 |
| Profit/loss before tax (EBT) | 14.1 | 10.8 | 68.5 | 53.0 |
| Profit/loss for the period | 7.4 | 6.8 | 49.5 | 48.9 |
| BALANCE SHEET ITEMS | ||||
| Cash and current asset investments | 202.5 | 136.9 | 202.5 | 136.9 |
| Total assets | 355.4 | 343.1 | 355.4 | 343.1 |
| Equity | 280.6 | 265.9 | 280.6 | 265.9 |
| Liabilities | 74.9 | 77.2 | 74.9 | 77.2 |
| OTHER KEY FIGURES | ||||
| Development costs (own) before capitalization | 7.2 | 5.2 | 25.9 | 22.7 |
| Capitalized development costs | 1.0 | - | 1.0 | 2.7 |
| Depreciation, amortization and impairment | 0.8 | 1.8 | 4.2 | 6.7 |
| Cash flow from operations | 14.8 | 13.2 | 57.2 | 53.2 |
| Cash flow from investments | -5.8 | -5.3 | 24.4 | -46.5 |
| Investments in property, plant and equipment | 3.6 | 1.7 | 5.8 | 3.1 |
| Increase/decrease in cash and cash equivalents | 1.6 | 5.0 | 31.7 | -11.0 |
| KEY RATIOS | ||||
| Growth in net turnover (percentage) | 13.7 | 23.3 | 13.2 | 21.2 |
| Profit margin (percentage) | 13.5 | 12.4 | 16.6 | 15.0 |
| Return on invested capital (percentage) | 11.8 | 5.9 | 45.8 | 29.9 |
| Return on equity (percentage) | 2.6 | 2.6 | 18.1 | 19.8 |
| Equity ratio (percentage) | 78.9 | 77.5 | 78.9 | 77.5 |
| EMPLOYMENT | ||||
| Average number of full-time employees | 212 | 181 | 193 | 171 |
| Revenue per employee 1) (DKK '000) | 456 | 470 | 2,050 | 2,044 |
| Operating profit/loss per employee 1) (DKK '000) | 62 | 58 | 341 | 306 |
| SHARES | ||||
| Average number of shares in circulation ('000) | 8,779 | 8,678 | 8,805 | 8,621 |
| Average number of diluted shares ('000) | 8,813 | 9,084 | 9,014 | 9,084 |
| SHARE DATA. DKK PER SHARE AT DKK 5 | ||||
| Profit/loss for the period (EPS), per share 1) | 0.8 | 0.8 | 5.6 | 5.7 |
| Profit/loss for the period, diluted (DEPS), per share 1) | 0.8 | 0.7 | 5.5 | 5.4 |
| Dividends, per share (DKK) | - | - | 2.0 | 2.0 |
| Equity value, per share | 31.6 | 30.7 | 31.6 | 30.7 |
| Listed price, per share | 113.0 | 87.0 | 113.0 | 87.0 |
Note: The Group's financial year runs from 1 October to 30 September.
Definitions of the key ratios used are stated in the annual report for 2015/16 in the accounting policies.
1) Not annualized.
RTX INTERIM REPORT FOR THE FOURTH QUARTER OF 2015/16
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MANAGEMENT REPORT
COMMENTS ON DEVELOPMENTS FOR THE FOURTH QUARTER OF THE 2015/16 FINANCIAL YEAR
WITH REFERENCE TO THE GROUP'S FINANCIAL FIGURES FOR THE FOURTH QUARTER OF 2015/16
The Group posted revenue of DKK 96.7 million for the fourth quarter of the 2015/16 financial year compared to DKK 85.1 million for the same period last year, which corresponds to an increase of 13.7%. Growth in the quarter is negatively affected both by the USD exchange rate and the sale of the premises as per 1 January 2016. Adjusted for these effects the increase in revenue in the quarter was 15.2%.
Business Communications posted a revenue increase of DKK 6.7 million, corresponding to 11.6%, for the fourth quarter 2015/16. Corrected for exchange rate effects the increase amounted to 12.1%. Compared to last year revenue increased from the sale of communication systems targeted for small and medium-sized customers. In the quarter, the company initialized the investment in the development of a new product range complementing the existing communication solutions. The invested resources are capitalised in the quarter.
Design Services posted revenue of DKK 32.5 million for the fourth quarter, corresponding to an increase of 21.7% compared to last year. Corrected for exchange rate effects, the increase amounted to 21.9%. The increase mainly comes from the demand for RTX's customer-financed development projects.
The revenue growth resulted in an increase in gross profit of DKK 3.8 million for the fourth quarter 2015/16, and as a consequence of the revenue mix, the Group's gross margin declined from 56.5% to 53.7% for the fourth quarter of 2015/16.
Capacity costs (i.e. other external costs and staff costs) amounted to DKK 39.0 million, which is DKK 3.3 million higher than last year. There are two main reasons for the increase in the capacity costs. Firstly, as a consequence of the increased activity level and the growing order book in both business units, RTX has increased staff by 32 employees compared to last year. Secondly, after the sale of the premises as per 1 January 2016, capacity costs now include costs for external lease.
Development costs totalled DKK 6.4 million for the fourth quarter compared to last year's figure of DKK 6.1 million.
As planned, depreciation fell from DKK 1.8 million in the fourth quarter of 2014/15 to DKK 0.8 million for the fourth quarter of 2015/16, primarily because of the sale of the premises.
Operating profit (EBIT) for the fourth quarter of 2015/16 was DKK 13.1 million against DKK 10.6 million for the same period last year.
Net financial income resulted in an income of DKK 1.0 million compared to the same period last year when net financial income was DKK 0.2 million. The changes are the result of exchange rate fluctuations for USD and income from the company's securities portfolio.
Profit before tax for the fourth quarter of 2015/16 amounted to DKK 14.1 million compared to a profit of DKK 10.8 million for the same period last year.
Profit after tax for the fourth quarter of 2015/16 amounted to DKK 7.4 million compared to DKK 6.8 million for the same period last year.
In the fourth quarter, the company used the authorization from the Annual General Meeting to undertake further share buybacks during the quarter, which had a negative impact on equity. The equity ratio amounted to 78.9% at the end of the fourth quarter compared to 77.5% last year. The Group's balance sheet total was DKK 355.4 million at the end of the fourth quarter. This is a increase of DKK 12.3 million compared to the same time last year.
Despite the rise in activity over the quarter, the working capital increased by DKK 2.1 million, and was DKK 5.0 million better than last year. The Group posted a positive cash flow from operating activities in the fourth quarter of 2015/16 of DKK 14.8 million compared to DKK 13.2 million for the fourth quarter of 2014/15. Shareholder focused initiatives adopted by the Annual General Meeting affected the Group's total cash flow by DKK 8.0 million in the fourth quarter of 2015/16 compared to DKK 2.7 million in 2014/15. The Group's total cash funds and current securities less bank debt totalled
RTX INTERIM REPORT FOR THE FOURTH QUARTER OF 2015/16
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DKK 202.5 million at the end of the quarter, which is an increase of DKK 65.6 million compared to the same period last year.
OUTLOOK FOR THE 2016/17 FINANCIAL YEAR
Management expects for 2016/17 revenue to be in the range of DKK 420-435 million and EBIT to be between DKK 68-75 million. EBITDA is expected to be between DKK 73-80 million for the 2016/17 financial year. The expectations are based on exchange rates at the same level as in October 2016.
RISKS AND UNCERTAINTIES FOR THE 2016/17 FINANCIAL YEAR
Statements on future conditions
The above statements on the Group's future conditions, including, in particular, future revenue and operating profit (EBIT), reflect the Management's current outlook and carry some uncertainty. These statements can be affected by a number of risks and uncertainties which mean that actual developments can be different from the indicated outlook. These risks and uncertainty factors include – but are not limited to – general business and economic conditions, dependence on partners, the time of delivery of components, integration of acquired companies and foreign exchange and interest rate fluctuations.
FINANCIAL CALENDAR
Expected publication of financial information for the financial year 2016/17:
26 January 2017
Annual General Meeting and interim report for Q1 2016/17
2 May 2017
Interim report for Q2 2016/17
29 August 2017
Interim report for Q3 2016/17
28 November 2017
Annual report for 2016/17
RTX INTERIM REPORT FOR THE FOURTH QUARTER OF 2015/16
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STATEMENT BY THE MANAGEMENT ON THE INTERIM REPORT
The Supervisory Board and the Executive Board have today considered and adopted the interim report of RTX A/S for the fourth quarter of the financial year 2015/16 (covering the period 1 July to 30 September 2016).
The interim report has been prepared in accordance with IAS 34, Interim Financial Reporting, as adopted by the EU and further Danish disclosure requirements for the interim reporting for listed companies. The interim report has not been audited or reviewed by the Company's auditor.
We consider the applied accounting policies appropriate for the interim report to provide, in our opinion, a true and fair view of the Group's assets, liabilities and financial position as at 30 September 2016 and of its financial performance and cash flow for the fourth quarter of 2015/16.
We consider Management's review to give a true and fair view of the Group's activities and finances, profit/loss for the period and the Group's financial position as a whole, as well as a true and fair description of the most material risks and uncertainties facing the Group.
Nørresundby, 29 November 2016
EXECUTIVE BOARD
Peter Røpke
CEO
Jacob Vittrup
CFO
SUPERVISORY BOARD
Peter Thostrup
Chairman
Jesper Mailind
Deputy Chairman
Katrin Calderón
Thomas Sieber
Jens Hansen
Rune Strøm Jensen
Employee representative
Flemming Vendbjerg Andersen
Employee representative
Kurt Heick Rasmussen
Employee representative
RTX INTERIM REPORT FOR THE FOURTH QUARTER OF 2015/16
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GROUP INCOME STATEMENT
| Amounts in DKK '000 | Note | Q4 2015/16 | Q4 2014/15 | 01.10.15-30.09.16 | 01.10.14-30.09.15 |
|---|---|---|---|---|---|
| Revenue | 3 | 96,745 | 85,123 | 395,555 | 349,502 |
| Value of work transferred to assets | 4 | 985 | - | 985 | 2,685 |
| Costs of sales etc. | -44,797 | -37,046 | -166,155 | -153,266 | |
| Other external expenses | -11,352 | -9,273 | -43,027 | -33,584 | |
| Staff costs | -27,637 | -26,422 | -117,376 | -106,299 | |
| Depreciation, amortization and impairment | 4 | -849 | -1,824 | -4,217 | -6,746 |
| Operating profit/loss (EBIT) | 13,095 | 10,558 | 65,765 | 52,292 | |
| Financial income | 5 | 1,099 | 392 | 3,308 | 2,221 |
| Financial expenses | 5 | -90 | -191 | -593 | -1,557 |
| Profit/loss before tax | 14,104 | 10,759 | 68,480 | 52,956 | |
| Tax of profit/loss for the period | -6,715 | -4,007 | -18,980 | -4,055 | |
| Profit/loss for the period after tax | 7,389 | 6,752 | 49,500 | 48,901 | |
| Profit/loss per share (EPS) | |||||
| Profit/loss for the period (DKK) | 0.8 | 0.8 | 5.6 | 5.7 | |
| Profit/loss for the period, diluted (DKK) | 0.8 | 0.7 | 5.5 | 5.4 |
STATEMENT OF COMPREHENSIVE INCOME
| Amounts in DKK '000 | Q4 2015/16 | Q4 2014/15 | 01.10.15-30.09.16 | 01.10.14-30.09.15 |
|---|---|---|---|---|
| Profit/loss for the period | 7,389 | 6,752 | 49,500 | 48,901 |
| Items that can be reclassified subsequently to the income statement | ||||
| Exchange rate adjustments of foreign subsidiaries | -55 | -21 | 59 | 3,236 |
| Fair value adjustment of short-term current asset investments | 105 | -90 | 422 | -490 |
| Other comprehensive income, net of tax | 50 | -111 | 481 | 2,746 |
| Comprehensive income for the period | 7,439 | 6,641 | 49,981 | 51,647 |
RTX INTERIM REPORT FOR THE FOURTH QUARTER OF 2015/16
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GROUP BALANCE SHEET
| Amounts in DKK '000 | 30.09.2016 | 30.09.2015 |
|---|---|---|
| Assets | ||
| Own completed development projects | 1,567 | 3,681 |
| Own ongoing development projects | 985 | - |
| Goodwill | 7,797 | 7,797 |
| Intangible assets | 10,349 | 11,478 |
| Land and buildings | - | - |
| Plant and machinery | 4,736 | 2,008 |
| Other fixtures, tools and equipment | 1,843 | 1,727 |
| Leasehold improvements | 855 | 53 |
| Tangible assets | 7,434 | 3,788 |
| Deposits | 7,723 | 560 |
| Deferred tax assets | 22,097 | 36,900 |
| Other long-term assets | 29,820 | 37,460 |
| Total long-term assets | 47,603 | 52,726 |
| Inventories | 20,632 | 24,377 |
| Trade receivables | 63,709 | 45,399 |
| Contract development projects in progress | 14,074 | 9,088 |
| Income taxes | - | 134 |
| Other receivables | 2,874 | 1,493 |
| Accruals | 4,056 | 1,452 |
| Receivables | 84,713 | 57,566 |
| Short-term current asset investments | 18,258 | 34,188 |
| Short-term current asset investments for sale (trading portfolio) | 89,401 | 39,630 |
| Total short-term current asset investments | 107,659 | 73,818 |
| Cash at bank and in hand | 94,809 | 63,090 |
| Assets held for sale | - | 71,528 |
| Total short-term assets | 307,813 | 290,379 |
| Total assets | 355,416 | 343,105 |
RTX INTERIM REPORT FOR THE FOURTH QUARTER OF 2015/16
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GROUP BALANCE SHEET
| Amounts in DKK '000 | 30.09.2016 | 30.09.2015 |
|---|---|---|
| Equity and liabilities | ||
| Share capital | 47,164 | 45,687 |
| Share premium account | 288,598 | 296,090 |
| Retained earnings | -55,199 | -75,871 |
| Equity | 280,563 | 265,906 |
| Mortgage debt | - | - |
| Provisions | 261 | 395 |
| Long-term liabilities | 261 | 395 |
| Current portion of long-term mortgage debt | - | - |
| Prepayments received from customers | 801 | - |
| Trade payables | 37,157 | 26,178 |
| Contract development projects in progress | 4,710 | 2,513 |
| Income taxes | 4,354 | 2,123 |
| Provisions | 3,476 | 3,911 |
| Other payables | 24,094 | 29,686 |
| Short-term liabilities | 74,592 | 64,411 |
| Liabilities related to assets held for sale | - | 12,393 |
| Total liabilities | 74,853 | 77,199 |
| Total equity and liabilities | 355,416 | 343,105 |
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EQUITY STATEMENT FOR THE GROUP
| Amounts in DKK '000 | Share capital | Share premium | Retained earnings | Total |
|---|---|---|---|---|
| Equity at 1 October 2014 | 44,374 | 294,230 | -111,039 | 227,565 |
| Profit/loss for the period | - | - | 48,901 | 48,901 |
| Exchange rate adjustments of foreign subsidiaries | - | - | 3,236 | 3,236 |
| Fair value adjustment of short-term current asset investments | - | - | -490 | -490 |
| Other comprehensive income | - | - | 2,746 | 2,746 |
| Comprehensive income for the period | - | - | 51,647 | 51,647 |
| Share-based remuneration | - | - | 3,085 | 3,085 |
| Exercise of warrants | 1,313 | 1,860 | - | 3,173 |
| Paid dividend for 2013/14 | - | - | -8,486 | -8,486 |
| Acquisition of treasury shares | - | - | -11,078 | -11,078 |
| Other transactions | 1,313 | 1,860 | -16,479 | -13,306 |
| Equity at 30 September 2015 | 45,687 | 296,090 | -75,871 | 265,906 |
| Profit/loss for the period | - | - | 49,500 | 49,500 |
| Exchange rate adjustments of foreign subsidiaries | - | - | 59 | 59 |
| Fair value adjustment of short-term current asset investments | - | - | 422 | 422 |
| Other comprehensive income | - | - | 481 | 481 |
| Comprehensive income for the period | - | - | 49,981 | 49,981 |
| Share-based remuneration | - | - | 3,757 | 3,757 |
| Exercise of warrants | 2,582 | 3,289 | - | 5,871 |
| Annulment of treasury shares | -1,105 | -10,781 | 11,876 | -10 |
| Paid dividend for 2014/15 | - | - | -17,207 | -17,207 |
| Acquisition of treasury shares | - | - | -27,735 | -27,735 |
| Other transactions | 1,477 | -7,492 | -29,309 | -35,324 |
| Equity at 30 September 2016 | 47,164 | 288,598 | -55,199 | 280,563 |
Share capital of DKK 47,164,190 consists of 9,432,838 shares at DKK 5.
The Group holds 555,341 treasury shares at 30 September 2016 (474,375 shares at 30 September 2015).
There are no shares carrying special rights.
RTX INTERIM REPORT FOR THE FOURTH QUARTER OF 2015/16
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GROUP CASH FLOW STATEMENT
| Amounts in DKK '000 | Q4 2015/16 | Q4 2014/15 | 01.10.15-30.09.16 | 01.10.14-30.09.15 |
|---|---|---|---|---|
| Operating profit/loss (EBIT) | 13,095 | 10,558 | 65,765 | 52,292 |
| Reversal of items with no effect on cash flow | ||||
| Depreciation, amortization and impairment | 849 | 1,824 | 4,217 | 6,746 |
| Other items with no effect on cash flow | -3,384 | 4,154 | -3,617 | 8,112 |
| Exchange rate correction on cash items | 2,217 | -455 | 3,844 | 765 |
| Change in working capital | ||||
| Change in inventories | -451 | -5,934 | 2,492 | -14,779 |
| Change in receivables | -7,810 | 17,350 | -27,281 | 789 |
| Change in trade payables etc. | 10,377 | -14,347 | 13,176 | -1,085 |
| Cash flow from operating activities | 14,893 | 13,150 | 58,596 | 52,840 |
| Financial income received | 1 | 228 | 853 | 828 |
| Financial expenses paid | -90 | -121 | -421 | -525 |
| Income taxes paid | -52 | -28 | -1,814 | 64 |
| Cash flow from operations | 14,752 | 13,229 | 57,214 | 53,207 |
| Investments in own development projects | -985 | - | -985 | -2,685 |
| Acquisition of property, plant and equipment | -3,616 | -1,664 | -5,765 | -3,073 |
| Deposits on leaseholds | -13 | -116 | -7,161 | -116 |
| Refunded deposits regarding leaseholds | - | - | -1,531 | - |
| Income from sale of buildings | - | - | 71,308 | - |
| Acquisition and sale of short-term securities | -1,200 | -3,472 | -31,427 | -40,661 |
| Cash flow from investments | -5,814 | -5,252 | 24,439 | -46,535 |
| Repayment of long-term liabilities | - | -326 | -10,863 | -1,293 |
| Income from capital increase | 668 | - | 5,871 | 3,173 |
| Acquisition of treasury shares | -8,047 | -2,676 | -27,735 | -11,078 |
| Paid dividend | - | - | -18,274 | -8,875 |
| Dividend for treasury shares | - | - | 1,067 | 389 |
| Cash flow from financing activities | -7,379 | -3,002 | -49,934 | -17,684 |
| Increase/decrease in cash and cash equivalents | 1,559 | 4,975 | 31,719 | -11,012 |
| Cash and cash equivalents at the beginning of the period, net | 93,250 | 58,115 | 63,090 | 74,102 |
| Cash and cash equivalents at the end of the period, net | 94,809 | 63,090 | 94,809 | 63,090 |
| Cash and cash equivalents at the end of the period, net, is composed as follows: | ||||
| Cash at bank and in hand | 94,809 | 63,090 | 94,809 | 63,090 |
| Bank debt | - | - | - | - |
| Cash and cash equivalents at the end of the period, net | 94,809 | 63,090 | 94,809 | 63,090 |
RTX INTERIM REPORT FOR THE FOURTH QUARTER OF 2015/16
13/15
NOTES
1. ACCOUNTING POLICIES
The interim report is presented in accordance with IAS 34, Interim Financial Reporting, and further Danish disclosure requirements for interim reporting for listed companies. An interim report has not been prepared for the Parent.
The accounting policies applied in this interim report are consistent with those applied in the Company's annual report for 2015/16, which was presented in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and additional Danish disclosure requirements for annual reports of listed companies. We refer to the annual report for 2015/16 for a more detailed description of the accounting policies.
The applied accounting policy is unchanged compared to the annual report for 2014/15. New or amended standards and interpretations becoming effective for the financial year 2015/16 have no material impact on the interim report.
2. ESTIMATES AND ASSUMPTIONS
The preparation of interim reports requires management to make financial estimates and assumptions that affect the application of accounting policy and recognised assets, obligations, income and expenses. Actual results might be different from these estimates.
The material estimates that management make when applying the accounting principles of the Group and the material uncertainty connected with these estimates and assumptions are unchanged in the preparation of the interim report compared to the preparation of the annual report as per 30 September 2016.
RTX INTERIM REPORT FOR THE FOURTH QUARTER OF 2015/16
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NOTES
3. SEGMENT INFORMATION
| Amounts in DKK '000 | Q4 2015/16 | Q4 2014/15 | 01.10.15-30.09.16 | 01.10.14-30.09.15 |
|---|---|---|---|---|
| Revenue, business segments | ||||
| Design Services | 32,488 | 26,685 | 126,279 | 110,195 |
| Business Communications | 64,257 | 57,588 | 268,352 | 235,902 |
| Non-allocated items | - | 850 | 924 | 3,405 |
| Total | 96,745 | 85,123 | 395,555 | 349,502 |
| EBIT | ||||
| Design Services | 2,957 | 2,323 | 13,535 | 11,344 |
| Business Communications | 9,516 | 8,051 | 54,844 | 42,069 |
| Non-allocated items | 622 | 184 | -2,614 | -1,121 |
| Total | 13,095 | 10,558 | 65,765 | 52,292 |
| Segment assets | ||||
| Design Services | 38,633 | 28,241 | 38,633 | 28,241 |
| Business Communications | 76,150 | 62,544 | 76,150 | 62,544 |
| Non-allocated items | 240,633 | 252,320 | 240,633 | 252,320 |
| Total | 355,416 | 343,105 | 355,416 | 343,105 |
| Revenue, geographical segments | ||||
| Denmark | 409 | 1,941 | 4,458 | 10,370 |
| Other Europe | 69,729 | 62,348 | 279,765 | 250,444 |
| Asia and Australia | 9,610 | 9,701 | 37,736 | 41,758 |
| North and South America | 15,409 | 9,671 | 68,093 | 42,998 |
| Africa | 1,588 | 1,462 | 5,503 | 3,932 |
| Total | 96,745 | 85,123 | 395,555 | 349,502 |
Revenue is broken down by geographical area according to customer location. The Group balance sheet illustrates that the Group's assets are mainly owned by the parent company in Denmark. The geographical split of the assets is thus mainly in Denmark.
RTX INTERIM REPORT FOR THE FOURTH QUARTER OF 2015/16
13/15
NOTES
4. GROUP DEVELOPMENT COSTS
| Amounts in DKK '000 | Q4 2015/16 | Q4 2014/15 | 01.10.15-30.09.16 | 01.10.14-30.09.15 |
|---|---|---|---|---|
| Development costs before capitalization | 7,200 | 5,165 | 25,859 | 22,708 |
| Capitalized | -985 | - | -985 | -2,685 |
| Total amortization and impairment losses on development projects | 224 | 909 | 2,114 | 3,131 |
| Development costs recognized in the profit/loss account | 6,439 | 6,074 | 26,988 | 23,154 |
5. GROUP FINANCIAL ITEMS
| Amounts in DKK '000 | Q4 2015/16 | Q4 2014/15 | 01.10.15-30.09.16 | 01.10.14-30.09.15 |
|---|---|---|---|---|
| Interest income | - | - | - | 69 |
| Interest income from bonds available for sale | 1 | 228 | 853 | 716 |
| Exchange rate gains, net | 84 | - | - | 1,393 |
| Exchange rate gains on bonds | 1,014 | 164 | 2,455 | - |
| Other interest income | - | - | - | 43 |
| Financial income | 1,099 | 392 | 3,308 | 2,221 |
| Interest costs | 2 | 30 | 45 | 178 |
| Exchange rate losses, net | - | 70 | 172 | - |
| Exchange rate loss on bonds | - | - | - | 1,032 |
| Other financial costs | 88 | 91 | 376 | 347 |
| Financial expenses | 90 | 191 | 593 | 1,557 |