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RTX Interim / Quarterly Report 2016
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Interim / Quarterly Report
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ANNOUNCEMENT TO NASDAQ COPENHAGEN A/S AND THE MEDIA
N@RRESUNDBY, 26 JANUARY 2017 ANNOUNCEMENT NO. 05/2017
RTX INTERIM REPORT FOR THE FIRST QUARTER OF 2016/17
NO. OF PAGES: 14
1/14
INTERIM REPORT FOR Q1 2016/17
(THE PERIOD 01.10.2016 – 31.12.2016)
RTX INCREASES REVENUE AND EBIT
The Supervisory Board of RTX A/S has today considered and adopted the Group's interim report for the first quarter of the 2016/17 financial year (covering the period 01.10.2016 – 31.12.2016).
SUMMARY FOR THE FIRST QUARTER OF 2016/17 FOR THE RTX GROUP
-
Net revenue amounted to DKK 111.3 million for the first quarter of the 2016/17 financial year corresponding to a revenue increase of 21.2% compared to last year's net revenue of DKK 91.8 million. Growth over the quarter was positively affected by the positive exchange rate for USD and negatively affected by the ceased income from external leaseholders after the sale of the premises in January 2016. Corrected for these effects the growth in revenue amounted to 21.6%. Revenue apportioned across RTX's business units as follows:
-
Business Communications rose by DKK 16.3 million corresponding to an increase of 26.9% (after exchange effect 26.2%).
- Design Services rose by DKK 4.1 million corresponding to an increase of 13.4% (after exchange effect 12.5%).
- The Group's gross profit increased from DKK 54.2 million to DKK 60.1 million and as a consequence of the revenue mix, the gross margin decreased from 59.0% to 54.0%.
- After the sale of the premises, the capacity costs now comprise increased costs for external rent. The increased demand for RTX's competencies has made it necessary to increase staff. These are the two main reasons for the capacity costs in the first quarter at a level 12.1% higher than last year.
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 FIRST QUARTER OF 2016/17
2/14
- As mentioned in the annual report for 2015/16 RTX is investing in the development of a new product range that will complement the existing communication solutions. These investments mean that RTX has capitalised DKK 1.7 million in the first quarter of 2016/17.
- Operating profit (EBIT) amounted to DKK 15.1 million compared to DKK 12.1 million last year corresponding to an increase of 24.8%.
- Profit after tax amounted to DKK 11.8 million compared to DKK 9.8 million last year.
- The Group's cash flow from operating activities amounted to DKK -12.6 million compared to DKK 2.6 million in the same period last year. The primary reason is the increased revenue which raises the receivables in the balance sheet. At the same time RTX paid taxes of DKK 4.4 million related to the financial year 2015/16.
- The development in the first quarter is in line with the expectations announced in the annual report for 2015/16 (company announcement no. 74/2016 dated 29 November 2016), when RTX announced an expected revenue in the range of DKK 420-435 million, EBIT in the range of DKK 68-75 million and EBITDA in the range of DKK 73-80 million.
RTX A/S
Peter Thostrup
Chairman
Peter Røpke
President & CEO
ENQUIRIES AND FURTHER INFORMATION:
CEO
Peter Røpke, tel +45 96 32 23 00
APPENDICES
Interim report for Q1 2016/17 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 Tuesday, 31 January 2017 at 10, 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 first quarter of 2016/17.
To register for the meeting, please email
[email protected].
RTX INTERIM REPORT FOR THE FIRST QUARTER OF 2016/17
3/14
GROUP FINANCIAL HIGHLIGHTS
AND KEY RATIOS (NON-AUDITED)
| Amounts in DKK million | Q1 2016/17 | Q1 2015/16 | 01.10.15-30.09.16 |
|---|---|---|---|
| INCOME STATEMENT ITEMS | |||
| Revenue | 111.3 | 91.8 | 395.6 |
| Gross profit | 60.1 | 54.2 | 229.4 |
| Operating profit/loss (EBIT) | 15.1 | 12.1 | 65.8 |
| EBITDA | 16.1 | 13.4 | 70.0 |
| EBITDA % | 14.5% | 14.6% | 17.7% |
| Net financials | 0.2 | 0.6 | 2.7 |
| Profit/loss before tax (EBT) | 15.3 | 12.6 | 68.5 |
| Profit/loss for the period | 11.8 | 9.8 | 49.5 |
| BALANCE SHEET ITEMS | |||
| Cash and current asset investments | 173.8 | 130.8 | 202.5 |
| Total assets | 345.0 | 346.5 | 355.4 |
| Equity | 286.0 | 273.7 | 280.6 |
| Liabilities | 59.1 | 72.8 | 74.9 |
| OTHER KEY FIGURES | |||
| Development costs (own) before capitalization | 7.3 | 6.4 | 25.9 |
| Capitalized development costs | 1.7 | - | 1.0 |
| Depreciation, amortization and impairment | 1.1 | 1.3 | 4.2 |
| Cash flow from operations | -12.6 | 2.6 | 57.2 |
| Cash flow from investments | -6.3 | -1.5 | 24.4 |
| Investments in property, plant and equipment | 4.5 | 1.3 | 5.8 |
| Increase/decrease in cash and cash equivalents | -28.4 | -6.1 | 31.7 |
| KEY RATIOS | |||
| Growth in net turnover (percentage) | 21.2 | 19.7 | 13.2 |
| Profit margin (percentage) | 13.5 | 13.1 | 16.6 |
| Return on invested capital (percentage) | 12.1 | 6.5 | 45.8 |
| Return on equity (percentage) | 4.2 | 4.6 | 18.1 |
| Equity ratio (percentage) | 82.9 | 79.0 | 78.9 |
| EMPLOYMENT | |||
| Average number of full-time employees | 225 | 172 | 193 |
| Revenue per employee 1) (DKK '000) | 494 | 534 | 2,050 |
| Operating profit/loss per employee 1) (DKK '000) | 67 | 70 | 341 |
| SHARES | |||
| Average number of shares in circulation ('000) | 8,835 | 8,621 | 8,805 |
| Average number of diluted shares ('000) | 9,013 | 9,092 | 9,014 |
| SHARE DATA. DKK PER SHARE AT DKK 5 | |||
| Profit/loss for the period (EPS), per share 1) | 1.3 | 1.1 | 5.6 |
| Profit/loss for the period, diluted (DEPS), per share 1) | 1.3 | 1.1 | 5.5 |
| Dividends, per share (DKK) | - | - | 2.0 |
| Equity value, per share | 32.5 | 32.1 | 31.6 |
| Listed price, per share | 141.5 | 80.0 | 113.0 |
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 FIRST QUARTER OF 2016/17
4/14
MANAGEMENT REPORT
COMMENTS ON DEVELOPMENTS FOR THE FIRST QUARTER OF THE 2016/17 FINANCIAL YEAR
WITH REFERENCE TO THE GROUP'S FINANCIAL FIGURES FOR THE FIRST QUARTER OF 2016/17
The Group posted revenue of DKK 111.3 million for the first quarter of the 2016/17 financial year compared to DKK 91.8 million for the same period last year, which corresponds to an increase of 21.2%. Growth in the quarter is positively affected by the USD exchange rate and at the same time negatively affected by the sale of the premises as per 1 January 2016. Adjusted for these effects the increase in revenue in the quarter was 21.6%.
Business Communications posted a revenue increase of DKK 16.3 million, corresponding to 26.9%, for the first quarter 2016/17. Adjusted for exchange rate effects the increase was 26.2%. Compared to last year revenue increased from the sale of communication systems targeted for small and medium-sized customers. As previously mentioned the business unit will continue to invest 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 34.4 million for the first quarter, corresponding to an increase of 13.4% compared to last year. Corrected for exchange rate effects, the increase amounted to 12.5%. The increase mainly comes from the demand for RTX's customer-financed development projects and modules (ODM business).
The revenue growth resulted in an increase in gross profit of DKK 5.9 million for the first quarter 2016/17, and as a consequence of the revenue mix, the Group's gross margin declined from 59.0% to 54.0% for the first quarter of 2016/17.
Capacity costs (i.e. other external costs and staff costs) amounted to DKK 45.7 million, which is DKK 5.0 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 53 employees compared to last year. Secondly, after the sale of the premises capacity costs now include costs for external lease.
Development costs totalled DKK 7.3 million for the first quarter compared to last year's figure of DKK 6.4 million.
As planned, depreciation fell from DKK 1.3 million in the first quarter of 2015/16 to DKK 1.0 million for the first quarter of 2016/17, primarily because of lower depreciations on own development projects.
Operating profit (EBIT) for the first quarter of 2016/17 was DKK 15.1 million against DKK 12.1 million for the same period last year.
Net financial income resulted in an income of DKK 0.2 million compared to the same period last year when net financial income was DKK 0.6 million. The changes are the result of exchange rate fluctuations for the company's securities portfolio.
Profit before tax for the first quarter of 2016/17 amounted to DKK 15.3 million compared to a profit of DKK 12.6 million for the same period last year.
Profit after tax for the first quarter of 2016/17 amounted to DKK 11.8 million compared to DKK 9.8 million for the same period last year.
In the first 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 82.9% at the end of the first quarter compared to 79.0% last year. The Group's balance sheet total was DKK 345.0 million at the end of the first quarter. This is a decline of DKK 1.5 million compared to the same time last year.
The rise in activity over the quarter has negatively affected the working capital by DKK 22.6 million, and was DKK 11.3 million lower than last year. Thus, the Group posted a negative cash flow from operating activities in the first quarter of 2016/17 of DKK -12.6 million compared to DKK 2.6 million for the first quarter of 2015/16.
Shareholder focused initiatives adopted by the Annual General Meeting affected the Group's total cash flow by DKK 9.5 million in the first quarter of 2016/17 compared to DKK 3.5 million in 2015/16.
RTX INTERIM REPORT FOR THE FIRST QUARTER OF 2016/17
8/14
The Group's total cash funds and current securities less bank debt totalled DKK 173.8 million at the end of the quarter, which is an increase of DKK 43.0 million compared to the same period last year.
OUTLOOK FOR THE 2016/17 FINANCIAL YEAR
Management still expects 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.
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:
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 FIRST QUARTER OF 2016/17
6/14
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 first quarter of the financial year 2016/17 (covering the period 1 October to 31 December 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 31 December 2016 and of its financial performance and cash flow for the first quarter of 2016/17.
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, 26 January 2017
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 FIRST QUARTER OF 2016/17
7/14
GROUP INCOME STATEMENT
(NON-AUDITED)
| Amounts in DKK '000 | Note | Q1 2016/17 | Q1 2015/16 | 01.10.15-30.09.16 |
|---|---|---|---|---|
| Revenue | 3 | 111,262 | 91,829 | 395,555 |
| Value of work transferred to assets | 4 | 1,744 | - | 985 |
| Costs of sales etc. | -51,173 | -37,661 | -166,155 | |
| Other external expenses | -11,368 | -10,178 | -43,027 | |
| Staff costs | -34,357 | -30,597 | -117,376 | |
| Depreciation, amortization and impairment | 4 | -1,050 | -1,324 | -4,217 |
| Operating profit/loss (EBIT) | 15,058 | 12,069 | 65,765 | |
| Financial income | 5 | 700 | 691 | 3,308 |
| Financial expenses | 5 | -507 | -126 | -593 |
| Profit/loss before tax | 15,251 | 12,634 | 68,480 | |
| Tax of profit/loss for the period | -3,423 | -2,851 | -18,980 | |
| Profit/loss for the period after tax | 11,828 | 9,783 | 49,500 | |
| Profit/loss per share (EPS) | ||||
| Profit/loss for the period (DKK) | 1.3 | 1.1 | 5.6 | |
| Profit/loss for the period, diluted (DKK) | 1.3 | 1.1 | 5.5 |
STATEMENT OF COMPREHENSIVE INCOME
(NON-AUDITED)
| Amounts in DKK '000 | Q1 2016/17 | Q1 2015/16 | 01.10.15-30.09.16 |
|---|---|---|---|
| Profit/loss for the period | 11,828 | 9,783 | 49,500 |
| Items that can be reclassified subsequently to the income statement | |||
| Exchange rate adjustments of foreign subsidiaries | 1,550 | 785 | 59 |
| Fair value adjustment of short-term current asset investments | 23 | -258 | 422 |
| Other comprehensive income, net of tax | 1,573 | 527 | 481 |
| Comprehensive income for the period | 13,401 | 10,310 | 49,981 |
RTX INTERIM REPORT FOR THE FIRST QUARTER OF 2016/17
8/14
GROUP BALANCE SHEET
(NON-AUDITED)
| Amounts in DKK '000 | 31.12. 2016 | 31.12. 2015 | 30.09. 2016 |
|---|---|---|---|
| Assets | |||
| Own completed development projects | 1,343 | 2,809 | 1,567 |
| Own ongoing development projects | 2,728 | - | 985 |
| Goodwill | 7,797 | 7,797 | 7,797 |
| Intangible assets | 11,868 | 10,606 | 10,349 |
| Plant and machinery | 6,348 | 2,936 | 4,736 |
| Other fixtures, tools and equipment | 3,980 | 1,848 | 1,843 |
| Leasehold improvements | 830 | 72 | 855 |
| Tangible assets | 11,158 | 4,856 | 7,434 |
| Deposits | 7,762 | 584 | 7,723 |
| Deferred tax assets | 19,828 | 34,091 | 22,097 |
| Other long-term assets | 27,590 | 34,675 | 29,820 |
| Total long-term assets | 50,616 | 50,137 | 47,603 |
| Inventories | 18,436 | 25,870 | 20,632 |
| Trade receivables | 79,227 | 53,712 | 63,709 |
| Contract development projects in progress | 17,795 | 9,284 | 14,074 |
| Income taxes | - | 137 | - |
| Other receivables | 1,135 | 2,721 | 2,874 |
| Accruals | 4,056 | 2,307 | 4,056 |
| Receivables | 102,213 | 68,161 | 84,713 |
| Short-term current asset investments | 18,281 | 33,930 | 18,258 |
| Short-term current asset investments for sale (trading portfolio) | 89,113 | 39,948 | 89,401 |
| Total short-term current asset investments | 107,394 | 73,878 | 107,659 |
| Cash at bank and in hand | 66,385 | 56,942 | 94,809 |
| Assets held for sale | - | 71,528 | - |
| Total short-term assets | 294,428 | 296,379 | 307,813 |
| Total assets | 345,044 | 346,516 | 355,416 |
RTX INTERIM REPORT FOR THE FIRST QUARTER OF 2016/17
9/14
GROUP BALANCE SHEET
(NON-AUDITED)
| Amounts in DKK '000 | 31.12. 2016 | 31.12. 2015 | 30.09. 2016 |
|---|---|---|---|
| Equity and liabilities | |||
| Share capital | 47,164 | 45,687 | 47,164 |
| Share premium account | 288,598 | 296,090 | 288,598 |
| Retained earnings | -49,779 | -68,086 | -55,199 |
| Equity | 285,983 | 273,691 | 280,563 |
| Provisions | 261 | 951 | 261 |
| Long-term liabilities | 261 | 951 | 261 |
| Prepayments received from customers | 432 | - | 801 |
| Trade payables | 31,671 | 32,238 | 37,157 |
| Contract development projects in progress | 3,395 | 785 | 4,710 |
| Income taxes | 1,111 | 148 | 4,354 |
| Provisions | 1,745 | 6,390 | 3,476 |
| Other payables | 20,446 | 23,644 | 24,094 |
| Short-term liabilities | 58,800 | 63,205 | 74,592 |
| Liabilities related to assets held for sale | - | 8,669 | - |
| Total liabilities | 59,061 | 72,825 | 74,853 |
| Total equity and liabilities | 345,044 | 346,516 | 355,416 |
RTX INTERIM REPORT FOR THE FIRST QUARTER OF 2016/17
38/14
EQUITY STATEMENT FOR THE GROUP
(NON-AUDITED)
| Amounts in DKK '000 | Share capital | Share premium | Retained earnings | Total |
|---|---|---|---|---|
| Equity at 1 October 2015 | 45,687 | 296,090 | -75,871 | 265,906 |
| Profit/loss for the period | - | - | 9,783 | 9,783 |
| Exchange rate adjustments of foreign subsidiaries | - | - | 785 | 785 |
| Fair value adjustment of short-term current asset investments | - | - | -258 | -258 |
| Other comprehensive income | - | - | 527 | 527 |
| Comprehensive income for the period | - | - | 10,310 | 10,310 |
| Share-based remuneration | - | - | 954 | 954 |
| Acquisition of treasury shares | - | - | -3,479 | -3,479 |
| Other transactions | - | - | -2,525 | -2,525 |
| Equity at 31 December 2015 | 45,687 | 296,090 | -68,086 | 273,691 |
| Equity at 1 October 2016 | 47,164 | 288,598 | -55,199 | 280,563 |
| Profit/loss for the period | - | - | 11,828 | 11,828 |
| Exchange rate adjustments of foreign subsidiaries | - | - | 1,550 | 1,550 |
| Fair value adjustment of short-term current asset investments | - | - | 23 | 23 |
| Other comprehensive income | - | - | 1,573 | 1,573 |
| Comprehensive income for the period | - | - | 13,401 | 13,401 |
| Share-based remuneration | - | - | 1,550 | 1,550 |
| Acquisition of treasury shares | - | - | -9,531 | -9,531 |
| Other transactions | - | - | -7,981 | -7,981 |
| Equity at 31 December 2016 | 47,164 | 288,598 | -49,779 | 285,983 |
Share capital of DKK 47,164,190 consists of 9,432,838 shares at DKK 5.
The Group holds 635,085 treasury shares at 31 December 2016 (516,556 shares at 31 December 2015).
There are no shares carrying special rights.
RTX INTERIM REPORT FOR THE FIRST QUARTER OF 2016/17
33/14
GROUP CASH FLOW STATEMENT
(NON-AUDITED)
| Amounts in DKK '000 | Q1 2016/17 | Q1 2015/16 | 01.10.15-30.09.16 |
|---|---|---|---|
| Operating profit/loss (EBIT) | 15,058 | 12,069 | 65,765 |
| Reversal of items with no effect on cash flow | |||
| Depreciation, amortization and impairment | 1,050 | 1,324 | 4,217 |
| Other items with no effect on cash flow | -1,939 | 402 | -3,617 |
| Exchange rate correction on cash items | 253 | 2,038 | 3,844 |
| Change in working capital | |||
| Change in inventories | 1,696 | -1,493 | 2,492 |
| Change in receivables | -17,500 | -10,592 | -27,281 |
| Change in trade payables etc. | -6,801 | 769 | 13,176 |
| Cash flow from operating activities | -8,183 | 4,517 | 58,596 |
| Financial income received | 115 | 224 | 853 |
| Financial expenses paid | -131 | -126 | -421 |
| Income taxes paid | -4,374 | -1,975 | -1,814 |
| Cash flow from operations | -12,573 | 2,640 | 57,214 |
| Investments in own development projects | -1,744 | - | -985 |
| Acquisition of property, plant and equipment | -4,482 | -1,273 | -5,765 |
| Deposits on leaseholds | -6 | -23 | -7,161 |
| Refunded deposits regarding leaseholds | - | - | -1,531 |
| Income from sale of buildings | - | - | 71,308 |
| Acquisition and sale of short-term securities | -88 | -182 | -31,427 |
| Cash flow from investments | -6,320 | -1,478 | 24,439 |
| Repayment of long-term liabilities | - | -3,831 | -10,863 |
| Income from capital increase | - | - | 5,871 |
| Acquisition of treasury shares | -9,531 | -3,479 | -27,735 |
| Paid dividend | - | - | -18,274 |
| Dividend for treasury shares | - | - | 1,067 |
| Cash flow from financing activities | -9,531 | -7,310 | -49,934 |
| Increase/decrease in cash and cash equivalents | -28,424 | -6,148 | 31,719 |
| Cash and cash equivalents at the beginning of the period, net | 94,809 | 63,090 | 63,090 |
| Cash and cash equivalents at the end of the period, net | 66,385 | 56,942 | 94,809 |
| Cash and cash equivalents at the end of the period, net, is composed as follows: | |||
| Cash at bank and in hand | 66,385 | 56,942 | 94,809 |
| Bank debt | |||
| Cash and cash equivalents at the end of the period, net | 66,385 | 56,942 | 94,809 |
RTX INTERIM REPORT FOR THE FIRST QUARTER OF 2016/17
12/14
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 2015/16. New or amended standards and interpretations becoming effective for the financial year 2016/17 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 FIRST QUARTER OF 2016/17
13/14
NOTES
3. SEGMENT INFORMATION
| Amounts in DKK '000 | Q1 2016/17 | Q1 2015/16 | 01.10.15-30.09.16 |
|---|---|---|---|
| Revenue, business segments | |||
| Design Services | 34,438 | 30,372 | 126,279 |
| Business Communications | 76,824 | 60,533 | 268,352 |
| Non-allocated items | - | 924 | 924 |
| Total | 111,262 | 91,829 | 395,555 |
| EBIT | |||
| Design Services | 1,261 | 3,966 | 13,535 |
| Business Communications | 16,684 | 10,710 | 54,844 |
| Non-allocated items | -2,887 | -2,607 | -2,614 |
| Total | 15,058 | 12,069 | 65,765 |
| Segment assets | |||
| Design Services | 46,090 | 25,951 | 38,633 |
| Business Communications | 88,197 | 73,309 | 76,150 |
| Non-allocated items | 210,757 | 247,256 | 240,633 |
| Total | 345,044 | 346,516 | 355,416 |
| Revenue, geographical segments | |||
| Denmark | 1,457 | 1,932 | 4,458 |
| Other Europe | 82,064 | 64,995 | 279,765 |
| Asia and Australia | 9,894 | 9,259 | 37,736 |
| North and South America | 15,957 | 14,554 | 68,093 |
| Africa | 1,890 | 1,089 | 5,503 |
| Total | 111,262 | 91,829 | 395,555 |
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 FIRST QUARTER OF 2016/17
14/14
NOTES
4. GROUP DEVELOPMENT COSTS
| Amounts in DKK '000 | Q1 2016/17 | Q1 2015/16 | 01.10.15-30.09.16 |
|---|---|---|---|
| Development costs before capitalization | 7,272 | 6,367 | 25,859 |
| Capitalized | -1,744 | - | -985 |
| Total amortization and impairment losses on development projects | 224 | 872 | 2,114 |
| Development costs recognized in the profit/loss account | 5,752 | 7,239 | 26,988 |
5. GROUP FINANCIAL ITEMS
| Amounts in DKK '000 | Q1 2016/17 | Q1 2015/16 | 01.10.15-30.09.16 |
|---|---|---|---|
| Interest income from bonds available for sale | 115 | 224 | 853 |
| Exchange rate gains, net | 585 | 348 | - |
| Exchange rate gains on bonds | - | 119 | 2,455 |
| Financial income | 700 | 691 | 3,308 |
| Interest costs | - | 29 | 45 |
| Exchange rate losses, net | - | - | 172 |
| Exchange rate loss on bonds | 376 | - | - |
| Other financial costs | 131 | 97 | 376 |
| Financial expenses | 507 | 126 | 593 |