0QCT Roblon A/s

Roblon reports better-than-expected revenue and earnings for Q1 2021/22Interim report – Q1 2021/22 (the period 1 November 2021 – 31 January 2022)

Highlights of the interim report of the Roblon Group:

As expected, in Q1 2021/22 Roblon was adversely impacted by challenges owing to the COVID-19 pandemic with respect to transport and logistics, supply of raw materials and market impacts. Despite these challenges, the Group’s reported revenue and earnings for Q1 2021/22 exceeded the guidance. The improvement was mainly driven by growth in the US subsidiary.

As described in company announcement no. 1/2022, the Group acquired the Czech company Vamafil spol. s.r.o at 3 January 2022. A preliminary purchase price allocation has been made in the amount of approximately EURm 7.3 (DKKm 54.6).

In Q1 2021/22, Roblon increased its long-term credit facilities by DKKm 75 to support the acquisition of Vamafil and the Group’s growth strategy. In February 2022, Roblon took out a DKKm 10 mortgage on the Company’s buildings in Gærum to further strengthen its long-term capital resources.

The analyses of the IFRIC agenda decision on the accounting treatment of customisation costs in a cloud computing arrangement, as mentioned in the 2020/21 annual report, have been completed. The conclusion is that the Group’s accounting policies will not be affected by IFRIC’s agenda decision.

The 2021/22 full-year guidance is unchanged compared with latest guidance.

• In Q1 2021/22, the order intake rose to DKKm 114.8 (DKKm 91.7) and the order book at 31 January 2022 was DKKm 116.8 (DKKm 73.8).
• Revenue amounted to DKKm 78.3 (DKKm 42.3). Both product groups, but particularly FOC, recorded improvements compared with the year-earlier period.
• The growth margin was in line with last year’s at 46.6% (46.6%).
• Operating profit before depreciation, amortisation and impairment and special items (EBITDA) was DKKm 1.4 (a loss of DKKm 12.0).
• EBIT before special items was a loss of DKKm 4.7 (a loss of DKKm 16.6).
• Special items relating to the acquisition of Vamafil in the Czech Republic amounted to DKKm -3.1 (DKKm 0).
• Roblon’s equity at 31 January 2022 stood at DKKm 214.3 (DKKm 225.2).
• Cash flow from operations for Q1 2021/22 was a net outflow of DKKm 16.9 (an outflow of DKKm 4.6), adversely affected by an increase of approximately DKKm 20 in working capital.

Guidance for full year 2021/22

The guidance is subject to uncertainty due to the adverse impact of COVID-19 in all the Group’s markets, causing supply shortages of certain raw materials and components. The assessment is that the war in Ukraine could give rise to additional challenges.

Roblon has ceased all sales to Russia and Belarus as a result of the war in Ukraine. Historically, the Group has not had significant business activities in either Russia, Belarus or Ukraine.

After Q1 2021/22, Management maintains its full-year guidance for 2021/22 as follows:

• Revenue in the DKKm 330-370 range (2020/21: DKKm 249.9).
• Operating profit before depreciation, amortisation and impairment and special items (EBITDA) in the range of DKKm 8-27 (2020/21: a loss of DKKm 12.6).
• Operating profit/loss before special items (EBIT) in the range of a loss of DKKm 19 to a profit of DKKm 0 (2020/21: a loss of DKKm 32.9).
• Special items relating to restructuring costs of around DKKm 8 (2020/21: DKKm 0).

Frederikshavn, 16 March 2022

Roblon A/S

Jørgen Kjær Jacobsen         Lars Østergaard

Chairman of the Board        Managing Director and CEO

Enquiries regarding this announcement should be addressed to:

Managing Director and CEO Lars Østergaard, tel. +45 9620 3300

Attachment

• Company Announcement no 8 - 2022

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