Interim report Q3 2021/22
15 Septiembre 2022 - 4:55AM
Interim report Q3 2021/22
Roblon maintains full-year profit guidance for
2021/22
Interim report for Q3 2021/22 (the period 1 November
2021 – 31 July 2022)
Highlights of the interim report of the Roblon
Group:
As expected, the Group continued to suffer the after-effects of
COVID-19 during the first three quarters of 2021/22, mainly in the
form of supply shortages of raw materials, logistics challenges and
general market impacts. This and rising inflation and impacts from
the war in Ukraine have temporarily challenged revenue and
profitability and resulted in increased inventories of critical raw
materials.
As described in company announcement no. 1/2022, the Group
acquired the Czech company Vamafil spol. s.r.o at 3 January 2022 as
part of Roblon’s growth strategy within its core business, the
fibre optic cable industry. A preliminary purchase price allocation
has been made, as detailed in note 5 to the interim report.
The relocation and installation of selected parts of the
production facilities from Denmark to the Czech Republic are
proceeding according to plan. The first stage of the relocation
took place in early June 2022, the second relocation stage took
place in August 2022 and the third and final relocation stage is
scheduled to be completed by the end of 2022.
- In Q1-Q3 2021/22, the order intake
rose to DKKm 313.1 (DKKm 223.4) and the order book at 31 July 2022
was DKKm 123.7 (DKKm 83.0).
- Revenue amounted to DKKm 262.0 (DKKm
169.4). This covered an increase of DKKm 61.3 in the FOC product
group and a DKKm 31.3 increase in the Composite product group, of
which DKKm 19.6 related to Vamafil.
- The gross margin of 49.1% (45.8%)
for the first half was positively affected by a favourable product
mix and improved profitability in the FOC product group.
- Operating profit before
depreciation, amortisation and impairment and special items
(EBITDA) was DKKm 10.9 (a loss of DKKm 18.7).
- EBIT before special items was a loss
of DKKm 9.2 (a loss of DKKm 33.5).
- Special items relating to the
acquisition of Vamafil in the Czech Republic amounted to a net
expense of DKKm 4.9 (DKKm 0).
- Roblon’s equity at 31 July 2022
stood at DKKm 214.3 (DKKm 214.1).
- Cash flow from operations for Q1-Q3
2021/22 was a net outflow of DKKm 21.2 (an outflow of DKKm 31.3),
adversely affected by an increase of approximately DKKm 20 in
working capital. The increase mainly related to the higher level of
activity, increasing raw materials prices and larger inventories of
critical raw materials.
Guidance for full year 2021/22
The guidance is still subject to uncertainty due to the adverse
after-effects of COVID-19 in all the Group’s markets, most recently
reflected in an adverse impact on the FOC product group in the
USA.
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.
Supply shortages of certain raw materials and components are
expected to remain a challenge.
At the end of the third quarter of 2021/22, Management maintains
the following full-year guidance for 2021/22:
- Revenue in the DKKm 360-390 range
(2020/21: DKKm 249.9).
- Operating profit before
depreciation, amortisation and impairment and special items
(EBITDA) in the range of DKKm 17-27 (2020/21: a loss of DKKm
12.6).
- Operating profit/loss before special
items (EBIT) in the range of a loss of DKKm 10 to a profit of DKKm
0 (2020/21: a loss of DKKm 32.9).
- Special items relating to
restructuring costs amounting to an expense of around DKKm 8
(2020/21: DKKm 0).
Head office building put up for sale
In early 2020, the Group decided to put its property in
Frederikshavn up for sale. There are currently no potential buyers
of the buildings, but the sales process continues. After the sale,
the Group’s Danish activities will all be located 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
Please note that short-term forecasts are subject to a high
degree of uncertainty in light of all markets being affected by
COVID-19. The war in Ukraine raises further uncertainty regarding
the supply and transport of components and raw materials etc.
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 market and competitive situation, changes in demand and
purchasing behaviour, foreign exchange and interest rate
fluctuations and general economic, political and commercial
conditions.
Frederikshavn, 15 September 2022 Roblon A/S
Jørgen Kjær Jacobsen
Lars
ØstergaardChairman 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
- Company Announcement no 14 - 2022
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