ROBIT PLC INTERIM REPORT 1 JANUARY–30 SEPTEMBER 2021: PROFITABILITY
IMPROVED SIGNIFICANTLY
ROBIT PLC
STOCK EXCHANGE
RELEASE 28
OCTOBER 2021 AT 11.00 A.M.
ROBIT PLC INTERIM REPORT 1 JANUARY–30 SEPTEMBER 2021:
PROFITABILITY IMPROVED SIGNIFICANTLY
In the text, ‘review period’ or ‘third quarter of the year’
refers to 1 July–30 September 2021 (Q3), and ‘January–September’
refers to 1 January–30 September 2021. Figures from the
corresponding time period in 2020 are given in parentheses. All the
figures presented are in euros. Percentages are calculated from
thousands of euros.
1 July–30 September 2021 in brief
- Net sales EUR 26.4
million (24.2), change 8.9%
- EBITDA EUR 2.5
million (1.7)
- EBITA EUR 1.4
million (0.3)
- EBIT 4.4% (0.5)
- Review period net
income EUR 0.8 million (-0.6)
- Net cash flow for
operating activities EUR 0.4 million (0.6)
1 January–30 September 2021 in brief
- Net sales EUR 74.5
million (67.9), change 9.6%
- EBITDA EUR 5.9
million (3.1)
- EBITA EUR 2.4
million (-0.9)
- EBIT 2.4%
(-2.2)
- Review period net
income EUR 1.0 million (-3.4)
- Net cash flow for
operating activities EUR -3.7 million (0.2)
- Equity ratio at the
end of the review period 44.2% (45.1)
Key financials |
Q3 2021 |
Q3 2020 |
Change % |
Q1–Q3 2021 |
Q1–Q3 2020 |
Change % |
2020 |
Net
sales, EUR 1,000 |
26,359 |
24,194 |
8.9 % |
74,469 |
67,940 |
9.6
% |
91,631 |
EBITDA*, EUR 1,000 |
2,504 |
1,658 |
51.0 % |
5,945 |
3,064 |
94.0
% |
5,116 |
EBITDA,
% of net sales |
9.5 % |
6.9
% |
|
8.0 % |
4.5
% |
|
5.6
% |
EBITA,
EUR 1,000 |
1,382 |
324 |
-326.9 % |
2,397 |
-880 |
372.3
% |
-48 |
EBITA,
% of net sales |
5.2 % |
1.3
% |
|
3.2 % |
-1.3
% |
|
-0.1
% |
EBIT,
EUR 1,000 |
1,171 |
118 |
896.1 % |
1,754 |
-1,493 |
217.4
% |
-868 |
EBIT, %
of net sales |
4.4 % |
0.5
% |
|
2.4 % |
-2.2
% |
|
-0.9
% |
Result
for the period, EUR 1,000 |
814 |
-568 |
243.2 % |
1,038 |
-3,409 |
130.5
% |
-2,894 |
Result
for the period, % of net sales |
3.1 % |
-2.3
% |
|
1.4 % |
-5.0
% |
|
-3.2
% |
Earnings per share (EPS), EUR 1,000 |
0.04 |
-0.03 |
252.3 % |
0.04 |
-0.16 |
122.0
% |
-0.14 |
Return
on equity (ROE), %** |
|
|
|
2.5 % |
-9.2
% |
|
-5.9
% |
Return
on capital employed (ROCE), %** |
|
|
|
2.7 % |
-7.4
% |
|
-2.6
% |
*No items affecting comparability Q1-Q3/2021 or Q1-Q3/2020
**Corrected the calculation principles to correspond to the formula
defined for key figures
ROBIT’S OUTLOOK FOR 2021
Robit expects the market situation to remain
strong. Demand in the mining segment is supported by the positive
development in metal prices. Demand in the construction industry is
supported by the good work situation in the construction market
areas that are relevant to Robit and the significant financing
decided globally for the construction industry. The company expects
COVID-19 restrictions to have a limited impact on the demand of
Robit’s products in 2021.
Demand in the mining industry is high in 2021.
Demand for consumable parts across cycles is more stable in
relation to investment products. The positive development of
mineral prices and bright outlook are reflected in the research
drilling activities that are developing well. Prospection drilling
is a cyclical part of the industry, reflecting the mining
industry’s willingness to invest in future capacity increases. The
company has good growth potential in the mining segment.
The construction industry is always locally
cyclical, and the market situation can change rapidly. The
prospects of Robit’s customers are good, and projects related to
infrastructure construction that are ongoing or to be launched in
2021 support the prospects for the end of the year.
GUIDANCE FOR 2021
Robit updated its financial guidance for 2011 on
22 October 2021.
New guidance
Robit Plc expects the market situation to remain
on a good level in the end of the year. The company estimates that
net sales for 2021 will grow and comparable EBITDA profitability in
euros will improve as follows: net sales being between EUR
97.0–101.0 million and comparable EBITDA profitability being at
least EUR 7.0 million, assuming that exchange rates remain on the
level of September 2021.
Previous guidance
Robit expects the market situation to develop
positively and believes COVID-19 restrictions to have had a limited
impact on the demand of Robit’s products in 2021. Robit estimates
that net sales for 2021 will grow and comparable EBITDA
profitability in euros will improve compared with 2020.
CEO TOMMI LEHTONEN:
We achieved record net sales in the third
quarter and, at the same time, took a step towards our long-term
profitability targets. The quarter was the tenth in a row where we
grew on the corresponding period. The growth in the quarter was
mainly realised in the mining segment. The actions related to the
sales margin improvement supported the development of
profitability. The number of project deliveries decreased compared
to the strong corresponding period. Overall, customer demand for
Robit’s offering remained at a good level. The shortage of sea
freight capacity posed challenges in terms of supply. We have been
ensuring product availability and customer satisfaction by growing
our stock levels, advancing investments and raw material purchases
as well as strengthening the ability of the supply chain.
Net sales for the third quarter of the year
totalled EUR 26.4 million (EUR 24.2 million). There was an increase
of 8.9% compared to the corresponding period and an increase of
5.9% in constant currencies. The EBITDA was EUR 2.5 million, up 51%
on the corresponding period. Orders received totalled EUR 25.6
million. There was an increase of 4.6% compared to the
corresponding period.
Growth in the quarter was driven by the Americas
market area. North America’s share of sales increased
significantly, and the development was positive in all customer
segments. In South America, we got back on the growth track and saw
progress in the mining segment in particular. Development in the
EMEA market area varied from country to country but, overall, the
quarter saw a moment of slower growth. The growth potential in the
market area is good. In the Asia market area, the situation
improved as the challenges posed by the pandemic eased after a
challenging early part of the year. We were unsatisfied with the
development in Australasia. We will strengthen our sales resources
in Australasia. In East market areas net sales dropped. In the area
there were significant project deliveries during the corresponding
period.
The development of the Top Hammer business in
the mining segment was in line with the target setting. We
succeeded in improving the Top Hammer delivery capacity, and the
availability-related challenges eased off compared to the early
part of the year. The outlook for growth in the Top Hammer offering
remains bright. The Down the Hole business grew less than expected,
because there were no significant project deliveries during the
review period. Work to develop the Down the Hole business in the
mining segment continues on a systematic basis, and we started
deliveries to a new significant mining customer in the Americas
market area, for instance.
In the third quarter, we started a project that
creates new and common operating methods for factories to support
continuous development towards strategic goals in terms of service
and competitiveness. At the same time, practices that support the
management of working capital will be strengthened. We also
invested in a software that strengthens Robit’s inventory and
availability management. We also invested in strengthening
competence in this area.
Actions related to the sales margin improvement
projects paid off in the third quarter of the year. The
strengthening of the margin was the main driver behind the improved
profitability in the quarter. Fixed costs also remained well under
control as planned, although travel and trade fair costs increased
compared to the early part of the year as the world opened
up.
In the third quarter, we carried out a
significant amount of training for our own personnel and
distributors. The training particularly focused on the skills of
advisory sales, where the goal is to create the abilities to help
customers make choices and operate in ways that reduce overall
costs and improve energy efficiency.
Robit implemented a thorough ESG account project
and launched an ESG roadmap as well as targets in the Capital
Markets Day on 23 September 2021. The roadmap focuses on four main
key themes: sustainable partnerships, CO2 emission reduction in
value chain, healthy and happy workplace and efficiency throughout
the product lifecycle.
NET SALES
Net sales by product area
EUR thousand |
Q3 2021 |
Q3 2020 |
Change % |
Q1-Q3 2021 |
Q1-Q3 2020 |
Change % |
2020 |
Top
Hammer |
14,077 |
12,235 |
15.1 % |
40,377 |
35,065 |
15.1
% |
46,348 |
Down
the Hole |
12,282 |
11,959 |
2.7 % |
34,092 |
32,876 |
3.7
% |
45,283 |
Yhteensä |
26,359 |
24,194 |
8.9 % |
74,469 |
67,940 |
9.6
% |
91,631 |
The Group’s net sales in the third quarter of
the year period totalled EUR 26.4 million (24.2). There was an
increase of 8.9% from the corresponding period. In constant
currencies, the change was 5.9%.
The Group’s net sales in January–September
totalled EUR 74.5 million (67.9). There was an increase of 9.6%
from the corresponding period. In constant currencies, the change
was 7.2%.
The Top Hammer business continued to grow
strongly in the third quarter, with net sales growing by 15.1%. In
January–September, Top Hammer net sales grew by 15.1% to EUR 40.4
million (35.1). The growth of the business has been supported in
particular by the new mining customers gained.
The Down the Hole business grew by 2.7% in the
third quarter. In January–September, net sales grew by 3.7% to EUR
34.1 million. Growth was steady in all customer segments. The
strongest growth was in the Americas market area.
Net sales by market area
EUR thousand |
Q3 2021 |
Q3 2020 |
Change % |
Q1-Q3 2021 |
Q1-Q3 2020 |
Change % |
2020 |
EMEA |
11,446 |
10,982 |
4.2 % |
34,022 |
30,739 |
10.7
% |
40,028 |
Americas |
5,948 |
3,389 |
75.5 % |
14,222 |
10,008 |
42.1
% |
14,008 |
Asia |
2,627 |
2,605 |
0.9 % |
7,644 |
8,608 |
-11.2
% |
11,397 |
Australasia |
3,560 |
3,712 |
-4.1 % |
10,352 |
10,135 |
2.1
% |
13,654 |
East |
2,779 |
3,507 |
-20.8 % |
8,230 |
8,450 |
-2.6
% |
12,544 |
Yhteensä |
26,359 |
24,194 |
8.9 % |
74,469 |
67,940 |
9.6
% |
91,631 |
The company’s growth was strong in the third
quarter in the Americas market area, where net sales grew by 75.5%.
Growth was strong in both South and North America. Net sales also
grew in the EMEA and Asia market areas. In Australasia, net sales
decreased by 4.1% due to the timing of the largest customer
deliveries. The East market area was clearly left behind the
exceptionally strong corresponding quarter. There were significant
project deliveries during the corresponding period.
In January–September, the company’ growth was
especially driven by the Americas and EMEA market areas. In the
East market area, low project activity in the Geotechnical segment
was reflected in declining net sales. Other segments in the East
market area increased. Net sales in the Asia area fell by 11.2% due
to the low demand in the early part of the year.
PROFITABILITY
Key figures
Thousand euros |
Q3 2021 |
Q3 2020 |
Change % |
Q1-Q3 2021 |
Q1-Q3 2020 |
Change % |
2020 |
EBITDA,
EUR 1,000 |
2,504 |
1,658 |
51.0 % |
5,945 |
3,064 |
94.0
% |
5,116 |
EBITDA,
% of net sales |
9.5 % |
6.9
% |
|
8.0 % |
4.5
% |
|
5.6
% |
EBIT,
EUR 1,000 |
1,171 |
118 |
896.1 % |
1,754 |
-1,493 |
217.4
% |
-868 |
EBIT, %
of net sales |
4.4 % |
0.5
% |
|
2.4 % |
-2.2
% |
|
-0.9
% |
Result
for the period, EUR 1,000 |
814 |
-568 |
243.2 % |
1,038 |
-3,409 |
130.5
% |
-2,894 |
Result
for the period, % of net sales |
3.1 % |
-2.3
% |
|
1.4 % |
-5.0
% |
|
-3.2
% |
The company’s profitability clearly improved in
the review period. The EBITDA for the third quarter was EUR 2.5
million (1.7). The EBITDA’s share of net sales improved clearly and
totalled 9.5% (6.9). The company’s EBIT was EUR 1.2 million (0.1).
The EBIT was 4.4% (0.5) of the review period net sales.
In January–September, the EBITDA was EUR 5.9
million (3.1). The EBITDA’s share of net sales was 8.0% (4.5). The
company’s EBIT was EUR 1.8 million (-1.5). The EBIT was 3.1% (-2.3)
of the net sales in January–September.
Improved operating profit was supported by
increased net sales, measures taken in pricing and management of
pricing, and the gradual realisation of savings in acquisitions.
High freight costs and the globally increased costs of raw
materials created cost pressure, but the company’s measures have
managed to compensate for the impact of these cost factors.
Financial income and expenses in the third
quarter of the year totalled EUR -0.4 million (-0.9), of which EUR
-0.3 million (-0.2) was interest expenses and EUR -0.1 million
(-0.7) exchange rate changes. The result for the third quarter
improved to EUR 0.8 million (-0.6).
In January–September, financial income and
expenses totalled EUR -1.0 million (-2.3), of which EUR -0.9
million (-0.8) was interest expenses and EUR 0.0 million (-1.3)
exchange rate changes. The result for January–September improved to
EUR 1.0 million (-3.4).
CASH FLOW AND INVESTMENTS
Consolidated cash flow statement
EUR thousand |
Q3 2021 |
Q3 2020 |
Q1–Q3 2021 |
Q1–Q3 2020 |
2020 |
Net
cash flows from operating activities |
|
|
|
|
|
Cash
flows before changes in working capital |
2,510 |
1,921 |
6,119 |
4,777 |
7,160 |
Cash
flows from operating activities before financial items and
taxes |
722 |
759 |
-2,549 |
1,154 |
5,555 |
Net
cash inflow (outflow) from operating activities |
359 |
554 |
-3,724 |
156 |
4,263 |
Net
cash inflow (outflow) from investing activities |
-1,144 |
395 |
-2,431 |
-182 |
-1,173 |
Net
cash inflow (outflow) from financing activities |
408 |
-207 |
701 |
-1,442 |
-3,626 |
Net
increase (+)/decrease (-) in cash and cash equivalents |
-376 |
741 |
-5,455 |
-1,468 |
-536 |
Cash
and cash equivalents at the beginning of the financial
year |
9,372 |
12,689 |
14,339 |
15,248 |
15,248 |
Exchange gains/losses on cash and cash equivalents |
-70 |
-197 |
41 |
-544 |
-370 |
Cash
and cash equivalents at end of the year |
8,926 |
13,235 |
8,926 |
13,235 |
14,339 |
The Group’s cash flow before changes in working
capital improved during the third quarter to EUR 2.5 million (1.9).
The net cash flow for operating activities was EUR 0.4 million
(0.6). The changes in working capital had an impact of EUR -1.8
million (-1.2). The growth in sales and other receivables had a
negative impact on cash flow of EUR 0.8 million and on inventories
of EUR 1.9 million. Increased invoicing increased the amount of
sales receivables. The growth in inventories came mainly from the
growth in inventories in the Top Hammer business. The increase of
account payables and other debts had a positive impact of EUR 0.9
million on the cash flow of the business.
The net cash flow from investing activities for
the third quarter was EUR -1.1 million (0.4). Gross investments in
production during the review period totalled EUR 1.3 million (0.1).
The investments’ share of net sales was 5.1% (0.6). The investments
were mainly directed at the company’s factories in South Korea and
Lempäälä, Finland. The investments are aimed at responding to the
growth of the Top Hammer business. Implementation of growth
investments will continue in the last quarter.
The net cash flow from financing activities for
the third quarter was EUR 0.4 million (-0.2). Net changes in loans
totalled EUR 0.8 million (0.4). The change in bank overdrafts was
EUR 0.0 million (-0.3). The repayment of lease liabilities reported
in net cash flow from financing activities under IFRS 16 totalled
EUR 0.4 million (0.4).
Depreciation, amortisation and write-downs
totalled EUR 1.3 million (1.5). Of this, EUR 0.2 million related to
amortisation of customer relationships and brand value from
business acquisitions.
FINANCIAL POSITION
|
30 September 2021 |
30 September 2020 |
31 December 2020 |
Cash
and cash equivalents, EUR thousand |
8,926 |
13,235 |
14,339 |
Interest-bearing liabilities, EUR thousand |
36,319 |
37,118 |
35,567 |
of
which short-term interest-bearing financial liabilities: |
3,566 |
10,984 |
11,154 |
Net
interest-bearing debt, EUR thousand |
27,393 |
23,883 |
21,228 |
Undrawn credit facility, EUR thousand |
6,000 |
388 |
261 |
Gearing, % |
57.0 % |
52.2
% |
45.2
% |
Equity ratio, % |
44.2 % |
45.1
% |
45.5
% |
The Group had interest-bearing debt amounting to
36.3 million (37.1), of which EUR 5.4 million (5.8) was
interest-bearing debt under IFRS 16. The Group’s liquid assets
totalled EUR 8.9 million (13.2). Interest-bearing net liabilities
were EUR 27.4 million (23.9), and interest-bearing net bank debt
without IFRS 16 debt impact was EUR 22.0 million (18.0).
The Group’s equity at the end of the review
period was EUR 48.1 million (45.8). The Group’s equity ratio was
44.2% (45.1) and its net gearing was 57.0% (52.2).
PERSONNEL AND MANAGEMENT
The number of personnel increased by 7 from the
end of the corresponding period, and at the end of the review
period it was 267 (260). At the end of the review period, 73% of
the company’s personnel were located outside Finland.
The company Management Team at the end of the
review period was comprised of Tommi Lehtonen (CEO), Jaana Rinne
(HR Director) and Arto Halonen (CFO).
FINANCIAL TARGETS
Robit’s long-term target is to achieve organic
net sales growth of 15% annually and comparable EBITDA
profitability of 13%.
|
Long-term target |
2019 |
2020 |
Q1-Q3 2021 |
Net sales growth p.a. |
15
% |
4.6
% |
6.0
% |
9.6 % |
Adjusted EBITDA, % of net sales |
13
% |
3.1
% |
5.6
% |
8.0 % |
RESOLUTIONS OF THE ANNUAL GENERAL MEETING 2021
Robit Plc’s Annual General Meeting on 25 March
2021 adopted the financial statements for 1 January–31 December
2020 and resolved that no dividend would be paid based on the
adopted balance sheet for the financial year 2020.
The General Meeting resolved to discharge the
members of the Board of Directors and the Managing Directors from
liability for the financial year ending 31 December 2020.
The General Meeting decided to approve the
Remuneration Report for Governing Bodies. The decision was
advisory.
The General Meeting resolved that the Board of
Directors consists of six (6) members. Kim Gran, Mammu Kaario,
Mikko Kuitunen, Anne Leskelä, Kalle Reponen and Harri Sjöholm were
re-elected as members of the Board of Directors.
The annual remuneration for the Chairman of the
Board of Directors is EUR 45,000, of which 40% is paid in shares
and the remaining 60% is an advance tax withheld and paid to the
Finnish Tax Administration by the company. There is also a meeting
fee of EUR 500 per meeting. The fee is paid for meetings attended
by the Chairman of the Board. Other costs such as travel and
lodging expenses will also be compensated.
The annual remuneration for the Board members is
EUR 30,000, of which 40% is paid as shares and the remaining 60% is
an advance tax withheld and paid to the Finnish Tax Administration
by the company. There is also a meeting fee of EUR 500 per meeting.
The fee is paid for meetings attended by the member of the Board.
Other costs such as travel and lodging expenses will also be
compensated.
Members of the Working Committee, Personnel
Committee and Audit Committee are paid a financial compensation of
EUR 500 per meeting attended. Other costs such as travel and
lodging expenses will also be compensated.The annual remuneration
of the Chairman of the Board and Board members for the entire term
of office will be paid in December 2021. The part of the
remuneration paid in shares may be paid by issuing new shares in
the company or by acquiring shares by the authorisation given to
the Board of Directors by the General Meeting. The receiver of the
remuneration pays the transfer tax.
Ernst & Young Oy, an audit firm, was
re-elected as the company’s auditor for a term that will continue
until the end of the next Annual General Meeting. Ernst & Young
Oy has notified the company that Authorised Public Accountant Toni
Halonen will serve as the company’s principal responsible
auditor.
The General Meeting resolved to pay the
auditor’s remuneration in accordance with an invoice approved by
the company.
The General Meeting resolved to authorise the
Board of Directors to resolve on the acquisition of a maximum of
2,108,390 treasury shares and/or accepting the same number of the
company’s shares as a pledge, in one or several tranches by using
funds in the unrestricted shareholders’ equity. The maximum total
of shares that will be acquired and/or accepted as a pledge
corresponds to 10% all shares in the company as of the date of the
notice to the General Meeting. However, the company cannot,
together with its subsidiary companies, own or accept as a pledge
altogether more than 10% of its own shares at any point in time.
The company’s shares may be purchased under this authorisation
solely by using unrestricted shareholders’ equity.
The shares will be acquired otherwise than in
proportion to the share ownership of the shareholders via public
trading arranged by Nasdaq Helsinki Ltd at the market price on the
date on which the acquisition is made or otherwise at a price
formed on the market. The authorisation will be used, for example,
for the purposes of implementing the company’s share-based
incentive schemes or for other purposes as decided by the Board of
Directors.
It was resolved that the authorisation revokes
the authorisation granted by the General Meeting on 22 April 2020
to decide on the acquisition of treasury shares.
The authorisation is valid until the closing of
the next Annual General Meeting, however, no longer than until 30
June 2022.
The Annual General Meeting resolved to authorise
the Board of Directors to resolve on a share issue and on the
issuance of special rights entitling to shares as referred to in
Chapter 10, Section 1 of the Finnish Limited Liability Companies
Act, in one or more tranches, either against or without
consideration.
The number of shares to be issued, including
shares to be issued on the basis of special rights, may not exceed
2,108,390, which amounts to 10% of all shares in the company as of
the date of the notice to the Annual General Meeting The Board of
Directors may decide to either issue new shares or to transfer any
treasury shares held by the company.
The authorisation entitles the Board of
Directors to decide on all terms that apply to the share issue and
to the issuance of special rights entitling to shares, including
the right to derogate from the shareholders’ pre-emptive right. The
authorisation will be used, for example, for the purposes of
strengthening the company’s balance sheet and improving its
financial status, implementing the company’s share-based incentive
systems or for other purposes as decided by the Board of
Directors.
The authorisation is valid until the closing of
the next Annual General Meeting, however, no longer than until 30
June 2022. The authorisation will revoke all previously granted,
unused authorisations to decide on a share issue and the issuance
of options or other special rights entitling to shares.
SHARES AND SHARE TURNOVER
On 30 September 2021, the company had 21,179,900
shares and 4,099 shareholders. Trading volume in January–September
was 4,470,406 shares (4,963,639).
The company holds 112,464 treasury shares (0.5% of total
shares). On 30 September 2021, the market value of the company’s
shares was EUR 83.7 million. The closing price of the share was EUR
3.95. The highest price in January–September was EUR 6.46 and the
lowest price EUR 3.65.
RISKS AND BUSINESS UNCERTAINTIES
Robit closely monitors the impact of COVID-19 on
demand in the sector. In general, customer activities have returned
to normal levels. The effects on Robit’s operations are limited and
only affect individual countries or market areas. COVID-19 still
restricts traveling and thus, implementation of some growth
projects related to testing and sales. Robit will continue actions
to protect the health of its personnel and to ensure the continuity
of the company’s operations. At the time of reporting, all of the
company’s factories were operating at planned capacity. No
disruptions in the supply chain have been identified that cannot be
managed, for example, with current inventory levels and supplier
cooperation.
Other uncertainty factors include exchange rate
development, the functioning and commissioning of new information
systems, integration of corporate acquisitions, risks related to
security of supply and logistics, and IPR risks. Fully transferring
the increase in raw material costs to customer prices may pose a
financial risk. Changes in export countries’ tax and customs
legislation may adversely impact the company’s export trade or its
profitability. Risks related to information security and cyber
threats may also have a detrimental effect on Robit’s business.
Potential changes in the business environment may adversely impact
the payment behaviour of the Group’s customers and increase the
risk of litigation, legal claims and disputes related to Robit’s
products and other operations.
CHANGES IN GROUP STRUCTURE
There were no changes in the Group structure during the review
period.
OTHER EVENTS IN JULY–SEPTEMBER 2021
On 10 August 2021, the company published its
half-yearly report for 1 January–30 June 2021.
On 3 September 2021, Robit Plc announced that
the four largest registered shareholders of the company (the
company’s shareholders list maintained by Euroclear Finland Ltd, 1
September 2021) have appointed the following representatives to the
shareholders’ Nomination Committee: Harri Sjöholm (Five Alliance
Oy, Chairman of the Board of Directors), Timo Sallinen (Varma
Mutual Pension Insurance Company, Senior Vice-President,
Investments), Jukka Vähäpesola (Elo Mutual Pension Insurance
Company, Head of Equities) and Tuomas Virtala (OP Corporate Bank
Plc, CEO, Asset Management). The Committee will elect a chairperson
from among its members at its first meeting. The shareholders’
Nomination Committee prepares and presents to the General Meeting
proposals on the remuneration and number of Board members and on
members to be elected for the Board. In addition, the Nomination
Committee prepares and presents to the Board of Directors for
approval the principles concerning the diversity of the Board. The
shareholders’ Nomination Committee is established for an indefinite
period until the General Meeting decides otherwise. The Nomination
Committee elected now submits its proposals to the company’s Board
of Directors no later than 31 January each year before the next
Annual General Meeting. The tasks and composition of the Nomination
Committee are described in more detail on the company’s website at
https://www.robitgroup.com/investor/corporate-governance/nomination-committee/.
EVENTS AFTER THE REVIEW PERIOD
No events after the review period.
Lempäälä, 30 September 2021
ROBIT PLC Board of Directors
For more information, contact:
Tommi Lehtonen, CEO +358 40 724 9143
tommi.lehtonen@robitgroup.com
Arto Halonen, CFO+358 40 028
0717arto.halonen@robitgroup.com
Distribution: Nasdaq Helsinki Ltd Key media
www.robitgroup.com
Robit is a strongly international growth company
servicing global customers and selling drilling consumables for
applications in mining, construction, geotechnical engineering and
well drilling. The company’s offering is divided into three product
and service ranges: Top Hammer, Down the Hole and Geotechnical.
Robit has sales and service points in 8 countries as well as an
active sales network in more than 100 countries. Robit’s
manufacturing units are located in Finland, South Korea, Australia
and the UK. Robit’s shares are listed on Nasdaq Helsinki Ltd.
Further information is available at www.robitgroup.com.
The information presented above includes
statements about future prospects. These relate to events or the
company’s economic development in the future. In some cases, such
statements can be recognised by their use of conditional words
(such as “may”, “expected”, “estimated”, “believed”, “predicted”
and so on) or other similar expressions. Statements such as these
are based on assumptions and factors that Robit’s management have
at their disposal and on current decisions and plans. There is
always risk and uncertainty attached to any statements regarding
future events because they pertain to events and depend on factors
that are not possible to predict with certainty. For this reason,
future results may differ even significantly from figures expressed
or assumed in statements about future prospects. CONDENSED
FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME |
|
|
|
|
|
|
|
|
|
|
|
EUR
thousand |
7–9/2021 |
7–9/2020 |
1–9/2021 |
1–9/2020 |
2020 |
Net sales |
26,359 |
24,194 |
74,469 |
67,940 |
91,631 |
Other operating income |
612 |
858 |
1,414 |
1,530 |
2,524 |
Materials and services* |
-16,847 |
-15,725 |
-48,088 |
-43,191 |
-58,773 |
Employee benefit expense |
-3,980 |
-3,694 |
-12,086 |
-11,616 |
-15,747 |
Depreciation, amortization and
impairment |
-1,333 |
-1,541 |
-4,191 |
-4,558 |
-5,984 |
Other operating expenses* |
-3,640 |
-3,975 |
-9,765 |
-11,598 |
-14,520 |
EBIT
(Operating profit) |
1,171 |
118 |
1,754 |
-1,493 |
-868 |
|
|
|
|
|
|
Finance income and costs |
|
|
|
|
|
Finance income |
80 |
24 |
667 |
358 |
286 |
Finance cost |
-435 |
-902 |
-1,682 |
-2,618 |
-2,936 |
Finance income and costs net |
-356 |
-878 |
-1,015 |
-2,259 |
-2,650 |
|
|
|
|
|
|
Profit
before income tax |
815 |
-760 |
738 |
-3,752 |
-3,518 |
|
|
|
|
|
|
Income taxes |
|
|
|
|
|
Current taxes |
-36 |
-6 |
-73 |
-8 |
-380 |
Change in deferred taxes |
35 |
198 |
373 |
352 |
1,004 |
Income
taxes |
-1 |
192 |
300 |
343 |
624 |
Result for the period |
814 |
-568 |
1,038 |
-3,409 |
-2,894 |
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
Owners of the parent |
741 |
-568 |
867 |
-3,409 |
-2,894 |
Non-controlling interest |
73 |
0 |
171 |
0 |
0 |
|
814 |
-568 |
1,038 |
-3,409 |
-2,894 |
|
|
|
|
|
|
Other comprehensive income |
|
|
|
|
|
Items that may be
reclassified to profit or loss in subsequent periods: |
Cash flow hedges |
-13 |
0 |
-13 |
0 |
0 |
Translation differences |
-648 |
-257 |
-58 |
-2,029 |
-1,088 |
Other comprehensive income, net of
tax |
-662 |
-257 |
-71 |
-2,029 |
-1,088 |
Total comprehensive income |
152 |
-826 |
967 |
-5,438 |
-3,981 |
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
Owners of the parent |
79 |
-826 |
796 |
-5,438 |
-3,981 |
Non-controlling interest |
73 |
0 |
171 |
0 |
0 |
Other comprehensive income |
152 |
-826 |
967 |
-5,438 |
-3,981 |
|
|
|
|
|
|
Earnings per share attributable to
the owners of the parent during the year: |
|
|
|
|
|
Basic and diluted earnings per
share |
0,04 |
-0,03 |
0,04 |
-0,16 |
-0,14 |
*In the summarised income statement, changes in inventories are
presented in Materials and services, and manufacture for own use in
Other operating expenses. **Founded in 2015 by Robit SA, Black
Employees Empowerment Trust owns 26% of the shares of Robit SA.***
The Group has internal loans that are treated as net investments in
foreign entities in accordance with IAS 21 The Effects of Changes
in Foreign Exchange Rates.
CONSOLIDATED STATEMENT OF FINANCIAL
POSITION |
|
|
|
EUR
thousand |
30.9.2021 |
30.9.2020 |
31.12.2020 |
ASSETS |
|
|
|
Non-current assets |
|
|
|
Goodwill |
5,360 |
5,060 |
5,134 |
Other intangible assets |
2,945 |
4,096 |
3,809 |
Property, plant and equipment |
24,007 |
24,109 |
24,641 |
Loan receivables |
295 |
127 |
386 |
Other receivables |
3 |
235 |
3 |
Deferred tax assets |
1,755 |
1,230 |
1,528 |
Total
non-current assets |
34,366 |
34,857 |
35,500 |
|
|
|
|
Current assets |
|
|
|
Inventories |
41,689 |
32,886 |
34,857 |
Account and other receivables |
24,457 |
21,508 |
18,621 |
Loan receivables |
93 |
123 |
125 |
Income tax receivable |
40 |
81 |
81 |
Cash and cash equivalents |
8,926 |
13,235 |
14,339 |
Total current asset |
75,205 |
67,832 |
68,023 |
Total assets |
109,569 |
102,689 |
103,523 |
|
|
|
|
EQUITY AND LIABILITIES |
|
|
|
Equity attributable to owners of the
parent |
|
|
|
Share capital |
705 |
705 |
705 |
Share premium |
202 |
202 |
202 |
Reserve for invested unrestricted
equity |
82,570 |
82,452 |
82,570 |
Cumulative translation difference |
-2,856 |
-3,739 |
-2,798 |
Fair value reserve |
-13 |
0 |
0 |
Retained earnings |
-33,795 |
-30,432 |
-30,796 |
Profit for the year |
867 |
-3,409 |
-2,894 |
Equity holders of the parent
company |
47,680 |
45,779 |
46,989 |
Non-controlling interests |
415 |
0 |
0 |
Total equity |
48,096 |
45,779 |
46,989 |
|
|
|
|
Liabilities |
|
|
|
Non-current liabilities |
|
|
|
Borrowings |
28,879 |
21,564 |
19,247 |
Lease liabilities |
3,874 |
4,571 |
5,166 |
Deferred tax liabilities |
641 |
1,052 |
798 |
Employee benefit obligations |
677 |
592 |
628 |
Total
non-current liabilities |
34,088 |
27,779 |
25,838 |
|
|
|
|
Current liabilities |
|
|
|
Borrowings |
2,002 |
9,714 |
9,941 |
Lease liabilities |
1,563 |
1,270 |
1,213 |
Advances received |
663 |
1,169 |
130 |
Income tax liabilities |
37 |
12 |
283 |
Account payables and other
liabilities |
23,002 |
16,884 |
19,029 |
Other provisions |
117 |
83 |
100 |
Total
current liabilities |
27,385 |
29,131 |
30,696 |
Total liabilities |
61,473 |
56,910 |
56,534 |
|
|
|
|
Total equity and liabilities |
109,569 |
102,689 |
103,523 |
* Founded in 2015 by Robit SA, Black Employees Empowerment Trust
owns 26% of the shares of Robit SA.
CONSOLIDATED CASH FLOW STATEMENT |
|
|
|
|
|
EUR
thousand |
7-9/2021 |
7-9/2020 |
1-9/2021 |
1-9/2020 |
2020 |
Cash flows from operating
activities |
|
|
|
|
|
Profit before tax |
815 |
-390 |
738 |
-3,752 |
-3,518 |
Adjustments: |
|
|
|
|
|
Depreciation, amortisation and
impairment |
1,333 |
1,541 |
4,191 |
4,558 |
5,984 |
Finance income and costs |
356 |
-6 |
1,015 |
2,229 |
2,650 |
Share-based payments to employees |
21 |
48 |
-140 |
132 |
182 |
Loss (+)/Gain (-) on sale of property,
plant and equipment |
-167 |
30 |
-168 |
22 |
158 |
Other
non-cash transactions |
153 |
699 |
483 |
1,589 |
1,704 |
Cash flows before changes in working
capital |
2,510 |
1,921 |
6,119 |
4,777 |
7,160 |
|
|
|
|
|
|
Change in working capital |
|
|
|
|
|
Increase (-) in account and other
receivables |
-787 |
-2,369 |
-6,041 |
-5,318 |
1 |
Increase (-)/decrease (+) in
inventories |
-1,929 |
-725 |
-6,733 |
-2,835 |
-5,000 |
Increase (+) in account and other
payables |
930 |
1,932 |
4,109 |
4,530 |
3,395 |
Cash flows from operating activities
before financial items and taxes |
722 |
759 |
-2,549 |
1,154 |
5,555 |
|
|
|
|
|
|
Interest and other finance expenses
paid |
-355 |
-220 |
-894 |
-768 |
-1,083 |
Interest and other finance income
received |
-42 |
3 |
15 |
17 |
28 |
Income taxes paid |
35 |
12 |
-296 |
-247 |
-238 |
Net cash inflow (outflow) from operating activities |
359 |
554 |
-3,724 |
156 |
4,263 |
|
|
|
|
|
|
Cash flows from investing
activities |
|
|
|
|
|
Purchases of property, plant and
equipment |
-1,311 |
-130 |
-2,627 |
-328 |
-1,204 |
Purchases of intangible assets |
-23 |
-3 |
-92 |
-7 |
-77 |
Proceeds from the sale of property,
plant and equipment |
187 |
32 |
224 |
86 |
103 |
Proceeds from loan receivables |
2 |
496 |
64 |
67 |
6 |
Net cash inflow (outflow) from investing activities |
-1,144 |
395 |
-2,431 |
-182 |
-1,173 |
|
|
|
|
|
|
Cash flows from financing
activities |
|
|
|
|
|
Equity issue |
0 |
0 |
0 |
79 |
79 |
Changes in non-current loans |
782 |
437 |
5,731 |
124 |
-1,751 |
Change in bank overdrafts |
0 |
-293 |
-3,739 |
-307 |
-179 |
Payment of leasing liabilities |
-374 |
-351 |
-1,291 |
-1,338 |
-1,774 |
Net cash inflow (outflow) from financing activities |
408 |
-207 |
701 |
-1,442 |
-3,626 |
|
|
|
|
|
|
Net increase (+)/decrease (-) in
cash and cash equivalents |
-376 |
741 |
-5,455 |
-1,468 |
-536 |
Cash and cash equivalents at the
beginning of the financial year |
9,372 |
12,689 |
14,339 |
15,248 |
15,248 |
Exchange gains/losses on cash and cash
equivalents |
-70 |
-197 |
41 |
-544 |
-370 |
Cash and cash equivalents at end of the year |
8,926 |
13,235 |
8,926 |
13,235 |
14,339 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
|
|
|
|
|
A = Share
capital |
|
|
|
|
|
|
|
|
|
B = Share
premium |
|
|
|
|
|
|
|
|
|
C
= Reserve for invested unrestricted equity |
|
|
|
|
|
|
|
|
D = Cumulative
translation difference |
|
|
|
|
|
|
|
|
|
E = Fair value
reserve |
|
|
|
|
|
|
|
|
|
F = Retained
earnings |
|
|
|
|
|
|
|
|
|
G =
Equity attributable to parent company shareholders |
|
|
|
|
|
|
|
H =
Non-controlling interests |
|
|
|
|
|
|
|
I = Capital and reserves in total |
|
|
|
|
|
|
|
|
|
EUR thousand |
A |
B |
C |
D |
E |
F |
G |
H |
I |
Equity at 31 December 2019 |
705 |
202 |
82,268 |
-1,710 |
|
-30,744 |
|
|
50,721 |
Other changes |
|
|
|
|
|
191 |
|
|
191 |
Equity at 1 January 2020 |
705 |
202 |
82,268 |
-1,710 |
|
-30,553 |
|
|
50,912 |
Profit for the period |
|
|
|
|
|
-3,409 |
|
|
-3,409 |
Other comprehensive income |
|
|
|
|
|
|
|
|
|
Translation differences |
|
|
|
-2,029 |
|
|
|
|
-2,029 |
Total comprehensive changes |
0 |
0 |
0 |
-2,029 |
|
-3,409 |
|
|
-5,438 |
Share issue |
|
|
183 |
|
|
|
|
|
183 |
Share-based payments to employees |
|
|
|
|
|
122 |
|
|
122 |
Total transactions with owners, recognized directly in
equity |
0 |
0 |
183 |
0 |
|
122 |
|
|
305 |
|
|
|
|
|
|
|
|
|
|
Equity at 30 September 2020 |
705 |
202 |
82,452 |
-3,739 |
|
-33,840 |
|
|
45,779 |
|
|
|
|
|
|
|
|
|
|
EUR thousand |
A |
B |
C |
D |
E |
F |
G |
H |
I |
Equity at 1 January 2020 |
705 |
202 |
82,570 |
-2,798 |
0 |
-33,690 |
|
|
46,989 |
Profit for the period |
|
|
|
|
|
|
867 |
171 |
1,038 |
Other comprehensive income |
|
|
|
|
|
|
|
|
|
Cash flow hedges |
|
|
|
|
-13 |
|
|
|
-13 |
Translation differences |
|
|
|
-58 |
|
|
|
5 |
-53 |
Total comprehensive changes |
0 |
0 |
0 |
-58 |
-13 |
867 |
|
176 |
972 |
Share-based payments to employees |
|
|
|
|
|
-105 |
|
|
-105 |
Change in non-controlling
interests |
|
|
|
|
|
|
|
240 |
240 |
Total transactions with owners, recognized directly in
equity |
|
|
|
|
|
-105 |
|
240 |
135 |
|
|
|
|
|
|
|
|
|
|
Equity at 30 September 2021 |
705 |
202 |
82,570 |
-2,856 |
-13 |
-33,795 |
867 |
415 |
48,096 |
NOTES
Contents
- Scope and principles of the interim report
- Key figures and calculation
- Breakdown of net sales
- Financing arrangements
- Changes to property, plant and equipment
- Given guarantees
- Business acquisitions
- Derivatives
1. SCOPE AND PRINCIPLES OF THE INTERIM REPORT
This interim report has been prepared in
accordance with the IAS 34 standard for interim financial reporting
and using the same principles as for the annual financial
statements. The interim report has not been audited.
All figures in the summarised financial
statement have been rounded to the nearest figure; therefore, the
sum of reported figures may not exactly match those presented.
2.1 KEY FIGURES
Consolidated key figures |
Q3 2021 |
Q3 2020 |
Q1–Q3 2021 |
Q1–Q3 2020 |
2020 |
Net
sales, EUR 1,000 |
26,359 |
24,194 |
74,469 |
67,940 |
91,631 |
EBIT,
EUR 1000 |
1,171 |
118 |
1,754 |
-1,493 |
-868 |
EBIT, %
of net sales |
4.4 % |
0.5
% |
2.4 % |
-2.2 % |
-0.9
% |
Earnings per share (EPS), EUR |
0.04 |
-0.03 |
0.04 |
-0.16 |
-0.14 |
Return
on equity (ROE), % |
|
|
2.5 % |
-9.2 % |
-5.9
% |
Return
on capital employed (ROCE), % |
|
|
2.7 % |
-7.4 % |
-2.6
% |
Equity
ratio, % |
|
|
44.2 % |
45.1 % |
45.5
% |
Net
gearing, % |
|
|
57.0 % |
52.2 % |
45.2
% |
Gross
investments, EUR 1,000 |
1,333 |
133 |
2,720 |
335 |
1,281 |
Gross
investments, % of net sales |
5.1 % |
0.6
% |
3.7 % |
0.5 % |
1.4
% |
Number
of shares (outstanding shares) |
|
|
21,067,436 |
21,027,107 |
21,058,936 |
Treasury shares (owned by the Group) |
|
|
112,464 |
152,793 |
120,964 |
Percentage of total shares |
|
|
0.53 % |
0.72 % |
0.57
% |
2.2 CONSOLIDATING ALTERNATIVE KEY FIGURES
Robit presents alternative key figures to
supplement the key figures given in the Group’s income statements,
balance sheets and cash flow statements that have been drawn up
according to IFRS standards. Robit considers that the alternative
figures give significant extra insight into the result of Robit’s
operations, its financial position and cash flows. These figures
are often used by analysts, investors and other parties.
Alternative key figures should not be studied
apart from the key figures according to IFRS or instead of them.
Not all companies calculate their alternative key figures in the
same way, so Robit’s alternative figures may not be directly
comparable to those presented by other companies, even if they
carry the same headings.
Adjusted EBITDA and EBITA |
|
|
|
|
|
EUR
thousand |
7–9/2021 |
7–9/2020 |
1–9/2021 |
1–9/2020 |
2020 |
EBIT (Operating profit) |
1,171 |
118 |
1,754 |
-1,493 |
-868 |
Depreciation, amortisation and
impairment |
1,333 |
1,541 |
4,191 |
4,558 |
5,984 |
EBITDA |
2,504 |
1,658 |
5,945 |
3,064 |
5,116 |
|
|
|
|
|
|
EBIT (Operating profit) |
1,171 |
118 |
1,754 |
-1,493 |
-868 |
Amortisation of acquisitions |
212 |
-208 |
-643 |
-613 |
820 |
EBITA |
1,382 |
324 |
2,397 |
-880 |
-48 |
|
|
|
|
|
|
2.3 CALCULATION OF KEY FIGURES
EBITDA: |
EBIT
+ Depreciation, amortisation and impairment |
|
EBITA |
EBIT
+ Amortisation of customer relationships |
|
Net working capital |
Inventory + Accounts receivables and other receivables – Accounts
payables and other liabilities |
|
Earnings per
share (EPS), EUR |
|
Profit (loss) for the financial year |
|
Amount of shares
adjusted with the share issue (average during the financial
year) |
|
|
Return on equity (ROE), % |
Profit (loss) for the financial year |
x
100 |
Equity (average
during the financial year) |
|
Return on capital employed (ROCE),% |
Profit before appropriations and taxes + Interest expenses and
other financing expenses |
x
100 |
Equity (average
during the financial year) + Interest-bearing financial liabilities
(long-term and short-term loans from financial institutions,
average during the financial year) |
|
Net interest-bearing financial liabilities |
Long-term and
short-term loans from financial institutions – Cash and cash
equivalents – Short-term financial securities |
|
|
Equity ratio, % |
Equity |
x
100 |
Balance sheet
total – Advances received |
|
Gearing, % |
Net interest-bearing financial liabilities |
x
100 |
Equity |
3. BREAKDOWN OF NET SALES
Entries are recorded according to IFRS 15 in the same way for
each business unit and market area.
NET
SALES |
|
|
|
|
|
|
|
Net sales by
product area |
EUR
thousand |
7–9/2021 |
7–9/2020 |
Change % |
1–9/2021 |
1–9/2020 |
Change % |
2020 |
Top Hammer |
14,077 |
12,235 |
15.1
% |
40,377 |
35,065 |
15.1
% |
46,348 |
Down
the Hole |
12,282 |
11,959 |
2.7 % |
34,092 |
32,876 |
3.7 % |
45,283 |
Total |
26,359 |
24,194 |
8.9
% |
74,469 |
67,940 |
9.6
% |
91,631 |
|
|
|
|
|
|
|
|
Net sales by
market area |
|
|
|
|
|
|
EUR
thousand |
7–9/2021 |
7–9/2020 |
Change % |
1–9/2021 |
1–9/2020 |
Change % |
2020 |
EMEA |
11,446 |
10,982 |
4.2
% |
34,022 |
30,739 |
10.7
% |
40,028 |
Americas |
5,948 |
3,389 |
75.5
% |
14,222 |
10,008 |
42.1
% |
14,008 |
Asia |
2,627 |
2,605 |
0.9
% |
7,644 |
8,608 |
-11.2
% |
11,397 |
Australasia |
3,560 |
3,712 |
-4.1
% |
10,352 |
10,135 |
2.1
% |
13,654 |
East |
2,779 |
3,507 |
-20.8 % |
8,230 |
8,450 |
-2.6 % |
12,544 |
Total |
26,359 |
24,194 |
8.9
% |
74,469 |
67,940 |
9.6
% |
91,631 |
4. FINANCING ARRANGEMENTS
The company’s cash and cash equivalents were EUR
8.9 million on 30 September 2021, and thus the company is able to
take care of its debt servicing and liquidity. In addition, the
company has EUR 3.5 million undrawn of the financing agreement of
EUR 30.0 million signed on 8 June 2021.
The parent company’s covenants are based on the
company’s net debt/EBITDA ratio and the company’s equity ratio. The
covenants are tested on a quarterly basis.
BORROWINGS |
|
|
|
EUR
thousand |
30 Sept 2021 |
30 Sept 2020 |
31 Dec 2020 |
Non-current borrowings |
|
|
|
Loans from credit institutions |
28,848 |
20,760 |
19,060 |
Other loans |
12 |
584 |
41 |
Lease liabilities |
3,893 |
4,791 |
5,312 |
Total
non-current borrowings |
32,753 |
26,135 |
24,413 |
|
|
|
|
Current borrowings |
|
|
|
Loans from credit institutions |
1,780 |
5,870 |
5,850 |
Other loans |
0 |
0 |
86 |
Bank overdrafts |
0 |
3,612 |
3,739 |
Lease liabilities |
1,786 |
1,502 |
1,479 |
Total
current borrowings |
3,566 |
10,983 |
11,154 |
|
|
|
|
Total
borrowings |
36,319 |
37,118 |
35,567 |
5. CHANGES TO
PROPERTY, PLANT AND EQUIPMENT |
EUR
thousand |
30 Sept 2021 |
30 Sept 2020 |
31 Dec 2020 |
Cost at the beginning of period |
47,323 |
45,952 |
45,952 |
Other changes* |
|
|
-1,376 |
Additions |
2,694 |
1,756 |
4,230 |
Disposals |
-137 |
-485 |
-496 |
Reclassification |
37 |
0 |
0 |
Exchange differences |
-188 |
-1,769 |
-1,007 |
Cost at
the end of period |
49,729 |
45,454 |
47,323 |
|
|
|
|
Accumulated depreciation and impairment
at the beginning of period |
-22,682 |
-19,193 |
-19,193 |
Other changes* |
0 |
0 |
349 |
Depreciation |
-3,169 |
-3,392 |
-4,385 |
Disposals |
81 |
223 |
235 |
Reclassification |
0 |
330 |
0 |
Exchange differences |
49 |
667 |
311 |
Accumulated depreciation and impairment
at the end of period |
-25,721 |
-21,345 |
-22,682 |
Net
book amount at the beginning of period |
24,642 |
26,759 |
26,759 |
Net
book amount at the end of period |
24,008 |
24,110 |
24,642 |
|
|
|
|
*Other changes include corrections to IFRS 16 calculations for
2020.
6.
GIVEN GUARANTEES |
|
|
|
EUR
thousand |
30 Sept 2021 |
30 Sept 2020 |
31 Dec 2020 |
Guarantees and mortgages given on own
behalf |
47,684 |
43,868 |
45,119 |
Other
guarantee liabilities |
1,085 |
83 |
94 |
Total |
48,769 |
43,951 |
45,213 |
7. ACQUISITIONS
There were no changes in the Group structure during the review
period.
8. DERIVATIVES
The company hedges the most significant net currency positions
that can be predicted in terms of time, volume and interest rate
risk.
There were no open currency derivatives at the end of the review
period.
On 8 June, the company entered into a financing
agreement of EUR 30.0 million and, in connection with this, an
interest rate swap of EUR 10.0 million with an interest rate cap in
order to hedge part of its exposure to fluctuating interest rates.
The company applies hedge accounting in accordance with IFRS 9.
Hedge accounting is used to eliminate the accounting difference
between the hedging instrument and the hedged item. This
effectively leads to the recording of interest expenses on a hedged
floating rate loan at a fixed rate.
The company’s main interest rate risk arises
from long-term borrowings with variable rates, which exposes the
group to cash flow interest rate risk. Group policy is to use
interest rate swaps from floating to fixed interest rate when
necessary.
The group has the following derivative financial
instruments in the following line items in the balance sheet:
Interest
rate derivatives |
|
|
|
EUR thousand |
30 Sept 2021 |
30 Sept 2020 |
30 Dec 2020 |
Interest rate
swaps |
|
|
|
Notional
amount |
|
10 000 |
- |
Fair value |
|
-17 |
- |
- Robit Plc - Interim Report - January-September 2021
Robit (LSE:0RPG)
Gráfica de Acción Histórica
De Feb 2024 a Mar 2024
Robit (LSE:0RPG)
Gráfica de Acción Histórica
De Mar 2023 a Mar 2024