Interim report - Q2 2021/22 - Half year
June 17 2022 - 5:18AM
Interim report - Q2 2021/22 - Half year
Roblon reports better-than-expected
revenue and earnings for the first half of
2021/22 and adjusts expectations for the
full-yearInterim report – H1 2021/22 (the period 1
November 2021 – 30 April 2022)
Highlights of the interim report of the Roblon
Group:As expected, the Group was adversely impacted by
COVID-19 in the first half of 2021/22, facing logistics challenges,
supply shortages of raw materials and other market impacts. Despite
these challenges, the Group’s reported revenue and earnings for the
first half of 2021/22 exceeded the guidance for the period. This
positive development can be attributed to the Composite product
group and to the European part of the FOC product group, while the
US subsidiary did not perform as expected.
As described in company announcement no. 1/2022, the Group
acquired the Czech company Vamafil spol. s.r.o at 3 January 2022,
and in this connection increased its long-term credit facilities by
DKKm 75 to support the acquisition of Vamafil and the Group’s
growth strategy.
- In H1 2021/22, the order intake rose to DKKm 207.1 (DKKm 150.4)
and the order book at 30 April 2022 was DKKm 103.4 (DKKm
73.1).
- Revenue amounted to DKKm 178.1 (DKKm 103.0). Both product
groups, but particularly FOC, recorded improvements compared with
the year-earlier period.
- The gross margin of 49.9% (44.8%) 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 12.6 (a loss of DKKm
18.6).
- EBIT before special items was a loss of DKKm 0.5 (a loss of
DKKm 28.2).
- Special items relating to the acquisition of Vamafil in the
Czech Republic amounted to a net expense of DKKm 3.6 (DKKm 0).
- Roblon’s equity at 30 April 2022 stood at DKKm 219.9 (DKKm
216.4).
- Cash flow from operations for H1 2021/22 was a net outflow of
DKKm 18.6 (an outflow of DKKm 22.0), adversely affected by an
increase of approximately DKKm 30 in working capital. The increase
mainly related to the higher level of activity, increasing raw
materials prices, the business acquisition and larger inventories
of critical raw materials.
Guidance for full year 2021/22The guidance is
still subject to uncertainty due to the adverse impacts 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 first half of 2021/22, Management adjusts the
full-year guidance for 2021/22 as follows:
- revenue in the DKKm 360-390 range against earlier mDKK 330 to
370 (2020/21: DKKm 249.9);
- operating profit before depreciation, amortisation and
impairment and special items (EBITDA) in the range of DKKm 17-27
against earlier DKKm 8 to 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 against earlier 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 amounting to an
expense of around DKKm 8 (2020/21: DKKm 0)
Head office building put up for saleIn early
2020, the Group decided to put its head office 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.
Frederikshavn, 17 June 2022Roblon 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 Annoucement no 9 - 2022
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