RTX A/S : CA No 05-2021 - 280121 - Interim Report Q1 2020-21

Peter Røpke, CEO

INTERIM REPORT FOR Q1 2020/21	ANNOUNCEMENT
(the period 01.10.2020 - 31.12.2020)	to Nasdaq Copenhagen A/S and the media
Nørresundby, 28 January 2021
	Announcement no. 05/2021
	No. of pages: 14

RTX Q1 CHALLENGED BY COVID-19

"As expected and communicated in the outlook for the year, our first quarter of 2020/21 has been challenged on the demand side. Our customers have placed low orders due to COVID-19, and this has caused revenues to decline by 52% compared to the record Q1 of last year. COVID-19 impacts the ability of customers in the Enterprise segment to access the sites of their customers for installation of communication systems, and it impacts part of the ProAudio segment due to the lockdown of live events. Therefore, customer inventory replenishment, and therefore their orders to RTX, has been at a low level in Q1. However, our customers continue their product development activities with us, and we continue to see our business model as fundamentally strong. During Q2 and Q3 of this financial year we will launch the first products to the two newest major framework agreements announced at the end of 2018/19 - one framework agreement in the Enterprise segment and one in the ProAudio segment."

HIGHLIGHTS Q1 2020/21 FOR THE RTX GROUP

• Net revenue decreased by 52.2% to DKK 61.3 million in Q1 2020/21 (Q1 2019/20: DKK 128.3 million). A significant decrease in Q1 was expected and communicated in the outlook for 2020/21 as part of the 2019/20 Annual Report. The decrease
  is driven by COVID-19 affecting customer orders in the Enterprise and ProAudio segments and by FX effects due to the weakening of the US dollar compared to last year.
• • Enterprise segment: Revenue decreased 60.4% to DKK 35.5 million. The decrease is seen in most parts (customers, product groups) of the Enterprise segment. Customer orders in the quarter have been low as customers' replenish- ment of their inventories have been very cautious due to COVID-19 affecting customers' access to end customer sites for installation of communication systems.
  • ProAudio segment: Revenue decreased by 42.8% to DKK 19.1 million. Recurring revenue from product sales and royalties in the segment is on the same level as last year with underlying growth from the strategy to focus on producti- zation, however, the growth is weakened by COVID-19 impacting some customers in the segment. Therefore, recurring revenue development cannot compensate for declining revenue from engineering services compared to last year.
  • Healthcare segment: Revenue increased by 22.6% to DKK 6.8 million. Revenue growth is driven by the conversion into deliveries of a full ODM product instead of purely modules for part of the deliveries.

FX corrected revenue development amounted to a decrease of 48.3% as revenue compared to last year was negatively affected by the weakening of the US dollar.

REVENUE PER QUARTER

Million DKK

200
160
120
80
40
0
Q1	Q2	Q3	Q4

EBITDA PER QUARTER

Million DKK

40
30
20
10
0
-10
-20
Q1	Q2	Q3	Q4

EBIT PER QUARTER

Million DKK

40
20
0
-20
-40
Q1	Q2	Q3	Q4
2019/20	2020/21

RTX A/S, Strømmen 6, DK-9400 Nørresundby, Denmark |Tel [phone] |Fax [phone] |VAT DK 17 00 21 47 |Web www.rtx.dk |E-mail [e-mail]

• Gross profit decreased by 59.7% to DKK 30.5 million in Q1 2020/21 (Q1 2019/20: DKK 75.5 million). The gross margin decreased to
  49.7% (Q1 2019/20: 58.9%) primarily impacted by the revenue mix with a significantly lower share of revenues from engineering servic- es and secondarily by the specific product mix.
• Operating performance was impacted by the significantly lower revenue with EBITDA of DKK -18.8 million in Q1 2020/21 (Q1 2019/20: DKK 21.4 million) and EBIT of DKK -25.3 million in Q1 2020/21 (Q1 2019/20: DKK 16.3 million). EBITDA and EBIT were both aided by lower capacity costs compared to last year as the cautious management of the cost base continued considering the global uncertainty caused by the COVID-19 pandemic.
• Cash flows from operating activities (CFFO) increased to DKK 30.7 million in Q1 2020/21 compared to DKK 6.5 million in Q1 2019/20 primarily driven by working capital developments with lower receivables at the end of the quarter.

OUTLOOK FOR 2020/21 MAINTAINED

• As stated in the annual report for 2019/20 regarding the outlook for 2020/21, due to the COVID-19 pandemic uncertainty regarding actual developments in 2020/21 is higher than in recent years. After Q1 2020/21 and with the continued global impact of COVID-19 the uncertainty regarding the outlook remains high. With the current knowledge and visibility RTX maintains the expectations for revenue between DKK 545-600 million. EBITDA between DKK 95-120 million and EBIT between DKK 63-90 million for the financial year 2020/21. As also stated in the annual report for 2019/20, it is expected that the revenue and earnings distribution over 2020/21 will be signifi- cantly backloaded towards the second half of the year. The outlook assumes that the impact of COVID-19 on global markets will grad- ually decrease over the financial year and thus that any extensive lockdowns affecting major European and North American markets cease during Q2 of 2020/21. Also, the outlook is based on continued stable supply chains and global flows of goods (see below).
• Supply chains are challenged by a global scarcity of certain components driven by higher global demand for consumer electronics. In addition to the impact from COVID-19, the technology trade disagreements especially between USA and China has an adverse effect on global supply chains for electronics. Specifically, it creates a temporary global scarcity for semiconductors as manufacturers of sem- iconductors reconfigure their supply chains. This is causing increasing lead times and is expected to especially impact Q2 of 2020/21 and to likely cause postponements of deliveries especially from Q2 to Q3 in 2020/21 and to a lesser degree from Q3 to Q4 2020/21. Thus, the component scarcity also creates higher than usual uncertainty regarding 2020/21.

NEW SHARE BUY-BACK PROGRAMME ONGOING AS ANNOUNCED

• In line with the updated policy on capital structure communicated in the annual report for 2019/20 and as announced in company announcement 38/2020, RTX has initiated a new share buy-back programme for an amount up to DKK 50 million. The programme is being executed during the period 25 November 2020 to 30 September 2021 and is thus ongoing.

RTX A/S
PETER THOSTRUP	PETER RØPKE
Chairman	President and CEO

ENQUIRIES AND FURTHER INFORMATION: CEO, Peter Røpke, tel [phone]

CFO, Morten Axel Petersen, tel [phone]

APPENDICES

Interim report for Q1 2020/21 for the Group comprising:

• Group financial highlights and key ratios
• Management report
• Management's statement
• Income statement
• Statement of comprehensive income
• Balance sheet
• Equity statement
• Cash flow statement
• Notes

INVESTOR AND ANALYST MEETING

On Friday, 29 January 2021 at 9.00 am, RTX will hold a conference call for investors and analysts hosted by Danske Bank.

In this conference call, the Company's management will comment on the interim report for the first quarter of 2020/21.

To register for the conference call, please email [e-mail].

RTX interim report for Q1 2020/21 | 2

Group Financial Highlights and Key Ratios

(non-audited)

	Q1	Q1	FY
Amounts in DKK million	2020/21	2019/20	2019/20
INCOME STATEMENT ITEMS
Revenue	61.3	128.3	555.9
Gross profit	30.5	75.5	309.3
EBITDA	-18.8	21.4	108.2
EBITDA %	-30.6%	16.7%	19.5%
Operating profit/loss (EBIT)	-25.3	16.3	83.6
Net financials	-2.0	-2.8	-3.4
Profit/loss before tax	-27.3	13.5	80.2
Profit/loss for the period	-21.4	10.6	63.1
BALANCE SHEET ITEMS
Cash and current asset investments	207.0	208.3	194.8
Total assets	470.4	483.9	533.6
Equity	323.2	344.8	352.2
Liabilities	147.1	139.1	181.4
OTHER KEY FIGURES
Development cost financed by RTX before capitalization	13.3	12.3	43.8
Capitalized development costs	8.1	6.9	28.7
Depreciation, amortization and impairment	6.6	5.1	24.6
Cash flow from operations	30.7	6.5	70.6
Cash flow from investments	-9.1	-9.7	-37.1
Investments in property, plant and equipment	1.6	2.7	7.9
Increase/decrease in cash and cash equivalents	13.2	-17.2	-33.7

	Q1	Q1	FY
Amounts in DKK million	2020/21	2019/20	2019/20
KEY RATIOS
Growth in net turnover (percentage)	-52.2	10.2	-0.8
Profit margin (percentage)	-41.3	12.7	15.0
Return on invested capital (percentage) 1)	30.9	70.6	54.1
Return on equity (percentage) 1)	9.3	22.6	18.1
Equity ratio (percentage)	68.7	71.2	66.0
EMPLOYMENT
Average number of full-time employees	292	291	292
Average number of FTE employed directly	263	264	264
Revenue per employee (DKK '000) 2)	210	441	1,904
Operating profit per employee (DKK '000) 2)	-87	56	286
SHARES
Average number of shares
in circulation ('000)	8.333	8,430	8,376
Average number of diluted shares ('000)	8.455	8,507	8,503
SHARE DATA. DKK PER SHARE AT DKK 5
Profit/loss for the period (EPS), per share 2)	-2.6	1.3	7.5
Profit/loss for the period, diluted (DEPS), per share 2)	-2.5	1.2	7.4
Dividends, per share (DKK)	-	-	2.5
Equity value, per share	38.9	41.0	42.2
Listed price, per share	235.0	183.0	216.0

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 2019/20 in the accounting policies.

1. Calculated over a 12 months' period.
2. Not annualized.

RTX interim report for Q1 2020/21 | 3

Management Report

The Board of Directors of RTX A/S has today considered and adopted the Group's interim report for the first quarter (covering the period 1 October 2020 to 31 December 2020). Comments on developments for the first quarter (Q1) of the 2020/21 financial year follow below.

NEW SEGMENT REPORTING STRUCTURE

As announced in the annual report for 2019/20, RTX has during Q1 developed its organizational structure with the new structure in place from 1 December 2020. To support the execution of the Group's strategy, and as RTX now has a uniform business model across its target segments, RTX has moved from the previous two business units - Business Communications and Design Services - into one joint organization still focusing on the three target market seg- ments: Enterprise, ProAudio and Healthcare. Therefore, the segment reporting has also been changed from Business Communications and Design Services to the three market segments: Enterprise, ProAudio and Healthcare. For further information also refer to note 3 of this report.

CHALLENGING DEMAND SIDE IN Q1 DUE TO COVID-19

The RTX Group realized revenue of DKK 61.3 million in

Q1 2020/21 - a decrease of 52.2% (Q1 2019/20: DKK 128.3 million). Corrected for exchange rate effects the decrease equals 48.3% compared to last year due to the weakening of the USD relative to Q1 last year.

Revenues in the Enterprise segment decreased by 60.4% to DKK 35.5 million in Q1 2020/21 (Q1 2019/20: DKK 89.5 million). Corrected for exchange rates effects the decrease

was 57.0%. The decrease is seen in most parts (customers, product groups) of the Enterprise segment. Customer orders in the quarter have been low as customers' replenishment of their inventories have been very cautious due to COVID-19 affecting customers' access to end customer sites for installation of communication systems.

During the quarter, RTX continued the development activities within the Enterprise segment for renewal of product ranges under renewed large older framework agreements. Further, development activities related to the newest framework agreement (announced at the end of 2018/19) continued. Deliveries of first products under this new framework agreement is expected to start during Q2/Q3 of the current financial year. Finally, development of own financed product ranges - including for instance wireless headsets models and cloud-based deployment and administration tools for our Enterprise suite of products - continued in the quarter.

ProAudio segment revenues declined by 42.8% to DKK 19.1 million in Q1 2020/21 (Q1 2019/20: DKK 33.3 million). Corrected for exchange rate effects the decrease equals 38.4%. Recurring revenue from product sales and royalties in the segment is on the same level as last year with underlying growth from the strategy to focus on productization and recurring revenues, however, the growth is weakened by COVID-19 impacting some customers in the segment. Revenues from engineering services (hourly-based engineering) decreased significantly compared to last year as the focus in the segment is and has been shifting from providing engineering services to becoming a product solution provider to our customers.

During the quarter, development activities continued under the larger framework agreement announced at the end of 2018/19 regarding product development for a large inter-

FINANCIAL DEVELOPMENT

	Q1	Q1	Change
DKK million	20/21	19/20	(%)
Group revenue	61.3	128.3	-52.2%
Enterprise revenue	35.5	89.5	-60.4%
ProAudio revenue	19.1	33.3	-42.8%
Healthcare revenue	6.8	5.5	22.6%
EBITDA	-18.8	21.4	-187,6%
EBIT	-25.3	16.3	-255.3%
CFFO1)	30.7	6.5	375.0%

1)Cash flow from operations

RTX interim report for Q1 2020/21 | 4

national player in the ProAudio segment based on RTX's conference platform. First deliveries of products under the agreement are expected for Q2/Q3 2020/21. As the first major ODM framework agreement in the ProAudio seg- ment, this is an important stepping stone in the productization strategy in ProAudio. Internal development activities related to the various product platforms for Intercom, Mics

• Stage as well as Conference solutions in the ProAudio segment also continued during the quarter.

Revenues in the Healthcare segment increased by 22.6% to DKK 6.8 million in Q1 2020/21 (Q1 2019/20: DKK 5.5 mil- lion). Corrected for exchange rate effects the increase was 32.5%. Revenue growth is driven by the conversion into deliveries of a full ODM product instead of purely modules for part of the deliveries. RTX deliveries of this first full ODM product was initiated in Q3 of last year and has increased during Q4 of 2019/20 and Q1 of this year. Conversely, the strong volume growth for patient monitoring devices seen in the last half of 2019/20 due to the COVID-19 pandemic has levelled off somewhat in Q1 2020/21 as equipment ramp-up at hospitals etc. has levelled off.

COSTS AND EARNINGS

The gross profit of the Group decreased by 59.7% to DKK

30.5 million in Q1 2020/21 (Q1 2019/20: DKK 75.5 million). The gross margin decreased to 49.7 % (Q1 2019/20: 58.9 %) primarily impacted by the revenue mix with a significantly lower share of revenues from engineering services and secondarily by the specific product mix.

Capacity costs in Q1 2020/21 decreased to DKK 57.3 million (before capitalization of development costs) compared

to DKK 61.0 million in the same period last year. RTX has continued the cautious cost management considering the uncertainty caused by the COVID-19 pandemic avoiding additional headcount investments and instead redeploying

employees internally to maintain full momentum on the development activities with the highest potential for RTX and customers. Therefore, the total headcount has been relatively stable compared to last year with 292 average FTEs in Q1 2020/21 compared to average 291 FTEs in Q1 of 2019/20. Also travel costs, fairs, external assistance, and various staff related costs have been kept at a relatively low level.

As described above for the Enterprise and ProAudio segments, RTX continued to fund development activities of wireless headsets, product deployment tools, ProAudio product solutions etc. during the quarter. Therefore, the Group capitalized development costs of DKK 8.1 million in Q1 2020/21 (Q1 2019/20: DKK 6.9 million).

Operating performance before depreciations and amortizations (EBITDA) amounted to DKK -18.8 million in Q1 2020/21 (Q1 2019/20: DKK 21.4 million) impacted by the lower revenues due to COVID-19 affecting customer demand and the lower gross margin while partially counterbalanced by lower capacity costs.

Depreciations and amortizations increased to DKK 6.6 million in Q1 2020/21 (Q1 2019/20: DKK 5.1 million) with the expected increase caused by amortization of further own financed development projects as a reflection of RTX's strategy to create recurring revenues by creating product platforms which can be tailored on an ODM basis to individual customers. Operating profit (EBIT) thus amounted to DKK -25.3million in Q1 2020/21 (Q1 2019/20: DKK 16.3 million).

In Q1, net financial items amounted to DKK -2.0 million (Q1 2019/20: DKK -2.8 million). The development in the quarter compared to last is positively impacted by improved value development of the investments in the

trading portfolio and negatively impacted by higher (nega- tive) exchange rate adjustments of balance sheet items due to decreasing USD exchange rate during the quarter partly counterbalanced by currency (USD) hedging under which the Group has hedged part of the expected USD net cash inflow from operations.

Profit after tax for Q1 of 2020/21 amounted to DKK -21.4 million (Q1 2019/20: DKK 10.6 million).

EQUITY, ASSETS AND CASH FLOW

At the end of Q1 2020/21, the Group's equity ratio continues to be high at 68.8% (Q1 2019/20: 71.2%). The equity ratio has increased with the profits generated over the

12 months and decreased with distribution of dividends and share buy-backs during the 12 months. Total assets amounted to DKK 470.4 million at the end of the first quarter compared to DKK 483.9 at the same time last year, with increase in non-current assets from investment into internal development projects and from a prolongation of the lease contract of the RTX headquarter (as also described in notes 14 and 26 in the annual report for 2019/20) and with a decrease in current assets as receivables are lower due to the lower revenue in Q1 2020/21.

The Group realized positive cash flow from operations (CFFO) of DKK 30.7 million in the first quarter (Q1 2019/20: DKK 6.5 million) aided by working capital developments with the lower receivables.

RTX balance sheet and liquidity thus remains very strong with a significant net cash position. The Group's total cash funds and current securities less bank debt amounted to DKK 207.0 million at the end of Q1 2020/21 (Q1 2019/20: DKK 208.3 million). While the level is positively impacted by the cash generated by operations it is negatively impacted by distribution to shareholders. During the first quarter,

RTX interim report for Q1 2020/21 | 5

RTX has bought back shares for DKK 7.0 million as part of the DKK 50 million share buy-back programme further described below. Further, the Board of Directors have proposed a dividend of 2.5 DKK per share for adoption at the Annual General Meeting on 28 January 2021 corresponding to an expected total dividend payment of DKK 20.8 million.

OUTLOOK FOR THE 2020/21

FINANCIAL YEAR MAINTAINED

As stated in the annual report for 2019/20 regarding the outlook for 2020/21, due to the COVID-19 pandemic uncertainty regarding actual developments in 2020/21 is higher than in recent years. After Q1 2020/21 and with the continued global impact of COVID-19 the uncertainty regarding the outlook remains high. With the current knowledge and visibility RTX maintains the expectations for revenue between DKK 545-600 million. EBITDA between DKK 95-120 million and EBIT between DKK 63-90 million for the financial year 2020/21. As also stated in the annual report for 2019/20, it is expected that the revenue and earnings distribution over 2020/21 will be significantly back- loaded towards the second half of the year. The outlook assumes that the impact of COVID-19 on global markets will gradually decrease over the financial year and thus that any extensive lockdowns affecting major European and North American markets cease during Q2 of 2020/21. Also, the outlook is based on continued stable supply chains and global flows of goods (see below).

Supply chains are challenged by a global scarcity of certain components driven by higher global demand for consumer electronics. In addition to the impact from COVID-19, the technology trade disagreements especially between USA and China has an adverse effect on global supply chains for electronics. Specifically, it creates a temporary global scarcity for semiconductors as manufacturers of semiconductors reconfigure their supply chains. This is causing increasing lead times and is expected to especially impact Q2 of 2020/21 and to likely cause postponements of deliveries especially from Q2 to Q3 in 2020/21 and to a lesser degree from Q3 to Q4 2020/21. Thus, the component scarcity also creates higher than usual uncertainty regarding 2020/21.

SHARE BUY-BACK PROGRAMME ONGOING

As announced in company announcement 38/2020, RTX has initiated a new share buy-back program for an amount up to DKK 50 million. The program is being executed during the period 25 November 2020 to 30 September 2021. The share buy-back program is executed in compliance with EU Market Abuse Regulation, EU Regulation no. 596/2014 of

16 April 2014 and EU Delegated Regulation 2016/1052 of 8 March 2016 (together referred to as the "Safe Harbour Reg- ulation"). The purpose of the share buy-back program is a continued adjustment of RTX's capital structure in line with the policy on capital structure (as announced in the annual report for 2019/20) and to meet the obligations arising from employee share-based remuneration program or other allocations of shares to employees of RTX.

FINANCIAL CALENDAR

Expected publication of financial information­ for the financial year 2020/21:

27 APRIL 2021

Interim report for Q2 2020/21

24 AUGUST 2021

Interim report for Q3 2020/21

30 NOVEMBER 2021

Annual report for 2020/21

RISKS AND UNCERTAINTIES FOR THE 2020/21

FINANCIAL YEAR

STATEMENTS ON FUTURE CONDITIONS The above statements on the Group's future conditions, including in particular, future revenue and operating profit (EBIT- DA and EBIT), reflect 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 uncertainties include, but are not limited to, general business and economic conditions, dependence on partners, the time of delivery of components, and foreign exchange and interest rate fluctuations - all of which may also be impacted by the COVID-19situation and development.

RTX interim report for Q1 2020/21 | 6

Management's Statement

The Board of Directors and the Executive Board have today	EXECUTIVE BOARD
considered and adopted the interim report of RTX A/S for
the first quarter of the financial year 2020/21 (covering the
period 1 October 2020 to 31 December 2020).
	PETER RØPKE	MORTEN AXEL PETERSEN
The interim report is prepared in accordance with IAS 34,	President and CEO	CFO
Interim Financial Reporting, as adopted by the EU and
additional Danish disclosure requirements for the interim
reporting of listed companies. The interim report has not	BOARD OF DIRECTORS
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	PETER THOSTRUP	JESPER MAILIND
as at 31 December 2020 and of its financial performance	Chairman	Deputy Chairman
and cash flow for the first quarter of 2020/21.
We consider Management's review to give a true and fair	CHRISTIAN ENGSTED	LARS CHRISTIAN TOFFT	HENRIK SCHIMMELL
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	KEVIN HARRITSØ	FLEMMING VENDBJERG ANDERSEN	KURT HEICK RASMUSSEN
and uncertainties facing the Group.	Employee Representative	Employee Representative	Employee Representative
Noerresundby, 28 January 2021

RTX interim report for Q1 2020/21 | 7

Income Statement

(non-audited)

		Q1	Q1	FY
Amounts in DKK '000	Note	2020/21	2019/20	2019/20
Revenue	3	61,290	128,282	555,869
Value of work transferred to assets	4	8,132	6,855	28,737
Cost of sales		-30,839	-52,763	-246,574
Other external expenses		-14,452	-14,361	-53,444
Staff costs		-42,881	-46,621	-176,430
Operating profit/loss before depreciation and
amortization (EBITDA)		-18,750	21,392	108,158
Depreciation, amortization and impairment	4	-6,550	-5,099	-24,587
Operating profit/loss (EBIT)		-25,300	16,293	83,571
Financial income	5	1,208	1,120	4,560
Financial expenses	5	-3,204	-3,882	-7,910
Profit/loss before tax		-27,296	13,531	80,221
Tax on profit/loss		5,853	-2,981	-17,075
Profit/loss for the period		-21,443	10,550	63,146
Earnings per share (EPS)
Earnings per share (DKK)		-2.6	1.3	7.5
Earnings per share, diluted (DKK)		-2.5	1.2	7.4

Statement of

Comprehensive Income

(non-audited)

		Q1	Q1	FY
Amounts in DKK '000	Note	2020/21	2019/20	2019/20
Profit/loss for the period		-21,443	10,550	63,146
Items that may be reclassified
subsequently to the income statement
Exchange rate adjustments of foreign subsidiaries		-1,596	-702	-1,983
Fair value adjustment relating to
hedging instruments		380	228	-496
Tax on hedging instruments		-84	-50	109
Fair value of hedging instruments
reclassified to the income statement		54	-	289
Tax on hedging instruments reclassified		-12	-	-63
Other comprehensive income, net of tax		-1,258	-524	-2,144
Comprehensive income for the period		-22,701	10,026	61,002

RTX interim report for Q1 2020/21 | 8

Balance Sheet

(non-audited)

Amounts in DKK '000	31.12.20	31.12.19	30.09.20
ASSETS
Own completed development projects	20,426	19,028	22,065
Own development projects in progress	43,089	27,656	36,738
Acquired license rights	-	791	-
Goodwill	7,797	7,797	7,797
Intangible assets	71,312	55,272	66,600
Right-of-use assets (lease assets)	57,466	39,505	48,917
Plant and machinery	8,837	8,653	9,123
Other fixtures, tools and equipment	3,721	4,065	3,958
Leasehold improvements	3,575	3,356	3,143
Tangible assets	73,599	55,579	65,141
Deposits	6,584	7,953	7,938
Deferred tax assets	1,512	1,646	1,806
Other non-current assets	8,096	9,599	9,744
Total non-current assets	153,007	120,450	141,485
Inventories	20,520	21,327	15,182
Trade receivables	58,969	97,950	145,436
Contract development projects in progress	22,333	26,147	28,403
Other receivables	3,915	4,848	4,128
Prepaid expenses	4,580	4,862	4,152
Receivables	89,797	133,807	182,119
Current asset investments in the trading portfolio	154,881	152,437	154,010
Current asset investments	154,881	152,437	154,010
Cash at bank and in hand	52,160	55,864	40,785
Total current assets	317,358	363,435	392,096
Total assets	470,365	483,885	533,581

Amounts in DKK '000	31.12.20	31.12.19	30.09.20
EQUITY AND LIABILITIES
Share capital	43,214	44,714	43,214
Share premium account	203,714	252,367	203,714
Currency adjustments	4,197	7,074	5,793
Cash flow hedging	227	228	-207
Retained earnings	71,897	40,379	99,678
Equity	323,249	344,762	352,192
Lease liabilities	55,639	36,315	47,116
Deferred tax liabilities	2,367	6,583	8.500
Provisions	1,325	1,305	1,325
Other payables	13,355	4,576	13,106
Non-current liabilities	72,686	48,779	70,047
Lease liabilities	5,208	5,996	4,911
Prepayments received from customers	1,852	1,217	1,176
Trade payables	26,818	38,584	50,849
Contract development projects in progress	1,597	7,803	1,273
Income taxes	970	2,656	11,352
Provisions	1,838	1,309	2,040
Other payables	36,147	32,779	39,741
Current liabilities	74,430	90,344	111,342
Total liabilities	147,116	139,123	181,389
Total equity and liabilities	470,365	483,885	533,581

RTX interim report for Q1 2020/21 | 9

Equity Statement

(non-audited)

				Currency	Cash	Re-
	Share	Share	adjust-	flow	tained
Amounts in DKK '000	capital	premium	ments	hedging	earnings	Total
Equity at 30 September 2019	44,714	252,367	7,776	-	42,583	347,440
Changes in accounting policies,
IFRS 16		-	-	-	-	-2,730	-2,730
Tax on changes in accounting
policies, IFRS 16		-	-	-	-	578	578
Equity at 1 October 2019
(restated)	44,714	252,367	7,776	-	40,431	345,288
Profit/loss for the period		-	-	-	-	10,550	10,550
Exchange rate adjustments
of foreign subsidiaries		-	-	-702	-	-	-702
Fair value adjustment relating
to hedging instruments		-	-	-	228	-	228
Tax on hedging instruments		-	-	-	-	-50	-50
Other comprehensive income,
net of tax		-	-	-702	228	-50	-524
Comprehensive income for the period	-	-	-702	228	10,500	10,026
Share-based remuneration		-	-	-	-	1,455	1,455
Deferred tax on equity transactions		-	-	-	-	554	554
Acquisition of treasury shares		-	-	-	-	-12,561	-12,561
Other transactions		-	-	-	-	-10,552	-10,552
Equity at 31 December 2019	44,714	252,367	7,074	228	40,379	344,762

				Currency	Cash	Re-
	Share	Share	adjust-	flow	tained
Amounts in DKK '000	capital	premium	ments	hedging	earnings	Total
Equity at 30 September 2020	43,214	203,714	5,793	-207	99,678	352,192
Profit/loss for the period		-	-	-	-	-21,443	-21,443
Exchange rate adjustments
of foreign subsidiaries		-	-	-1,596	-	-	-1,596
Fair value adjustment relating
to hedging instruments		-	-	-	380	-	380
Tax on hedging instruments		-	-	-	-	-84	-84
Fair value of hedging instruments
reclassified to the income statement		-	-	-	54	-	54
Tax on hedging instruments reclassified	-	-	-	-	-12	-12
Other comprehensive income,
net of tax		-	-	-1,596	434	-96	-1,258
Comprehensive income for the period	-	-	-1,596	434	-21,539	-22,701
Share-based remuneration		-	-	-	-	358	358
Deferred tax on equity transactions		-	-	-	-	408	408
Acquisition of treasury shares		-	-	-	-	-7,008	-7,008
Other transactions		-	-	-	-	-6,242	-6,242
Equity at 31 December 2020	43,214	203,714	4,197	227	71,897	323,249

Share capital of DKK 43,214,190 consists of 8,642,838 shares at DKK 5 (DKK 44,714,190 consisting of 8,942,838 shares at 31 December 2019). The Group holds 335,822 treasury shares at 31 December 2020 (542,243 shares at 31 December 2019). There are no shares carrying special rights.

RTX interim report for Q1 2020/21 | 10

Cash Flow Statement

(non-audited)

	Q1	Q1	FY
Amounts in DKK '000	2020/21	2019/20	2019/20
Operating profit/loss (EBIT)	-25,300	16,293	83,571
Reversal of items with no effect on cash flow
Depreciation, amortization and impairment	6,550	5,099	24,587
Other items with no effect on cash flow	1,383	623	5,071
Change in working capital
Change in inventories	-5,266	247	6,233
Change in receivables	92,411	5,459	-42,881
Change in trade payables etc.	-26,376	-13,108	8,078
Cash flow from operating activities	43,402	14,613	84,659
Financial income received	1,208	1,120	4,560
Financial expenses paid	-3,812	-1,572	-8,847
Income taxes paid	-10,056	-7,689	-9,779
Cash flow from operations	30,742	6,472	70,593
Investments in own development projects	-8,132	-6,086	-27,547
Acquisition of property, plant and equipment	-1,579	-2,732	-7,943
Sale of tangible assets	104	-	262
Deposits on leaseholds	1,354	-25	-10
Acquisition and sale of current asset investments in
trading portfolio	-873	-844	-1,839
Cash flow from investments	-9,126	-9,687	-37,077

	Q1	Q1	FY
Amounts in DKK '000	2020/21	2019/20	2019/20
Repayment of lease liabilities	-1,431	-1,415	-5,719
Acquisition of treasury shares	-7,008	-12,561	-40,560
Paid dividend	-	-	-20,960
Cash flow from financing activities	-8,439	-13,976	-67,239
Increase/decrease in cash and cash equivalents	13,177	-17,191	-33,723
Exchange rate adjustments on cash	-1,802	-501	952
Cash and cash equivalents at the beginning of the period, net	40,785	73,556	73,556
Cash and cash equivalents at the end of the period, net	52,160	55,864	40,785
Cash and cash equivalents at the end of
the period, net, are composed as follows:
Cash at bank and in hand	52,160	55,864	40,785
Cash and cash equivalents at the end of the period, net	52,160	55,864	40,785

RTX interim report for Q1 2020/21 | 11

Notes

1 ACCOUNTING POLICIES

The interim report is presented in accordance with IAS 34 "Interim Financial Reporting" as adopted by the EU and additional Danish disclosure requirements for interim reporting of 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 Compa- ny's 2019/20 annual report 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 2019/20 annual report for a more detailed description of the accounting policies.

The applied accounting policies are unchanged compared to the annual report for 2019/20. New or amended standards and interpretations becoming effective for the financial year 2019/20 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, liabilities, 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 2020.

3 SEGMENT INFORMATION

As per 1 December 2020 RTX implemented a new organizational structure. The previous two business units - Business Communications and Design Services - was joined into one organization still focusing on the three target markets segments; Enterprise, ProAudio and Healthcare. The new organizational structure changes the reportable segments from the two business units to the three market seg- ments. At the same time the reporting changes from a full-cost allocation model and to only allocating costs directly attributable to the three reportable market segments whereas common functions costs etc. (primarily other external expenses, staff costs and depreciations related to IT, finance, overall management, joint facilities, joint technology projects, and supply chain management) are reported as non-allocated in accordance with internal reporting. Comparable information has been restated to reflect the new reportable segments and reporting model.

	Q1	Q1	FY
Amounts in DKK '000	2020/21	2019/20	2019/20
Revenue
Enterprise	35,469	89,474	382,020
ProAudio	19,051	33,287	127,640
Healthcare	6,770	5,521	46,209
Group	61,290	128,282	555,869
EBITDA
Enterprise	4,309	34,382	148,013
ProAudio	1,605	11,595	41,437
Healthcare	961	1,571	16,176
Non-allocated	-25,625	-26,156	-97,468
Group	-18,750	21,392	108,158
EBIT
Enterprise	2,813	33,550	142,137
ProAudio	-141	10,656	36,731
Healthcare	761	1,571	15,844
Non-allocated	-28,733	-29,484	-111,141
Group	-25,300	16,293	83,571

RTX interim report for Q1 2020/21 | 12

Notes

3 SEGMENT INFORMATION (CONTINUED)

For ease of reference, the below table displays the quarterly revenue per segment for the previous financial year (2019/20).

	Q1	Q4	Q3	Q2	Q1
Amounts in DKK '000	2020/21	2019/20	2019/20	2019/20	2019/20
Revenue
Enterprise	35,469	104,038	110,305	78,203	89,474
ProAudio	19,051	34,614	30,590	29,149	33,287
Healthcare	6,770	17,706	17,590	5,392	5,521
Group	61,290	156,358	158,485	112,744	128,282
			Q1	Q1	FY
Amounts in DKK '000			2020/21	2019/20	2019/20
Revenue, geographical segments
Denmark			1,625	1,831	5,954
USA			17,159	23,425	114,790
France			13,423	35,049	112,380
Hong Kong			974	14,821	79,481
Germany			2,750	11,717	69,367
Other Europe			10,625	10,165	65,353
Netherlands			3,556	19,577	57,892
Other Asia and Pacific			10,928	10,737	46,667
Other			250	960	3,985
Total			61,290	128,282	555,869

Revenue distributed to geographic area according to the geographical location of the customer entity being invoiced.

4 DEVELOPMENT COSTS

	Q1	Q1	FY
Amounts in DKK '000	2020/21	2019/20	2019/20
Development cost incurred before capitalization	13,270	12,314	43,800
Value of work transferred to assets (capitalized)	-8,132	-6,855	-28,737
Total amortization on own development projects	3,419	1,948	11,623
Development costs recognized in the profit/loss account	8,557	7,407	26,686

5 FINANCIAL ITEMS

	Q1	Q1	FY
Amounts in DKK '000	2020/21	2019/20	2019/20
Gain on hedging investments (net)	560	-	2,582
Other financial income	648	1,120	1,978
Financial income	1,208	1,120	4,560
Exchange rate losses (net)	2,194	1,604	4,746
Fair value adjustments of investments
in trading portfolio	2	1,556	978
Financing element, IFRS 16	753	422	1,622
Other financial costs	255	300	564
Financial expenses	3,204	3,882	7,910

RTX interim report for Q1 2020/21 | 13

Notes

6 FAIR VALUE HIERARCHY FOR FINANCIAL INSTRUMENTS

The below indicates the classification of the financial instruments divided in accordance with the fair value hierarchy:

•  Listed prices in an active market for the same type of instrument (level 1)

•  Listed prices in an active market for similar assets or liabilities or other valuation methods, where all significant input is based on observable market data (level 2)

•  Valuation methods, where any significant input is not based on observable market data (level 3)

Amounts in DKK '000	Level 1	Level 2	Level 3	Total
Financial instruments (hedging), asset	-	456	-	456
Bonds listed on the stock exchange,
in the trading portfolio	154,881	-	-	154,881
Financial assets at fair value
at 31 December 2020	154,881	456	-	155,337
Financial instruments (hedging), asset	-	430	-	430
Bonds listed on the stock exchange,
in the trading portfolio	152,437	-	-	152,437
Financial assets at fair value
at 31 December 2019	152,437	430	-	152,867

Financial hedging instruments comprise standard foreign exchange forward contracts with the USD/DKK exchange rate as the main element affecting the fair value of the contracts.

RTX interim report for Q1 2020/21 | 14