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Half-year report - RIAS A/S

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NASDAQ OMX Copenhagen A/S
PO Box 1040
DK-1007 Copenhagen K

Roskilde, May 2024

RIAS A/S

HALF-YEAR REPORT FOR THE PERIOD

1 October 2023 – 31 March 2024


CVR 44 06 51 18

Company Announcement No 8 of 14. May 2024


Management’s Review

Company Announcement No 8 of 14 May 2023

The Board of Directors has today adopted the half-year report for the period 1 October 2023 to 31 March 2024.

Highlights of H1:

Operating results:

  • Revenue amounted to TDKK 136,5, which is a 4.2% decrease compared to the first half of the financial year 2022/23. The decrease is partly due to the long winter and challenging markets with high interest rates and low activity level.
  • The development in the Industry Division reflects that the demand has been declining in both the domestic market and the export sector for semi-finished products. The development covers great variations within the demand from different industries where i.a. product areas in the Viscom sector have been declining. The processing area is developing as planned.
  • The revenue of the Building & Construction Division is in line with the budget and above the same period in 2022/23.
  • Capacity costs have increased compared to the most recent financial year. This is due to reorganizations and investments in more IT security. Salaries have been under pressure due to a combination of less people available in the market and expectations to have the inflation covered. Investments have continued in strategic development areas such as the processing area and the export. This is to strengthen the development going forward. Investments in the Green transition has also been carried out and in Q2 the solar panels contribute to the reduction of Co2 emission. Replacement of diesel driven cars to electric cars are still in focus and proceeding as planned with additional charging stations installed as well.
  • Sales and financial performance for the first half of the financial year 2023/24 are below expectations but the beginning of second half of 2023/24 has shown higher sales and better financial performance,

Karsten Due, CEO, comments as follows on the half-year financial Statements 2023/24:

  • Reflecting on a challenging first half-year: The first half-year has been marked by challenges, where we met our budget targets in Q1 but faced challenges in Q2. The long winter period and the early occurrence of Easter in 2024 have posed challenges to our revenue and earnings in Q2, contributing to our inability to meet our budget for the first half of 2024.
  • Positive signs in April: Despite the challenges in the second quarter, we are pleased to report that we have observed very positive signs in the month of April. We note with satisfaction that we already see a significant recovery of the losses from the second quarter, especially in terms of revenue.
  • Delivery challenges due to lack of raw materials and geopolitical uncertainty: Additionally, we have observed a trend of insufficient raw materials, leading to delivery challenges in semifinished materials. This development has added complexity to our business, but we remain vigilant in addressing these issues to ensure minimal disruption to our delivery performance. It's also important to note the geopolitical uncertainty prevailing in the global landscape, particularly concerning the ongoing conflicts in Ukraine and Gaza. These conflicts pose potential risks to our supply chains and market stability, and we are closely monitoring the situation to mitigate any adverse effects on our operations.

Outlook for H2 2023/24:

Based on the development in H1 and taking the development mentioned above into consideration for H2, the board of directors keep the expectations of an adjusted EBIT result for the financial year 2023/24 in the range of DKK 16-18 million as announced in the annual report 2022/23.

Roskilde, 14 May 2024

Karsten Due                        
CEO                        

Financial Highlights
1/10-2023-1/10-2022-         1/10-2022-        
Income statement (DKK million)         31/3-2024        31/3-2023         30/9-2023        

Revenue        136.5        142.5        313.1
Cost of sales        92.3        95.5        209.6
Gross profit        44.2        47.0        103.5
Capacity costs        43.2        42.1        86.6
Profit/loss before special items        1.0        4.9        16.9
Special items        0        0        0
Profit/loss before financial income         1.0        4.9        16.9
Financial items net        0        0.5        -0.9
Profit/loss before tax        1.0        4.4        16.0
Tax on profit/loss for the period        0.2          0.9        3,5
Net profit/loss for the period0.8         3.5        12.5

Balance sheet, end of period (DKK million)        
Non-current assets        117.3        121.7        122.5
Current assets        115.6        114.8        131.9
Assets        232.9        236.5        252.4
Equity        179.5        178.2        187.2
Deferred tax        9.8        9.5        9.8
Non-current liabilities        3.2        6.1        4.2
Current liabilities        40.4        42.7        51.2
Liabilities and equity        232.9        236.5        252.4

Cash flows (DKK million)
Cash flows from operating activities        -5.6        10.3        26.9
Cash flows from investing activities        -0.9        -2.6        -4.9
Cash flows from financing activities        -11.4        -14.3        -16.1
Total cash flows        -17.9        -6.6        5.9
Average number of full-time employees        105        105        104

Financial ratios:
Accounting ratios:
Gross margin        32%         33%        33%
Profit margin before special items        1%        3%        5%
Profit margin        1%        3%        5%
Solvency ratio, end of period         77%        76%        74%
Share ratios:
Profit per DKK 100 share        3,33        14.93        37        
Equity value per DKK 100 share, end of period        778        772        812
Market price per DKK 100 share, end of period         660        635        670         

The rations have been calculated in accordance with the definitions below. Profit per share which have been calculated in accordance with IAS 33.

Definitions of financial ratios:
----------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross margin is calculated as gross profit in % of revenue.
Profit margin before special items is calculated as profit/loss before special items in % of revenue.
Profit margin is calculated as profit/loss before financials and tax in % of revenue.
Book value per DKK 100 share is calculated as equity end of period divided by 1/100 of the share capital.
Profit per DKK 100 share are calculated as profit/loss for the period divided by 1/100 of the share capital after deduction of the Company’s holding of own shares end of period.
Solvency ratio is calculated as equity end of period in % of balance sheet total end of period.

Shareholder information
Share capital:
The Company’s share capital, DKK 23,063k, is distributed on DKK 3,125k A shares and DKK 19,938k B shares.

A shares, which are non-negotiable instruments, carry 10 votes per DKK 100 share, see article 11 of the Articles of Association. B shares, which are negotiable instruments, carry 1 vote per DKK 100 share, see article 11 of the Articles of Association.

The B-shares are listed on NASDAQ OMX Copenhagen A/S.

The Board of Directors and the Executive Board do not hold any shares in RIAS A/S.

Contact, Investor Relations:
For more information concerning investor relations and the share market, please contact:

Karsten Due, CEO
Tel: +45 46 77 00 00
E-mail: KAD@rias.dk

Management’s Statement

The Board of Directors and the Executive Board have today considered and adopted the Half-year Report of RIAS A/S for the period 1 October 2023 – 31 March 2024.

The Half-year Report, which has not been audited or reviewed by the Company’s auditor, is prepared in accordance with IAS 34 ”Interim Financial Reporting” as adopted by the EU as well as Danish disclosure requirements for listed companies.

In our opinion, the Half-year Report gives a true and fair view of the financial position at 31 March 2024 of the Company and of the results of the Company’s operations and cash flows for the period 1 October 2023 – 31 March 2024.

Moreover, in our opinion, Management’s Review gives a true and fair view of the development in the Company’s activities and finances, the results for the period and the Company’s financial position as a whole as well as a description of the most significant risks and elements of uncertainty to which the Company is exposed.

Roskilde, 14 May 2024
Executive Board:

Karsten Due                        Dannie Michaelsen
CEO                        CFO

Board of Directors:

Astrid Meicherczyk          Peter Sørensen
Chairman         Vice-chairman


Nicolas Neuwirth                  Dieter Wetzel

June Svendsen         Jette Duus


Statement of Comprehensive Income

1/10 2023-1/10 2022-1/10 2022-
Amounts in DKK ’000Note31/3 202431/3 202330/9 2023
Revenue 3136.517142.550313.114
Cost of sales-92.347-95.472-209.621
Gross profit44.17047.078103.523
Distribution expenses-38.403-36.108-73.644
Administrative expenses-4.798-5.964-12.946


Profit/loss before financial income and expenses
9694.93416.933
Financial income692113313
Financial expenses-675-632-1.252
Profit/loss before tax9864.41515.994
Tax on profit/loss for the period-217-971-3.487
Net profit/loss for the period7693.44412.507
Other comprehensive income000
Comprehensive income for the period7693.44412.507


Earnings per share:
Earnings per share
3,3314.9354.20
Earnings per share, diluted3,3314.9354.20


Balance Sheet

Amounts in DKK ’000Note31/3 202431/3 202330/9 2023
Assets
Non-current assets
Intangible assets453.12453.27453.197
Property, plant and equipment556.79358.28158.693
Right on use assets67.41710.1148.570
Total non-current assets117.334121.669120.460
Current assets
Inventories733.02333.42928.388
Receivables854.43149.42358.130
Prepayments5.1954.2414.720
Cash at bank and in hand22.38727.75140.714
Corporation tax57200
Total current assets 115.608114.884131.952
Total assets232.942236.513252.412
Liabilities and equity
Equity179.452178.153187.216
Liabilities
Non-current liabilities
Deferred tax9.7899.4649.789
Lease liabilities3.2276.1434.238
Total non-current liabilities13.01615.60714.027
Current liabilities
Lease liabilities5.0774.3174.658
Trade payables and other 9
Payables
35.39737.81743.733
Corporation tax06192.778
Total current liabilities40.47442.75351.169
Total liabilities53.49058.36065.196
Total liabilities and equity232.942236.513252.412

Other notes, see pages 13 - 16                 

Statement of Changes in Equity

1 October 2023 – 31 March 2024
Share capitalRevaluation reserveRetained earningsProposed dividendTotal
Equity at 1 October 202323.0631.898153.7228.533187.216
Comprehensive income for the
Period
007690769
Dividend paid000-8.533-8.533
Equity at 31 March 202423.0631.898154.4920179.452
1 October 2022 – 31 March 2023
Share capitalRevaluation reserveRetained earningsProposed dividendTotal
Equity at 1 October 202223.0631.898149.74811.532186.241
Comprehensive income for the
Period
003.44403.444
Dividend paid000-11.532-11.532
Equity at 31 March 202323.0631.898153.1920178.153

Cash Flow Statement

1/10 2023 - 1/10 2022 -
Amounts in DKK ’000  31/3 202431/3 2023
Net profit/loss for the period9874.417
Adjustment for non-cash operating items etc:
Tax on profit/loss for the period217917
Depreciation and amortisation4.4114.440
Profit or loss on sale of property, plant and equipment and financial assets0-40
Financial income-692-104
Financial expenses675622
Cash flows from operating activities before changes in working capital5.59810.306
Adjustment for changes in working capital:
Changes in inventories-4.634-9.224
Changes in receivables (and prepayments)3.22418.784
Changes in trade payables and other payables-6.874-5.571
Cash flows before financial income and expenses and tax-2.68614.295
Financial income, paid563113
Financial expenses, paid-153-279
Corporation tax paid-3.350-3.863
Cash flows from operating activities-5.62610.266
Purchase of intangible assets00
Purchase of property, plant and equipment-876-2.561
Sale of property, plant and equipment 00
Cash flows from investing activities-876-2.561
Payments on lease liability-2.899-2.849
Dividend paid-8.533-11.532
Cash flows from financing activities-11.432-14.381
Cash flows for the period-17.934-6.676
Currency regulation cash-393-352
Cash and cash equivalents at 1 October40.71434.779
Cash and cash equivalents at 31 March22.38727.751


Notes

Note 1. Accounting policies

The Interim Report is presented in accordance with IAS 34, Presentation of Interim Reports, as adopted by the EU and Danish disclosure requirements relating to listed companies.

The accounting policies remain unchanged from those applied in the Annual Report for 2022/23. The Annual Report for 2022/23 contains the full description and can therefore be found there.

Note 2. Accounting estimates and judgements

The preparation of the half-year Report requires Management to make accounting estimates that affect the application of the accounting policies as well as the recognition of assets, liabilities, income and expenses. Actual results may differ from such estimates.

When preparing the half-year Report, the most material estimates made by Management in connection with the application of the accounting policies and the most material uncertainty in this respect are the same as in connection with the preparation of the Financial Statements for 2022/23, to which reference is made.

Note 3. Revenue



Note 5.Property, plant and equipment







Land and buildings






Plant and machinery
Fixtures and fittings, tools and equipment







Total
Cost at 1 October 202366.38237.95322.158126.493
Additions for the period08760876
Disposals for the period0000
Cost at 31 March 202466.38238.82922.158127.369
Depreciation at 1 October 2023-27.453-21.935-19.283-68.671
Depreciation for the period-193-1.366-346-1.905
Reversed depreciation on disposals for the period0000
Depreciation at 31 March 2024-27.646-23.301-19.629-70.576
Carrying amount at 31 March 202438.73615.5282.52956.793
Cost at 1 October 202266.38234.03422.033122.449
Additions for the period02.476852.561
Disposals for the period0000
Cost at 31 March 202366.38236.51022.118125.010
Depreciation at 1 October 2022-27.069-19.235-18.478-64.874
Depreciation for the period-193-1.261-403-1.857
Reversed depreciation on disposals for the period0000
Depreciation at 31 March 2023-27.262-20.586-18.881-66.729
Carrying amount at 31 March 202339.12015.9243.23758.281

Note 6. Right on use assets





Land & buildingsOther fixtures and fittings tools and equipmentTotal
Cost at 1 October 202318.7895.42224.211
Additions for the period01.2811.281
Disposals for the period000
Cost at 31 March 202418.7896.70325.492
Depreciation at 1 October 2023-12.336-3.305-15.641
Depreciation for the period-1.629-805-2.434
Disposals of depreciations000
Depreciations at 31 March 2024-13.965-4.110-18.075
Cost at 31 March 20244.8242.5937.417

Note 6. Right on use assets continued





Land & buildingsOther fixtures and fittings tools and equipmentTotal
Cost at 1 October 202218.2835.76324.046
Additions for the period01.0441.044
Disposals for the period000
Cost at 31 March 202318.2836.80725.090
Depreciation at 1 October 2022-9.334-2.903-12.237
Depreciation for the period-1.624-1.115-2.739
Disposals of depreciations000
Depreciations at 31 March 2023-109.58-4.018-14.976
Cost at 31 March 20237.3252.78910.114


Note 7. Inventories



31/3 202431/3 2023
Inventories are specified as follows:
Goods for resale35.58836.408
Write-down at 1 October-2.565-2.979
Write-downs for the period00
Write-down at 31 March-2.565-2.979
33.02333.429


Note 8. Receivables



31/3 202431/3 2023
Trade receivables53.10147.650
Receivables from group enterprises88193
Other receivables

1.242
0
1.580
0
54.43149.423
Write-down for bad debts is specified as follows:
Write-down at 1 October-1.523-1.447
Write-downs for the period78480
Write-down at 31 March-739-1.367


Note 9. Trade payables and other payables



31/3 202431/3 2023
Trade payables19.12218.332
Payables to group enterprises 237 362
Accrued VAT4.9565.251
Holiday pay accrual1.7771.416
Other payables9.30512.456
35.39737.817

Note 10. Contingencies and other financial commitments

Since the issue of the Financial Statements 2023/24, there have been no significant changes that have not been disclosed in this Half-year Report.

Note 11. Subsequent events

After the Half-year Report balance sheet date, no significant events have occurred that have not been incorporated and sufficiently disclosed in this Half-year Report.

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