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21-11-2011 14:52:31

Summary of the annual report for 2010/11 for RTX Telecom A/S

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Positive result as expected

“I am happy to see that we this year can put a number of negative results

behind us and show that RTX Telecom can earn money. This happens in a difficult

macro economical environment. Both of our business units have shown that they

can deliver positive results. Both for products as well as for technology RTX

Telecom is in the lead, and this will contribute to us being on the right

track”, says President & CEO Jesper Mailind.

Today, the Supervisory Board has reviewed and approved the annual report for

RTX Telecom for the financial year 2010/11 for the period 1 October 2010 to 30

September 2011.

With a profit after tax of DKK 3.9 million and a positive net cash flow of DKK

1.0 million marks the financial year 2010/11 a milestone in RTX Telecom's

turnaround. Gross margin improved in 2010/11 due to increased focus on margin

and changes in the product mix. Despite a minor decline in revenue RTX Telecom

can thus present a gross profit, which in the financial year 2010/11 is DKK 4.1

million better than the gross profit for 2009/10. RTX Telecom has in the

financial year 2010/11 increased its cost base in order to invest in new

technologies and product platforms. The aim is to establish attractive product-

and technology platforms which can ensure future business opportunities within

both business units. As a consequence of these investments, both EBIT and cash

flow are at a lower level for the continuing business compared to the previous

financial year. Based on a continued strong solvency and liquidity, RTX Telecom

is in a position to make investments in own financed development.

Summary of the annual report

-- In the financial year 2010/11 the Group achieved total revenue of DKK 204.9

million compared to DKK 220.7 million in the financial year 2009/10.

Revenue thus decreased by 7.1%.

-- The gross profit was improved by DKK 4.1 million, from a gross margin of

51.9% in last financial year to 57.8% in 2010/11.

-- The operating profit (EBIT) amounts to DKK 9.0 million, or 4.4%, compared

to DKK 13.4 million, or 6.1%, for the continuing business in the previous

financial year. The operating profit is thereby in the announced profit

range, which was published by the beginning of the financial year 2010/11

-- The capacity costs increased by DKK 18.0 million, primarily due to

significant investments in new technologies and new product platforms. The

capacity costs include write-down of overdue debtors, which has increased

by DKK 4.3 million compared to the previous financial year.

-- The cash flow amounts to DKK 1.0 million compared to DKK 27.9 million in

the previous financial year. The cash flow was last year positively

affected by sales of short-term current assets of DKK 16.7 million. In

2010/11, the cash flow is negatively affected by larger investments in own

development compared to 2009/10. The Group's cash and short-term current

asset investments amounted to DKK 20.9 million at 30 September 2011, which

is an increase of DKK 1.0 million compared to the same period last

financial year.

-- The development costs increased with DKK 9.0 million in 2010/11 to DKK 25.7

million. The capitalized costs for new technologies and new product

platforms are DKK 12.3 million (covering four quarters) compared with 2.8

million (covering one quarter) the previous year. Amortization on

development projects in 2010/11 amounted to DKK -0.9 million compared to

DKK 0 million in 2009/10.

-- The Group's equity amounted to DKK 151.9 million at 30 September 2011,

which is an increase of DKK 6.7 million compared to the financial year

2009/10.

-- The discontinued business, which covers the costs associated with the

closure of the former RTX Networks Systems division by the end of the

financial year 2009/10, contributed with a loss of DKK 2.3 million. RTX

Telecom does not expect further costs related to the closing down of RTX

Networks Systems.

-- The profit after tax amounted to DKK 3.9 million compared to a loss of DKK

15.1 million in the previous financial year.

Prospects for the financial year 2011/12

During the past year, RTX Telecom has invested significantly in new

technologies and product platforms, and has focused on expanding its sales

platform. The Management expects that the increased activity level will

compensate for the general economic softening, resulting in business results

for RTX Telecom slightly over the financial year 2010/11. It is expected that

RTX Technology will be on level with the result for the financial year 2010/11.

RTX Products will produce business results slightly over the previous year with

the improvement focused on second half of the year.

The Management expects to achieve a positive development in Group revenue to a

level between DKK 205-225 million with the improvement mainly related to the

second half of the year. The operating profit (EBIT) is expected to be in the

range of DKK 10-12 million.

In general

The Company's annual report for 2010/11 will be sent to NASDAQ OMX Copenhagen

A/S in continuation of this announcement. Please see the annual report for more

details. The annual report will be available at RTX Telecom's website

www.rtx.dk.

Meeting for financial analysts and the press

At 3pm on 1 December 2011, Danske Market Equities will hold a Winter Seminar at

Hotel Mariott Copenhagen, Kalvebod Brygge 5, Copenhagen V. At the meeting RTX

Telecom's Management will comment on the annual report for 2010/11 for the

Group and the Management's expectations for the financial year 2011/12.

Annual general meeting

The Company's annual general meeting will be held on Monday 30 January 2012 at

3pm at RTX Telecom, Stroemmen 6, DK-9400 Noerresundby.

Yours sincerely,

RTX Telecom A/S

Jens Alder Jesper

Mailind

Chairman President &

CEO

Questions and further information:

Jesper Mailind, President & CEO, tel. +45 96 32 23 00

Please visit RTX Telecom's website at: www.rtx.dk

Opret kommentar

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