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2025-10-28 08:00 Kvartalsrapport 2025-Q3
2025-08-05 08:00 Kvartalsrapport 2025-Q2
2025-04-30 08:00 Kvartalsrapport 2025-Q1
2025-04-08 N/A Årsstämma
2025-02-18 N/A Bokslutskommuniké 2024
2024-10-24 - Kvartalsrapport 2024-Q3
2024-08-02 - Kvartalsrapport 2024-Q2
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2024-04-04 - X-dag ordinarie utdelning ROBIT 0.00 EUR
2024-04-03 - Årsstämma
2024-02-21 - Bokslutskommuniké 2023
2023-10-23 - 15-10 2023-Q3
2023-09-21 - X-dag ordinarie utdelning ROBIT 0.02 EUR
2023-08-01 - Kvartalsrapport 2023-Q2
2023-03-15 - Årsstämma
2023-02-20 - Bokslutskommuniké 2022
2022-10-26 - 15-10 2022-Q3
2022-08-09 - Kvartalsrapport 2022-Q2
2022-03-23 - X-dag ordinarie utdelning ROBIT 0.00 EUR
2022-03-22 - Årsstämma
2022-02-15 - Bokslutskommuniké 2021
2021-08-10 - Kvartalsrapport 2021-Q2
2021-03-26 - X-dag ordinarie utdelning ROBIT 0.00 EUR
2021-03-25 - Årsstämma
2021-02-18 - Bokslutskommuniké 2020
2020-08-06 - Kvartalsrapport 2020-Q2
2020-03-24 - X-dag ordinarie utdelning ROBIT 0.00 EUR
2020-02-20 - Bokslutskommuniké 2019
2019-11-01 - Kvartalsrapport 2019-Q3
2019-08-07 - Kvartalsrapport 2019-Q2
2019-03-28 - X-dag ordinarie utdelning ROBIT 0.00 EUR
2019-03-27 - Årsstämma
2019-02-20 - Bokslutskommuniké 2018
2018-12-04 - Extra Bolagsstämma 2018
2018-08-16 - Kvartalsrapport 2018-Q2
2018-03-29 - X-dag ordinarie utdelning ROBIT 0.10 EUR
2018-03-28 - Årsstämma
2018-02-20 - Bokslutskommuniké 2017
2017-08-17 - Kvartalsrapport 2017-Q2
2017-04-20 - Extra Bolagsstämma 2017
2017-03-29 - X-dag ordinarie utdelning ROBIT 0.10 EUR
2017-03-28 - Årsstämma
2016-08-15 - Kvartalsrapport 2016-Q2
2016-03-21 - X-dag ordinarie utdelning ROBIT 0.04 EUR
2016-03-18 - Årsstämma
2016-02-22 - Bokslutskommuniké 2015
2015-08-12 - Kvartalsrapport 2015-Q2

Beskrivning

LandFinland
ListaSmall Cap Helsinki
SektorIndustri
IndustriMaskinindustri
Robit är ett tillverkningsbolag. Bolaget är specialiserat inom borrningsprodukter som används inom gruvindustrin. Produkterna inkluderar borrningsmaskiner, slipkoppar, rengöringsutrustning, samt adaptrar. Utöver levereras tekniska lösningar i form av sensorsystem. Idag innehas verksamhet på global nivå, med störst verksamhet inom den europeiska marknaden. Bolagets huvudkontor ligger i Lempäälä.
2024-10-24 08:00:00

ROBIT PLC          STOCK EXCHANGE RELEASE          24 OCTOBER 2024 AT 9.00 A.M. EEST

ROBIT PLC INTERIM REPORT 1 JANUARY–30 SEPTEMBER 2024: EBIT IMPROVED DESPITE A SLIGHT DECREASE IN NET SALES

In the text, ‘review period’ or ‘third quarter of the year’ refers to 1 July–30 September 2024 (Q3), and ‘January–September’ refers to 1 January–30 September 2024. Figures from the corresponding time period in 2023 are given in parentheses. All the figures presented are in euros. Percentages are calculated from thousands of euros.

1 July–30 September 2024 in brief

  • Received orders EUR 20.8 million (24.9); decrease 16.3%
  • Net sales EUR 21.5 million (23.7); decrease 9.3%
  • EBITDA EUR 1.0 million (1.4); 4.5% of net sales (5.8)
  • Comparable EBITDA EUR 1.0 million (1.5); 4.5% of net sales (6.4)
  • EBIT EUR 0.0 million (0.3); 0.0% of net sales (1.1)
  • Comparable EBIT EUR 0.0 million (0.4); 0.0% of net sales (1.7)
  • Net cash flow for operating activities EUR 0.2 million (-0.7)

1 January–30 September 2024 in brief

  • Received orders EUR 69.2 million (70.6); decrease 2.0%
  • Net sales EUR 68.9 million (70.0); decrease 1.6%
  • EBITDA EUR 4.7 million (2.8); 6.8% of net sales (3.9)
  • Comparable EBITDA EUR 4.7 million (3.0); 6.8% of net sales (4.3)
  • EBIT EUR 2.9 million (-1.1); 3.2% of net sales (-1.5)
  • Comparable EBIT EUR 2.9 million (-1.3); 3.2% of net sales (-1.8)
  • Review period net income EUR 0.6 million (-2.7); 0.8% of net sales (-3.8)
  • Net cash flow for operating activities EUR 3.0 million (1.3)
  • Equity ratio at the end of the review period 47.2% (46.3)

Key financials

Q3 2024

Q3 2023

Change%

Q1-Q3 2024

Q1-Q3 2023

Change%

2023

Net sales, EUR 1,000

21 497

23 706

-9.3%

68 896

70 016

-1.6%

92 917

EBITDA, EUR 1,000

974

1 370

-28.9%

4 709

2 763

70.4%

5 172

EBITDA, % of net sales

4.5%

5.8%

 

6.8%

3.9%

 

5.6%

Comparable EBITDA, EUR 1,000

974

1 520

-35.9%

4 709

3 042

54.8%

5 004

Comparable EBITDA, % of net sales

4.5%

6.4%

 

6.8%

4.3%

 

5.4%

EBIT, EUR 1,000

2

265

-99.4%

1 744

-1 076

>100%

116

EBIT, % of net sales

0.0%

1.1%

 

2.5%

-1.5%

 

0.1%

Comparable EBIT, EUR 1,000

2

415

-99.6%

1 744

-1 267

>100%

-53

Comparable EBIT, % of net sales

0.0%

1.7%

 

2.5%

-1.8%

 

-5.7%

Result for the period, EUR 1,000

-573

-277

>100%

568

-2 687

>100%

-3 019

Result of the period, % of net sales

-2.7%

-1.2%

 

0.8%

-3.8%

 

-3.2%

Earnings per share (EPS), EUR 1,000

-0,03

-0,02

-47.7%

0,02

-0,13

>100%

-0,14

Return on equity (ROE), %

 

 

 

1.2%

-7.7%

 

-6.3%

Return on capital employed (ROCE), %

 

 

 

3.2%

-2.2%

 

-0.4%

MARKET OUTLOOK FOR 2024

Robit expects the global mining industry demand to remain at a good level. Demand in the construction industry is expected to remain at a weak level for the rest of 2024.

GUIDANCE FOR 2024

On 23 October 2024, Robit lowered its net sales guidance for 2024. Robit estimates that, in 2024, net sales will decline compared to 2023. The company expects its comparable EBIT profitability in euros to improve compared to the previous year.

According to the company’s previous guidance, Robit estimated net sales to increase and comparable EBIT profitability in euros to improve compared to 2023.

Background to the guidance

The company's net sales in the Down the Hole business is expected to decline from the 2023 levels, as the completed delivery contracts have not been able to be replaced with new ones within the timeline the company aimed for. Additionally, demand in the construction industry has been lower than the company's expectations.

CEO ARTO HALONEN: 

In the quarter, market demand remained at a good level in the mining industry. The demand situation in the construction industry was at a weak level and no significant new projects were launched during the quarter. Market demand in the construction industry is not expected to improve significantly during this year.

Orders received in the review period totalled EUR 20.8 million (24.9), down by 16.3 per cent from the comparison period. Robit’s net sales decreased by 9.3 per cent in the review period and totalled EUR 21.5 million (23.7). In constant currencies, there was a decrease of 9.2 per cent.

Net sales in the Top Hammer business decreased by 3.1 per cent. However, the growth in the Top Hammer business remained strong in Australasia, supported by new customers. In other markets, net sales decreased due to weak demand in the construction industry, among other reasons.

Net sales in the Down the Hole business decreased by 47.3 per cent, due to the expiry of a significant supply agreement and the still low level of demand in the well drilling and exploration drilling segments, which are important for the business.

In the Geotechnical business, net sales grew by 20.7 per cent. The review period saw a lot of deliveries of projects won in the second quarter of the year. In market areas, growth came from Americas. The company’s sales grew well, especially in North America.

In the third quarter, comparable EBIT was EUR 0.0 million (0.4). Lower net sales and high freight costs were the most significant factors in the decline in profitability. Freight costs decreased as expected from the second quarter of the year but were still at a clearly higher level than in the comparison period. Freight costs are expected to continue to decline in the last quarter.

The company’s inventories increased by EUR 3.7 million in the quarter, totalling EUR 40.1 million. Due to extended transportation times, inventories were increased to ensure customer deliveries. The company’s product availability improved in the review period. Despite the increase in inventories, the net cash flow from operations improved, amounting to EUR 0,2 million (-0,7).

The focus for the rest of the year is on winning new customers and optimising inventory levels and availability. To win new customers, we launched the Robit QuickSave concept as part of our renewed strategy, in which we guarantee the customer savings when using Robit’s products. Robit QuickSave is a lightweight version of RobitSave, which is intended for bigger customers. During the review period, market-specific product launches progressed for the Robit Extreme Carbide bits released earlier this year, as well as for the H-series DTH hammer family. The products were prominently featured at events such as MinExpo (US), Electra Mining (ZA) and Expomina (PE). The products have been well received by customers.

NET SALES

Net sales by product area

EUR thousand

Q3 2024

Q3 2023

Change%

Q1-Q3 2024

Q1-Q3 2023

Change%

2023

Top Hammer

13 405

13 829

-3.1%

42 772

40 862

4.7%

54 406

Down the Hole

2 971

5 635

-47.3%

12 354

15 998

-22.8%

20 862

Geotechnical

5 120

4 243

20.7%

13 770

13 156

4.7%

17 648

Total

21 497

23 706

-9.3%

68 896

70 016

-1.6%

92 917

The Group’s net sales in the third quarter were EUR 21.5 million (23.7). Down by 9.3 per cent from the comparison period. In constant currencies, there was a decrease of 9.2 per cent.

The Group’s net sales in January–September totalled EUR 68.9 million (70.0). Down by 1.6 per cent from the comparison period. In constant currencies, there was a decrease of 0.8 per cent.

Top Hammer business net sales decreased by 3.1 per cent, net sales for the review period being EUR 13.4 million (13.8). The decrease in net sales was largely due to low demand in the construction industry, but there was positive development in Australasia with new mining customers.

Down the Hole business net sales decreased by 47.3 per cent, net sales for the review period being EUR 3.0 million (5.6). The decrease in net sales was largely due to the expiry of one significant supply contract in Australasia and continued low demand in the well drilling and prospection drilling segments.

Geotechnical business net sales grew by 20.7 per cent, net sales for the review period being EUR 5.1 million (4.2). The growth in net sales was largely due to the project deliveries made during the quarter. Net sales in the Geotechnical business increased in Americas and EMEA in particular.

Net sales by market area

EUR thousand

Q3 2024

Q3 2023

Change%

Q1–Q3 2024

Q1–Q3 2023

Change%

2023

EMEA & East

11 092

12 699

-12.7%

35 611

37 147

-4.1%

47 279

Americas

5 136

4 859

5.7%

14 630

15 407

-5.0%

20 840

Asia

1 927

2 228

-13.5%

6 336

6 657

-4.8%

8 950

Australasia

3 341

3 920

-14.8%

12 319

10 804

14.0%

14 835

Total

21 497

23 706

-9.3%

68 896

70 016

-1.6%

92 917

 PROFITABILITY

Key figures

EUR thousand

Q3 2024

Q3 2023

Change%

Q1–Q3 2024

Q1–Q3 2023

Change%

2023

EBITDA, EUR 1,000

974

1 370

-9.3%

4 709

2 763

70.4%

5 172

EBITDA, % of net sales

4.5%

5.8%

 

6.8%

3.9%

 

5.6%

Comparable EBITDA, EUR 1,000

974

1 520

-28.9%

4 709

3 042

54.8%

5 004

Comparable EBITDA, % of net sales

4.5%

6.4%

 

6.8%

4.3%

 

5.4%

EBIT, EUR 1,000

2

265

-99.4%

1 744

-1 076

>100%

116

EBIT, % of net sales

0.0%

1.1%

 

2.5%

-1.5%

 

0.1%

Comparable EBIT, EUR 1,000

2

415

-99.6%

1 744

-1 267

>100%

-53

Comparable EBIT, % of net sales

0.0%

1.7%

 

2.5%

-1.8%

 

-5.7%

Result for the period, EUR 1,000

-573

-277

>100%

568

-2 687

>100%

-3 019

Result for the period, % of net sales

-2.7%

-1.2%

 

0.8%

-3.8%

 

-3.2%

Comparable EBITDA for the third quarter was EUR 1.0 million (1.5). Comparable EBITDA’s share of net sales was 4.5 per cent (6.4). The company’s EBIT was EUR 0.0 million (0.3). The EBIT was 0.0 per cent (1.1) of the review period net sales.

In January–September, comparable EBITDA was EUR 4.7 million (3.0). Comparable EBITDA’s share of net sales was 6.8 per cent (4.3). The company’s EBIT improved by EUR 2.8 million to EUR 1.7 million (-1.1). EBIT was 2.5 per cent (-1.5) of the review period’s net sales.

The company’s profitability in the quarter remained low due to the decline in net sales. The company continued to invest in sales development by training its personnel.

The financial income and expenses in the third quarter totalled EUR -0.6 million (-0.6), of which EUR -0.4 million (-0.6) was interest expenses and EUR -0.2 million (0.1) exchange rate changes. Net income for the quarter decreased to EUR -0.6 million (-0.3).

In January–September, financial income and expenses totalled EUR -1.2 million (-1.8), of which EUR -1.2 million (-1,6) was interest expenses and EUR -0.1 million (0.0) was exchange rate changes. The review period income improved to EUR 0.6 million (-2.7).

CASH FLOW AND INVESTMENTS

Consolidated cash flow statement

EUR thousand

Q3 2024

Q3 2023

Q1–Q3 2024

Q1–Q3 2023

2023

Net cash flows from operating activities

 

 

 

 

 

Cash flows before changes in working capital

1 286

1 196

4 835

2 330

4 509

Cash flows from operating activities before financial items and taxes

328

-465

3 966

2 791

11 074

Net cash inflow (outflow) from operating activities

200

-695

3 032

1 332

8 353

 

 

 

 

 

 

Net cash inflow (outflow) from investing activities

133

-23

1 644

-410

1 102

 

 

 

 

 

 

Net cash inflow (outflow) from financing activities

-995

-587

-3 099

-1 098

-4 069

 

 

 

 

 

 

Net increase (+)/decrease (-) in cash and cash equivalents

-662

-1 305

1 577

-175

5 386

Cash and cash equivalents at the beginning of the review period

13 486

7 013

11 201

6 085

6 085

Exchange gains/losses on cash and cash equivalents

-89

42

-43

-159

-269

Cash and cash equivalents at end of the review period

12 735

5 751

12 735

5 751

11 201

 The Group’s cash flow before changes in working capital during the third quarter was EUR 1.3 million (1.2). Net cash flow for operating activities was EUR 0.2 million (-0.7). The changes in working capital had an impact of EUR -1.0 million (-1.7). The change in working capital was caused by the EUR 2.1 increase in accounts payable. Increase in inventories had an impact of EUR -3.9 million and decrease in sales and other receivables an impact of EUR 0.8 million on the cash flow.

The net cash flow from investing activities for the third quarter was EUR 0.1 million (-0.0). Gross investments in production remained low as planned. The share of investments in net sales was 0.1 per cent (0.2).

The net cash flow from financing activities for the third quarter was EUR -1.0 million (-0.6). Loan payments totalled EUR -0.3 million (-0.0). The repayment of lease liabilities reported from financing activities under IFRS 16 totalled EUR -0.7 million (-0.3).

Fixed assets deprecation and impairment in the third quarter totalled EUR 1.0 million (1.1).

FINANCIAL POSITION

 

30.9.2024

30.9.2023

31.12.2023

Cash and cash equivalents, EUR thousand

12 735

5 751

11 201

Interest-bearing liabilities, EUR thousand

29 769

34 903

32 532

of which short-term interest-bearing financial liabilities

4 723

5 102

6 463

Net interest-bearing liabilities, EUR thousand

17 034

29 152

21 331

Undrawn credit facility, EUR thousand

6 000

3 888

4 000

Gearing, %

36.7%

62.4%

46.7%

Equity ratio, %

47.2%

46.3%

48.5%

The Group had interest-bearing debt amounting to EUR 29.8 million (34.9), of which EUR 4.4 million (5.9) was interest-bearing debt under IFRS 16. The company had liquid assets of EUR 12.7 million (5.8) and an undrawn credit facility of EUR 6.0 million (3.9). The interest-bearing net liabilities were EUR 17.0 million (29.2) and interest-bearing net bank debt without IFRS 16 debt impact was EUR 12.6 million (21.7).

The Group’s equity at the end of the review period was EUR 46.4 million (46.7). The Group’s equity ratio was 47.2 per cent (46.3). Gearing was 36.7 per cent (62.2).

PERSONNEL AND MANAGEMENT

The number of personnel decreased by 9 persons from the end of the comparison period, and at the end of the review period was 229 (238). At the end of the review period, 66 per cent of the company’s personnel were located outside Finland. In addition, the company had 51 agency contract workers (47) working mainly in mining customer relationships.

The company’s Management Team at the end of the reporting period was composed of Arto Halonen (Group CEO), Perttu Aho (VP Down the Hole), Ville Iljanko (VP Distributor Sales), Jorge Leal (VP Top Hammer), Ville Peltonen (Group CFO), Ville Pohja (VP Geotechnical) and Jaana Rinne (HR Director).

FINANCIAL TARGETS

Robit’s long-term target is to grow faster than average market growth and achieve comparable EBIT profitability of more than 10%.

 

Long term target

2022

2023

Rolling 12 months per 30 Sep 2024

Comparable EBIT, % of net sales, p.a.

>10 %

2.7 %

-5.7 %

3.2 %

RESOLUTIONS OF THE ANNUAL GENERAL MEETING 2024

Robit Plc’s Annual General Meeting was held in Tampere on 03 April 2024. The decisions and other materials related to the meeting are available on the company’s website at https://www.robitgroup.com/investor/corporate-governance/general-meeting/.

SHARES AND SHARE TURNOVER

On 30 September 2024, the company had 21,179,900 shares and 5,332 shareholders (5,601). Trading volume in January–September was 2,350,542 shares (4,254,349).

The company holds 42,205 treasury shares (0.2% of total shares). On 30 September 2024, the market value of the company’s shares was EUR 34.5 million. The closing price of the share was EUR 1.63. The highest price in January–September was EUR 2.05 and the lowest price EUR 1.31.

RISKS AND BUSINESS UNCERTAINTIES

Robit’s risks and uncertainties are related to possible changes in the company’s operating environment and global economic and political developments. The company’s ability to manage and prevent these risks varies.

The development of the company’s net sales and profitability are affected by the development of general market demand, especially in the construction industry, as well as the possible loss of customer relationships significant for the company.

Other uncertainty factors include the price and availability of financing, exchange rate development, the functioning of information systems, risks related to the security of supply and logistics, and IPR risks. Passing on the increase in raw material costs fully to customer prices may pose a financial risk. Changes in export countries’ tax and customs legislation may adversely impact the company’s export trade and 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 2024

Half-year report

On 2 August 2024, Robit Plc published its half-year report for 1 January–30 June 2024.

Changes in management

On 22 August 2024, the company announced that Pia Mutanen (b. 1980, M.Sc. Tech) had been appointed as Robit Plc’s new HR Director and a member of the Management Team as of 1 January 2025.

Shareholders' nomination committee

On 2 September 2024, the four largest shareholders of Robit Plc elected their representatives to the Shareholders’ Nomination Committee on the basis of the list of shareholders dated 2 September 2024:

  • Harri Sjöholm, Chairman, Five Alliance Oy
  • Timo Sallinen, Senior Vice President, Investments, Varma Mutual Pension Insurance Company
  • Jukka Vähäpesola, Head of Equities, Mutual Employment Pension Insurance Company Elo
  • Markus Lindqvist, Director, Sustainability, Aktia Bank Plc

The Nomination Committee will submit its proposal regarding the members of the Board of Directors and the remuneration to the Board of Directors by 31 January 2025.

EVENTS AFTER THE REVIEW PERIOD 

No events after the review period.

 

Lempäälä, 24 October 2024

ROBIT PLC
Board of Directors

 

For more information:

 

Arto Halonen, Group CEO
+358 40 028 0717
arto.halonen@robitgroup.com

 

Ville Peltonen, Group CFO
+358 40 759 9142
ville.peltonen@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 seven countries as well as an active sales network in more than 100 countries. Robit’s manufacturing units are located in Finland, South Korea and the UK. Robit’s share is 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 the figures expressed or assumed in statements about future prospects.

CONDENSED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EUR thousand

 7–9/2024

 7–9/2023

 1–9/2024

 1–9/2023

2023

Net sales

21 497

23 706

68 896

70 016

92 917

Other operating income

117

319

695

1 092

1 882

Materials and services*

-14 371

-15 849

-45 771

-46 672

-61 625

Employee benefit expense

-3 349

-3 724

-10 553

-11 694

-15 388

Depreciation and amortisation

-972

-1 105

-2 965

-3 838

-5 055

Impairment

-127

-174

-345

-345

-205

Other operating expense*

-2 791

-3 083

-8 214

-9 979

-12 409

EBIT (Operating profit/loss)

2

265

1 744

-1 076

116

 

 

 

 

 

 

Finance income and costs

 

 

 

 

 

Interest income and finance income

-125

1

215

205

214

Interest cost and finance cost

-512

-603

-1 457

-1 986

-2 758

Finance income and costs net

-637

-602

-1 242

-1 781

-2 544

Profit/loss before tax

-635

-337

501

-2 857

-2 427

 

 

 

 

 

 

Taxes

 

 

 

 

 

Income tax

8

14

0

7

-444

Change in deferred taxes

54

46

66

163

-148

Income taxes

62

60

66

170

-592

Result for the period

-573

-277

568

-2 687

-3 019

 

 

 

 

 

 

Attributable to:

 

 

 

 

 

Parent company shareholders

-624

-354

446

-2 823

-3 048

Non-controlling interest**

51

77

121

136

29

 

-573

-277

568

-2 687

-3 019

Other comprehensive income

 

 

 

 

 

Items that may be reclassified to profit or loss in subsequent periods:

Cash flow hedges

-67

5

-57

75

633

Translation differences***

-302

218

208

-1 045

41

Other comprehensive income, net of tax

-369

224

151

-970

674

Total comprehensive income

-942

-53

719

-3 657

1 560

 

 

 

 

 

 

Attributable to:

 

 

 

 

 

Parent company shareholders

-1 038

-143

578

-3 747

1 501

Non-controlling interest**

96

90

141

90

58

Consolidated comprehensive income

-942

-53

719

-3 657

1 560

 

 

 

 

 

 

Earnings per share

 

 

 

 

 

Basic and diluted earnings per share

-0,03

-0,02

0,02

-0,13

0,04

*In the condensed 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

30.9.2024

30.9.2023

31.12.2023

ASSETS

 

 

 

Non-current assets

 

 

 

Goodwill

5 518

5 335

5 308

Other intangible assets

736

915

817

Property, plant and equipment

17 099

21 519

19 561

Loan receivables

161

377

276

Other receivables

0

0

0

Derivatives

438

941

569

Deferred tax assets

1 442

2 188

1 417

Total non-current assets

25 395

31 274

27 948

 

 

 

 

Current assets

 

 

 

Inventories

40 076

40 347

36 054

Account and other receivables

20 116

21 768

16 820

Loan receivables

67

74

70

Current tax assets

143

178

323

Other financial assets

0

1 603

1 628

Cash and cash equivalents

12 735

5 751

11 201

Total current assets

73 136

69 720

66 096

Total assets

98 531

100 994

94 043

 

 

 

 

EQUITY AND LIABILITIES

 

 

 

Equity

 

 

 

Share capital

705

705

705

Share premium

202

202

202

Reserve for invested unrestricted equity

82 147

82 178

82 147

Translation differences

-2 895

-2 744

-3 103

Fair value reserve

398

753

455

Retained earnings

-35 055

-31 957

-32 054

Profit/loss for the year

446

-2 823

-3 048

Equity attributable to parent company shareholders in total

45 949

46 313

45 304

Non-controlling interests*

466

429

325

Capital and reserves in total

46 414

46 743

45 629

 

 

 

 

Liabilities

 

 

 

Non-current liabilities

 

 

 

Borrowings

22 060

25 372

22 123

Lease liabilities

2 987

4 429

3 946

Deferred tax liabilities

296

926

389

Employee benefit obligations

414

540

504

Total non-current liabilities

25 757

31 267

26 962

 

 

 

 

Current liabilities

 

 

 

Borrowings

3 262

3 680

5 180

Lease liabilities

1 461

1 421

1 283

Advances received

85

40

22

Income tax liabilities

0

27

130

Account payables and other liabilities

21 525

17 661

14 742

Other provisions

28

154

97

Total current liabilities

26 360

22 984

21 453

Total liabilities

52 117

57 704

48 415

Total equity and liabilities

98 531

100 994

94 043

* Founded in 2015 by Robit SA, Black Employees Empowerment Trust owns 26% of the shares of Robit SA.

CONSOLIDATED CASH FLOW STATEMENT

 

 

 

 

 

 

EUR thousand

 7-9/2024

 7-9/2023

 1-9/2024

 1-9/2023

2023

Cash flows from operating activities

 

 

 

 

 

Profit before tax

-635

-337

501

-2 857

-2 427

Adjustments:

 

 

 

 

 

Depreciation, amortisation, and impairment

972

1 105

2 965

3 838

5 055

Finance income and costs

637

602

1 242

1 781

2 610

Share-based payments to employees

4

-2

39

-67

-139

Loss (+)/Gain (-) on sale of property, plant and equipment

-77

7

-146

-260

-959

Other non-cash transactions

385

-178

233

-105

369

Cash flows before changes in working capital

1 286

1 196

4 835

2 330

4 509

 

 

 

 

 

 

Change in working capital

 

 

 

 

 

Increase (-) / decrease (+) in account and other receivables

835

-364

-3 675

-864

3 629

Increase (-) / decrease (+) in inventories

-3 872

2 615

-3 676

2 943

6 836

Increase (+) / decrease (-) in account and other payables

2 079

-3 912

6 482

-1 619

-3 900

Cash flows from operating activities before financial items and taxes

328

-465

3 966

2 791

11 074

 

 

 

 

 

 

Interest and other finance expenses paid

-107

-197

-1 050

-1 166

-2 200

Interest and other finance income received

31

19

137

48

100

Income taxes paid

-51

-52

-21

-340

-621

Net cash inflow (outflow) from operating activities

200

-695

3 032

1 332

8 353

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Other financial assets increase (-) / decrease (+)

0

0

1 628

0

0

Purchases of property, plant and equipment

-17

-36

-254

-450

-379

Purchases of intangible assets

-15

-5

-27

-59

-64

Proceeds from the sale of property, plant and equipment

112

-3

182

229

1 571

Proceeds from loan receivables

53

22

114

-130

-26

Net cash inflow (outflow) from investing activities

133

-23

1 644

-410

1 102

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

Acquisition of own shares

0

-9

0

-9

-150

Dividend payment

0

-393

0

-393

-441

Drawdowns of non-current loans

-277

0

0

3 500

3 500

Amortizations of non-current loans

0

-45

-1 853

-1 715

-3 352

Change in bank overdrafts

0

112

0

-1 669

-1 782

Payment of leasing liabilities

-718

-253

-1 246

-881

-1 844

Net cash inflow (outflow) from financing activities

-995

-587

-3 099

-1 098

-4 069

 

 

 

 

 

 

Net increase (+)/decrease (-) in cash and cash equivalents

-662

-1 305

1 577

-175

5 386

Cash and cash equivalents at the beginning of the financial year

13 486

7 013

11 201

6 085

6 085

Exchange gains/losses on cash and cash equivalents

-89

42

-43

-159

-269

Cash and cash equivalents at end of the year

12 735

5 751

12 735

5 751

11 201

 

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 as of 1 January 2023

705

202

82 570

-1 744

678

-31 928

50 483

339

50 822

Profit for the period

 

 

 

 

 

-2 823

-2 823

135

-2 688

Other comprehensive income

 

 

 

 

 

 

 

 

 

Cash flow hedges

 

 

 

 

75

 

75

 

75

Translation differences

 

 

 

-999

 

 

-1 207

-45

-1 045

Total comprehensive changes

 

 

 

-999

75

-2 823

-3 748

90

-3 658

Share-based payments to employees

 

 

 

 

 

-20

-20

 

-20

Acquisition of treasury shares

 

 

 

 

 

-9

-9

 

-9

Distribution of dividends

 

 

-393

 

 

 

-393

 

-393

Total transactions with owners, recognised directly in equity

 

 

 

 

 

-29

-422

 

-422

Equity as of 30 September 2023

705

202

82 178

-2 744

753

-34 780

46 313

429

46 743

 

 

 

 

 

 

 

 

 

 

EUR thousand

A

B

C

D

E

F

G

H

I

Equity as of 1 January 2024

705

202

82 147

-3 103

455

-35 102

45 304

325

45 629

Profit for the period

 

 

 

 

 

446

446

121

568

Other comprehensive income

 

 

 

 

 

 

 

 

 

Cash flow hedges

 

 

 

 

-57

 

-57

 

-57

Translation differences

 

 

 

208

 

 

208

20

228

Total comprehensive changes

 

 

 

208

-57

446

597

141

738

Share-based payments to employees

 

 

 

 

 

48

48

 

48

Total transactions with owners, recognised directly in equity

 

 

 

 

 

48

48

 

48

Equity as of 30 September 2024

705

202

82 147

-2 895

398

-34 608

45 949

466

46 414

           

 

NOTES

Contents

1.     Scope and principles of the interim report

2.     Key figures and calculation

3.     Breakdown of net sales

4.     Financing arrangements

5.     Changes to property, plant and equipment

6.     Given guarantees

7.     Business acquisitions

8.     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.

For reporting net sales for 2024, Robit combines the East market with the EMEA market due to the ceased business operations in Russia and the subsequent relatively small size of net sales in East as part of the Group’s net sales.

All figures in the condensed financial statements and in the notes are rounded, which is why the sum of individual figures may deviate from the sum presented.

2.1 KEY FIGURES

Consolidated key figures

Q3 2024

Q3 2023

Q1-Q3 2024

Q1-Q3 2023

2023

Net sales, EUR 1,000

21 497

23 706

68 896

70 016

92 917

EBIT, EUR 1000

2

265

1 744

-1 076

116

EBIT, per cent of sales

0,0 %

1,1 %

2,5 %

-1,5 %

0,1 %

Earnings per share (EPS), EUR

-0,03

-0,02

0,2

-0,13

-0,14

Return on equity (ROE), %

 

 

1,2 %

-7,7 %

-6,3 %

Return on capital employed (ROCE), %

 

 

3,2 %

-2,2 %

0,4 %

Equity ratio, %

 

 

47,2 %

46,3 %

48,5 %

Net gearing, %

 

 

36,7 %

62,4 %

46,7 %

Gross investments, EUR 1,000

32

41

280

509

443

Gross investments, % of net sales

0,1 %

0,2 %

0,4 %

0,7 %

0,5 %

Number of shares (outstanding shares)

 

 

21 137 695

21 153 331

21 132 710

Treasury shares (owned by the Group)

 

 

42 205

26 569

47 190

Percentage of votes/shares

 

 

0,20 %

0,13 %

0,22 %

 

2.2 CONSOLIDATING ALTERNATIVE KEY FIGURES

Robit presents alternative key figures to supplement the key figures given in the IFRS-compliant consolidated profit and loss accounts, consolidated balance sheets and consolidated cash flow statements. Robit considers that the alternative figures provide significant extra insight into Robit’s performance, financial position and cash flows. These figures are often used by analysts, investors and other parties.

The alternative key figures should not be examined separate from the IFRS key figures or as replacing the IFRS key figures. Not all companies calculate their alternative key figures in a uniform manner and, therefore, 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 EBIT

 

 

 

 

 

EUR thousand

 7–9/2024

 7–9/2023

 1–9/2024

 1–9/2023

2023

EBIT (Operating profit)

2

265

1 744

-1 076

116

Depreciation and amortisation

972

1 105

2 965

3 838

5 055

EBITDA

974

1 370

4 709

2 763

5 172

Items affecting comparability

 

 

 

 

 

Reorganizing expenses

0

150

0

280

-168

Comparable EBITDA

974

1 520

4 709

3 042

5 004

 

 

 

 

 

 

EBIT (Operating profit)

2

265

1 744

-1 076

116

Amortisation of acquisitions

37

32

109

453

487

Impairments

 

 

 

 

225

EBITA

38

296

1 853

-623

829

 

 

 

 

 

 

EBIT (Operating profit)

2

265

1 744

-1 076

116

Items affecting comparability

 

 

 

 

 

Reorganizing expenses

0

150

0

280

-168

Comparable EBIT (Operating profit)

2

415

1 744

-796

-53

          

 

2.3 CALCULATION OF KEY FIGURES

EBITDA

EBIT + Depreciation, amortization 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

The IFRS 15 recognition of entries as revenue is identical within each business unit and market area.

NET SALES 

 

 

 

 

 

 

 

Net sales by product area

EUR thousand

 7–9/2024

 7–9/2023

Change %

 1–9/2024

 1–9/2023

Change %

2023

Top Hammer

13 405

13 829

-3,1 %

42 772

40 862

4,7 %

54 406

Down the Hole

2 971

5 635

-47,3 %

12 354

15 998

-22,8 %

20 862

Geotechnical

5 120

4 243

20,7 %

13 770

13 156

4,7 %

17 648

Total

21 497

23 706

-9,3 %

68 896

70 016

-1,6 %

92 917

 

 

 

 

 

 

 

 

Net sales by market area

 

 

 

 

 

 

EUR thousand

 7–9/2024

 7–9/2023

Change %

 1–9/2024

 1–9/2023

Change %

2023

EMEA & East

11 092

12 699

-12,7 %

35 611

37 147

-4,1 %

47 279

Americas

5 136

4 859

5,7 %

14 630

15 407

-5,0 %

20 840

Asia

1 927

2 228

-13,5 %

6 336

6 657

-4,8 %

8 950

Australasia

3 341

3 920

-14,8 %

12 319

10 804

14,0 %

14 835

Total

21 497

23 706

-9,3 %

68 896

70 016

-1,6 %

92 917

4. FINANCING ARRANGEMENTS

The company’s cash and cash equivalents totalled EUR 12.7 million on 30 September 2024. In addition, the company has an EUR 6.0 million credit facility. The company’s sufficient liquidity is secured by way of cash and cash equivalents and an undrawn credit facility.

The covenants of the parent company’s loans are based on the company’s net liabilities/EBITDA ratio and the company’s equity ratio. The covenants are tested on a quarterly basis and the company met all the conditions on 30 September 2024.

INTEREST-BEARING LOANS

 

   

EUR thousand

30.9.2024

30.9.2023

31.12.2023

Non-current borrowings

 

 

 

Loans from credit institutions

22 048

25 360

22 111

Other loans

12

12

12

Lease liabilities

2 987

4 429

3 946

Total non-current borrowings

25 047

29 801

26 069

 

 

 

 

Current borrowings

 

 

 

Loans from credit institutions

3 262

3 568

5 179

Bank overdrafts

0

112

0

Lease liabilities

1 461

1 422

1 284

Total current borrowings

4 723

5 102

6 463

Total borrowings

29 769

34 903

32 532

5. CHANGES TO PROPERTY, PLANT AND EQUIPMENT

EUR thousand

30.9.2024

30.9.2023

31.12.2023

Cost at the beginning of period

46 483

55 562

55 562

Other changes*

 

 

-1 188

Additions

1 486

600

903

Disposals

-1 264

-537

-6 356

Reclassification

686

0

-969

Exchange differences

-101

-1 268

-1 469

Cost at the end of period

47 290

54 357

46 483

 

 

 

 

Accumulated depreciation and impairment at the beginning of period

-26 922

-30 634

-30 634

Other changes*

 

 

1 000

Depreciation

-2 830

-3 054

-4 082

Disposals

253

375

5 128

Reclassification

-686

0

969

Exchange differences

-6

567

697

Accumulated depreciation and impairment at the end of period 

-28 333

-32 746

-26 922

Net book amount at the beginning of period

19 561

24 928

24 928

Net book amount at the end of period

17 099

21 611

19 561

*Adjustments resulting from corrections to IFRS 16 calculations

 

 

 

       

 

6. GIVEN GUARANTEES

 

 

 

 

EUR thousand

30.6.2024

30.9.2023

31.12.2023

Guarantees and mortgages given on own behalf

48 037

48 166

49 505

Other guarantee liabilities

49

49

48

Total

48 086

48 214

49 553

7. BUSINESS 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 forecast for time, volume and interest rate risk.

There were no open currency derivatives at the end of the review period.

On 8 June 2021, the company concluded a EUR 30 million financing agreement and, in connection with this, a EUR 10 million interest rate swap with an interest rate cap in order to hedge part of its exposure to variable interest rates. The interest rate swap will take effect on 30 June 2023 and it will end on 30 June 2026. The company applies hedge accounting in accordance with IFRS 9. 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 loans with floating interest rates that expose the Group’s cash flow to interest rate risk. The Group’s policy is to use, if necessary, a floating to fixed interest rate swap.

Interest derivatives

 

 

 

EUR thousand

30.9.2024

30.9.2023

31.12.2023

Interest rate swaps

 

 

 

Nominal value

10 000

10 000

10 000

Fair value

438

941

569