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Annual Report 2021/22

The English-language edition of the Annual Report will be published in January 2023 at

Roblon reports improved revenue and earnings for 2021/22 as expected

Selected financial highlights

  • Order intake of DKKm 415.4 (DKKm 301.7).

  • Revenue of DKKm 380.9 (DKKm 249.9).

  • Gross profit of DKKm 181.2 (DKKm 116.7) and a gross margin of 47.6% (46.7%).

  • Operating profit before depreciation, amortisation and impairment and special items (EBITDA) of DKKm 23.4 (a loss of DKKm 12.6).

  • Depreciation, amortisation and impairment of DKKm 27.2 (DKKm 20.3). The increase over the previous year was due to investments in capacity and productivity-enhancing production equipment, particularly in the USA, as well as depreciation amounting to DKKm 3.8 in Vamafil, the company acquired in 2022.

  • Operating loss (EBIT) of DKKm 3.8 (a loss of DKKm 32.9).

  • EBIT margin negative at 1.0% (negative at 13.2%).

  • Net loss for the year of DKKm 1.4 (a net loss of DKKm 29.3).

  • Return on invested capital (ROIC) before tax negative at 2.0% (a negative 20.1%).

  • Earnings per B share negative at DKK 1.3 (negative at DKK 11.6).

  • Cash outflow from operations for the year of DKKm 27.0 (an outflow of DKKm 42.3).

  • Cash inflow from investments in property, plant and equipment and intangible assets of DKKm 20.5 (DKKm 15.1). The inflow included investments in production capacity in Roblon US and investment in new electricity-based production technology that will reduce the use of fossil fuels (natural gas) in the Group’s production.



As expected, the Group continued to suffer aftereffects of the COVID-19 pandemic in 2021/22, mainly in the form of supply shortages of raw materials, logistics challenges and general market impacts. In certain product groups, this resulted in a temporary reduction of profitability and an increase in inventories of critical raw materials.

  • Revenue was up 52.4% to DKKm 380.9 (DKKm 249.9) for the full year 2021/22. In the first half, revenue increased by 72.9% to DKKm 178.1 (DKKm 103.0), while in the second half it increased by 38.1% to DKKm 202.8 (DKKm 146.9).

  • The Composite product group reported revenue for 2021/22 of DKKm 108.7 (DKKm 42.7), of which DKKm 28.6 (DKKm 0) was derived from Vamafil. The level of activity in offshore oil & gas rose, resulting in a growing order intake for the Group in 2021/22, unlike in 2020/21, when COVID-19 caused orders to be postponed for expected execution at a later date.

  • The FOC product group reported revenue of DKKm 272.2 (DKKm 207.2), driven by the expansion of production capacity in Roblon US and favourable market conditions in the USA. However, the Group’s sales potential was negatively affected in the second half by difficulties in sourcing the components and raw materials required to maintain the expected high and increasing production level in this part of the business. Also, a few of the Group’s customers experienced delays in completing capacity expansions.

  • Gross profit and gross margin for the full year 2021/22 were adversely affected by soaring manufacturing costs, which Roblon has not been able to fully pass on to selling prices. The higher manufacturing costs were driven by increasing prices of raw materials, components, freight and energy. Conversely, gross profit and gross margin were supported by a favourable product mix and improved profitability in the FOC product group, resulting in a year-on-year increase in gross margin.

  • On 3 January 2022, the Group acquired Czech company Vamafil, spol. s r.o. A preliminary purchase price allocation of DKKm 54.4 has been made.

  • In 2021/22, Roblon increased its long-term credit facilities by DKKm 75 and raised mortgage loans of approximately DKKm 10 to support the acquisition of Vamafil and the Group’s growth strategy.

  • Working capital was up by 55.6% to DKKm 155.9 (DKKm 100.2) as a result of an increase in receivables due to significantly higher levels of activity and revenue in Q4 2021/22 compared with the previous year. In addition, working capital was affected by higher inventory levels of critical raw materials and components and soaring raw materials prices as well as additions from the acquired Czech company, Vamafil.

Based on the reported loss for the year 2021/22, the Board of Directors proposes to the shareholders in general meeting that no dividend be distributed.

Guidance for 2022/23

Management expects an increase in Group revenue and to record a profit for the 2022/23 financial year. The following significant factors are expected to apply:

  • The FOC market is expected to grow from the beginning of 2023 and to contribute to lifting revenue from the second quarter of the 2022/23 financial year.

  • In the US market, Roblon is well-positioned with a central location as one of only a few local suppliers of cable components. The Group has previously implemented a major investment programme and has launched additional initiatives which are expected to be completed in the spring of 2023. This will increase the total production capacity in the USA by more than 50%, and additional improvements are expected in production profitability.

  • Management expects substantial improvements in the Composite product group compared to reported 2021/22 levels, particularly in shipments to the offshore oil and gas industry. This prospect is supported by the larger order book at the beginning of the 2022/23 financial year and the much higher level of business activity.

  • The Group expects to achieve profitability improvements in connection with the ongoing relocation and installation of selected parts of the FOC production facilities from Denmark to the recently acquired subsidiary Vamafil in the Czech Republic.

Revenue and earnings guidance for 2022/23:

  • Revenue in the range of DKKm 430-470 (DKKm 380.9).

  • Operating profit before depreciation, amortisation and impairment and special items (EBITDA) in the range of DKKm 40-55 (DKKm 23.4).

  • Operating profit before special items (EBIT) in the range of DKKm 10-25 (a loss of DKKm 3.8).

Management expects Q1 2022/23 revenue to be challenged due to a revenue shortfall in the FOC product group. Based on the expectations of accelerating growth in the FOC product group over the coming quarters, a positive revenue performance is expected in the subsequent three quarters of the financial year.

Head office building put up for sale

In early 2020, the Group decided to put its head office in Frederikshavn up for sale. While showings have been arranged from time to time for prospective buyers and the sales process continues, there are currently no specific buyers for the property. After the sale, the Group’s Danish activities will be centred at Roblon’s facilities in Gærum, which currently house production and various administrative functions.

As well as generating positive synergies in the day-to-day operations, this initiative is also expected to have a positive impact on Roblon’s results, liquidity and equity going forward.

Forward-looking statements

Due to the war in Ukraine, the guidance provided is subject to uncertainty regarding the supply and transport of components and raw materials, energy supply and energy costs. It should also be noted that the guidance is subject to a high degree of uncertainty in the short term due to the aftereffects of the COVID-19 pandemic in many of Roblon’s markets.

The above forward-looking statements, in particular revenue and earnings projections, are inherently uncertain and subject to risk. Many factors are beyond Roblon’s control, and actual results may consequently differ significantly from the projections expressed in the annual report. Such factors include, but are not limited to, changes in market conditions and the competitive situation, changes in demand and purchasing behaviour, foreign exchange and interest rate fluctuations and general economic, political and commercial conditions.

Frederikshavn, 20 December 2022

Roblon A/S

Jørgen Kjær Jacobsen                                     Lars Østergaard

Chariman of the Board                                    Managing Director and CEO

Enquiries regarding this announcement should be addressed to:

Managing Director and CEO Lars Østergaard, tel. + 45 9620 3300