Financial metrics
Financial metrics
Alternative performance measures
Comet uses key indicators defined in the International Financial Reporting Standards (IFRS) in its entire financial reporting, as well as selected alternative performance measures (APMs). These APMs provide useful information on the Group’s financial situation and are used for financial management and controllership purposes. As these measures are not defined under IFRS, their definition and calculation may differ from those used by other companies. It should be noted that comparability across companies may therefore be limited.
The key alternative performance measures used in the reporting of fiscal year 2021 are defined as follows:
|
|
|
|
Key performance measures |
Comet definitions |
|
|
|
|
Gross profit, gross profit margin |
Gross profit is calculated as net sales less cost of sales. Gross profit margin represents gross profit as a percentage of net sales. |
|
Earnings before interest, taxes, depreciation and amortization (EBITDA) |
Operating income as per consolidated statement of income before depreciation on property, plant and equipment & right-of-use assets, amortization of intangible assets and impairment losses. |
|
EBITDA margin |
EBITDA as a percentage of net sales. |
|
Net debt |
Interest-bearing debt (such as current and non-current debt and lease liabilities) less cash and cash equivalents. |
|
Debt ratio |
Net debt divided by EBITDA. |
|
Equity ratio |
Total equity attributable to the shareholders of Comet Holding AG divided by total assets. |
|
Free cash flow (FCF) |
Sum of net cash flows from operating and investing activities. |
|
Return on capital employed (ROCE) |
ROCE is the ratio of operating income less income tax (NOPAT) to total capital employed. Capital employed is defined as net working capital (aggregated amount of net trade receivables, inventories, trade payables, sales commissions and contract liabilities) plus non-current assets employed (aggregated amount of property, plant and equipment, right-of-use assets and intangible assets). |
Calculation of net debt and of debt ratio
|
|
|
|
|
|
In thousands of CHF |
December 31, 2021 |
|
December 31, 2020 |
|
Current debt and lease liabilities |
3,949 |
|
64,174 |
|
+ Non-current debt and lease liabilities |
75,462 |
|
17,644 |
|
./. Cash and cash equivalents |
115,533 |
|
74,681 |
|
Net debt |
(36,122) |
|
7,137 |
|
|
|
|
|
|
EBITDA |
102,749 |
|
58,616 |
|
Debt ratio (to EBITDA) |
(0.4) |
|
0.1 |
Calculation of free cash flow
|
|
|
|
|
|
In thousands of CHF |
December 31, 2021 |
|
December 31, 2020 |
|
Net cash provided by operating activities |
70,489 |
|
57,045 |
|
Net cash (used in) investing activities |
(12,722) |
|
(15,396) |
|
Free cash flow |
57,767 |
|
41,649 |
Calculation of return on capital employed
|
|
|
|
|
|
In thousands of CHF |
December 31, 2021 |
|
December 31, 2020 |
|
Trade receivables, net |
65,057 |
|
50,299 |
|
Inventories |
99,268 |
|
94,188 |
|
Trade payables |
(26,095) |
|
(26,733) |
|
Sales commissions |
(3,593) |
|
(4,890) |
|
Contract liabilities |
(35,161) |
|
(43,421) |
|
Net working capital (NWC) |
99,476 |
|
69,443 |
|
Property, plant and equipment |
111,703 |
|
112,629 |
|
Right-of-use assets |
18,791 |
|
20,610 |
|
Intangible assets |
41,027 |
|
43,862 |
|
Non-current assets employed |
171,521 |
|
177,101 |
|
Total capital employed |
270,997 |
|
246,544 |
|
Average capital employed 1 |
258,771 |
|
246,485 |
|
|
|
|
|
|
Operating income |
84,085 |
|
39,329 |
|
./. Income tax |
(14,771) |
|
(5,827) |
|
Net operating profit after tax (NOPAT) |
69,314 |
|
33,502 |
|
|
|
|
|
|
NOPAT |
69,314 |
|
33,502 |
|
Capital employed |
258,771 |
|
246,544 |
|
Return on capital employed (ROCE) 1 |
26.8% |
|
13.6% |
1 Return on capital employed (ROCE) is calculated using the average capital employed, based on the beginning and ending balance of capital employed in the period under review.