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Financial metrics

Alternative performance measures

Comet uses key indicators defined in the IFRS Accounting 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 on fiscal year 2023 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 factor

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 factor

 

 

 

 

In thousands of CHF

December 31, 2023

 

December 31, 2022

Current debt and lease liabilities

3,528

 

3,955

+ Non-current debt and lease liabilities

91,986

 

93,911

./. Cash and cash equivalents

86,707

 

125,945

Net debt

8,807

 

(28,079)

 

 

 

 

EBITDA

44,996

 

118,913

Debt factor

0.2

 

(0.2)

Calculation of free cash flow

 

 

 

 

In thousands of CHF

December 31, 2023

 

December 31, 2022

Net cash provided by operating activities

22,255

 

64,407

Net cash (used in) investing activities

(22,839)

 

(22,234)

Free cash flow

(584)

 

42,173

Calculation of return on capital employed

 

 

 

 

In thousands of CHF

December 31, 2023

 

December 31, 2022

Trade receivables, net

53,321

 

78,297

Inventories

103,430

 

122,468

Trade payables

(20,331)

 

(31,191)

Sales commissions

(2,405)

 

(2,809)

Contract liabilities

(17,345)

 

(16,609)

Net working capital (NWC)

116,670

 

150,156

Property, plant and equipment

128,398

 

119,968

Right-of-use assets

26,400

 

32,401

Intangible assets

36,555

 

38,904

Non-current assets employed

191,353

 

191,273

Total capital employed

308,023

 

341,429

Average capital employed 1

324,726

 

310,251

 

 

 

 

Operating income

24,978

 

98,975

./. Income tax

(3,606)

 

(17,259)

Net operating profit after tax (NOPAT)

21,372

 

81,716

 

 

 

 

NOPAT

21,372

 

81,716

Capital employed

324,726

 

310,251

Return on capital employed (ROCE)

6.6%

 

26.3%

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.