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 2024 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, 2024

 

December 31, 2023

Current debt and lease liabilities

5,405

 

3,528

+ Non-current debt and lease liabilities

92,207

 

91,986

./. Cash and cash equivalents

(113,744)

 

(86,707)

Net debt

(16,132)

 

8,807

 

 

 

 

EBITDA

60,380

 

44,996

Debt factor

(0.3)

 

0.2

Calculation of free cash flow

 

 

 

 

In thousands of CHF

December 31, 2024

 

December 31, 2023

Net cash provided by operating activities

49,963

 

22,257

Net cash (used in) investing activities

(8,549)

 

(22,841)

Free cash flow

41,414

 

(584)

Calculation of return on capital employed

 

 

 

 

In thousands of CHF

December 31, 2024

 

December 31, 2023

Trade receivables, net

77,347

 

53,321

Inventories

106,798

 

103,430

Trade payables

(30,790)

 

(20,331)

Sales commissions

(2,379)

 

(2,405)

Contract liabilities

(16,228)

 

(17,345)

Net working capital (NWC)

134,748

 

116,670

Property, plant and equipment

125,715

 

128,398

Right-of-use assets

30,337

 

26,400

Intangible assets

35,159

 

36,555

Non-current assets employed

191,211

 

191,353

Total capital employed

325,959

 

308,023

Average capital employed 1

316,991

 

324,726

 

 

 

 

Operating income

38,229

 

24,978

./. Income tax

(5,116)

 

(3,606)

Net operating profit after tax (NOPAT)

33,113

 

21,372

 

 

 

 

NOPAT

33,113

 

21,372

Capital employed

316,991

 

324,726

Return on capital employed (ROCE)

10.4%

 

6.6%

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.