Financials
As at and for the year ended December 31, | ||||
2020 | 2019 | 2019 | 2018 | |
(IFRS) | (FAS) | |||
(unaudited, unless otherwise indicated) | ||||
(EUR in thousands, unless otherwise indicated) | ||||
Net sales(1) | 75,865 | 66,427 | 65,703 | 62,490 |
Net sales growth, percent | 14.2 | n.a. | 5.1 | 1.7 |
Constant currency net sales growth(2), percent | 14.8 | n.a. | 6.2 | n.a. |
Invoiced sales(3) | 77,877 | 67,399 | 67,399 | 63,803 |
Invoiced sales growth(4), percent | 15.5 | n.a. | 5.6 | n.a. |
Gross margin(1) | 24,601 | 18,235 | 22,379 | 19,473 |
Gross margin(5), percent | 32.4 | 27.5 | 34.1 | 31.2 |
EBITDA(6) | 16,458 | 10,700 | 8,764 | 7,744 |
EBITDA margin(7), percent | 21.7 | 16.1 | 13.3 | 12.4 |
EBITA(8) | 12,336 | 6,593 | 6,040 | 4,871 |
EBITA margin(9), percent | 16.3 | 9.9 | 9.2 | 7.8 |
Operating profit(1) | 12,281 | 6,540 | 2,035 | 888 |
Operating profit margin(10), percent | 16.2 | 9.8 | 3.1 | 1.4 |
Items affecting comparability, gross margin(11) | 0 | 882 | 882 | 315 |
Items affecting comparability, EBITDA(12) | 597 | 1,000 | 1,000 | 356 |
Adjusted gross margin(13) | 24,601 | 19,117 | 23,261 | 19,788 |
Adjusted gross margin(14), percent | 32.4 | 28.8 | 35.4 | 31.7 |
Adjusted EBITDA(15) | 17,054 | 11,700 | 9,764 | 8,101 |
Adjusted EBITDA margin(16), percent | 22.5 | 17.6 | 14.9 | 13.0 |
Adjusted EBITA(17) | 12,933 | 7,593 | 7,040 | 5,227 |
Adjusted EBITA margin(18), percent | 17.0 | 11.4 | 10.7 | 8.4 |
Adjusted operating profit(19) | 12,878 | 7,540 | 3,035 | 1,244 |
Adjusted operating profit margin(20), percent | 17.0 | 11.4 | 4.6 | 2.0 |
Full‑time equivalent employees(21) | 285 | 272 | 272 | 264 |
Net cash flows from operating activities(1) | 12,709 | 8,468 | 9,786 | 6,665 |
Operating free cash flows(22) | 13,853 | 9,076 | 6,857 | 5,930 |
Cash conversion(23), percent | 81.2 | 77.6 | 70.2 | 73.2 |
Investments in tangible and intangible assets | (3,201)(1) | (2,624)(1) | (2,908) | (2,171) |
Net debt(24) | 38,886 | 41,076 | 29,139 | 33,490 |
Net debt to adjusted EBITDA for the last 12 months(25), ratio | 2.3 | 3.5 | 3.0 | 4.1 |
Net working capital(26) | 12,379 | 10,673 | 10,673 | 11,478 |
Capital employed excluding goodwill(27) | 31,835 | 32,104 | 21,387 | 22,006 |
Return on capital employed (ROCE)(28), percent | 38.4 | 19.9 | 9.4 | 4.0 |
Adjusted return on capital employed (adjusted ROCE)(29), percent |
40.3 | 22.9 | 14.0 | 5.6 |
Equity ratio(30), percent | 22.6 | 20.1 | 21.0 | 20.5 |
Return on equity(31), percent | 49.0 | 15.3 | (12.0) | (22.0) |





