Financials - Orthex Group

	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)