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)