Financials
Orthex’s key financial figures, their historical development and calculation formulas are presented in the tables below.
Key figures
| EUR thousand | 2021 | 2020 | 2019 |
| Net sales | 88,694 | 75,865 | 66,427 |
| Net sales growth, % | 16.9% | 14.2% | n.a. |
| Constant currency invoiced sales growth, % | 15.7% | 14.8% | n.a. |
| Invoiced sales | 90,552 | 77,877 | 67,399 |
| Invoiced sales growth, % | 16.3% | 15.5% | n.a. |
| Gross Margin | 23,204 | 24,601 | 18,235 |
| Gross Margin, % | 26.2% | 32.4% | 27.5% |
| EBITDA | 13,226 | 16,458 | 10,700 |
| EBITDA margin, % | 14.9% | 21.7% | 16.1% |
| EBITA | 9,348 | 12,336 | 6,593 |
| EBITA margin, % | 10.5% | 16.3% | 9.9% |
| Operating profit | 9,250 | 12,281 | 6,540 |
| Operating profit margin, % | 10.4% | 16.2% | 9.8% |
| Items affecting comparability | 1,616 | 597 | 1,000 |
| Adjusted Gross Margin | 23,279 | 24,601 | 19,117 |
| Adjusted Gross Margin, % | 26.2% | 32.4% | 28.8% |
| Adjusted EBITDA | 14,842 | 17,054 | 11,700 |
| Adjusted EBITDA margin, % | 16.7% | 22.5% | 17.6% |
| Adjusted EBITA | 10,964 | 12,933 | 7,593 |
| Adjusted EBITA margin, % | 12.4% | 17.0% | 11.4% |
| Adjusted operating profit | 10,867 | 12,878 | 7,540 |
| Adjusted operating profit margin, % | 12.3% | 17.0% | 11.4% |
| FTEs | 314 | 285 | 272 |
| Personnel expenses | 19,693 | 17,056 | 15,718 |
| Key cash flows indicators | |||
| Net cash flows from operating activities | 8,979 | 12,709 | 8,468 |
| Operating free cash flows | 10,046 | 13,853 | 9,076 |
| Cash conversion, % | 67.7% | 81.2% | 77.6% |
| Investments in tangible and intangible assets | -4,797 | -3,201 | -2,624 |
| Financial position key figures | |||
| Net debt | 25,887 | 38,886 | 41,076 |
| Net debt / adjusted EBITDA last 12 months | 1.7x | 2.3x | 3.5x |
| Net working capital | 14,482 | 12,379 | 10,673 |
| Capital employed excluding goodwill | 34,004 | 31,835 | 32,104 |
| Return on capital employed (ROCE), % | 28.1% | 38.4% | 19.9% |
| Adjusted return on capital employed (ROCE), % | 33.0% | 40.3% | 22.9% |
| Equity ratio, % | 35.8% | 22.6% | 20.1% |
| Return on equity, % | 24.7% | 49.0% | 15.3% |
Calculation formulas of key figures
| Key figure | Formula |
| Constant currency invoiced sales growth, % | Invoiced sales growth calculated by using previous year’s revenue translated at average foreign exchange rates for the current year |
| Invoiced sales | Product sales to resale customers excluding off invoice discounts, customer bonuses and cash discounts |
| Invoiced sales growth, % | Increase in invoiced sales |
| Gross Margin | Net sales less cost of sales |
| Gross Margin, % | Gross Margin / Net sales |
| EBITDA | Operating profit before depreciation, amortisation and impairment |
| EBITDA margin, % | EBITDA / Net sales |
| EBITA | Operating profit before amortisation and impairment |
| EBITA margin, % | EBITA / Net sales |
| Operating profit | Operating profit |
| Operating profit margin, % | Operating profit / Net sales |
| Items affecting comparability | Material items outside ordinary course of business including restructuring costs, net gains or losses from sale of business operations or other non-current assets, strategic development projects, external advisory costs related to capital reorganisation, impairment charges on non-current assets incurred in connection with restructurings, compensation for damages and transaction costs related to business acquisitions |
| Adjusted Gross Margin | Gross Margin excluding items affecting comparability |
| Adjusted Gross Margin, % | Adjusted Gross Margin / Net sales |
| Adjusted EBITDA | EBITDA excluding items affecting comparability |
| Adjusted EBITDA margin, % | Adjusted EBITDA / Net sales |
| Adjusted EBITA | EBITA excluding items affecting comparability |
| Adjusted EBITA margin, % | Adjusted EBITA / Net sales |
| Adjusted operating profit | Operating profit excluding items affecting comparability |
| Adjusted operating profit margin, % | Adjusted operating profit / Net sales |
| Earnings per share, basic (and diluted) | Profit for the period attributable to the owners of the parent / Weighted average number of shares outstanding |
| Net cash flows from operating activities | Net cash from operating activities as presented in the consolidated statement of cash flows |
| Operating free cash flows | Adjusted EBITDA less investments in tangible and intangible assets |
| Cash conversion, % | Operating free cash flows / Adjusted EBITDA |
| Investments in tangible and intangible assets | Investments in tangible and intangible assets as presented in the consolidated statement of cash flows |
| Net debt | Current and non-current interest-bearing liabilities less cash and cash equivalents |
| Net debt / adjusted EBITDA last 12 months | Net debt / Adjusted EBITDA |
| Net working capital | Inventories, trade and other receivables less trade and other payables |
| Capital employed excluding goodwill | Total equity and net debt and less goodwill |
| Return on capital employed (ROCE), % | Operating profit / Average capital employed excluding goodwill |
| Adjusted return on capital employed (ROCE), % | Adjusted operating profit / Average capital employed excluding goodwill |
| Equity ratio, % | Total equity / Total assets |
| Return on equity, % | Result for the period / Total equity (average for the first and last day of the period) |