Financials

Orthex’s key financial figures, their historical development and calculation formulas are presented in the tables below.

Key figures

EUR thousand202120202019
Net sales88,69475,86566,427
Net sales growth, %16.9%14.2%n.a.
Constant currency invoiced sales growth, %15.7%14.8%n.a.
Invoiced sales90,55277,87767,399
Invoiced sales growth, %16.3%15.5%n.a.
Gross Margin23,20424,60118,235
Gross Margin, %26.2%32.4%27.5%
EBITDA13,22616,45810,700
EBITDA margin, %14.9%21.7%16.1%
EBITA9,348 12,336 6,593
EBITA margin, %10.5%16.3%9.9%
Operating profit9,25012,2816,540
Operating profit margin, %10.4%16.2%9.8%
Items affecting comparability1,6165971,000
Adjusted Gross Margin23,27924,60119,117
Adjusted Gross Margin, %26.2%32.4%28.8%
Adjusted EBITDA14,84217,05411,700
Adjusted EBITDA margin, %16.7%22.5%17.6%
Adjusted EBITA10,96412,9337,593
Adjusted EBITA margin, %12.4%17.0%11.4%
Adjusted operating profit10,86712,8787,540
Adjusted operating profit margin, %12.3%17.0%11.4%
FTEs314285272
Personnel expenses19,69317,05615,718
Key cash flows indicators
Net cash flows from operating activities8,97912,7098,468
Operating free cash flows10,04613,8539,076
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 debt25,88738,88641,076
Net debt / adjusted EBITDA last 12 months1.7x2.3x3.5x
Net working capital14,48212,37910,673
Capital employed excluding goodwill34,00431,83532,104
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 figureFormula
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 salesProduct sales to resale customers excluding off invoice discounts, customer bonuses and cash discounts
Invoiced sales growth, %Increase in invoiced sales
Gross MarginNet sales less cost of sales
Gross Margin, %Gross Margin / Net sales
EBITDAOperating profit before depreciation, amortisation and impairment
EBITDA margin, %EBITDA / Net sales
EBITAOperating profit before amortisation and impairment
EBITA margin, %EBITA / Net sales
Operating profitOperating profit
Operating profit margin, %Operating profit / Net sales
Items affecting comparabilityMaterial 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 MarginGross Margin excluding items affecting comparability
Adjusted Gross Margin, %Adjusted Gross Margin / Net sales
Adjusted EBITDAEBITDA excluding items affecting comparability
Adjusted EBITDA margin, %Adjusted EBITDA / Net sales
Adjusted EBITAEBITA excluding items affecting comparability
Adjusted EBITA margin, %Adjusted EBITA / Net sales
Adjusted operating profitOperating 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 activitiesNet cash from operating activities as presented in the
consolidated statement of cash flows
Operating free cash flowsAdjusted EBITDA less investments in tangible and intangible
assets
Cash conversion, %Operating free cash flows / Adjusted EBITDA
Investments in tangible and intangible assetsInvestments in tangible and intangible assets as presented in the consolidated statement of cash flows
Net debtCurrent and non-current interest-bearing liabilities less cash and cash equivalents
Net debt / adjusted EBITDA last 12 monthsNet debt / Adjusted EBITDA
Net working capitalInventories, trade and other receivables less trade and other
payables
Capital employed excluding goodwillTotal 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)