2023
Half-year Report
Alternative
Performance
Measures
Alternative Performance Measures
HUBER+SUHNER uses alternative performance measures as guidance parameters for both internal and external reporting to stakeholders. HUBER+SUHNER uses the following definitions, which may differ from the one other companies use.
This document has been prepared in conformity with the Directive on the Use of Alternative Performance Measures issued by SIX Exchange Regulation Ltd.
Organic sales development
The organic sales development is calculated by adjusting the reported net sales for the impact of currency effects, copper price effects as well as portfolio effects (acquisitions and disposals). When determining the currency effects, the functional currency that is valid in the respective country is used.
Order intake
A new order is recognised as an order intake only when the contract creates enforceable obligations between the Group and its customer. When this condition is met, the order is recognised at the contract value.
Book-to-bill
The book-to-bill is the ratio of total order intake third to total net sales third.
Order backlog
The order backlog represents the amount of booked orders not yet delivered/invoiced at a closing date. The order backlog is calculated as follows:
- order backlog at the beginning of the year;
- plus order intake during the reporting period;
- less cancellations of orders recorded;
- less sales recognised during the reporting period.
EBIT
EBIT is calculated by subtracting cost of goods sold and operating expenses from net sales.
January-June | January-June | |
2023 | 2022 | |
Net sales | 477.3 | 477.4 |
Cost of goods sold | (310.6) | (302.9) |
Gross profit | 166.7 | 174.5 |
Selling, administrative and research and development expense | (120.8) | (121.6) |
Other operating expense / income | 1.1 | 1.1 |
EBIT (= operating profit) | 47.0 | 54.0 |
Alternative Performance Measures - All amounts are in CHF million | 2 |
EBITDA
The EBITDA corresponds to the operating profit (EBIT) before depreciation of property, plant and equipment and amortisation of intangible assets.
January-June | January-June | |
2023 | 2022 | |
EBIT (= operating profit) | 47.0 | 54.0 |
Depreciation of property, plant and equipment | 14.5 | 13.5 |
Amortisation of intangible assets | 2.1 | 1.8 |
EBITDA | 63.5 | 69.3 |
Return on invested capital (ROIC)
The return on invested capital (ROIC) measures how efficiently the invested capital is used. It is defined as net operating profit after taxes (NOPAT) divided by the average invested capital. The average is calculated by adding the invested capital at the beginning of the period to that at the end of the period and dividing the sum by two. The half- year EBIT is annualized by multiplying by two for the calculation of the ROIC.
Invested capital and NOPAT are defined as follows:
January-June | January-June | |
2023 | 2022 | |
Trade receivables | 173.8 | 168.0 |
Other short-term receivables (excl. derivative financial instruments) | 26.3 | 30.2 |
Inventories | 177.4 | 186.3 |
Accrued income | 6.4 | 5.9 |
Property, plant and equipment (excl. undeveloped property) | 221.1 | 213.8 |
Intangible assets | 28.0 | 24.0 |
Deferred tax assets | 12.1 | 10.2 |
Operating assets | 645.0 | 638.4 |
Trade payables | (70.9) | (69.0) |
Other short-term liabilities (excl. derivative financial instruments) | (58.5) | (70.1) |
Short-term provisions | (12.5) | (16.7) |
Accrued liabilities | (18.6) | (22.0) |
Other long-term liabilities | (2.7) | (2.7) |
Long-term provisions (excl. retirement plan obligations) | (6.4) | (6.6) |
Deferred tax liabilities | (18.8) | (17.3) |
Operating liabilities | (188.4) | (204.4) |
Invested capital | 456.7 | 434.0 |
Average invested capital | 443.7 | 417.0 |
EBIT (= operating profit) (12 months annualized) | 93.9 | 108.0 |
Effective income tax rate | 15.8% | 17.9% |
Effective income taxes | (14.8) | (19.3) |
NOPAT (= net operating profit after taxes) (12 months annualized) | 79.1 | 88.6 |
Return on invested capital (ROIC) in % = NOPAT / average invested capital | 17.8% | 21.3% |
Alternative Performance Measures - All amounts are in CHF million | 3 |
Free operating cash flow
Free operating cash flow is defined as cash flow from operating activities less cash flow from investing activities.
January-June | January-June | |
2023 | 2022 | |
Cash flow from operating activities | 31.1 | 31.3 |
Cash flow from investing activities | (21.5) | (25.6) |
Free operating cash flow | 9.6 | 5.7 |
Free cash flow
January-June | January-June | |
2023 | 2022 | |
Free operating cash flow | 9.6 | 5.7 |
Payment of dividend | (38.8) | (38.2) |
Payment of dividend to minority interests | (0.3) | - |
Purchase of treasury shares | (8.2) | (40.6) |
Free cash flow | (37.6) | (73.2) |
Net liquidity
30.06.2023 | 30.06.2022 | |
Cash and cash equivalents | 111.9 | 145.8 |
Short-term financial liabilities | 0 | 0 |
Long-term financial liabilities | 0 | 0 |
Net liquidity | 111.9 | 145.8 |
Due to rounding, numbers presented throughout this report may not add up precisely to the totals provided. All ratios and deltas are calculated using the underlying amount rather than the presented rounded amount.
Alternative Performance Measures - All amounts are in CHF million | 4 |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Huber + Suhner AG published this content on 15 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2023 04:47:07 UTC.