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    ORON   CH0111677362

ORIOR AG

(ORON)
  Report
Real-time Estimate Cboe Europe  -  06:16 2022-11-29 am EST
73.85 CHF   -0.07%
11/24Swiss Food Group Orior Names New Chairman
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08/16ORIOR AG Reports Earnings Results for the Half Year Ended June 30, 2022
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08/16Transcript : ORIOR AG, Q2 2022 Earnings Call, Aug 16, 2022
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ORIOR : Alternative Performance Measures Half Year 2022

08/16/2022 | 04:12am EST

ORIOR AG

ALTERNATIVE PERFORMANCE MEASURES HALF-YEAR 2022

ORIOR HALF-YEARREPORT 2022 | Alternative Performance Measures

Alternative Performance Measures

ORIOR uses financial performance measures in its Annual Reports, Half Year Reports and additional communication with investors that are not defined by Swiss GAAP FER (Alternative Performance Measures). According to the management they provide useful and relevant information regarding the operative and financial performance of the group.

Below the most important performance measures are explained and reconciled to Swiss GAAP FER figures. The Alternative Performance Measures in use may not correspond to performance measures with similar names of other companies. Every Alternative Performance Measure shown in the financial report is related to the performance of the current or the previous year.

Performance

Net sales development

Due to its international profile and frequent acquisitions the ORIOR Group classifies net sales deviations to the previous year in three effects:

- Organic growth

- Currency translation effect

- Acquisition effect

Organic growth

Organic growth is defined as the net sales deviations after removal of acquisition /disinvestment effects and

currency fluctuations. This allows a comparison with the previous year assuming a steady consolidation scope

and constant currencies. The calculated organic growth corresponds to the residual after calculation the currency

2

translation effect and the acquisition effect.

Currency translation effect

The currency translation effect shows the impact of currency fluctuations on net sales. It is calculated as differ-

ence between net sales of the current year and net sales of the current year in constant currency (constant curren-

cy means the translation of foreign subsidiaries with the average currency rate of the previous year).

Acquisition effect

The acquisition effect presents the net sales gained by acquisitions. As long as the corresponding previous period

has not been consolidated these net sales are defined as acquisition effect. This means acquisition's net sales of

the first 12 months are considered acquisition effect.

The resulting effects are then shown in relation to the net sales of the previous year.

Net sales development 2022

Jan - Jun 22

Org

FX

Akq

Jan - Jun 21

Net sales in kCHF

309 194

22 552

- 5 269

0

291 910

Net sales development by effect

5.9%

7.7%

 - 1.8%

0.0%

Ø currency rate CHF/EUR

1.0321

Net sales development 2021

Jan - Jun 21

Org

FX

Akq

Jan - Jun 20

Net sales in kCHF

291 910

2 474

 2 022

0

287 414

Net sales development by effect

1.6%

0.9%

0.7%

0.0%

Ø currency rate CHF/EUR

1.0942

ORIOR HALF-YEARREPORT 2022 | Alternative Performance Measures

Gross profit and gross margin

Gross profit and gross margin are not defined in the total cost method structure by Swiss GAAP FER. ORIOR uses gross profit and gross margin to explain the development of cost of goods sold. Gross profit consists of the net sales reduced by raw materials, goods and services purchased adjusted by the changes in inventories. Gross margin is calculated as gross profit divided by net sales.

in kCHF

Jan - Jun 22

Jan - Jun 21

Net sales

309 194

291 910

Raw materials / goods purchased

- 171 031

- 166 924

Changes in inventory

3 092

4 928

Gross profit

141 255

129 914

Gross margin

45.7%

44.5%

EBITDA and EBITDA margin

EBITDA equals earnings before interest, taxes, depreciation and amortisation. EBITDA margin is calculated as EBITDA divided by net sales.

in kCHF

Jan - Jun 22

Jan - Jun 21

Earnings before Interest and Tax (EBIT)

17 469

17 125

+ Depreciation - property, plant and equipment

8 639

9 820

+ Amortisation - intangible assets

4 133

4 122

EBITDA

30 241

31 067

Net sales

309 194

291 910

3

EBITDA

30 241

31 067

EBITDA margin

9.8%

10.6%

Adjusted EBITDA

ORIOR uses an adjusted EBITDA in order to disclose the development of operative performance without profit- related impacts from acquisitions. Acquisition impacts mainly include transaction and integration costs with effect on profit and loss. This ensures comparability as these are one-off transaction and integration effects related to acquisitions. These adjustments on EBITDA are disclosed as Adjusted EBITDA. There were no material transaction and integration costs, neither in the reporting period nor in the previous year. Therefore, no reconciliation is needed.

ORIOR HALF-YEARREPORT 2022 | Alternative Performance Measures

Liquidity/capital structure

Equity ratio

Equity ratio is the ratio of total equity, including non-controlling interests, to total assets or total liabilities.

in kCHF

30.06.2022

30.06.2021

Total assets

378 114

373 600

Equity attributable to owners of the parent

74 532

65 690

Non-controlling interests

1 892

2 183

Total equity

76 424

67 874

Equity ratio

20.2%

18.2%

ORIOR applies the method of goodwill offset against equity which is allowed according to Swiss GAAP FER. The theoretical capitalisation and amortisation of goodwill is not shown in the notes to the half year report. Therefore, the calculation of the equity ratio under the assumption that ORIOR would apply the method of capitalising and depreciating goodwill is excluded.

Cash conversion

ORIOR defines cash conversion as relation of cash flow from operating activities to EBITDA. This performance measure shows how much of the operating result before depreciation and amortisation has been translated to cash flow from operating activities.

in kCHF

Jan - Jun 22

Jan - Jun 21

EBITDA

30 241

31 067

Cash flow from operating activities

26 749

26 987

4

Cash conversion

88.5%

86.9%

Net debt/EBITDA-ratio

ORIOR uses this performance measure to demonstrate the relation between debt and profitability. Net debt, which is calculated below, is divided by EBITDA of the last twelve months.

in kCHF

Jan - Jun 22

Jan - Jun 21

EBITDA 2nd half of previous year

33 023

29 329

EBITDA 1st half of reporting period

30 241

31 067

EBITDA LTM*

63 264

60 396

+ Current financial liabilities

14 317

10 529

+ Non-current financial liabilities

146 637

155 389

- Cash and cash equivalents

- 25 296

- 18 845

Net debt

135 658

147 073

Net debt / EBITDA ratio

2.14

2.44

* LTM = Last Twelve Months

ORIOR HALF-YEARREPORT 2022 | Alternative Performance Measures

RoCE

Return on Capital Employed [ROCE] shows the profitability of the capital employed. EBIT of the last twelve months is divided by the capital employed as at reporting date. As the entire capital of an acquisition /disinvestment is included in capital employed, an acquisition's/disinvestment's EBIT of the months before / after the transaction is added /subtracted to show last twelve months.

in kCHF

Jan - Jun 22

Jan - Jun 21

+ Current assets

191 050

177 290

- Current liabilities

- 122 467

- 112 781

- Cash and cash equivalents

- 25 296

- 18 845

- Current financial assets

- 633

- 565

+ Current financial liabilities

14 317

10 529

+ Property, plant and equipment

123 694

121 885

+ Intangible assets

59 165

71 346

+ Financial assets

4 205

3 079

Capital employed

244 035

251 939

EBIT - LTM *

35 695

32 908

EBIT - Acquisitions

0

0

EBIT - LTM * adjusted

35 695

32 908

ROCE

14.6%

13.1%

* LTM = Last Twelve Months

5

Disclaimer

Orior AG published this content on 16 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 August 2022 08:11:11 UTC.


ę Publicnow 2022
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Sales 2022 642 M 678 M 678 M
Net income 2022 28,3 M 29,9 M 29,9 M
Net Debt 2022 139 M 147 M 147 M
P/E ratio 2022 17,0x
Yield 2022 3,32%
Capitalization 483 M 509 M 509 M
EV / Sales 2022 0,97x
EV / Sales 2023 0,93x
Nbr of Employees 1 992
Free-Float 97,8%
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