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    ORON   CH0111677362

ORIOR AG

(ORON)
  Report
Delayed Quote. Delayed Swiss Exchange - 07/26 11:31:09 am
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ORIOR : Alternative Performance Measures first half 2020

08/20/2020 | 04:16am EDT

ORIOR AG

ALTERNATIVE PERFORMANCE MEASURES HALF-YEAR 2020

ORIOR HALF-YEARREPORT 2020 | 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 compares net sales deviations to the previous year by looking at three effects:

  • Organic growth
  • Currency translation effect
  • Acquisition effect

Organic growth

Organic growth is defined as the net sales deviations after removing acquisition / disinvestment effects and cur-

rency fluctuations. This allows a comparison to be made with the previous year, assuming that there is a steady

consolidation scope and constant currencies. The organic growth calculated corresponds to the residual value after

2

calculating the currency 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 the diffe-

rence between the net sales of the current year and the net sales of the current year in constant currency (constant

currency means the translation of foreign subsidiaries' net sales at 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 presented as an acquisition effect. This means that each acquisi-

tion's net sales of the first 12 months are considered part of the acquisition effect.

The resulting effects are then shown as a percentage of the net sales of the previous year.

Net sales development 2020

Jan - Jun 20

Org

FX

Acq

Jan - Jun 19

Net sales in kCHF

287 414

465

- 3 854

11 163

279 640

Net sales development by effect

2.8 %

0.2 %

- 1.4 %

4.0 %

Ø currency rate CHF/EUR

1.0641

Net sales development 2019

Jan - Jun 19

Org

FX

Acq

Jan - Jun 18

Net sales in kCHF

279 640

- 5 038

- 2 221

13 157

273 742

Net sales development by effect

2.2 %

- 1.8 %

- 0.8 %

4.8 %

Ø currency rate CHF/EUR

1.1294

ORIOR HALF-YEARREPORT 2020 | Alternative Performance Measure

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 purchases adjusted by the changes in inventories. Gross margin is calculated as gross profit divided by net sales.

in kCHF

Jan - Jun 20

Jan - Jun 19

Net sales

287 414

279 640

Raw materials / goods purchased

- 160 319

- 157 421

Changes in inventory

- 1583

1848

Gross profit

125 512

124 067

Gross margin

43.7 %

44.4 %

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 20

Jan - Jun 19

Earnings before Interest and Tax (EBIT)

10 031

17 423

+ depreciation - tangible assets

9 507

8 673

+ amortisation - intangible assets

3 936

2 324

EBITDA

23 474

28 419

Net sales

287 414

279 640

3

EBITDA

23 474

28 419

EBITDA margin

8.2 %

10.2 %

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 first half year of 2020 nor in the previous year. Therefore, no reconciliation is needed.

ORIOR HALF-YEARREPORT 2020 | 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

30.06.2020

30.06.2019

Total assets

393 972

379 889

Equity before non-controlling interests

69 695

88 235

Non-controlling interests

6 517

0

Equity after non-controlling interests

76 212

88 235

Equity ratio

19.3 %

23.2 %

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 20

Jan - Jun 19

EBITDA

23 474

28 419

4

Cash flow from operating activities

9 602

20 827

Cash conversion

40.9 %

73.3 %

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 20

Jan - Jun 19

EBITDA 2nd half of previous year

32 613

31 180

EBITDA 1st half of reporting period

23 474

28 419

EBITDA LTM*

56 087

59 599

+ Current financial liabilities

8 412

1 371

+ Non-current liabilities

175 218

175 208

- Cash and cash equivalents

- 22 696

- 30 366

Net debt

160 934

146 213

Net debt / EBITDA ratio

2.87

2.45

* LTM = Last Twelve Months

ORIOR HALF-YEARREPORT 2020 | Alternative Performance Measure

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 20

Jan - Jun 19

+ Current assets

189 205

189 384

- Current liabilities

- 105 033

- 85 099

- Cash and cash equivalents

- 22 696

- 30 366

- Current financial assets

- 504

- 276

+ Current financial liabilities

8 412

1 371

+ Tangible assets

128 238

130 575

+ Intangible assets

74 577

48 873

+ Financial assets

1 952

11 057

Capital employed

274 151

265 518

EBIT - LTM *

29 930

36 736

EBIT - acquisitions

1 356

0

EBIT - LTM * adjusted

31 287

36 736

ROCE

11.4 %

13.8 %

* LTM = Last Twelve Months

5

Disclaimer

Orior AG published this content on 06 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 August 2020 08:16:09 UTC


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Sales 2021 616 M 673 M 673 M
Net income 2021 26,2 M 28,6 M 28,6 M
Net Debt 2021 143 M 156 M 156 M
P/E ratio 2021 20,5x
Yield 2021 2,87%
Capitalization 537 M 586 M 586 M
EV / Sales 2021 1,10x
EV / Sales 2022 1,05x
Nbr of Employees 2 028
Free-Float 97,9%
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Number of Analysts 4
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Average target price 85,00 CHF
Spread / Average Target 2,91%
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Daniel Lutz Chief Executive Officer
Andreas Lindner Chief Financial Officer
Rolf U. Sutter Chairman
Sven Maushake Group Chief Information Officer
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