Financial Report
Alternative performance measures
In this Six-month Report, the Zehnder Group reports financial key figures that are not defined according to Swiss GAAP FER. These alternative performance measures are intended to aid the management team as well as analysts and investors in forming a clearer understanding of the Group’s performance.
Two additional alternative performance measures are disclosed to improve comparability of the previous year's financial performance: EBITDA before one-off effects and EBIT before one-off effects. These alternative performance measures were introduced this year, because, unlike in the previous year, the half-year result in 2024 is heavily impacted by the divestment of the Climate Ceiling Solutions business and further one-off restructuring costs.
The following definitions and calculation bases of the Zehnder Group may differ from those employed by other companies.
Alternative performance measure | Definition | Calculation basis/reconciliation (in EUR million) | 1st half-year 2024 | 1st half-year 2023 |
Organic sales growth | The organic sales growth measures the growth that the Group is able to achieve on its own. Organic sales equate to sales that have been adjusted for acquisition effects and have taken place at constant exchange rates. | Sales | 344.7 | 407.0 |
Currency effects | –0.3 | 2.8 | ||
Acquisition effects | - | –12.7 | ||
Organic sales | 344.4 | 397.1 | ||
Organic sales growth/(decline) in % | –15.4 | –0.6 | ||
EBITDA | Earnings before interest, taxes, depreciation and amortisation (EBITDA) is a key figure used to measure the performance of the Group. | Operating result (EBIT) | 12.5 | 37.5 |
Depreciation of property, plant and equipment | 12.2 | 11.5 | ||
Amortisation of intangible assets | 0.5 | 0.5 | ||
EBITDA | 25.2 | 49.5 | ||
EBITDA before one-off effects | Earnings before interest, taxes, depreciation and amortisation (EBITDA) adjusted for significant one-off effects is a key figure used to measure the performance of the Group. One-off effects include, for example, restructuring costs or the divestment of Group entities. | Operating result (EBIT) | 12.5 | 37.5 |
Depreciation of property, plant and equipment | 12.2 | 11.5 | ||
Amortisation of intangible assets | 0.5 | 0.5 | ||
One-off effects | 10.1 | 1.7 | ||
EBITDA before one-off effects | 35.3 | 51.2 | ||
EBIT before one-off effects | Earnings before interest and taxes (EBIT) adjusted for significant one-off effects is a key figure used to measure the performance of the Group. One-off effects include, for example, restructuring costs or the divestment of Group entities. | Operating result (EBIT) | 12.5 | 37.5 |
One-off effects | 10.1 | 1.7 | ||
EBIT before one-off effects | 22.6 | 39.2 | ||
Net liquidity/(net debt) | Net liquidity or debt is a key figure used to measure the Group’s financial liquidity or debt. | Liquid assets | 58.7 | 52.5 |
Short-term financial liabilities | –1.7 | –22.7 | ||
Long-term financial liabilities | –4.0 | –5.5 | ||
Net liquidity/(net debt) | 53.0 | 24.3 |