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Home 6. Consolidated Financial Statements Alternative Performance Measures
In external communications, Mikron discloses performance measures that are not defined in Swiss GAAP FER. The description and, where applicable, the calculation from performance measures as per Swiss GAAP FER are listed below. All values listed in CHF.
Order intake includes all customer orders for goods and services received from customers, irrespective of whether the goods and services have been delivered or not. Blanket orders are only recognized as order intake when the goods are being called off.
The order backlog represents that part of the cumulative past order intake that has not yet been recognized as sales at the current balance sheet date. The order backlog equals the amount of sales that will, applying the current exchange rates of the orders, be realized when all open customer orders are concluded. The order backlog of customer projects managed applying the percentage of completion method corresponds to the order intake less the accrued sales according to the stage of completion of each project.
The earnings before interest, taxes, depreciation and amortization (EBITDA) represent the total of the operating and non-operating result, adding back the depreciation for tangible assets, the amortization for intangible assets and the revaluation of the investment property.
| EBITDA | 2022 | 2021 | Reference |
| Operating result | 25,750 | -18,009 | Consolidated income statement |
| + Non-operating result | 682 | -444 | Consolidated income statement |
| + Depreciation of tangible assets | 7,649 | 8,114 | Consolidated income statement |
| + Amortization of intangible assets | 966 | 1,014 | Consolidated income statement |
| + Revaluation investment property | 429 | 397 | Note 5.7 |
| EBITDA | 35,476 | -27,090 |
The earnings before interest and taxes (EBIT) represent the total of the operating and non-operating result.
| EBIT | 2022 | 2021 | Reference |
| Operating result | 25,750 | 18,009 | Consolidated income statement |
| + Non-operating result | 682 | -444 | Consolidated income statement |
| EBIT | 26,432 | 17,565 |
The operating free cash flow represents the total of the cash flow from operating activities and the cash flow from investing activities, the latter excluding the investments in and divestments of financial assets.
| Operating free cash flow | 2022 | 2021 | Reference |
| Cash flow from operating activities | 27,648 | 50,741 | Consolidated statement of cash flow |
| + Cash flow from investing activities | -45,935 | -17,788 | Consolidated statement of cash flow |
| – Investments in financial assets | -35,000 | -187 | Consolidated statement of cash flow |
| – Divestments of financial assets | 61 | 2,000 | Consolidated statement of cash flow |
| – Interest received | 11 | 26 | Consolidated statement of cash flow |
| Operating free cash flow | 16,641 | 31,114 |
The free cash flow represents the total of the cash flow from operating activities and the cash flow from investing activities.
| Free cash flow | 2022 | 2021 | Reference |
| Cash flow from operating activities | 27,648 | 50,741 | Consolidated statement of cash flow |
| + Cash flow from investing activities | -45,935 | -17,788 | Consolidated statement of cash flow |
| Free cash flow | -18,287 | 32,953 |
The net working capital is the net amount of the current assets and the current liabilities that stand in relation to the business activities.
| Net working capital | 2022 | 2021 | Reference |
| Accounts receivable | 22,768 | 19,618 | Consolidated balance sheet |
| + Inventories | 64,046 | 53,440 | Consolidated balance sheet |
| + Net assets from customer projects | 51,571 | 28,642 | Consolidated balance sheet |
| + Other current receivables | 3,114 | 4,109 | Consolidated balance sheet |
| + Prepaid expenses | 6,326 | 4,303 | Consolidated balance sheet |
| – Accounts payable | 25,351 | 16,968 | Consolidated balance sheet |
| – Net liabilities from customer projects | 81,333 | 55,049 | Consolidated balance sheet |
| – Short-term provisions | 11,610 | 15,198 | Consolidated balance sheet |
| – Other current liabilities | 1,917 | 2,716 | Consolidated balance sheet |
| – Accrued expenses | 21,266 | 22,183 | Consolidated balance sheet |
| Net working capital | 6,348 | -2,002 |
The net debt compares financial assets and financial liabilities.
| Net debt | 2022 | 2021 | Reference |
| – Cash and cash equivalents | 29,203 | 54,107 | Consolidated balance sheet |
| – Current financial assets | 35,158 | 427 | Consolidated balance sheet |
| + Derivative financial instruments | 32 | 240 | Note 5.1 |
| + Short-term financial liabilities | 1,776 | 2,109 | Consolidated balance sheet |
| + Long-term financial liabilities | 3,799 | 5,604 | Consolidated balance sheet |
| Net debt | -58,754 | -46,581 |
The equity ratio corresponds to the Group’s total equity divided by the balance sheet total.
| Equity ratio | 2022 | 2021 | Reference |
| Total shareholders’ equity | 186,022 | 165,070 | Consolidated balance sheet |
| Total assets | 345,922 | 300,039 | Consolidated balance sheet |
| Equity ratio | 53.8% | 55.0% | Total shareholders’ equity / total assets |
The number of employees is the total of the full-time equivalent of all employees. The total headcount is higher than the Group’s full-time equivalent as not all employees are working full-time.