BELL FOOD GROUP AG Alternative performance measures 2022
In its annual reports, interim reports and notices to investors and analysts, the Bell Food Group uses alternative performance measures that are not defined by the Accounting and Reporting Recommendations (Swiss GAAP ARR). It is the opinion of the Board of Directors and of the Group Executive Board that these indicators provide useful and relevant information about the Group's operating and financial performance. The alternative performance measures used by the Bell Food Group may not be comparable to similar indicators utilised by other companies. In this document, the alternative performance measures used by the Bell Food Group are explained and reconciled with the Swiss GAAP ARR key figures.
Alternative performance measures Bell Food Group 2022
Performance
Development of volumes and income statement
The Bell Food Group compares the development of sales volume and selected income statement items to the previous year with regard to:
Exchange rate effects
The Bell Food Group calculates the exchange rate effects by translating the prior-year figures into CHF using the current average rates. The difference to the prior year's CHF values expresses the exchange rate effect.
Inorganic effects
Acquisitions and disposals of companies or parts of companies are summarised as inorganic effects. The effects of acquisitions on the current period are reported separately. The prior- year figures are adjusted for disposals. This adjustment is done on a pro rata basis from the date of acquisition or disposal.
Organic development
Organic development refers to the change from the previous year after adjustment to account for exchange rate effects and inorganic effects. As exchange rate developments do not have any effect on sales volumes, organic development is only adjusted for inorganic effects. Organic development expressed as a percentage is calculated on the basis of the reported prior-year figures.
in million kg | of which: | |||||||||
Exchange | ||||||||||
2022 | 2021 | ∆ | rate effect | Inorganic | Organic | |||||
Sales volume | 541.0 | 537.6 | 3.4 | - | - | 3.4 | ||||
in % to 2021 | 0.6 % | 0.6 % | ||||||||
in CHF million | of which: | |||||||||
Exchange | ||||||||||
2022 | 2021 | ∆ | rate effect | Inorganic | Organic | |||||
Sales revenue | 4352.1 | 4 201.0 | 151.1 | -106.7 | - | 257.8 | ||||
in % to 2021 | 3.6 % | 6.1 % | ||||||||
Net revenue | 4315.0 | 4 151.6 | 163.4 | -103.2 | - | 266.6 | ||||
in % to 2021 | 3.9 % | 6.4 % | ||||||||
The following inorganic effects are taken into account:
2022: The Hungarian company ZIMBO Perbál Húsipari Termelö Kft. was sold as of 1 June 2022. In addition, the Brüterei Stöckli AG was acquired as of 1 October 2022. For reasons of materiality the inorganic effect from the transactions is not disclosed.
2021: No company acquisitions or sales took place in 2021.
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Sales volume
Sales volume is reported in kilograms and equals the volumes that were sold.
Sales revenue
Sales revenue equals the gross revenue from sale of goods, excluding other revenue and sales deductions.
in CHF million | 2022 | 2021 | ||
Sales revenue | 4 352.1 | 4 201.0 | ||
Other revenue | 71.7 | 60.8 | ||
Sales deductions | -108.8 | -110.2 | ||
Net revenue | 4 315.0 | 4 151.6 | ||
Subtotals in the income statement
Various subtotals used in the income statement are not prescribed by the Accounting and Reporting Recommendations (Swiss GAAP ARR) for an income statement prepared in accordance with the nature of expense method and are therefore defined as follows:
Gross operating income
Gross operating income is calculated as net revenue minus the cost of goods sold, including changes in inventory.
EBITDA
EBITDA is earnings before interest, taxes, depreciation and amortisation.
EBIT
EBIT is earnings before interest and taxes and is one of the Bell Food Group's core management ratios.
EBT
EBT is earnings before taxes.
Margins
Margins are calculated as a percentage of net revenue.
2022 | 2021 | |||||
in CHF million | in % | in CHF million | in % | |||
Net revenue | 4 315.0 | 100.0 % | 4 151.6 | 100.0 % | ||
Gross operating income | 1 666.4 | 38.6 % | 1 616.0 | 38.9 % | ||
EBITDA | 325.8 | 7.5 % | 325.7 | 7.8 % | ||
EBIT | 162.9 | 3.8 % | 162.4 | 3.9 % | ||
EBT | 152.7 | 3.5 % | 154.1 | 3.7 % | ||
Annual result | 127.8 | 3.0 % | 127.4 | 3.1 % | ||
Adjusted key performance indicators: EBITDA, EBIT, annual result
In financial year 2022 no once-off effects were adjusted.
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Alternative performance measures Bell Food Group 2022
Capital structure
Net financial liabilities / net debt ratio
Interest-bearing liabilities are defined as debts or financial liabilities and can be current and non- current in nature. Cash and cash equivalents and securities held for trading (current) are deducted from the financial liabilities to obtain the net financial liabilities (net debt).
Net financial liabilities divided by EBITDA equals the net debt ratio.
in CHF million | 2022 | 2021 | ||
+ Current financial liabilities | 106.0 | 195.0 | ||
+ Non-current financial liabilities | 953.9 | 672.7 | ||
Financial liabilities | 1 059.9 | 867.7 | ||
- Cash and cash equivalents | -315.7 | -185.3 | ||
- Securities | - | -1.9 | ||
Net financial liabilities | 744.1 | 680.5 | ||
EBITDA | 325.8 | 325.7 | ||
Net debt ratio | 2.3 | 2.1 | ||
Equity ratio
The ratio between total equity and total assets equals the equity ratio. In its financial reporting, the Bell Food Group also uses the term «self-financing» for equity. The equity ratio is also called the self-financing ratio.
in CHF million | 2022 | 2021 | ||
Equity excl. minority interests | 1 456.1 | 1 413.9 | ||
Minority interests | 0.2 | 0.2 | ||
Equity | 1 456.3 | 1 414.1 | ||
Total assets | 3 065.6 | 2 798.3 | ||
Equity ratio | 47.5 % | 50.5 % | ||
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Goodwill offsetting
Under Swiss GAAP ARR, companies can choose how to treat goodwill on acquisitions:
Capitalisation of goodwill and annual amortisation through profit and loss
Offsetting of goodwill against equity
The Bell Food Group capitalises goodwill and amortises it over a maximum of 15 years in justified cases. Various companies offset goodwill against equity. To improve comparability with these companies, the Bell Food Group reports the following key indicators as if goodwill had been offset against equity. For this purpose, the remaining goodwill at the respective balance sheet date is deducted from total equity or total assets.
EBIT and EBIT margin
Result and result margin
Equity and equity ratio
in CHF million | 2022 | 2021 | ||
EBIT | 162.9 | 162.4 | ||
+ Goodwill amortisation | 24.6 | 25.3 | ||
EBIT before goodwill amortisation | 187.6 | 187.6 | ||
- Financial result | -15.0 | -12.1 | ||
+ Net income from associated companies | 4.8 | 3.8 | ||
- Taxes | -24.9 | -26.7 | ||
Net profit before goodwill amortisation | 152.5 | 152.6 | ||
Equity | 1 456.3 | 1 414.1 | ||
- Goodwill offsetting | -138.5 | -162.4 | ||
Equity after goodwill offsetting | 1 317.8 | 1 251.7 | ||
Total assets | 3 065.6 | 2 798.3 | ||
- Goodwill offsetting | -138.5 | -162.4 | ||
Total assets after goodwill offsetting | 2 927.1 | 2 635.9 | ||
Key indicators with goodwill offsetting | ||||
EBIT margin | 4.3 % | 4.5 % | ||
Result margin | 3.5 % | 3.7 % | ||
Equity ratio | 45.0 % | 47.5 % | ||
Return on equity | 11.9 % | 12.6 % | ||
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Bell Food Group AG published this content on 10 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 February 2023 04:46:04 UTC.
