Financial Report

2.1 Key figures

6 months (unaudited) ended at 30 June, in CHF millions

	2023	2022	Change
Net revenue	602.7	541.6	+11.3 %
EBITDA¹	100.4	109.9	–8.6 %
as % of net revenue	16.7 %	20.3 %	n/a
Operating result (EBIT)	60.5	72.5	–16.6 %
as % of net revenue (EBIT margin)	10.0 %	13.4 %	n/a
Net result	32.1	57.4	–44.1 %
as % of net revenue	5.3 %	10.6 %	n/a
ROCE (LTM)^1,3	15.0 %	18.6 %²	n/a
Average capital employed¹	915.8	804.9	+13.8 %
Net cash from operating activities	95.9	36.0	+166.4 %
Net cash used in investing activities	–34.7	–649.1	–94.7 %
Free cash flow¹	61.2	–613.1	n/a
Net cash used in financing activities	–70.5	485.9	n/a
Net change in cash and cash equivalents¹	–9.3	–127.2	–92.7 %
Cash and cash equivalents	90.2	93.0	–3.0 %
Capital expenditures¹	29.2	47.9	–39.0 %
Total assets	1'251.8	1'309.6	–4.4 %
Equity	370.3	369.8	+0.1 %
as % of total assets	29.6 %	28.2 %	n/a
Number of employees at 30 June	8'384	8'802	–4.7 %
Full-time equivalents at 30 June	8'234	8'679	–5.1 %

The definition of alternative performance measures and adjustments, not defined by Swiss GAAP, are provided in the Half-Year Financial Report 2023 under Alternative Performance Measures.
Adjusted
ROCE is calculated by dividing the operating result (EBIT) of the last twelve months (= LTM) by the average capital employed of the same period.