EBITDA* and EBIT*

Earnings before financial expenses, tax, depreciation, and amortization (EBITDA*) came to CHF 20.1 million for 2022 (2021: CHF 24.6 million). The EBITDA margin was 11.1% (2021: 14.4%). Earnings before financial expenses and tax (EBIT*) amounted to CHF 16.4 million (2021: CHF 20.6 million), resulting in an EBIT margin of 9.1% (2021: 12.0%). EBITDA* and EBIT* for 2022 also include the write-back of value adjustment provisions in the amount of CHF 4.8 million. Excluding this effect, the EBIT margin would have been 6.4%, with the EBIT margin in the second half significantly higher than in the first. (2021, excluding special effects: 5.9%). As a result of the changed market conditions and the usability of its inventory, the Tornos Group has introduced a refined method for value adjustment provisions that takes even better account of the specific circumstances at Tornos.

The negative impact of exchange rates was immaterial for EBIT* in 2022 (2021: immaterial impact).