19. Segment Reporting


Segment Reporting														T046
in EUR thousand	EMEA		Americas		Asia Pacific		Total segments		Central functions		Consolidation		Group
in EUR thousand	H1 2023	H1 2022	H1 2023	H1 2022	H1 2023	H1 2022	H1 2023	H1 2022	H1 2023	H1 2022	H1 2023	H1 2022	H1 2023	H1 2022
Total revenue	292,579	261,811	287,731	295,203	87,957	90,837	668,267	647,851	20,954	19,877	-50,244	-45,439	638,977	622,289
thereof intersegment revenue	17,787	15,676	5,574	5,621	5,930	4,265	29,291	25,562	20,953	19,877	-50,244	-45,439
Revenue from external customers	274,793	246,135	282,157	289,582	82,027	86,572	638,977	622,289					638,977	622,289
Contribution to external Group sales	43%	40%	44%	46%	13%	14.0%	100%	100%
Adjusted gross profit¹	148,517	136,202	153,268	152,472	42,679	43,212	344,464	331,886	k.A.	k.A.	-1,034	-1,646	343,430	330,240
Adjusted EBITDA¹	25,188	23,271	46,608	50,606	12,489	14,166	84,285	88,043	-5,824	-6,541	151	-433	78,612	81,069
Adjusted EBITDA margin^{1, 2}	8.6%	8.9%	16.2%	17.1%	14.2%	15.6%							12.3%	13.0%
Depreciation and amortization excluding PPA amortization³	-10,138	-9,793	-10,559	-9,638	-5,379	-4,463	-26,076	-23,894	-430	-507			-26,506	-24,401
Adjusted EBITA¹	15,050	13,478	36,049	40,968	7,110	9,703	58,209	64,149	-6,254	-7,048	151	-433	52,106	56,668
Adjusted EBITA margin^{1, 2}	5.1%	5.1%	12.5%	13.9%	8.1%	10.7%							8.2%	9.1%
Amortization of intangible assets excluding PPA-amortization³	-814	-1,147	-1,321	-1,524	-134	-300	-2,269	-2,971	-164	-1,039			-2,433	-4,010
Adjusted EBIT	14,236	12,331	34,728	39,444	6,976	9,403	55,940	61,178	-6,418	-8,087	151	-433	49,673	52,658
Adjusted EBIT margin^{1, 2}	4.9%	4.7%	12.1%	13.4%	7.9%	10.4%							7.8%	8.5%
Assets (previous year’s figures as of Dec 31, 2022)⁴	649,762	644,561	689,597	721,827	245,616	268,156	1,584,975	1,634,544	258,252	270,319	-333,149	-344,185	1,510,078	1,560,678
Liabilities (previous year’s figures as of Dec 31, 2022)⁵	238,348	242,004	263,375	288,077	43,155	56,372	544,878	586,453	574,508	575,564	-300,230	-306,693	819,156	855,324
CAPEX⁶	9,978	8,332	16,747	7,256	5,305	3,958	32,030	19,546	138	240	k.A.	k.A.	32,168	19,786
Number of employees⁷	3,300	3,372	1,456	1,435	1,242	1,326	5,998	6,133	133	130	k.A.	k.A.	6,131	6,263
1_The adjustments are explained in Note 4. 2_In terms of segment sales. 3_Depreciation from purchase price allocations. 4_Including allocated goodwill; taxes are shown in the column “Consolidation.” 5_Taxes are shown in the column “Consolidation.” 6_Including capitalized rights of use for movable assets. 7_Number of employees (average).

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NORMA Group presents the Group’s segments by region. NORMA Group’s reportable segments are the regions Europe, Middle East and Africa (EMEA), North, Central and South America (Americas); and Asia-Pacific (APAC). NORMA Group’s strategy is focused on regional growth targets, among other targets. Regional and local priorities are set in the sales channels. All three regions have networked regional and cross-company organizations with different functions. For this reason, the Group’s internal management reporting and control system has a regional focus. The product portfolio does not vary significantly between the segments.

NORMA Group measures the performance of its segments primarily on the basis of the financial performance indicators “adjusted EBITDA,” “adjusted EBITA” and “adjusted EBIT.”

Adjusted EBITDA comprises revenue, changes in inventories of finished goods and work in progress, other own work capitalized, cost of raw materials and supplies, other operating income and expenses, and employee benefit expenses, and is adjusted for significant special effects for management purposes. It is determined in accordance with the accounting policies applied in the Consolidated Statement of Comprehensive Income.

Adjusted EBITA comprises adjusted EBITDA less depreciation and amortization of property, plant and equipment excluding depreciation and amortization from purchase price allocations.

Adjusted EBIT comprises adjusted EBITA less depreciation and amortization of intangible assets excluding depreciation and amortization from purchase price allocations.

The adjustments within EBITDA, EBITA and EBIT can be found in NOTE 4 “ADJUSTMENTS.”

Inter-segment revenue is generally recognized at prices that would also be agreed with third parties.

Segment assets comprise all assets less (current and deferred) income tax assets. Taxes are reported in the segment reporting within consolidation. The assets of the central functions mainly include cash and cash equivalents and receivables from affiliated companies.

Segment liabilities include all liabilities less (current and deferred) income tax liabilities. Taxes are reported in the segment reporting within the consolidation. The liabilities of the central functions mainly comprise financial liabilities.

Capital expenditure (segment capital expenditure) corresponds to additions to non-current assets (other intangible assets and property, plant and equipment) including capitalized rights of use for movable assets.

Segment assets and liabilities are measured using the method applied in the Consolidated Statement of Financial Position.