Shareholder Information

After a solid first-half performance – driven by strong demand across most of VAT’s end markets – VAT’s share price decreased significantly in the second half of 2018 as VAT’s orders declined and it became clear that large capital investments by customers during 2016 and 2017 had created a temporary oversupply of fabrication equipment, especially in the memory semiconductor and OLED display industries. Share prices for all companies exposed to these sectors came under pressure as investors revised their short-term outlooks and reduced their valuations accordingly. Nevertheless, VAT’s long-term growth drivers, such as Big Data, device interconnectivity, the Internet of Things and artificial intelligence remain unchallenged, and the company continued to expand its clear No. 1 market position in 2018, with steady profitability and strong free cash flow generation, allowing it to continue to offer an attractive dividend of CHF 4.00 per share.

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