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Group results
VAT again delivers record results in 2022 on strong demand, market leadership and operational flexibility
Key figures
| In CHF million | 2022 | 2021 | Change |
|---|---|---|---|
| Order intake | 1,209.9 | 1,227.9 | –1.5% |
| Order backlog as of December 31 | 517.7 | 461.2 | 12.3% |
Net sales |
1,145.5 |
901.2 |
27.1% |
| Gross profit | 733.7 | 570.5 | 28.6% |
| Gross profit margin | 64.1% | 63.3% | – |
| EBITDA | 400.4 | 307.9 | 30.0% |
| EBITDA margin | 35.0% | 34.2% | – |
| EBIT | 359.4 | 264.9 | 35.7% |
| EBIT margin | 31.4% | 29.4% | – |
| Net income | 306.8 | 217.4 | 41.1% |
| Net income margin | 26.8% | 24.1% | – |
| Basic earnings per share (in CHF) | 10.23 | 7.25 | 41.1% |
| Diluted earnings per share (in CHF) | 10.22 | 7.24 | 41.0% |
Cash flow from operating activities |
294.0 |
239.8 |
22.6% |
| Capex1 | 66.2 | 44.1 | 55.4% |
| Capex margin | 5.8% | 4.9% | – |
| Free cash flow2 | 228.2 | 195.7 | 16.6% |
| Free cash flow margin | 19.9% | 21.7% | – |
| Free cash flow conversion rate3 | 57.0% | 63.6% | – |
| Free cash flow to equity4 | 224.6 | 192.0 | 17.0% |
As of December 31 In CHF million | 2022 | 2021 | |
| Total assets | 1,274.8 | 1,064.9 | 19.7% |
| Total liabilities | 494.5 | 430.5 | 14.9% |
| Equity | 780.3 | 634.4 | 23.0% |
| Net debt | 36.8 | 79.7 | –53.8% |
| Net debt/EBITDA | 0.1 | 0.3 | –64.5% |
| Invested capital5 | 642.6 | 463.9 | 38.5% |
| NOPAT6 | 317.0 | 235.5 | 34.6% |
| Return on invested capital (ROIC) | 57.3% | 53.8% | – |
| Dividend per share7 (in CHF) | 6.25 | 5.50 | 13.6% |
| Payout ratio8 | 83.5% | 85.9% | – |
Number of employees9 |
2,991 |
2,540 |
+17.7% |
- Capex: acquisitions of subsidiaries net of cash, purchases of property, plant and equipment, and intangible assets and proceeds from sale of property, plant and equipment.
- Free cash flow: cash flow from operating activities minus cash flow from investing activities.
- Free cash flow conversion rate: free cash flow as a percentage of EBITDA.
- Free cash flow to equity: free cash flow less interest paid.
- Invested capital is defined as total assets less non-current liabilities.
- Net operating profit less adjusted taxes (NOPAT) is calculated as EBITDA minus depreciation and amortization plus finance income less taxes at the average Group rate of 15.9% (previous year 16.1%).
- 2022 dividend proposal of the VAT Board of Directors to its shareholders at the AGM on May 16, 2023; CHF 6.25 per share to be paid from accumulated gains.
- Percentage of free cash flow to equity proposed to be paid out as dividend
- Number of employees expressed as full-time equivalents (FTE)