Group results

VAT again delivers record results in 2022 on strong demand, market leadership and operational flexibility

Key figures

In CHF million20222021Change
Order intake1,209.91,227.9–1.5%
Order backlog as of December 31517.7461.212.3%

 

Net sales

 

1,145.5

 

901.2

 

27.1%

Gross profit733.7570.528.6%
Gross profit margin64.1%63.3%
EBITDA400.4307.930.0%
EBITDA margin35.0%34.2%
EBIT359.4264.935.7%
EBIT margin31.4%29.4%
Net income306.8217.441.1%
Net income margin26.8%24.1%
Basic earnings per share (in CHF)10.237.2541.1%
Diluted earnings per share (in CHF)10.227.2441.0%

 

Cash flow from operating activities

 

294.0

 

239.8

 

22.6%

Capex166.244.155.4%
Capex margin5.8%4.9%
Free cash flow2228.2195.716.6%
Free cash flow margin19.9%21.7%
Free cash flow conversion rate357.0%63.6%
Free cash flow to equity4224.6192.017.0%
    

As of December 31

In CHF million

20222021 
Total assets1,274.81,064.919.7%
Total liabilities494.5430.514.9%
Equity780.3634.423.0%
Net debt36.879.7–53.8%
Net debt/EBITDA0.10.3–64.5%
Invested capital5642.6463.938.5%
NOPAT6317.0235.534.6%
Return on invested capital (ROIC)57.3%53.8%
    
Dividend per share7 (in CHF)6.255.5013.6%
Payout ratio883.5%85.9%

 

Number of employees9

 

2,991

 

2,540

 

+17.7%

  1. 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.
  2. Free cash flow: cash flow from operating activities minus cash flow from investing activities.
  3. Free cash flow conversion rate: free cash flow as a percentage of EBITDA.
  4. Free cash flow to equity: free cash flow less interest paid.
  5. Invested capital is defined as total assets less non-current liabilities.
  6. 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%).
  7. 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.
  8. Percentage of free cash flow to equity proposed to be paid out as dividend
  9. Number of employees expressed as full-time equivalents (FTE)

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