Group results
VAT achieves record 2021 results driven by strong markets, improved business execution and further market share gains.
Key Figures
| In CHF million | 2021 | 2020 restated1 | Change |
|---|---|---|---|
| Order intake | 1,227.9 | 724.5 | 69.5% |
| Order backlog as of December 31 | 461.2 | 145.3 | 217.3% |
Net sales |
901.2 |
692.4 |
30.1% |
| Gross profit | 570.5 | 430.1 | 32.6% |
| Gross profit margin | 63.3% | 62.1% | – |
| EBITDA | 307.9 | 210.5 | 46.3% |
| EBITDA margin | 34.2% | 30.4% | – |
| EBIT | 264.9 | 169.8 | 56.0% |
| EBIT margin | 29.4% | 24.5% | – |
| Net income | 217.4 | 127.9 | 70.0% |
| Net income margin | 24.1% | 18.5% | – |
| Basic earnings per share (in CHF) | 7.25 | 4.27 | 69.9% |
| Diluted earnings per share (in CHF) | 7.24 | 4.26 | 69.9% |
Cash flow from operating activities |
239.8 |
166.2 |
44.3% |
| Capex2 | 44.1 | 19.2 | 121.8% |
| Capex margin | 4.9% | 2.8% | – |
| Free cash flow3 | 195.7 | 147.0 | 33.1% |
| Free cash flow margin | 21.7% | 21.2% | – |
| Free cash flow conversion rate4 | 63.6% | 69.8% | – |
| Free cash flow to equity5 | 192.0 | 143.0 | 34.3% |
As of December 31 In CHF million | 2021 | 2020 restated | |
| Total assets | 1,064.9 | 989.1 | 7.7% |
| Total liabilities | 430.5 | 444.5 | –3.1% |
| Equity | 634.4 | 544.6 | 16.5% |
| Net debt | 79.7 | 128.5 | –37.9% |
| Net debt/EBITDA | 0.3 | 0.6 | –57.6% |
| Invested capital6 | 463.9 | 411.1 | 12.8% |
| NOPAT7 | 235.5 | 155.6 | 51.3% |
| Return on invested capital (ROIC) | 53.8% | 40.6% | – |
| Dividend per share8 (in CHF) | 5.50 | 4.50 | 22.2% |
| Payout ratio9 | 85.9% | 94.4% | – |
Number of employees10 |
2,540 |
2,041 |
24.5% |
- Prior-period financial statements have been restated in line with a clarification in 2021 by the IFRS Interpretations Committee that costs for cloud-based services, such as VAT’s new ERP system, are to be expensed through the income statement when they occur, rather than capitalized.
- Capex comprises acquisition 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 is calculated as cash flow from operating activities minus cash flow from investing activities.
- The free cash flow conversion rate is calculated as free cash flow as a percentage of EBITDA.
- Free cash flow to equity is calculated as cash flow from operating activities less cash flow from investing activities less interest paid.
- Invested capital is defined as total assets (excluding current income tax receivables, goodwill, acquired technology & customer relationships, brands & trademarks, deferred income taxes and current income tax liabilities) less non-current liabilities (excluding loans & borrowings and deferred income tax liabilities).
- Net operating profit less adjusted taxes (NOPAT) is calculated as EBITDA minus depreciation and amortization (excluding amortization of acquired technology and customer relationships) plus finance income (excluding net foreign exchange gains/losses from financing activity and excluding other finance income) less taxes at the average Group rate of 16.0% (previous year 16.0%).
- 2021 dividend proposal of the VAT Board of Directors to its shareholders at the AGM on May 17, 2022; CHF 5.25 per share to be paid from accumulated gains, CHF 0.25 to be paid from reserves from capital contributions
- Percentage of free cash flow to equity proposed to be paid out as dividend
- Number of employees expressed as full-time equivalents (FTE)