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Group results
In a challenging market environment, VAT delivers strong results albeit below the record levels of 2022
Key figures
| In CHF million | 2023 | 2022 | Change |
|---|---|---|---|
| Order intake | 691.9 | 1,209.9 | –42.8% |
| Order backlog as of December 31 | 291.6 | 517.7 | –43.7% |
Net sales |
885.3 |
1,145.5 |
–22.7% |
| Gross profit | 546.7 | 733.7 | –25.5% |
| Gross profit margin | 61.7% | 64.1% | – |
| EBITDA | 270.9 | 400.4 | –32.3% |
| EBITDA margin | 30.6% | 35.0% | – |
| EBIT | 228.6 | 359.4 | –36.4% |
| EBIT margin | 25.8% | 31.4% | – |
| Net income | 190.3 | 306.8 | –38.0% |
| Net income margin | 21.5% | 26.8% | – |
| Basic earnings per share (in CHF) | 6.35 | 10.23 | –37.9% |
| Diluted earnings per share (in CHF) | 6.34 | 10.22 | –38.0% |
Cash flow from operating activities |
256.4 |
294.0 |
–12.8% |
| Capex1 | 69.2 | 66.2 | 4.5% |
| Capex margin | 7.8% | 5.8% | – |
| Free cash flow2 | 188.8 | 228.2 | –17.3% |
| Free cash flow margin | 21.3% | 19.9% | – |
| Free cash flow conversion rate3 | 69.7% | 57.0% | – |
| Free cash flow to equity4 | 181.8 | 224.6 | –19.1% |
As of December 31 In CHF million | 2023 | 2022 | |
| Total assets | 1,168.5 | 1,274.8 | –8.3% |
| Total liabilities | 411.3 | 494.5 | –16.8% |
| Equity | 757.2 | 780.3 | –2.9% |
| Net debt | 63.2 | 36.8 | 71.7% |
| Net debt/EBITDA | 0.2 | 0.1 | 153.8% |
| Invested capital5 | 599.6 | 642.6 | –6.7% |
| NOPAT6 | 207.4 | 317.0 | –34.6% |
| Return on invested capital (ROIC) | 33.4% | 57.3% | – |
| Dividend per share7 (in CHF) | 6.25 | 6.25 | 0.0% |
| Payout ratio8 | 103.1% | 83.5% | – |
Number of employees9 |
2,666 |
2,991 |
–10.9% |
- 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 acquired intangibles and non-interest bearing 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 16.0% (previous year 16.0%).
- 2023 dividend proposal of the VAT Board of Directors to its shareholders at the AGM on May 14, 2024; 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)