“Ad hoc announcement pursuant to Art. 53 LR”

Q2 2021 results

  • Group orders up 43% and sales up 29% vs 2020; driven by technology advances and investments in additional chip manufacturing capacity due to accelerating pace of digitization
  • Strong operational performance amid supply chain risk; increased global footprint and supply chain strengthens production continuity

Half-year 2021 results

  • VAT benefits from leading market position and technological leadership
  • Orders up 38% year-on-year, sales increased by 31% vs H1 2020
  • Record EBITDA margin of 33.9%, up 420 basis points on operational leverage and strong productivity and cost focus

Outlook for remainder of 2021

  • Global semiconductor capex outlook remains very positive and industrial recovery is expected to continue; supply chain challenges remain a risk factor
  • VAT expects H2 results to be higher than in the first six month of the year, FY 2021 net sales1, EBITDA, EBITDA margin, net income and free cash flow to be substantially above 2020
  • 2021 capital expenditure at circa CHF 40 million

Guidance for Q3 2021

  • VAT expects sales1 of CHF 220 - 230 million (includes Q3 supply chain risk)

Q2 2021

in CHF millionQ2 2021Q1 2021Change2Q2 2020Change3
Order intake253.5240.7+5.4%176.8+43.4%
Net sales224.2192.2+16.6%173.4+29.3%
 Jun. 30, 2021Mar. 31, 2021Change3Jun. 30, 2020Change4
Order Backlog218.3193.2+13.0%153.5+42.3%

Half-year 2021

in CHF million6M 20216M 2020Change
Order intake494.2358.1+38.0%
Net sales416.4318.9+30.6%
EBITDA margin33.9%29.7%+4.2ppt
Net income99.255.7+78.0%
Basic earnings per share (EPS, in CHF)3.311.86+78.0%
Free cash flow460.739.9+52.0%
Number of employees (in FTE)52’2582’013+12.2%
1 At constant foreign exchange rates
2 Quarter-on-Quarter
3 Year-on-Year
4 Free cash flow is calculated as cash flow from operating activities minus cash flow from investing activities
5 Full-Time Equivalents (FTE)