Q4 2020

  • Year-on-year orders and net sales up 19% and 10%, respectively, on strong business execution
  • Semiconductor-related valve business remains strong; Global Service segment posts record quarter

Full-year 2020

  • Net sales of CHF 692 million, up 21% on continued market share gains and cyclical market recovery; impact of COVID-19 pandemic remained muted
  • Record EBITDA of CHF 217 million and record EBITDA margin of 31.4% despite foreign exchange headwind
  • Second year in a row of record free cash flow; up 5% to CHF 147 million
  • Board of Directors proposes dividend increase of 12.5% to CHF 4.50 per share1

Outlook 2021

  • Continued growth expected, driven primarily by ongoing strength of semiconductor industry
  • Uncertainty from COVID-19 pandemic remains but is expected to fade over the year
  • Sales2, EBITDA, EBITDA margin and net income expected to grow vs 2020
  • Capex planned at around CHF 40 million; free cash flow expected to be higher despite growth investments into working capital

Guidance for Q1 2021

  • VAT expects net sales2 of CHF 180 - 190 million

Q4 2020

in CHF millionQ4 2020Q3 2020Change3Q4 2019Change4
Order intake210.0156.4+34.2%176.3+19.1%
Net sales187.6185.9+0.9%170.4+10.1%
 Dec. 31, 2020Sept 30, 2020Change3Dec. 31, 2019Change4
Order Backlog145.3124.1+17.1%114.5+26.9%

Full-year 2020

in CHF million20202019Change
Order intake724.5585.0+23.8%
Net sales692.4570.4+21.4%
EBITDA217.2154.0+41.0%
202031.4%27.0%+4.4ppt
Net income133.574.8+78.4%
Basic earnings per share (EPS, in CHF)4.452.50+78.3%
Capex25.918.0+44.1%
Free cash flow5147.0139.9+5.1%
Dividend per share (in CHF)4.5014.00+12.5%

1 Proposal of the Board of Directors to its shareholders at the Annual General Meeting on May 18, 2021
2 At constant foreign exchange rates
3 Quarter-on-Quarter
4 Year-on-Year
5 Free cash flow is calculated as cash flow from operating activities minus cash flow from investing activities