VAT items post record annual results for sales, EBITDA, EBITDA margin and free cash flow as strong growth continues

Based on preliminary and unaudited In figures, TVA’s results for the fourth quarter and for the year 2021 will be significantly higher than those of the periods of the previous year, confirming the positive outlook posted last year. The results include a change in accounting method motivated by a decision of the IFRS interpretation committee. This change is applied retrospectively and therefore the financial statements for previous periods will be restated (more information on page 2).

In the Valves segment, the Semiconductor business unit achieved record results in 2021, as high capital investments in the semiconductor industry continued. The strong order momentum of the Display & Solar business unit confirms that the cycle has been bottomed in this market, while the Advanced Industrials business unit benefited from the recovery in industrial markets, supported by targeted growth initiatives. The Global Service segment also achieved record results thanks to the increase in its installed base, coupled with the high utilization levels in semiconductor factories which have resulted in an increase in the demand for spare parts and repairs as well. than consumables.

Q4 2021 results

VAT recorded preliminary orders in the fourth quarter of around CHF 434 million, up 107% from the same period a year earlier and 45% more than in the third quarter of 2021. Order structure observed in the fourth quarter confirms the significant capital investment programs of end customers. , particularly in the semiconductor industry, plan for 2022. VAT estimates that at least 20% of fourth-quarter orders reflect generally extended lead times, as well as a concentration of orders at year-end driven by price increases, last buy announcements and a high level of advance orders from small OEM customers. Preliminary net sales slightly exceeded the forecast of CHF 240 to 250 million provided in October 2021, and amounted to approximately CHF 255 million, an increase of 36% compared to the same quarter of the previous year and of 11% compared to the third quarter of 2021. This translates into a fourth quarter orders to invoices ratio of 1.7. At the end of December, the backlog stood at around CHF 461 million, 62% more than at the end of the third quarter of 2021.

Annual results 2021

For the full year 2021, preliminary orders amounted to around CHF 1,227 million, up 69% from the previous year, while net sales increased by 30% to around CHF 901 million. Preliminary figures indicate that VAT achieved a full-year EBITDA margin of over 34% (including the impact of changes to IFRS accounting rules, see next page), a sharp increase compared to the period of last year. This strong performance reflects increased sales volume and operational leverage as well as continued operational improvements in VAT. Despite investments in working capital to support continued growth in 2021, preliminary free cash flow reached a full-year record level of around CHF 194 million.

Strong fourth quarter order growth and high order backlog indicate a healthy business environment through 2022. Despite an expected continuation of supply chain constraints across the industry and the ongoing COVID pandemic , VAT expects a solid improvement in its 2022 results. A more detailed update of the outlook for 2022 and the medium-term targets of TVA will be provided when the final results for the year 2021 of the company are released on March 3, 2022.

Orientation for the first quarter of 2022

VAT expects net sales of CHF 270 – 280 million1.

1 At constant exchange rate

VAT group (all figures for fiscal year 2021 are preliminary and unaudited;)

in millions of CHF

Q4 2021

Q3 2021


Q4 2020


Fiscal year 2021



Order intake



+ 45%


+ 107%



+ 69%

Net sales



+ 11%


+ 36%



+ 30%




+ 62%


+ 217%

1 Quarter to quarter; 2 From year to year

The change in interpretation of the accounting standard requires the restatement of previously published figures

Earlier in 2021, the IFRS Interpretations Committee clarified how the costs of implementing cloud-based service costs should be treated in the company’s accounts. As a result, the costs of the new VAT ERP system can no longer be capitalized but are expensed through the income statement when they arise.

In accordance with IFRS, this change in accounting method will be applied retrospectively and therefore the financial statements for the previous period will be restated. TVA estimates that the changes will have a slight negative impact of around -0.6 percentage point on its reported 2021 half-year EBITDA margin, and around -0.6 percentage point on its EBITDA margin for the first half of the year. year 2021.

There is a short conference call with the media and investors today, January 12, 2022, at 10 a.m. CEST.

To participate in the call, please dial:

+41 58 310 50 00 (CH / Europe) +44 207 107 06 13 (UK) +1 631 570 56 13 (USA)

A readout of the call is available through our website,, approximately one hour after the call ends.

2021 financial calendar

Thursday March 3, 2022 Annual results 2021
Thursday April 14, 2022 First Quarter 2022 Commercial Update
Tuesday, May 17, 2022 Annual General Meeting 2022
Thursday, August 4, 2022 Half-year results 2022
Thursday, October 13, 2022 Third Quarter 2022 Commercial Update

VAT is the world’s leading developer, manufacturer and supplier of premium vacuum valves. VAT vacuum valves are essential components for advanced manufacturing processes of innovative products used in everyday life, such as portable devices, flat panel monitors or solar panels. VAT is organized into two different reporting segments: valves and global service offering premium vacuum valves, multiple valve modules, edge welded bellows and associated value added services for a range of vacuum applications. VAT Group is a global player with more than 2,000 employees and its main manufacturing sites in Haag (Switzerland), Penang (Malaysia) and Arad (Romania). Net sales for the financial year 2020 amounted to CHF 692 million.

The forward-looking statements contained in this document are qualified in their entirety because there are certain factors which could cause results to differ materially from those anticipated. All statements contained herein that are not statements of historical fact (including statements containing the words “belief”, “plans”, “anticipates”, “expects”, “estimates” and expressions similar) should be considered as forward-looking statements. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies, as they relate to events and depend on circumstances that may or may not occur in the future and may cause actual results, performance or achievements to occur. of the Company are materially different from those expressed or implied by these forward-looking statements. Many of these risks and uncertainties relate to factors that the company cannot control or estimate with precision, such as future market conditions, currency fluctuations, the behavior of other market participants. market, performance, security and reliability of the company’s computer systems, political, economic and regulatory changes in the countries in which the company operates or in economic or technological trends or conditions. Therefore, investors are cautioned not to place undue reliance on these forward-looking statements.

Unless otherwise provided by law, VAT disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this report.