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par VAT Group AG (isin : CH0311864901)

VAT Media Release ahead of Q3 2024 Results

VAT Group AG / Key word(s): Profit Warning/Quarterly / Interim Statement
VAT Media Release ahead of Q3 2024 Results

08-Oct-2024 / 06:43 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.


  • VAT expects its Q3 2024 sales figures to fall short of the low point of Q3 guidance of CHF 235 to 255 million communicated when releasing its Q2 and H1 results mid-July 2024.
  • This shortfall is due to technical issues from the new ERP solution implementation in Switzerland that started in August 2024.
  • The root causes of this have been identified and major ones have been resolved; the remaining ones are expected to be resolved during Q4 2024 with all missing Q3 revenues being recognized by the end of the year.
  • The pre-build of products was sufficient and aligned with customers and thus the impact of the implementation issues limited.
  • VAT estimates this one-off, negative impact in Q3 to be in the range of CHF 20 to 25 million.
  • The overall market environment for Q4 2024 and 2025 remains positive and order backlog for Q4 execution has developed in line with forecasts.

ERP introduction remains on track as planned for the production and logistics functions in Haag

At the beginning of August 2024, VAT’s Haag factory shut down as planned for two weeks for a new ERP solution implementation, resulting in output shortfall for Q3, as anticipated and communicated in the sales guidance provided at Q2 results. Within the second week of August, VAT production commenced again, resulting in factory output reaching approximately 80% of pre-ERP shutdown levels by the end of September. While the factory output has developed according to plan, IT problems have arisen in the interfaces to other systems, which have mainly slowed down order loading and shipping documents and therefore deliveries to customers, resulting in a lower sales recognition than anticipated.

Production, shipment and sales backlog expected to be resolved during Q4

After identifying and thoroughly analyzing the technical issues, VAT is confident that they can be resolved during the fourth quarter and that the shortfall in third quarter sales of between CHF 20 to 25 million can be booked during the fourth quarter. Production, shipment and invoicing are expected to be getting back to the normal operating mode as before the ERP switch. The pre-build of products was sufficient and aligned with customers and thus the impact of the implementation issues limited. VAT sales and account teams are in close alignment with their customers to schedule the required goods and shipments.

VAT will be providing more details on Q3 business development, orders and detailed sales including the customary Q4 sales guidance with the trading update release and conference call scheduled for October 17, 2024.

For further information please contact:
VAT Group AG
Investor Relations & Sustainability
Michel R. Gerber
T +41 81 553 70 13
investors@vat.ch



Christopher Wickli
+41 81 553 75 39

Financial calendar

2024   Thursday, October 17 Q3 2024 trading update 2025   Thursday, January 9 Preliminary high level Q4 and full-year 2024 results Tuesday, March 4 Full-year 2024 results Thursday, April 17 Q1 2025 trading update Tuesday, April 29 Annual General Meeting 2025 Wednesday, July 23 Half-year 2025 results Thursday, October 16 Q3 2025 trading update

ABOUT VAT
We change the world with vacuum solutions – that is our purpose as the world’s leading supplier of high-end vacuum valves. The Group reports in two segments: Valves and Global Service. The Valves segment is a global developer, manufacturer and supplier of vacuum valves for the semiconductor, displays, photovoltaics and vacuum coating industries as well as for the industrial and research sector. Global Service provides local expert support to customers and offers genuine spare parts, repairs and upgrades. VAT reported net sales of CHF 885 million in 2023 and employs some 2,700 people worldwide, with representatives in 29 countries and manufacturing sites in Switzerland, Malaysia, and Romania.

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

Except as otherwise required 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.



End of Inside Information
Language:English
Company:VAT Group AG
Seelistrasse 1
9469 Haag
Switzerland
Phone:+41 81 771 61 61
Fax:+41 81 771 48 30
E-mail:reception@vat.ch
Internet:www.vatvalve.com
ISIN:CH0311864901
Listed:SIX Swiss Exchange
EQS News ID:2003667

 
End of AnnouncementEQS News Service

2003667  08-Oct-2024 CET/CEST

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