Linz, March 21, 2022: S&T AG (http://www.snt.at, ISIN AT0000A0E9W5, WKN A0X9EJ, SANT) today published its results for the financial year 2021. With revenues of EUR 1,342.0 million (PY: EUR 1,254.8 million), the Group generated a revenue growth of 7% – despite the global chip crisis and the resulting revenue shortfall. Delayed shipments and price increases, triggered by the global chip crisis, led to a slight reduction in EBITDA of 3% to EUR 126.3 million (PY: EUR 130.0 million). Consequently, the net result decreased from EUR 55.6 million in 2020 to EUR 48.3 million in 2021. Despite the inventory build-up caused by the chip crisis, the operating cash flow amounted to EUR 95.3 million. This corresponds to the target value of 75% of EBITDA and, with an operating cash flow of EUR 109.9 million in Q4 2021, is significantly higher than recently expected. The order backlog climbed to a record level of EUR 1,334.9 million as of December 31, 2021, compared to EUR 927.2 million in the previous year. This means that new orders of about EUR 1,750 million were won in 2021, an increase of 30% compared to the previous year (EUR 1,340 million). Based on the current dividend policy and due to the high liquidity of EUR 296.5 million as of December 31, 2021, the Executive Board will submit a dividend proposal of 35 cents to the Annual General Meeting on May 6, 2022, for resolution.
With three major orders totalling EUR 200 million, the S&T Group has made a successful start to the new financial year. It can be assumed that the chip crisis will continue to accompany S&T in 2022. However, the situation is better under control due to increased inventory levels, the redesign of products and the improved availability of components. The delayed deliveries, still around EUR 77 million as of December 31, 2021, will be gradually processed and the high order backlog of EUR 1,334.9 million supports the planned organic growth of around 12%. Consequently, the group forecasts revenues of at least EUR 1,500 million for 2022, with an EBITDA margin of around 10%.
The current geopolitical events are also having an impact on the S&T Group; the Russian subsidiaries account for around 5% of group revenues and assets. The expected decline in revenues in Russia is expected to be partially offset by additional orders in the cybersecurity but also defense area. The current events have no impact on the ongoing project "Focus". The marketing phase has been started and the vendor due diligence is scheduled to be completed in mid-April.
Hannes Niederhauser, CEO of S&T AG: "2021 was a difficult year, but we mastered challenges such as the ongoing Corona pandemic and the chip crisis well. In 2022, the course will be set anew. With the sale of the IT Services segment, we are bundling our expertise in the IoT area. We will replace lost IT sales with the expansion of our IoT technologies. Fuelled by the high order backlog of EUR 1,335 million, we expect revenues of at least EUR 1,500 million with EBITDA of 10% in 2022. By 2025, we are targeting a revenue increase to EUR 2,000 million in IoT."