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ANNUAL REPORT 2020 : VAT achieved record EBITDA , EBITDA margin and free cash flow in 2020 and is well positioned for further profitable growth based on technology leadership and operational excellence . VAT is the leading supplier of high - vacuum valves and related equipment used to manufacture semiconduc- tors , displays , solar cells and many other digital de- vices . The company reported strong results in 2020 despite the uncertainties of the global coronavirus pandemic . This achievement reflects the continued recovery in the semiconductor market , a commitment to technology innovation , improved operational perfor- mance , and the engagement of VAT's employees in a challenging business environment . The company ex- pects continued profitable growth , driven by long - term trends such as artificial intelligence , the Internet of Things , Big Data and the global rollout of 5G telecom- munications networks . VɅT PASSION . PRECISION . PURITY .