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VZ Holding AG: VZ Group remains on its growth path Freitag, 11. August 2017 - 07:55
VZ Holding AG / Key word(s): Half Year Results
VZ Holding AG: VZ Group remains on its growth path
11-Aug-2017 / 06:55 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
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Press release
Source: VZ Holding AG / SIX: VZN / ISIN: CH0028200837
VZ Group remains on its growth path
Zurich, 11 August 2017 - Compared to the first half-year of 2016, VZ Group
increased its revenues by 12.3 percent. Operating costs rose by 12.8
percent, leaving the operating margin virtually unchanged. Net profit
increased by 9.3 percent. CEO Matthias Reinhart expects that thanks to the
increased number of clients, revenues and profit will continue to grow
throughout the year.
Revenues + 12.3 percent and net profit + 9.3 percent
VZ Group saw its revenues rise to CHF 127.8 million (+12.3 percent) during
the first half of 2017 in year-on-year terms. Operating costs increased at
broadly the same pace to CHF 71.1 million (+12.8 percent), resulting in an
operating margin similar to that in the first half of 2016. Net profit
reached CHF 44.2 million (+9.3 percent). The difference reflects the higher
depreciation resulting from investment in the expansion of VZ Group's
services and in their digitalisation.
Solid balance sheet
At CHF 2.3 billion, the balance sheet total has fallen slightly since the
start of the year. The decline reflects more optimistic sentiment on capital
markets. This encouraged clients to invest more, thereby reducing their cash
holdings reported in the balance sheet. Even after the dividend distribution
in the spring, VZ Group's equity capital remains constantly high.
Digitalisation
The launch of the group's financial portal last summer is beginning to
generate positive results. In the long term, VZ expects an increasing number
of clients to bundle all of their financial matters and to organise them
electronically. This will give them an overview of all their investments and
payment flows, their insurance policies, mortgages, taxes and their
retirement provisioning. The growing range of services benefits both sides:
With every service they use through this platform, clients save fees and
premiums, while VZ expands its business opportunities.
VZ Depository Bank in Germany
The newly-founded VZ Depository Bank in Germany has received the approval of
the Federal Financial Supervisory Authority as well as of the European
Central Bank and is set to be launched. This will enable VZ Germany to begin
transferring portfolio management clients from third-party banks to the
in-house banking platform over the second half of the year. Meanwhile, the
launch of its financial portal in Germany provides a good basis to attract
new clients to the group's services.
Outlook
«VZ Group's future growth will be driven by the steady broadening of its
client base», says Matthias Reinhart, Chairman of VZ Group's Executive
Board. The number of clients establishing a long-term relationship with VZ
rose by around 2000 in the first six months to reach approximately 31,000.
Reinhart is expecting slightly less momentum from capital markets during the
second half of the year and does not exclude substantial volatility.
Overall, he expects revenues and profits to continue to grow, thanks to the
higher number of clients. «This should allow us to increase the dividend for
the business year 2017.»
Half-year report
The detailed half-year report as well as an investor presentation can be
downloaded from the investor relations section on VZ Group's website:
www.vzch.com.
Conference call
Media representatives and analysts are invited to discuss VZ Group's results
in one of today's teleconferences hosted by Matthias Reinhart (Chairman of
the Executive Board) and Philipp Marti (Chief Financial Officer). For
details please get in touch with Adriano Pavone or Petra Märk:
Contacts
Adriano Pavone
Head Media Communications
Phone +41 44 207 25 22
Mail adriano.pavone@vzch.com
Petra Märk
Head Investor Relations
Phone +41 44 207 26 32
Mail petra.maerk@vzch.com
VZ Group
VZ is an independent Swiss financial service company, and VZ Holding Ltd's
shares are listed on the SIX Swiss Exchange. Asset management, pension and
estate planning for individuals as well as insurance and pension fund
management for companies are VZ Group's core services. VZ Holding is
headquartered in Zurich, and VZ has 30 branch offices throughout Switzerland
and Germany. At the end of June 2017, the group counted more than 900
employees.
Forward-looking statements
This press release contains forward-looking statements that involve known
and unknown risks, uncertainties or other factors that may cause the actual
results to be materially different from any future results, performance, or
achievements expressed or implied by such statements. Against the background
of these uncertainties, readers should not rely on such forward-looking
statements. The company assumes no responsibility to up-date forward-looking
statements or to adapt them to future events or developments.
Key figures
Income statements (CHF '000)
1H 2017 2H 2016 1H 2016
Operating revenues 127'756 122'107 113'758
Operating expenses 71'086 65'658 63'002
Operating profit (EBITDA) 56'670 56'449 50'756
Net profit 1 44'164 43'700 40'424
1 Including minority interests.
Balance sheets (CHF '000)
30.6.2017 31.12.2016 30.6.2016
Total assets 2'320'945 2'434'598 2'332'821
Equity1 420'379 420'056 383'644
Net cash2 378'849 389'595 333'476
1 Including minority interests.
2 Cash & cash equivalents, short-term investments, marketable securities,
financial assets less current liabilities due to customers, long-term debts
and due to banks.
Equity key figures
30.6.2017 31.12.2016 30.6.2016
Equity ratio1 18.1% 17.3% 16.5%
Common equity tier 1 capital ratio 26.7% 27.9% 26.5%
(CET 1)
Total eligible capital ratio (T1 & 26.7% 27.9% 26.5%
T2)
1 Equity compared to the consolidated balance sheet total.
Funds under management (CHF million)
30.6.2017 31.12.2016 30.6.2016
Assets under Management 19'982 18'415 17'272
Employees
30.6.2017 31.12.2016 30.6.2016
Number of employees 915 892 830
Full-time equivalents 793.7 771.5 718.3
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End of ad hoc announcement
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