11.08.2017 – 06:57

VZ Holding AG

EQS-Adhoc: VZ Holding AG: VZ Group remains on its growth path

EQS Group-Ad-hoc: 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 profit1               44'164  43'700  40'424

1Including 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

1Including minority interests.
2Cash & 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 (CET 1) 26.7%     27.9%      26.5%

Total eligible capital ratio (T1 & T2)     26.7%     27.9%      26.5%

1Equity 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

Additional features:


Document:http://n.eqs.com/c/fncls.ssp?u=CGDRJFVUDS
Document title: Press release 11.08.2017
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End of ad hoc announcement------------------------------------------------------

Language: English

Company:  VZ Holding AG

          Beethovenstrasse 24

          8002 Zurich

          Switzerland

Phone:    +41 44 207 27 27

Fax:      +41 44 207 27 28

E-mail:    ir@vzch.com

Internet: www.vzch.com

ISIN:     CH0028200837

Listed:   SIX Swiss Exchange



 

End of Announcement EQS Group News Service

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600627  11-Aug-2017 CET/CEST