03.11.2017 – 07:04

VZ Holding AG

EQS-Adhoc: VZ Holding AG: VZ Group increases provisions for tax claims

EQS Group-Ad-hoc: VZ Holding AG / Key word(s): Miscellaneous
VZ Holding AG: VZ Group increases provisions for tax claims

03-Nov-2017 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.

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Press release

Source: VZ Holding AG / SIX: VZN / ISIN: CH0028200837

VZ Group increases provisions for tax claims

Zurich, 3 November 2017 -In 2015, VZ Group established provisions of 2 million
francs in connection with tax risks. Following the tax administration's latest
decision, VZ Group has decided to increase these provisions by 5.2 million
francs (before taxes). These provisions cover claims related to value added tax
that have been accrued over 9 years.
The tax administration's decision came as a surprise and does not correspond to
the assessment of the tax experts consulted by VZ. VZ Group will take legal
action. Due to the uncertainties in legal processes in the field of taxation,
however, the full amount in dispute will be charged to the 2017 financial
statements.
In view of the uncertainty, VZ group will continue to accrue the provision until
the final decision has been reached. This means that operating revenues will be
burdened by around 0.5 percentage points in the future.

Contacts
Adriano Pavone 
Head Media Communications 
Phone +41 44 207 25 22 
E-Mail:  adriano.pavone@vzch.com 
www.vzch.com/medien 

Petra Märk
Head Investor Relations
Phone +41 44 207 27 27
E-mail:  petra.maerk@vzch.com
www.vzch.com/investor-relations

VZ Group
VZ Group is an independent Swiss financial service company listed on the SIX
Swiss Exchange. Pension and estate planning as well as asset management for
individuals and 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 2016, the group
counted 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.

Additional features:


Document:http://n.eqs.com/c/fncls.ssp?u=DHVMIHJEAJ
Document title: Press release 03112017
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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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624631  03-Nov-2017 CET/CEST