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EQS-Adhoc: VZ Holding AG: VZ Group increases earnings by 6 percent

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EQS Group-Ad-hoc: VZ Holding AG / Key word(s): Annual Results
VZ Holding AG: VZ Group increases earnings by 6 percent

28-Feb-2020 / 06:50 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.

Press release

_Source: VZ Holding AG / SIX: VZN / ISIN: CH0028200837_

*VZ Group increases earnings by 6 percent

Zurich, 28 February 2020 - VZ Group increased its operating revenues by 6.2
percent to CHF 301.7* *million. After stagnating in the first half of the
year, profits rose by 4.1* *percent to CHF 102.3 million over the year as a
whole. The dividend is to be increased from CHF 4.90 to CHF 5.10 per share.
CEO Matthias Reinhart expects further growth in revenues and profit for the
2020 financial year.*

*6.2 percent higher operating revenues*
As expected, the positive mood in the second half of the year was reflected
in both operating revenues and profit. After a slow first half of the year,
earnings rose by 6.2 percent to CHF 301.7 million over the year as a whole.
The slower growth compared to the previous year is due to the fact that
revenues from assets under management develop with a time lag. In addition,
bank revenues remain under pressure.The trend towards passively managed
portfolios and all-in management fees leads to lower trading and transaction
revenues. After stagnating in the first half of the year, profit rose by 4.1
percent to CHF 102.3 million over the year as a whole.

*5000 additional management clients*
VZ Group has again advised a large number of new clients, and many of them
have opted for one of its management services. With 5000 additional
management clients, VZ Group achieved a new record. At the same time, the
number of services used by existing clients is steadily increasing. VZ
Finanzportal, which enables clients to manage their assets conveniently
online - including insurance policies, mortgages and much more - also
contributes to this development. Net new money grew by 5.5 percent to CHF
2.7 billion in 2019.

*Higher balance sheet total and dividend*
The balance sheet total increased from CHF 3.1 to 4.1 billion in 2019. This
is due to the growing number of clients and the higher cash holdings per
client. Despite the growing balance sheet total, the core capital ratio is a
solid 27.7 percent. The Board of Directors will propose to the annual
general meeting an increase in the dividend from CHF 4.90 to CHF 5.10 per
share. As in the previous years, some 40 percent of the profit will thereby
be distributed to the shareholders. Over the next couple of years, the Board
of Directors intends to gradually increase the payout ratio to up to 50
percent. In addition, the Board proposes a share split in the ratio of 1:5.

*Outlook*
«Provided that the financial markets remain stable, revenues should continue
to grow in the current year», says Matthias Reinhart, Chairman of VZ Group's
Executive Board. «Profit growth in particular is expected to improve because
the tax burden will decrease again.»

*Annual report*
The detailed annual report as well as an investor presentation can be
downloaded from the investor relations section on VZ Group's website:
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 Rafael Pfaffen (Chief Financial Officer). For
details, please get in touch with Adriano Pavone or Petra Märk:

*Contacts*

Adriano Pavone Petra Märk
Head Media Communications Head Investor Relations
Phone +41 44 207 25 22 Phone +41 44 207 26 32
Mail adriano.pavone@vzch.com Mail petra.maerk@vzch.com

*Alternative performance measures*
To measure its performance, VZ Group uses key figures that are not defined
under International Financial Reporting Standards (IFRS). These alternative
performance measures are listed on page 174 of the Annual Report 2019.

*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 34 branch offices throughout Switzerland
and Germany.

*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 update forward-looking
statements or to adapt them to future events or developments.

*Key figures*

*Income statements *(CHF '000) _2019_ _2018_
Operating revenues 301'718 284'188
Operating expenses 159'340 157'004
Operating profit (EBIT) 124'750 116'764
Net profit 102'305 98'246

*Balance sheets *(CHF '000) _31.12.2019_ _31.12.2018_
Total assets 4'056'231 3'087'945
Equity 549'774 512'266
Net cash 432'380 439'543

*Equity key figures* _31.12.2019_ _31.12.2018_
Leverage ratio 13.6% 16.6%
Common equity tier 1 capital ratio 27.7% 30.1%
(CET 1)
Total eligible capital ratio (T1 & T2) 27.7% 30.1%

*Funds under management * (CHF _31.12.2019_ _31.12.2018_
million)
Assets under management 27'627 23'056

*Employees* _31.12.2019_ _31.12.2018_
Full-time equivalents (FTE) 944.8 897.5

Additional features:

Document: http://n.eqs.com/c/fncls.ssp?u=QJJCPSCYDC [1]
Document title: Press release
End of ad hoc announcement
Language: English
Company: VZ Holding AG
Gotthardstrasse 6
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
EQS News ID: 985067

End of Announcement EQS Group News Service

985067 28-Feb-2020 CET/CEST


1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=e96c3a931541bb66b035177b8dfb57a6&application_id=985067&site_id=vwd&application_name=news


(END) Dow Jones Newswires

February 28, 2020 00:50 ET ( 05:50 GMT)
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