VZ HOLDING AG VZ Group
1H 2023
Results and outlook
Appendix: company overview
Zug, 16 August 2023
Disclaimer
Forward-looking statements
This publication originates from VZ Holding Ltd and/or its affiliated companies (hereinafter called «VZ»). This publication and the information contained herein are provided solely for information purposes, and are not to be construed as a solicitation of an offer to buy or sell any securities or other financial instruments. The present document is exclusively aimed at natural and legal persons as well as partnerships and corporations, which are not subject to a legal system forbidding the publication or, respectively, the access to such information.
The content of the publication was prepared by VZ with the greatest of care and to the best of its knowledge and belief. VZ does not assume any liability as to the correctness, completeness and timelines of the information. VZ declines any liability which may arise from the use or non-use of the information provided. The facts and opinions contained in the present publication may alter at any time and without prior announcement. This publication 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 or revise forward-looking statements or to adapt them to future events or developments. Reproduction or modification in whole or in part without prior written permission from VZ is prohibited.
Roundings
Numbers may differ slightly from the published income statements due to rounding differences. All financial information in this presentation ended 30 June is unaudited and is prepared under the same recognition and measurement principles applied for the audited annual financial statements. For the adjustments of 2019-2021 figures, please see note below.
Alternative Performance Measures (APMs) and Restatements
The SIX Exchange Directive on the Use of Alternative Performance Measures does not apply on this investor presentation. IFRS 17 Insurance contracts was implemented in 1H 2023. 2022 figures are retrospectively restated due to the implementation of IFRS 17 Insurance contracts. 2019-2021 figures are approximated for comparability (the insurance result consists of the netted former net earned premiums and expenses related to insurance contracts).
The income from currency-swaps in 2020-2023 was reclassified: while it was previously reported in the trading result, it is now reported in the interest business.
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Agenda
- Facts and figures
- Financials
- Outlook
- Appendix
© VZ | 2 |
Summary 1H 2023
Business development
- Continued growth in all business lines as expected:
- Unchanged strong marketing response and new client inflow for consulting services due to uncertainties
- AuM related revenues increased 4.1%, whereas banking income grew with 22.2%
- 4041 consulting clients converted to platform services
- Steady improvement of platform usage per WM client, 24.5% of all WM clients use 3+ platforms
- Growth of front-end consulting capacity +7.3% to 220 FTEs
- Annualised NNM inflow per consulting FTE at CHF 21.9 million
- VZ BVG Rück Ltd: operational since 1.1.2023
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Financials
- Top line +9.4% yoy to CHF 224.3 million
- Expenses +6.9% to CHF 123.2 million
- Personnel expenses +8.3% yoy
- Other operating expenses +3.4% yoy
- EBIT margin: 45.1% vs. 43.8% in 1H 2022
- Bottom line +12.1% yoy to CHF 86.3 million, Net profit margin: 38.5% vs. 37.5% in 1H 2022
- Implementation of IFRS 17 standard Insurance Contracts led to restatements and to adjustments of profitability targets
- Solid balance sheet
- Equity ratio: 12.8%
- BIS CET 1: 24.1%
- NNM: CHF 2'414 million vs. CHF 2'510 million in 1H 2022
-
Assets under management: CHF 42.6 billion vs.
31.12.2022: +8.9% and vs. 30.06.2022: +13.1%
3
Revenues: +9.4% yoy
in CHF million
224.3 | |||||||
197.9 | 205.1 | 198.8 | 18.4 | ||||
183.7 | 14.9 | 14.8 | 16.8 | ||||
46.7 | |||||||
165.8 | 13.3 | ||||||
38.2 | |||||||
157.3 | 29.9 | 31.5 | |||||
14.2 | 4.2 | ||||||
11.4 | 34.4 | 3.8 | 3.5 | ||||
3.7 | 15.2 | ||||||
14.4 | 14.3 | ||||||
30.1 | 15.1 | ||||||
2.7 | |||||||
32.3 | 12.9 | ||||||
2.9 | 12.4 | 2.7 | |||||
11.8 | |||||||
134.9 | 134.3 | 131.7 | 139.8 | ||||
120.4 | |||||||
98.9 106.4
1H20 | 2H20 | 1H21 | 2H21 | 1H22 | 2H22 | 1H23 |
Total revenues +9.4% yoy
Consulting fees1 +24.3% yoy
Banking income from interest business, commissions and trading activities +22.3% yoy
Insurance result2 +20.0% yoy
Other management fees +6.3% yoy
Management fees on AuM +4.1% yoy
1 | Incl. other revenues | |
2 | Implementation of IFRS 17 incl. retrospective restatements (see Disclaimer p.1). | |
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VZ Holding AG published this content on 16 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 August 2023 04:22:04 UTC.
