Press releases
2020
The V-ZUG Group expects a clear increase of its operating result for 2020 compared to the previous year (Dec 16, 2020)
V-ZUG Holding AG / Key word(s): Development of Sales/Forecast Zug, 16 December 2020 - The V-ZUG Group expects net sales for the 2020 financial year to be higher than the previous year and anticipates a clear increase in the operating result. To date there have been no far-reaching negative consequences of the Covid-19 pandemic on the business of the V-ZUG Group in the second half of 2020. In the domestic Swiss market, the V-ZUG Group benefits from a generally stable market and corresponding strong demand. This is primarily due to the continuation of construction activity despite the second wave of the Covid-19 pandemic. V-ZUG's own-brand business continues to develop well also internationally. The markets in China/Hong Kong, Australia and Germany show strong growth rates. The very encouraging order intake in China and Germany is due, among other things, to the positive response in the market to the newly opened ZUGORAMAs in Beijing and Munich. Thanks to timely implementation of appropriate protective measures and having ensured production capacities early on, V-ZUG is able to provide full delivery capability and to handle the increase in demand. In addition, substantial cost savings resulted from pandemic-related restrictions in terms of marketing activities. This is expected to result in higher net sales and a clear increase in the operating result for the V-ZUG Group for the 2020 financial year as compared with the previous year. The V-ZUG Group is thus well on the way to achieving its profitability target in the region of a double-digit EBIT margin in the medium term, subject to the uncertainties relating to further developments and the effects of the Covid-19 pandemic on business activities. About the V-ZUG Group V-ZUG is Switzerland's leading brand in household appliances. Located in the heart of Switzerland, V-ZUG has been developing and producing kitchen and laundry appliances for over 100 years and offers a comprehensive service as well. The SIBIRGroup, which focuses on all-brand service and the sale of household appliances throughout Switzerland, is another part of the V-ZUG Group. As market leader in Switzerland, the V-ZUG Group also markets its products in selected premium markets abroad. The V-ZUG Group currently employs around 2,000 people. The holding company V-ZUG Holding AG is listed in the Swiss Reporting Standard of SIX Swiss Exchange in Zurich (securities number 54 248 374, ISIN CH0542483745, ticker symbol VZUG). The financial report is broken down into two segments: Household Appliances and Real Estate. Key dates
Additional information Adrian Ineichen Patrik Leisi Legal notes The expectations expressed in this press release are based on assumptions. Actual results may vary from those anticipated. This press release is published in German and English. The German version is binding. V-ZUG Holding AG processes personal data in accordance with its privacy statement available at https://www.vzug.com/ch/en/privacystatement. End of ad hoc announcement
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V-ZUG Holding AG: Successful spin-off; improved operating result; strategic projects on track (Aug 17, 2020)
V-ZUG Holding AG / Key word(s): Half Year Results Press release dated 17 August 2020 V-ZUG Group: Successful spin-off; improved operating result; strategic projects on track Zug, 17 August 2020 - Despite impacts because of COVID-19 and extensive transformation projects, V-ZUG was able to maintain its leading position in Switzerland. Net sales increased marginally to CHF 258.6 million (previous year: CHF 257.7 million). At CHF 12.9 million, the operating result (EBIT) was significantly higher than in the previous year (CHF 3.7 million, or CHF 7.4 million when adjusted for the provisions for ground remediation work). In the first half of 2020, the V-ZUG Group's cash flow from operating activities amounted to CHF 25.4 million (previous year: CHF -5.5 million), and free cash flow (after investment activities) totalled CHF -0.6 million (previous year: CHF -34.6 million). The equity ratio stood at 70.3% as at 30 June 2020. The spin-off and listing of V-ZUG Holding AG on SIX Swiss Exchange on 25 June 2020 took place in challenging times. Not only is V-ZUG in the midst of a far-reaching transformation, but the first half of the year was also greatly impacted by COVID-19. The transformation process is progressing. Key strategic projects such as the new refrigerator factory in Sulgen are on track, and the transition to V-ZUG AG's new ERP system is essentially complete. Successful spin-off Improved operating result In the first half of 2020, the V-ZUG Group's cash flow from operating activities amounted to CHF 25.4 million (previous year: CHF -5.5 million), and free cash flow (after investment activities) totalled CHF -0.6 million (previous year: CHF -34.6 million). The equity ratio stood at 70.3% as at 30 June 2020. Less affected by COVID-19 than anticipated The return to extremely reliable deliveries had a positive effect on business, particularly in Switzerland. V-ZUG was able to maintain its delivery capability at all times, even during the most stringent COVID-19 restrictions. So far, the V-ZUG Group has not been as badly affected by the consequences of the COVID-19 pandemic as initially expected. Nevertheless, the impact on the company overall has still been serious. Many supply-related challenges have been successfully overcome, albeit with a huge amount of effort. The cancellation of trade fairs and the impossibility of carrying out sales support measures, such as consultancy in the ZUGORAMA showrooms and in customers' homes, reduced costs in the first half-year, but may also depress sales over the coming months. Short-time working had to be introduced for 60 to 80 employees in Switzerland for a two-month period. Most office staff worked from home for several weeks. The COVID-19 safety measures that were introduced also had some impact on manufacturing productivity. Service & Support were able to fulfil their repair and servicing commitments at all times, while adhering to precautionary measures. Progress with the V-ZUG brand in the international business Sales of the V-ZUG brand rose by 38.7% in the international business. However, OEM business in the United States was greatly reduced in the first half year due to COVID-19. Overall, this led to a decline in net sales of 3.5% in the international business. Significant progress in target markets indicates that V-ZUG is on the right track internationally. With the opening of additional ZUGORAMAs in Beijing and Munich, V-ZUG is strengthening its position as a premium brand. The brand experience offered to customers in the showroom in Munich has been recognized with the "German Brand Award". New pressing hall commences operation The site allocation carried out in conjunction with the spin-off of the V-ZUG Group from Metall Zug Group has been completed. This has laid excellent foundations for productive collaboration within the Technologycluster Zug. In the first half of 2020, the Real Estate segment posted an operating result (EBIT) of CHF 1.9 million, CHF 3.2 million more than in the same period of pervious year. It should be noted that provisions of CHF 3.7 million had to be posted in the previous year for ground remediation work. Strategic projects on track Further milestones have been achieved in the implementation of the digitalization strategy. The transition to the new ERP system has been completed. On this basis, ongoing optimizations will be incorporated into the processes. Innovation: the new Adora dishwasher range receives the Plus X Award Sustainability as an integral part of the brand promise The Head of Sustainability is now leading a new interdisciplinary project team that is overseeing the implementation of defined measures. These measures are aligned with the Sustainable Development Goals (SDG) and follow the "triple bottom line" approach - people, planet, profit. To help customers to save energy, V-ZUG has for a long time committed itself to developing energy-saving appliances. For example, the energy consumption of the new Adora dishwasher range is 40% lower than that required for an A+++ energy rating. One specific example of how V-ZUG is encouraging sustainable mobility is the mobility concept that was introduced in summer 2020 at the Zug site, which has over 1,000 employees. The mobility concept is intended to incentivize employees to make greater use of public transport when they travel to work. A car park management system has been introduced in parallel to this initiative. The V-ZUG Group is committed to sustainable technology and production methods in all areas and is aiming to achieve CO2 neutrality at production facilities in Zug by 2021. Board of Directors constituted New CEO as of 1 September 2020 Key figures
1) Combined historical financial statements. 2) Contains a provision of CHF 3.7 million for soil remediation.
About the V-ZUG Group V-ZUG Holding AG is listed on the Swiss Reporting Standard of SIX Swiss Exchange, Zurich (securities number 54 248 374, ISIN CH0542483745, ticker symbol VZUG). Key dates
Further information
Legal Notes Additional features: File: Press release (pdf) End of ad hoc announcement
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V-ZUG Holding AG: Sandra Forster-Bernacchia has been appointed as the new Head Human Resources and Member of the Executive Board of the V-ZUG Group and takes up the position on 1 December 2020 (Aug 11, 2020)
V-ZUG Holding AG / Key word(s): Personnel Press release dated 11 August 2020 V-ZUG Group: Sandra Forster-Bernacchia has been appointed as the new Head Human Resources and Member of the Executive Board of the V-ZUG Group and takes up the position on 1 December 2020 Zug, 11 August 2020 - V-ZUG Holding AG has appointed Sandra Forster-Bernacchia as Head Human Resources and Member of the Executive Board. Sandra Forster-Bernacchia takes up her position as Head Human Resources of the V-ZUG Group on 1 December 2020. Due to the new positioning and focus of V-ZUG as an independent, listed company the Head Human Resources will act as a Member of the Executive Board in the future, be responsible for the groupwide personnel policy and support important culture and transformation matters on an international level. Sandra Forster-Bernacchia studied Law and Political Science at the University of Zurich (lic. iur.). She completed further education (CAS & MAS) in the field of Human Resources at ZHAW-IAP Zurich as well as an Executive MBA program at University of St. Gallen. Up until today Sandra Forster-Bernacchia is working as Head People & Culture at ISS Schweiz AG, Zurich, and is responsible for Human Resources and Culture as a Member of the Executive Board. Between August 2013 and July 2019, she was responsible for Human Resources and multiple international projects as Head Human Resources and Member of the Executive Board at Hilti (Schweiz) AG, Adliswil. About the V-ZUG Group V-ZUG is the leading Swiss brand for household appliances. Located in the heart of Switzerland, V-ZUG has been developing and producing kitchen and laundry appliances for over 100 years and offers a comprehensive service as well. In Switzerland alone, there are over 300 technicians working in the service business. As market leader in Switzerland, V-ZUG Group also markets its products in selected premium markets abroad. V-ZUG Group currently employs around 2,000 people. The holding company V-ZUG Holding AG is listed in the Swiss Reporting Standard of SIX Swiss Exchange in Zurich (securities number 54 248 374, ISIN CH0542483745, ticker symbol VZUG).
Key dates
Further information
Legal Notes This press release is published in German and English. The German version is binding. V-ZUG Holding AG processes personal data in accordance with its privacy statement available at: https://www.vzug.com/ch/en/privacystatement. The press release is available at https://www.vzug.com/ch/en/investor-relations-news. Additional features: File: Press release (pdf) End of ad hoc announcement
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V-ZUG Holding AG: Spin-off of the Metall Zug Group and listing on SIX (Jun 25, 2020)
V-ZUG Holding AG / Key word(s): IPO Press release dated June 25, 2020 Zug, June 25, 2020 - The V-ZUG Group has been spun off from the Metall Zug Group. The shares of V-ZUG Holding AG will be traded on SIX Swiss Exchange from today, June 25, 2020. Metall Zug AG continues to hold around 30% of V-ZUG shares and remains an anchor shareholder. Previously part of the Metall Zug Group, V-ZUG Holding AG, including its direct and indirect subsidiaries, has been spun off from the Metall Zug Group and will be listed on SIX Swiss Exchange today, June 25, 2020. Under the spin-off and listing, shareholders of Metall Zug AG were allocated one registered share of V-ZUG Holding AG per type A registered share and ten registered shares of V-ZUG Holding AG per type B registered share. Zürcher Kantonalbank is acting as Sole Lead Manager for this transaction. Metall Zug AG continues to hold around 30% of V-ZUG shares as a strategic shareholding. In connection with this listing, a Shareholder Information Brochure (in German only) containing extensive information on the V-ZUG Group is available at https://www.vzug.com/ch/en/spin-off-and-listing. V-ZUG rises to the challenges V-ZUG is a byword for innovation and quality. As the market leader in Switzerland, it enjoys an excellent reputation. To continue writing this success story in the future and harness the advantages that Switzerland offers as an innovation and production base, the V-ZUG Group initiated a far-reaching process of transformation over the past few years. The main priorities of the initiatives are:
Despite the additional efforts required to accomplish this far-reaching transformation, the V-ZUG Group has maintained its leadership position in Switzerland. The growth in international business is exceptionally high, up 31.4% year-on-year in 2019. Today this transformation process is largely underway or has already been implemented. Key strategic projects such as the vertical factory and investments in platform technologies are well on the way. The V-ZUG Group is also committed to sustainable technologies and production methods in all areas and is aiming to achieve CO2 neutrality at production facilities in Zug by 2021. As an independent, listed company, the V-ZUG Group can further strengthen and visibly position its brand as well as benefit from the additional strategic flexibility. V-ZUG aims to secure sustainable success with strategic initiatives. The key goals are to further improve customer service efficiency with the support of digital solutions, to substantially increase international business sales, and to ensure that the V-ZUG brand continues to be made known as a premium brand in the relevant markets abroad. Impact of the COVID-19 pandemic The V-ZUG Group has so far been relatively marginally affected by the impact of the COVID-19 pandemic. The appropriate precautions put in place hampered manufacturing productivity and prevented sales-boosting measures such as the advisory services provided at the ZUGORAMA stores or to customers at home. On the other hand, work to remedy previously identified internal problems proceeded to plan during the transition to a new ERP. While the progress made in this area and the impact of COVID-19 are presently balancing each other out, it is impossible to estimate the further medium to long-term consequences of the pandemic. Information to recipients of this press release You are receiving this message plus future ad hoc information about V-ZUG Holding AG as a subscriber of ad hoc information about Metall Zug AG. If you no longer wish to receive ad hoc information about V-ZUG Holding AG, you can unsubscribe at any time. Key dates August 17, 2020 Publication of results for the first half of 2020
About the V-ZUG Group V-ZUG is Switzerland's leading brand for household appliances. Located in the heart of Switzerland, V-ZUG has been developing and producing kitchen and laundry appliances for more than 100 years. As the market leader in Switzerland, the V-ZUG Group also markets its products in selected premium markets abroad. The V-ZUG Group offers an extensive service as well. In Switzerland alone, over 300 service technicians are on hand for the V-ZUG Group. The V-ZUG Group presently employs a staff of about 2,000. V-ZUG Holding AG is listed on the Swiss Reporting Standard of SIX Swiss Exchange, Zurich (securities number 54 248 374, ISIN CH0542483745, ticker symbol VZUG). V-ZUG Holding AG processes personal data in accordance with its privacy statement available at: https://www.vzug.com/ch/en/privacystatement. Further information Adrian Ineichen Additional features: File: Press release (pdf) End of ad hoc announcement
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