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2022

V-ZUG Group – 2022 Annual General Meeting and publication of the Sustainability Report (28 Apr 2022)

V-ZUG Holding AG / Key word(s): AGMEGM/Sustainability
V-ZUG Group - 2022 Annual General Meeting and publication of the Sustainability Report
28.04.2022 / 18:07

Zug, 28 April 2022 - At today's Annual General Meeting of V-ZUG Holding AG, shareholders agreed to all motions proposed by the Board of Directors. The Annual General Meeting accordingly also waived the distribution of a dividend, thereby continuing to support the use of available funds to drive sustained growth in V-ZUG Group's value.

V-ZUG's positive developments in the area of sustainability are outlined in the Sustainability Report for the 2021 financial year, which was published this week. Therein, based on extensive analyses and assessments, quantitative sustainability targets for 2030 were set and published in various target areas for the first time.

 

2022 Annual General Meeting

The 2022 Annual General Meeting of V-ZUG Holding AG was held on 28 April 2022 without shareholders being present in person, as was the case the previous year. The Board of Directors decided on this approach back in January for organisational reasons and to ensure an appropriate level of planning security in the context of what was then an unpredictable situation surrounding the COVID-19 pandemic. Shareholders were able to exercise their rights through the independent representative. 1,510 shareholders took advantage of this opportunity, representing around 77.8% of the voting shares. The Annual General Meeting approved all motions proposed by the Board of Directors with a large majority.

Alongside the approval of the Annual Report, the annual financial statements of V-ZUG Holding AG and the consolidated financial statements of the V-ZUG Group for the 2021 financial year, the Annual General Meeting also agreed to the appropriation of the retained earnings for 2021 proposed by the Board of Directors, and, accordingly, to waive the distribution of a dividend. The Annual General Meeting thereby supports the Board of Directors' current dividend policy, communicated as part of the stock market listing, of using available liquidity primarily for investment in products, markets and production sites in Zug and Sulgen as part of the ongoing transformation process, and thus continuing to ensure sustained growth in V-ZUG Group's value.

The Annual General Meeting re-elected all members of the Board of Directors for another term of one year and re-elected Oliver Riemenschneider as the Chairman of the Board of Directors and Prisca Hafner and Jürg Werner as members of the Human Resources & Compensation Committee.

The 2021 Compensation Report was acknowledged and approved by the Annual General Meeting in a consultative vote. The fee of the Board of Directors for the coming period of office until the next Annual General Meeting and the fixed compensation of the Executive Committee for the 2023 financial year (both prospective), as well as the variable compensation for the Executive Committee for the concluded 2021 financial year (retrospective), were approved by the Annual General Meeting.

The next Annual General Meeting of V-ZUG Holding AG is expected to take place on Tuesday 25 April 2023 at the Theater Casino in Zug.

2021 Sustainability Report

Since 2012, the V-ZUG Group has periodically published a sustainability report on a voluntary basis. The purpose of this report is to communicate sustainability targets, progress and challenges in a clear and open, comparable and self-reflective way. In the 2021 financial year, the following sustainability topics were particularly relevant to the V-ZUG Group:

  • Establishing quantifiable medium- and long-term targets for relevant areas such as reducing CO2 emissions in Scope 1 and 2 (in accordance with the Greenhouse Gas Protocol) by 80% by 2030 and increasing the proportion of women in senior management positions to over 25% by 2025.
  • Ensuring transparency with regard to the environmental footprint of products and sites by producing extensive and informative life cycle assessments.
  • Investing through the internal CO2 fund in a forward-looking project involving the production and use of hydrogen at the Zug site for the purposes of reducing emissions and increasing supply security.
  • Piloting and preparing new circular business models such as rental agreements for household appliances (Product as a Service, PaaS) with the aim of keeping resources in circulation for as long as possible.
  • Targeting measurable progress in employee satisfaction and engagement and formal confirmation of equal pay between the genders on a regular basis.
  • Driving the transformation to a sustainable and efficient production set-up at the Zug and Sulgen sites in Switzerland.

Sustainability is an integral part of the V-ZUG brand; it is a key aspect of the V-ZUG Group's strategy and has been entrenched in the corporate culture of the Group for decades. The organisation pursues a holistic approach in this regard. More information on this topic is available - alongside additional interesting facts and figures - in the comprehensive V-ZUG Sustainability Report for the 2021 financial year at: www.vzug.com/ch/en/nachhaltigkeit_overview.

About the V-ZUG Group

'Bringing simplicity into your home and creativity into your kitchen.'

V-ZUG is Switzerland's leading brand in household appliances and also markets its products in selected premium markets abroad. V-ZUG has been developing and manufacturing kitchen and laundry appliances in Switzerland for more than 100 years and offers comprehensive service in all of its markets. SIBIRGroup AG, which focuses on the Swiss-wide provision of all-brand service and the sale of household appliances, is another part of the V-ZUG Group. The V-ZUG Group currently employs around 2,200 people.

The holding company V-ZUG Holding AG is listed in the Swiss Reporting Standard of SIX Swiss Exchange in Zurich and represented in the Swiss Performance Index (SPI) (securities number 54 248 374, ISIN CH0542483745, ticker symbol VZUG).

Key dates

22 July 2022Publication of Half-Year Report
15 March 2023Publication of Annual Report
25 April 2023Annual General Meeting

Further information

Adrian Ineichen
CFO
Phone: + 41 58 767 60 03

Patrik Leisi
Head Legal & Compliance / Investor Relations
Phone: + 41 58 767 60 03

This media release is available at: www.vzug.com/ch/en/investor-relations-news.

Legal notes

The expectations expressed in this media release are based on assumptions. Actual results may deviate from these assumptions. This media 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, which is available at: www.vzug.com/ch/en/privacystatement.

Media release (pdf)


End of Media Release

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V-ZUG Group – Growth across all markets leads to record sales and a significantly improved operating result (15 Mar 2022)

V-ZUG Holding AG / Key word(s): Annual Results

15-March-2022 / 06:22 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.

Media release dated 15 March 2022 / Ad hoc announcement pursuant to Art. 53 LR

Zug, 15 March 2022 - The V-ZUG Group continued its growth trajectory in the 2021 financial year. Net sales once again saw a significant jump of 9.5% (CHF 623.7 million; previous year CHF 569.4 million), as did the operating result with +27.5% (CHF 62.7 million; previous year CHF 49.2 million). Thanks to these record sales, the medium-term double-digit EBIT margin target was achieved ahead of schedule in the year under review. This gratifying result was driven above all by continued high demand in the Swiss Market and strong growth in international business. The second half of the year was marred for the V-ZUG Group, as it was for the entire industrial environment, by the challenges posed by the intensifying supply chain situation and the associated increase in purchase prices for materials and logistics services.

The V-ZUG Group is still expecting a positive sales performance in excess of +6% for the 2022 financial year, thanks to full order books in Switzerland and across our International Markets. For the latter, sustained sales growth in excess of 10% per year is expected over the next few years. Major uncertainties persist in relation to the war in Ukraine and to developments in supply chains and purchase prices, whereby the latter is not expected to ease much before the end of 2022. Accordingly, the EBIT margin in the first half of 2022 is expected to be within the realm of that of the second half of 2021. Subject to any relevant and lasting geopolitical upheavals, the Group is aiming for an EBIT margin of 10% for the full 2022 financial year, given the high sales and revenue expectations and effective cost control.

 

Another significant rise in operating result

V-ZUG Group's net sales rose compared with the previous year, standing at CHF 623.7 million (previous year CHF 569.4 million), with both the Swiss Market (+5.4%) and strong growth in the International Markets (+40.5%) contributing to this. Internationally, both the own-brand business (+26.5%) and the OEM business (+91.9%) performed exceptionally well. Furthermore, for the first time in its history, V-ZUG delivered more than 500,000 appliances to its customers in a single calendar year.

At CHF 62.7 million, the operating result (EBIT) was 27.5% higher than the previous year's figure of CHF 49.2 million. With an EBIT margin of 10.0% (previous year 8.6%), the V-ZUG Group reached its medium-term target of a double-digit EBIT margin as announced as part of its stock market listing for the first time. Operational productivity as measured by the EBITDA margin increased to 15.2% (previous year 14.0%). As mentioned in the 2021 Half-Year Report, rising materials prices and supply shortages - particularly of microprocessors - resulted in a significant drop in the EBIT margin from 12.4% in the first half of 2021 to 7.7% in the second half of the year, particularly as sales price increases did not take effect until the fourth quarter of 2021.

In the 2021 financial year, the V-ZUG Group's cash flow from operating activities totalled CHF 63.5 million (previous year CHF 99.4 million), and free cash flow (after investment activities) totalled CHF 9.0 million (previous year CHF 42.0 million). The difference from the previous year is primarily due to higher stock levels and tax payments alongside continuing high levels of investment.

As at 31 December 2021, the balance sheet of the V-ZUG Group showed a strong equity ratio of 72.9% (previous year 70.9%) and cash and cash equivalents incl. securities of CHF 117.3 million (previous year CHF 107.8 million).

2021: second year of COVID-19, rising costs and supply chain challenges

Despite the ongoing COVID-19 pandemic and the increasing materials shortages and bottlenecks in logistics capacities, production stoppages were mostly avoided in the reporting year. Given the adverse circumstances, delivery times remained acceptable for dishwashers and good for all other product categories. Price increases on purchasing materials and logistics services have forced us to adjust sales prices. The first price increase took place in October 2021 and a further increase will take effect in April 2022. Additional price increases will be unavoidable in the coming months.

Our effective Health & Safety policy minimised the number of COVID-19 cases and isolation-related absences across the V-ZUG Group companies in the reporting year. Employees at the Zug and Arbon sites also had the opportunity to get vaccinated on-site.

2022 outlook: V-ZUG is well placed to seize opportunities and overcome challenges

Demand for household appliances increased as a consequence of the COVID-19 pandemic, particularly in the Swiss Market, but this is expected to normalise at a high level in the 2022 financial year. V-ZUG is anticipating net sales to grow by more than 6% in 2022 as a result of the exceptionally full order books, price adjustments in Switzerland as well as growing market penetration and full order books in International Markets.

There are still many uncertainties around supply chains and purchase prices. As a result, significant resources will still need to be spent in 2022 on ensuring production and delivery levels. The purchase price situation also means that sales prices will need to be adjusted. Overall, this situation is not expected to ease much before the end of 2022. As in the second half of 2021, the EBIT margin is expected to remain modest in the first half of 2022. Subject to any major and lasting geopolitical upheavals, the V-ZUG Group is aiming for an EBIT margin of 10% for the full financial year, given the high sales and revenue expectations and effective cost control. All transformation projects will continue as planned.

The strong performance of the business in the past financial year resulted in the Group achieving some of the medium-term targets announced as part of the stock market listing ahead of time (EBIT margin >10%; organic growth between 2 and 3%) and being well on the way to achieving others (doubling international business within five years compared with 2019). As part of revising its medium-term plans, the V-ZUG Group has now established the goal of achieving annual organic net sales growth of 3% at Group level by 2026, including annual organic net sales growth of over 10% in the International Markets, and an EBIT margin within the range of 10 to 13%.

There have been no fundamental changes to the dividend policy announced in the context of the stock market listing. As such, in light of continued significant investments in developing new products and digital solutions, further expansion of the International Markets, marketing and the transformation of the production site in Zug, the Board of Directors is proposing to the Annual General Meeting that no dividend be paid for the 2021 financial year.

Unusual dynamism on the Swiss Market and thriving international progress

The short-term economic recovery driven by continuing high demand led to strong sales in 2021 in a normally rather steady Swiss Market environment. Compared with the previous year, net sales rose by 5.4% and totalled CHF 529.1 million (previous year CHF 502.1 million). As a result, V-ZUG can claim market leadership in Switzerland.

In the service business, the V-ZUG Group maintained a level of service that met high customer expectations and the company's service promise, and complied with COVID-19 Health & Safety measures. In addition, the SIBIRGroup AG further expanded its strength in the all-brand service area.

The international growth strategy continued to bear fruit in 2021. Net sales increased by 40.5% to CHF 94.6 million (previous year CHF 67.4 million). This result is due to continued excellent growth in the own-brand business (+26.5%) with net sales of CHF 67.0 million (previous year CHF 53.0 million) and significant increases in the OEM business, with net sales of CHF 27.6 million (previous year CHF 14.4 million). The associated increase in the contribution margin from international business drove further growth in the International Markets, again resulting in a positive contribution to V-ZUG's structural costs.

The presence of the V-ZUG brand in major metropolitan areas around the world continued to expand with the opening of new V-ZUG Studios (showrooms). The new V-ZUG Studio in London was completed at the end of 2021, but due to the ongoing COVID-19 pandemic, the grand opening will take place at the end of March 2022. In addition, a V-ZUG Studio is scheduled to open in Paris in the second quarter. This will be followed by the V-ZUG Studio in Sydney in the third quarter and the V-ZUG Studio Vienna in the fourth quarter.

New products, new business models, new digital solutions

The launch of the new Excellence Line was a highlight for V-ZUG last year and was extremely well-received by customers and distribution partners both in Switzerland and in International Markets. The Excellence Line will be expanded in April 2022 with the new 'PowerSteam' - a world first from V-ZUG, with an innovative, multi-application combination of steam and microwave technology that combines fast, precision cooking with tried and tested reliability and guaranteed top results. In addition, V-ZUG will be launching the new 'CombiCookTop' - the second generation of the hob with an integrated extractor.

V-ZUG is currently running pilot projects to assess a new business model - renting washing machines to business customers. The rental appliances remain the property of V-ZUG, which provides any maintenance and service required during the rental period. At the end of the rental period, the appliances are returned, and any reusable components are recycled, promoting a sustainable circular economy.

In the 2021 financial year, the V-ZUG Group launched several new digital solutions as well as new releases of existing apps. At the heart of these is the 'V-ZUG Home' app, with expanded functionalities and content - and easier link-up to the digital cook assistant for recipes and menu planning ('V-Kitchen') - making it the ideal complement to the new Excellence Line.

Sustainability with a holistic focus

At V-ZUG, digitalisation plays an important role when it comes to sustainability and in raising awareness among end customers about the environmentally friendly use of V-ZUG appliances. Measuring our ecological footprint and creating life cycle assessments was another key task for the V-ZUG Group in the 2021 financial year. This created the basis for the V-ZUG Group to align its commitment to climate action with quantifiable targets and clear priorities.

Even under the new, significantly stricter energy efficiency regulations, 58% of the reclassified appliances sold by V-ZUG in the reporting year were in the top three energy efficiency classes (A - C). Production sites are kept CO2-neutral by preventing and reducing emissions and through the 'V-Forest' reforestation project as part of voluntary offsetting. The associated compensation amounts are financed by a CO2 fund, built up from a voluntary internal CO2 levy for each tonne of CO2 emitted.

V-ZUG pursues a holistic approach to sustainability, which is embedded in V-ZUG's corporate culture and forms an integral part of the V-ZUG brand. As part of this, an equal pay analysis was carried out in accordance with the Gender Equality Act and confirmed that V-ZUG in Switzerland is a fair employer that pays men and women equally for equal work. V-ZUG's increasingly diverse workforce is also reflected in the increasing number of women overall (around 23%) and the proportion of women in senior management roles (23.6%).

Real estate projects and site transformation progressing

At the Zug site in November 2021, the new enamelling coating technology system was approved for production in the 'Zephyr Hangar' building. Furthermore, after receiving the building permit at the beginning of the year, construction began in May 2021 on the final building of the new vertical factory, 'Zephyr Ost', which will optimise logistics and production processes in Zug.

The operating equipment installation and commissioning at the new refrigerator factory in Sulgen, which had been under way since autumn 2020, was completed on schedule and production gradually started in January and February 2022.

Key figures

in MCHF (excluding FTE)20212020Change
    
Group   
Net sales623.7569.49.5%
Currency-adjusted  9.2%
EBITDA94.7
79.6
18.9%
in % of net sales15.2%14.0%120 bp
Operating result (EBIT)
62.7
49.2
27.5%
in % of net sales10.0%8.6%140 bp
Group net result
55.4
43.2
28.3%
in % of net sales8.9%7.6%130 bp
Cash flow from operating & investing activities
9.0
42.0
-78.5%
Cash and cash equivalents (incl. securities)
117.3
107.88.8%
Total assets
616.1
554.7
11.1%
Shareholders' equity
448.9
393.2
14.2%
in % of total assets72.9%70.9%200 bp
Number of employees (FTE) as at 31.12.2,0801,9994.1%
    
Segments   
Household Appliances   
Net sales
623.7
569.4
9.5%
Currency-adjusted  9.2%
Operating result (EBIT)
58.1
46.2
25.9%
in % of net sales9.3%8.1%120 bp
    
Real Estate   
Operating result (EBIT)5.4
3.7
47.2%


About the V-ZUG Group

"Bringing simplicity into your home and creativity into your kitchen."

V-ZUG is Switzerland's leading brand in household appliances and also markets its products in selected premium markets abroad. V-ZUG has been developing and manufacturing kitchen and laundry appliances in Switzerland for more than 100 years and offers comprehensive service in all of its markets. The SIBIRGroup AG, which focuses on the Swiss-wide provision of all-brand service and the sale of household appliances, is another part of the V-ZUG Group. The V-ZUG Group currently employs around 2,200 people.

The holding company V-ZUG Holding AG is listed in the Swiss Reporting Standard of SIX Swiss Exchange in Zurich and represented in the Swiss Performance Index (SPI) (securities number 54 248 374, ISIN CH0542483745, ticker symbol VZUG).

Key dates

28 April 2022Annual General Meeting
22 July 2022Publication of Half-Year Report

Further information

Adrian Ineichen
CFO
Phone: + 41 58 767 60 03

Patrik Leisi
Head Legal & Compliance / Investor Relations
Phone: + 41 58 767 60 03

This media release / ad hoc announcement is available at www.vzug.com/ch/en/investor-relations-news and the 2021 annual report is available  at www.vzug.com/ch/en/financial-reports.

Legal notes

The expectations expressed in this media release / ad hoc announcement are based on assumptions. Actual results may deviate from these assumptions. This media release / ad hoc announcement is published in German and English. The German version is binding. V-ZUG Holding AG processes personal data in accordance with its privacy statement, which is available at www.vzug.com/ch/en/privacystatement.

Ad hoc / media release (pdf)


End of ad hoc announcement

 

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2021

V-ZUG Group – a strong first half of 2021 (22 Jul 2021)

V-ZUG Holding AG / Key word(s): Half Year Results

22-Jul-2021 / 06:37 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.

Zug, 22 July 2021 - The V-ZUG Group recorded a very successful first half of 2021, posting an above-average increase in net sales (CHF 308.3 million; previous year's period CHF 258.6 million) and a gratifying operating result (CHF 38.3 million; previous year's period CHF 12.9 million) thanks to sustained high demand, and building on its strong performance in the second half of 2020. Both the domestic Swiss market, driven by an exceptional demand, and our sales growth in the international markets across all regions (Europe, Asia/Pacific and North America) contributed to this encouraging result, with sales growth of around 19%.

For the second half of 2021, the above-average demand in the Swiss market is anticipated to return to a more normal level. There is considerable uncertainty regarding restricted capacity and resulting price increases for virtually all purchased materials and logistics services. Due to this volatile situation, the V-ZUG Group is refraining from making a forecast for its 2021 annual results.

V-ZUG Group's net sales rose compared with the previous year's period, standing at CHF 308.3 million (previous year's period CHF 258.6 million). Both the domestic Swiss market (+12.9%) and the international markets in all three regions (Europe +56.4%, APAC +87.6% and North America +98.4%) contributed to this significant growth in sales. At CHF 38.3 million, the operating result (EBIT) was 196.6% higher than the same period last year (CHF 12.9 million). Operational productivity (EBITDA margin) also increased, from 10.7% in the previous year's period to 17.4% in the first half of 2021.

In the first half of 2021, the V-ZUG Group's cash flow from operating activities amounted to CHF 13.6 million (previous year's period CHF 25.4 million), and free cash flow (after investment activities) totalled CHF -12.7 million (previous year's period CHF -0.6 million). The deviation compared with the previous year's period is mainly attributable to the increase in current assets. Strategic projects have progressed in line with plans, and have been funded entirely from the Group's own resources. With an equity ratio of 71.7% and cash and cash equivalents of CHF 95.7 million, the balance sheet remains strong.

Extraordinary demand in Switzerland and strong growth in international sales

Boosted by increased consumer activity was an unexpected consequence of the COVID-19 pandemic, the demand for household appliances has grown significantly since mid-2020. In the first half of 2021, despite considerable challenges relating to the procurement of materials and components, the V-ZUG Group was able to meet the significantly increased demand to a great extent, seamlessly building on its above-average performance in the second half of 2020.

In the first half of 2021, the V-ZUG Group benefited from strong demand in its domestic Swiss market and recorded extraordinary sales growth in all product groups.

In the international markets, the V-ZUG Group increased net sales in the first half of 2021 to CHF 43.7 million (previous year's period CHF 24.3 million). The own-brand business contributed to this trend, with sales growing by CHF 11.6 million or +69.4%. After a temporary slowdown in the 2020 financial year, the OEM business recovered significantly. The opening of two further ZUGORAMAs (showrooms), in London and in Paris, is planned for the second half of 2021.

Enthusiasm for the new Excellence Line

The introduction of the new Excellence Line this year is a highlight for V-ZUG. The Excellence Line will undergo a phased launch in the international markets. The launch took place in Europe at the beginning of May 2021, and will be followed by launches in Hong Kong, Singapore and Australia in autumn 2021, and finally in the People's Republic of China at the beginning of 2022.

Based on initial feedback from the markets, the new appliances are being well received both by specialist retailers and by end customers in terms of their design and their functionality. The design is also delighting experts around the world. As a result, the Excellence Line ovens and steam cookers have received the "Best of the Best" Red Dot Award for Product Design 2021, one of the best-known awards for design and innovation worldwide. In addition, the Excellence Line and the AdoraDish V6000 dishwasher with OptiLift have received this year's iF DESIGN AWARD.

No significant production stoppages, few COVID-19 cases

In the first half of 2021, the V-ZUG Group was once again able to avoid production stoppages to a great extent and maintain its delivery capability, some minor delays notwithstanding. Thanks to effective precautionary measures, there have been very few cases of COVID-19 and quarantine-related absences across all V-ZUG Group locations since the end of February 2021. At its operating sites in Zug and Arbon, V-ZUG has taken part in voluntary mass COVID-19 testing, with a weekly testing rate of up to 500 employees. At the Arbon site, employees have also had the opportunity to be vaccinated at their workplace.

Due to the pandemic, practically all partner, customer and shareholder events took place virtually again in the first half of 2021. This led to certain cost savings compared with the pre-COVID situation.

In the first half of the year, the V-ZUG Group also had to deal with pandemic-related challenges and uncertainties in procurement and supply chain management. In addition to supply bottlenecks and procurement difficulties, the second quarter of the year also saw the start of a noticeable increase in prices for raw materials, components and logistics capacity.

Site transformations in Zug and Arbon/Sulgen proceed on schedule

At the beginning of 2021, planning permission was granted for the final production building of the new vertical factory in Zug ("Zephyr Ost"). Construction work started on the new building in May 2021, and it is due to be handed over to operations by autumn 2023, following completion and operational expansion.

The construction of the new refrigerator factory building in Sulgen was completed in autumn 2020. Since then, a phased handover to operations has been taking place, involving extensive installation activities. Full commissioning will take place at the beginning of 2022.

Due to its strong balance sheet and net liquidity, V-ZUG continues to be in a position to finance the far-reaching transformation projects, including the aforementioned upgrade of its own production and office premises, on its own and without additional external funds.

Gradual introduction of new digital solutions

This year, V-ZUG has introduced several digital solutions onto the market. For example, the V-ZUG Home app was updated for the launch of the new Excellence Line. Both proven functionalities and a whole range of new areas of application are now available in conjunction with the latest generation of appliances. A digital assistant has also been created in the form of "V-Kitchen" (www.v-kitchen.ch), offering enthusiastic cooks support throughout the entire cooking process. Partners in this initiative include Swissmilk, Wildeisen, Farmy and Tiptopf.

"V-Connect" has been developed specifically for managed buildings in order to make servicing even more efficient. Using an app, caretakers can network older appliances up to 20 years of age in order to receive an even faster and more targeted service. And finally, 'V-Upgrade' enables users of V-ZUG Adora Line washing machines and dryers to retrospectively acquire additional functionality.

Sustainability report published

At the end of April 2021, the V-ZUG Group published its sustainability report for the 2020 financial year, with the aim of communicating transparently in this important field. The 2020 Sustainability Report is available at: www.vzug.com/ch/en/nachhaltigkeit_overview.

The fact that V-ZUG products achieve top marks with regard to sustainability is evident, even during the ongoing switch to the new energy efficiency classes. Based on the new, significantly more stringent energy efficiency criteria, V-ZUG continues to achieve the highest energy efficiency class A with the AdoraWash V6000 and the AdoraDish V6000.

Outlook

For the second half of 2021, the above-average demand in the Swiss market is anticipated to return to a more normal level, while continued solid sales growth can be expected in the international markets. There is considerable uncertainty regarding the deteriorating situation in supply chains. In particular, restricted capacities are leading to price increases for almost all purchased materials and logistics services, which requires a corresponding increase in sales prices in October 2021. The circumstances also remain tense regarding the supply reliability in our supply chains. Keeping our production and delivery capability intact will of course continue to be a high-priority task. Against the background of this volatile situation, the V-ZUG Group is refraining from making a forecast for its 2021 annual results.

Key figures

CHF million (excl. FTE)H1 2021H1 2020Change
Group   
Net sales308.3258.619.2%
Currency-adjusted  18.8%
EBITDA53.727.694.9%
as a % of net sales17.4%10.7%680 bp
Operating result (EBIT)38.312.9196.6%
as a % of net sales12.4%5.0%740 bp
Group net result34.011.3201.2%
as a % of net sales11.0%4.4%670 bp
Cash flow from operating and investing activities-12.7-0.6n/a
Cash and cash equivalents95.765.146.9%
Balance sheet total596.6514.316.0%
Shareholders' equity427.5361.618.2%
as a % of balance sheet total71.7%70.3%140 bp
Number of employees (FTE) as at 30.06.2,0661,9635.3%
Segments   
Household Appliances   
Net sales308.3258.619.2%
Currency-adjusted  18.8%
Operating result (EBIT)36.411.5216.9%
as a % of net sales11.8%4.4%740 bp
Real Estate   
Operating result (EBIT)2.41.928.9%




About the V-ZUG Group

"Bringing simplicity into your home and creativity into your kitchen."

V-ZUG is Switzerland's leading brand in household appliances and also markets its products in selected premium markets abroad. V-ZUG has been developing and producing kitchen and laundry appliances in Switzerland for over 100 years and offers a comprehensive service in all markets. The SIBIRGroup AG, which focuses on all-brand services and the sale of household appliances throughout Switzerland, is another part of the V-ZUG Group. The V-ZUG Group currently employs around 2,000 people.

V-ZUG Holding AG is listed in the Swiss Reporting Standard of SIX Swiss Exchange in Zurich and is represented in the Swiss Performance Index (SPI) (securities number 54 248 374, ISIN CH0542483745, ticker symbol VZUG).

Key dates

15 March 2022Publication of the 2021 Annual Report
28 April 2022Annual General Meeting

Further information

Adrian Ineichen
CFO
Phone: + 41 58 767 60 03

Patrik Leisi
Head Legal & Compliance / Investor Relations
Phone: + 41 58 767 60 03

Legal notes

The expectations expressed in this media release are based on assumptions. Actual results may vary from those anticipated. This media 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: www.vzug.com/ch/en/privacystatement.

Ad hoc / media release (pdf)

 


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V-ZUG Group – Approval of all motions at the Annual General Meeting and publication of the sustainability report (29 Apr 2021)

V-ZUG Holding AG / Key word(s): AGMEGM/Sustainability

29-Apr-2021 / 18:31 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.

Zug, 29 April 2021 - At today's Annual General Meeting, the first held by V-ZUG Holding AG as a listed company, shareholders approved all motions proposed by the Board of Directors. In particular, the Annual General Meeting endorsed the proposal not to distribute a dividend and thus gave its backing to using the available funds to drive sustained growth in the V-ZUG Group's value. 

V-ZUG has published its sustainability report for financial year 2020 and is spotlighting its sustainable working practices.

The first Annual General Meeting held by V-ZUG Holding AG as a listed company took place on 29 April 2021 without the shareholders physically in attendance due to the current epidemiological situation around Covid-19. Shareholders were able to exercise their rights through the independent voting representative, however. This option was taken up by 1,484 shareholders, representing 85.5% of the voting shares. The Annual General Meeting approved all motions proposed by the Board of Directors by a large majority.

Besides approving the annual report, the annual financial statements of V-ZUG Holding AG and the consolidated financial statements of the V-ZUG Group for financial year 2020, the Annual General Meeting also consented to the Board of Directors' proposal for the appropriation of retained earnings for 2020 and thus to its proposal not to distribute a dividend for financial year 2020. By doing so, the Annual General Meeting endorsed the Board of Directors' motion to invest the available liquidity in the V-ZUG Group's ongoing transformation and thus strive for sustained growth in its value.

All members of the Board of Directors were re-elected to serve another one-year term of office. Mr Oliver Riemenschneider was confirmed as Chairman of the Board of Directors and Ms Prisca Hafner and Mr Jürg Werner as members of the Human Resources and Compensation Committee.

The Annual General Meeting received and approved the 2020 compensation report in a consultative vote and approved the variable compensation awarded to the Executive Committee for the past financial year 2020 (retrospectively) as well as the fee awarded to the Board of Directors for the coming term of office through to the next Annual General Meeting and the fixed compensation awarded to the Executive Committee for 2022 (both prospectively).

As it was not possible to hold an in-person Annual General Meeting this year, V-ZUG Holding AG will be briefing interested shareholders on financial year 2020 and the 2020 sustainability report at a separate online event on 12 May 2021. For more information and to register for this virtual event, please go to: www.vzug.com/ch/en/annual-general-meeting.

The next Annual General Meeting of V-ZUG Holding AG is expected to take place in Zug on Thursday, 28 April 2022.

2020 sustainability report

The V-ZUG Group has been publishing a sustainability report on a regular basis since 2012 and does so voluntarily, i.e. outside the reporting requirements under stock exchange regulations. Its intention here is to communicate the progress, developments, challenges and targets in relation to sustainability in an open, clear, comparable and self-critical manner.

Sustainability is an integral part of the V-ZUG brand as well as a key element of its strategy and for decades has been entrenched in the V-ZUG Group's corporate culture. The approach to sustainability is a holistic one, as the following examples show:

Production of Swiss-made appliances is CO2 neutral

In 2020, the V-ZUG Group achieved CO2 neutrality at its production sites for the first time (Scope 1 and 2, and air travel). However, the V-ZUG Group's business activities continue to produce greenhouse gas emissions that need to be prevented, reduced and offset. More specifically, this is being achieved through an internal CO2 levy per tonne of CO2 emitted. The V-ZUG Group is thus providing additional incentives for sustainable business decisions, financing investments in CO2 reduction and supporting offsetting measures such as the reforestation project in Scotland through its own forest, the «V-Forest».

More women in top management

The proportion of women at the most senior levels of management (Board of Directors, Executive Committee, level 1 management) has risen continuously in recent years and at the end of financial year 2020 stood at 20.8%. Of the total headcount, women made up between 20.5% and 22.0% over the last three years. The proportion of women in management has therefore been brought into line with the percentage of women in the workforce as a whole.

Introduction of a mobility scheme at the Zug site

Mobility is one of the biggest causes of environmentally harmful emissions. A flexible mobility scheme is intended to raise awareness of the issue among V-ZUG employees. Financial incentives and a range of additional green offerings encourage employees to rethink their mobility behaviour, the aim being to reduce motorized commuting to under 40% by 2022 at the latest.

More information on sustainability and further interesting facts can be found in the full 2020 sustainability report available at: www.vzug.com/ch/en/nachhaltigkeit_overview.

About the V-ZUG Group

V-ZUG is Switzerland's leading brand in household appliances and also markets its products in selected premium markets abroad. V-ZUG has been developing and producing kitchen and laundry appliances in Switzerland for over 100 years and offers a comprehensive service in all markets. The V-ZUG Group currently employs around 2,000 people.

V-ZUG Holding AG is listed in the Swiss Reporting Standard of SIX Swiss Exchange in Zurich and is represented in the Swiss Performance Index (SPI) (securities number 54 248 374, ISIN CH0542483745, ticker symbol VZUG).

Key dates

12 May 2021Virtual shareholder information event
22 July 2021Publication of the half-year report
15 March 2022Publication of the annual report
28 April 2022Annual general meeting

Further information

Adrian Ineichen
CFO
Phone: + 41 58 767 60 03

Patrik Leisi
Head Legal & Compliance / Investor Relations
Phone: + 41 58 767 60 03

Legal notes

The expectations expressed in this meda release are based on assumptions. Actual results may vary from those anticipated. This media 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: www.vzug.com/ch/en/privacystatement.

Media release (pdf)


End of ad hoc announcement

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Nathalie Noël has been appointed as Chief Marketing Officer (CMO) and member of the Executive Committee of the V-ZUG Group (29 Mar 2021)

V-ZUG Holding AG / Key word(s): Personnel

29-March-2021 / 06:18 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.

Zug, 29 March 2021 - V-ZUG Group has appointed Nathalie Noël as Chief Marketing Officer (CMO) and member of the Executive Committee with a strong emphasis on digitalization.

 

As announced in January of this year, the Chief Marketing Officer will be responsible for the areas of product management, strategic distribution channel management and pricing, as well as marketing communications, and will continue to further pursue the associated digitalization topics.

Ms. Nathalie Noël will take up her position as CMO and member of the Executive Committee of the V-ZUG Group on 1 August 2021 at the latest. She brings along several years of management and specialist experience in global marketing in both B2B and B2C environments and has a convincing track record in building up digital marketing channels.

Nathalie Noël is currently Global Head of Marketing at Vitra International AG in Basel and is responsible for marketing communications, digital marketing and sales excellence. She previously worked as Marketing Director for the art book publisher TASCHEN in Cologne and as International Group Manager for L'Oréal Group (Division L'Oréal Luxe) in Paris. Nathalie Noël holds a Master's degree in marketing and communication and a Bachelor's degree in political science from the Paris Institute of Political Studies (Sciences Po).

 

About the V-ZUG Group

V-ZUG is Switzerland's leading brand in household appliances and also markets its products in selected premium markets abroad. V-ZUG has been developing and producing kitchen and laundry appliances in Switzerland for over 100 years and offers a comprehensive service in all markets as well. 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 and represented in the Swiss Performance Index, SPI (securities number 54 248 374, ISIN CH0542483745, ticker symbol VZUG).


Key dates

29 April 2021Annual general meeting
22 July 2021Publication of the half-year report
15 March 2022Publication of the annual report


Additional Information

Sandra Forster
Chief Human Resources Officer
Phone: + 41 58 767 60 03

Patrik Leisi
Head Legal & Compliance / Investor Relations
Phone: + 41 58 767 60 03
 


Legal notes

The expectations expressed in this media release are based on assumptions. Actual results may vary from those anticipated. This media 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 www.vzug.com/ch/en/privacystatement.


End of ad hoc announcement

 

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V-ZUG Group significantly increases net sales and operating result compared to the previous year (17 Mar 2021)

V-ZUG Holding AG / Key word(s): Annual Results

17-March-2021 / 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.

Zug, 17 March 2021 - The V-ZUG Group grew by 4.7% in 2020 (5.2% adjusted for currency effects). Net sales in 2020 amounted to CHF 569.4 million (previous year CHF 543.6 million). At CHF 49.2 million, the operating result (EBIT) was significantly higher than in the previous year (CHF 29.6 million - adjusted for special effects in connection with a provision for soil remediation work: CHF 32.7 million). V-ZUG was able to achieve this positive result in a challenging environment characterized by the Covid-19 pandemic, with lower expenditure for customer events and trade fairs on the one hand, and more significant operational challenges on the other hand and as well as against the backdrop of continuing far-reaching transformation projects. V-ZUG is defending its leading position in Switzerland and is also growing strongly in international markets. Since 2020, V-ZUG's production has been CO2-neutral at all its sites.

In 2020, the V-ZUG Group generated a cash flow from operating activities of CHF 99.4 million (previous year CHF 37.7 million) and a free cash flow (after investing activities) of CHF 42.0 million (previous year CHF -31.2 million). The equity ratio was 70.9% as per 31 December 2020.

The start of the financial year 2021 bodes well for the V-ZUG Group. In the first half-year, it expects progress to significantly outperform that of last year. Due to the uncertainties for the second half of the year - particularly with regard to the further course of the Covid-19 pandemic, increasing raw material prices and volatile currency exchange rates - the V-ZUG Group refrains from providing a further outlook.

 

Last summer, after many years as part of the Metall Zug Group, the V-ZUG Group embarked upon a journey towards independence. On 25 June 2020, the shares of V-ZUG Holding AG were traded on SIX Swiss Exchange for the first time. Metall Zug AG retains around 30% of V-ZUG Holding AG shares as a strategic shareholding. The share price opened at CHF 72.00, and stood at CHF 88.30 at the end of the financial year 2020, significantly above the issue price. From the Board of Directors' and the Executive Committee's perspective, the listing was a success.

 

Significantly improved operating result

V-ZUG Group's net sales rose compared with 2019, standing at CHF 569.4 million (previous year CHF 543.6 million). At CHF 49.2 million, the operating result (EBIT) was significantly higher than the previous year (CHF 29.6 million, resp. CHF 32.7 million when adjusted for the provision for soil remediation work). And in terms of operational productivity as measured by the EBITDA margin, there was an increase from 10.5% in the previous year to 14.0% in the  financial year 2020. One-time savings in connection with the Covid-19 pandemic, such as fewer marketing activities, influenced this result by approx. CHF 5 million. The V-ZUG Group is well on the way to meeting its target of a double-digit EBIT margin in the medium term.

 

In 2020, the V-ZUG Group's cash flow from operating activities amounted to CHF 99.4 million (previous year: CHF 37.7 million), and free cash flow (after investment activities) totalled CHF 42.0 million (previous year: CHF -31.2 million). The equity ratio stood at 70.9% on 31 December 2020. The positive business performance in 2020 and the capital increase generated by Metall Zug AG as part of the spin-off led to a further strengthening of the balance sheet and made it possible to finance extensive investments in products, markets, digitalization initiatives and the production sites at Zug and Sulgen from the company's own funds. As already communicated at the time of the spin-off, using available financial resources to invest into sustainable grow of the value of the V-ZUG Group is set to continue for the next three years. Therefore, the Board of Directors proposes that no dividend be paid for the financial year 2020.

 

The V-ZUG Group is run in two segments: «Household Appliances» and «Real Estate».

 

Segment Household Appliances

In 2020, the Household Appliances segment posted net sales of CHF 569.4 million (previous year: CHF 543.6 million). At CHF 46.2 million, the operating result (EBIT) was significantly higher than the previous year (CHF 28.3 million). The key figure EBITDA in % of net sales increased from 9.7% in the previous year to 12.7% in the year under review (+300bp).

 

Despite the Covid-19 pandemic, sustained demand from a stable real-estate market, in part due to the continuation of construction activity in general, had a positive impact on business, particularly in Switzerland. From early summer onwards and particularly during the fourth quarter, the market for construction equipment was going strong. The delivery capability was maintained at all times during the first and second waves of the pandemic. This was possible not least also due to good supplier relations. V-ZUG was therefore able to defend its leading position in Switzerland despite Covid-19 and profound transformation projects and intends to expand this position in the near future.

 

In the international business, the V-ZUG Group increased net sales in most markets and achieved net sales of CHF 67.4 million in 2020 (previous year: CHF 61.4 million). The own-brand business showed positive progress, with net sales increasing by 41.7% from CHF 37.4 million in the previous year to CHF 53.0 million in the year under review. This encouraging performance was particularly noticeable in the core markets of China, Hong Kong, Australia and Germany, where high growth rates were recorded. Two further ZUGORAMAs were opened in Beijing and Munich, thereby strengthening V-ZUG's position in the premium household appliances sector in these two metropolitan areas. The brand experience offered to customers in the showrooms in Munich was recognized with the 'German Brand Award'. The positive trend in the own-brand business was partially offset by a decline in OEM business in the North American market.

 

Service & Support fulfilled its repair and servicing commitments while taking precautionary measures and succeeded in ensuring customers received a high level of service at all times. The same applies to SIBIRGroup, which is increasingly specializing in the provision of comprehensive all-brand services throughout Switzerland and is reinforcing its position in the market as an independent brand and organization.

 

Nevertheless, the V-ZUG Group is experiencing the consequences of the Covid-19 pandemic in its operations on a daily basis. The strict precautionary measures and employee absences due to quarantining impacted negatively on productivity, particularly in the second half of the year. But the prompt implementation of appropriate precautionary measures enabled V-ZUG to cope well with this challenge. Moreover, the pandemic-related suspension of many sales support measures, such as consultancy in ZUGORAMAs and in customers' homes, led to cost savings throughout the entire year under review. Then again, this may have the effect of diminishing sales in the medium term to a certain extent. Short-time working had to be introduced for 60 to 80 employees in Switzerland for a two-month period during the first wave of the pandemic. Most office staff have been working from home on and off throughout the year, for several months in total.

 

Segment Real Estate

In 2020, the Real Estate segment posted an operating result (EBIT) of CHF 3.7 million - an increase of CHF 2.4 million compared with the previous year. It should be noted that provisions of CHF 3.1 million had to be set aside in the previous year for soil remediation work and in the year under review a value adjustment of CHF 0.5 million had to be made for a building to be demolished in connection with the construction of the new vertical factory in Zug.

 

In view of the spin-off of the V-ZUG Group from the Metall Zug Group, the site at Zug was divided up. The cooperation between the two groups of companies is regulated comprehensively in various agreements relating to matters such as site usage and infrastructure, management, mobility, emissions and site return. These agreements are an excellent foundation for a productive collaboration within the Tech Cluster Zug.

 

In August 2020, the completed «Zephyr Hangar» production building was handed over in its entirety. The new press installed on the ground floor had already been commissioned at the beginning of 2020. The new cooking chamber welding system on the second floor is now also operational, and the enamelling coating technology system - another important production facility - will be installed and commissioned in the first half of 2021. Also progressing in line with expectations are the planning and construction of additional buildings for the new vertical factory in Zug and the transformation of production processes from the old production buildings to the new ones. Construction work on the «Zephyr Ost» production facility is due in early 2021.

 

Alongside the site transformation in Zug, construction of the new refrigerator factory in Sulgen progressed in 2020 as planned. By the end of the year, the factory building and all the structural installations were completed. The production equipment will be installed and commissioned during 2021. The relocation of refrigerator production from Arbon to Sulgen will be completed at the beginning of 2022.

 

Strategic projects

During the year under review, work accelerated to complete the development of the new «Excellence Line» range of kitchen appliances. This new line of thermal appliances combines smart functionality and state-of-the-art technology with premium design. The Excellence Line was launched successfully on the Swiss market at the beginning of March 2021. Launches in international markets will follow in a phased approach until Chinese New Year 2022. More information on the new Excellence Line can be found at: https://excellence-line.vzug.com/ch/en

 

Further milestones were achieved in the implementation of the digitalization strategy. The transition to the new ERP system has been completed. The usual optimizations will now be incorporated into the new processes on an ongoing basis.

 

Sustainability

Sustainability is an integral part of the V-ZUG brand and a key pillar of V-ZUG's strategy, and has for many years been rooted in the corporate culture of the V-ZUG Group. The Head of Sustainability has been leading an interdisciplinary project team since 2020, and now reports directly to the CEO to ensure that the defined sustainability measures are implemented in all segments of the V-ZUG Group. These measures are aligned with the UN Sustainable Development Goals (SDG) and follow the «triple bottom line» approach: people, planet and profit.

 

To help customers save energy, V-ZUG has for a long time committed itself to developing energy-saving appliances. The new Adora V6000 dishwasher line with heat pump sets new standards on the market in terms of energy efficiency. The V-ZUG Group relies on sustainable technologies and production methods in all segments. By continually reducing and offsetting, the V-ZUG Group became CO2-neutral at all production sites (scope 1 and 2, plus air travel), for the first time in 2020. With retrospective effect, this has already been the case at the Zug site since 2018 and at the Arbon site since 2019. The sub-assembly production in Changzhou, China, has been CO2-neutral since 2020, meaning that all V-ZUG's Swiss-made appliances were manufactured CO2-neutrally for the first time.

 

Governance

For its new phase as an autonomous company, the V-ZUG Group re-shaped its Board of Directors as part of the stock market listing. Existing Board members Oliver Riemenschneider, President, Prof Dr Annelies Häcki Buhofer and Dr Jürg Werner were joined by Prisca Hafner, Tobias Knechtle and Petra Rumpf. This line-up incorporates a wide range of expertise.

 

Peter Spirig has been heading up the V-ZUG Group as CEO since 1 September 2020. He took over the position from Heinz M. Buhofer, who acted as interim CEO from September 2019 to August 2020. The Executive Committee also saw the addition of Sandra Forster-Bernacchia, the new Director of Human Resources, at the end of November 2020. The management structure will be further modified to reflect changing requirements during 2021, and the Executive Committee will be strengthened by the new role of Chief Marketing Officer with a considerable focus on digitalization. This role will replace the position of Director of Business Development.

 

Outlook

The start of the financial year 2021 bodes well for the V-ZUG Group. In the first half-year, it expects progress to significantly outperform that of last year. Due to the uncertainties for the second half of the year - particularly with regard to the further course of the Covid-19 pandemic, increasing raw material prices and volatile currency exchange rates - the V-ZUG Group refrains from providing a further outlook.

 

 

Key figures

in CHF million (except FTE)

 

2020

2019

Change

 

 

 

 

 

Group

 

 

 

 

 

 

 

 

 

Net sales

 

569.4

543.6

4.7%

FX adjusted

 

 

 

5.2%

EBITDA

 

79.6

56.9

40%

in % of net sales

 

14.0

10.5

350 bp

Operating result (EBIT)

 

49.2

29.6

66.2%

in % of net sales

 

8.6%

5.4%

320 bp

Group net result

 

43.2

27.3

58.2%

in % of net sales

 

7.6%

5.0%

260 bp

Cash flow from operating and investing activities

 

42.0

-31.2

n/a

Cash and cash equivalents

 

107.7

36.2

197.7%

Total assets

 

554.7

471.7

17.6%

Shareholder's equity

 

393.2

241.6

62.7%

in % of total assets

 

70.9%

51.2%

1970 bp

Number of employees (FTE) as per 31.12.

 

1'999

1'940

3.0%

 

 

 

 

 

Segments

 

 

 

 

 

 

 

 

 

Household Appliances

 

 

 

 

Net sales

 

569.4

543.6

4.7%

FX adjusted

 

 

 

5.2%

Operating result (EBIT)

 

46.2

28.3

63.2%

in % of net sales

 

8.1%

5.2%

290 bp

 

 

 

 

 

Real Estate

 

 

 

 

Operating result (EBIT)

 

3.7

1.31)

180.9%

 

 

 

 

 

 

1) Contains a provision of CHF 3.1 million for soil remediation.

 

 

About the V-ZUG Group

V-ZUG is Switzerland's leading brand in household appliances and also markets its products in selected premium markets abroad. V-ZUG has been developing and producing kitchen and laundry appliances in Switzerland for over 100 years and offers a comprehensive service in all markets as well. 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 and represented in the Swiss Performance Index, SPI (securities number 54 248 374, ISIN CH0542483745, ticker symbol VZUG).


Key dates

29 April 2021Annual general meeting
22 July 2021Publication of the half-year report
15 March 2022Publication of the annual report



Additional Information

Adrian Ineichen
Chief Financial Officer
Phone: + 41 58 767 60 03

Patrik Leisi
Head Legal & Compliance / Investor Relations
Phone: + 41 58 767 60 03
 



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 www.vzug.com/ch/en/privacystatement.


End of ad hoc announcement

 

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Management change and adjustment of the V-ZUG Group management structure (18 Jan 2021)

V-ZUG Holding AG / Key word(s): Personnel

18-Jan-2021 / 07:09 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.

Zug, 18 January 2021 - Max Herger, Senior Vice President Operations / Chief Operations Officer, will leave the V-ZUG Group in summer 2021 when he enters retirement. Adrian Theiler has been appointed as his successor and as a new member of the management team. Manuel Faeh, Senior Vice President Business Development, will leave the V-ZUG Group in the first half of 2021. The position of Senior Vice President Business Development will be realigned as a result of evolving requirements. In its place, the V-ZUG Group will create the position of Chief Marketing Officer with a strong emphasis on digitalization. 

During the course of summer 2021, Max Herger, a current member of V-ZUG's executive committee, will take early retirement at his own request after many years of service at the V-ZUG Group. Since joining the company in 2001, Max Herger has taken on various roles, including CEO of V-ZUG Cooling Technology Ltd in Arbon from 2013 to 2019 as well as a previous four-year stint as Head of Operations and member of management of V-ZUG Ltd. The Board of Directors and the CEO of the V-ZUG Group would like to thank Mr Herger for his many years of commitment and wish him a very happy retirement.

As his successor, the Board of Directors of the V-ZUG Group has appointed Adrian Theiler, who will assume the position of Chief Operations Officer and member of V-ZUG's executive committee no later than 1 August 2021. Adrian Theiler studied Industrial Management and Manufacturing at ETH Zurich before completing the Executive MBA programme at the University of Zurich. Mr Theiler currently holds the position of Vice President Supply Chain Management EMEA at Landis+Gyr. He began working for this company back in 2003, occupying various roles in the areas of Supply Chain and Logistics as well as in the management of Business Lines with P&L responsibility.

The ongoing transformation process at the V-ZUG Group, which requires increasing digitalization as well as development of platform technologies and marketing via these platforms, calls for an adjustment of the management structure associated with the upcoming departure of Manuel Faeh, incumbent Senior Vice President Business Development, in the first half of 2021. His position will not be replaced in its present form. Instead, the current organization will be adjusted in line with the evolving requirements. Consequently, the management will be reinforced through the addition of a Chief Marketing Officer. This new position will be responsible for the areas of product management, strategic distribution channel management and pricing as well as marketing communications. It will also include a significant part of digitalization. Recruitment for this position is already underway. The Board of Directors and the CEO of the V-ZUG Group would like to thank Mr Faeh for his high level of commitment and his active contribution towards the ongoing transformation process.

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. 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

17 March 2021Publication of the annual report
29 April 2021Ordinary General Meeting of Shareholders
22 July 2021Publication of the half-year report

Additional Information

Sandra Forster
Chief Human Ressources Officer
Phone: + 41 58 767 60 03

Patrik Leisi
Head Legal & Compliance / Investor Relations
Phone: + 41 58 767 60 03
 

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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2020

The V-ZUG Group expects a clear increase of its operating result for 2020 compared to the previous year (16 Dec 2020)

V-ZUG Holding AG / Key word(s): Development of Sales/Forecast

16-Dec-2020 / 07:01 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.

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

17 March 2021Publication of the annual report
29 April 2021Annual general meeting
22 July 2021Publication of the half-year report

 

Additional information

Adrian Ineichen
Chief Financial Officer
Telephone +41 58 767 60 03

Patrik Leisi
Head of Legal & Compliance / Investor Relations
Telephone +41 58 767 60 03

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 (17 Aug 2020)

V-ZUG Holding AG / Key word(s): Half Year Results

17-Aug-2020 / 06:30 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 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
The shares of V-ZUG Holding AG were traded on SIX Swiss Exchange for the first time on 25 June 2020. Under the spin-off and listing, Metall Zug AG shareholders were allocated one registered V-ZUG Holding AG share per type A registered share and ten registered V-ZUG Holding AG shares per type B registered share. Metall Zug AG retains around 30% of V-ZUG Holding AG shares as a strategic shareholding. The share price opened at CHF 72.00.

Improved operating result
The V-ZUG Group is reporting in two segments: "Household Appliances" and "Real Estate". Despite 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 year-back period (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.

Less affected by COVID-19 than anticipated
In the first half of 2020, the Household Appliances segment posted net sales of CHF 258.6 million (previous year: CHF 257.7 million). At CHF 11.5 million, the operating result (EBIT) was significantly higher than in the prior-year period.

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
In the international business, the V-ZUG Group increased net sales in local currency in all markets with its own branch operations, generating net sales of CHF 24.3 million in the first half year of 2020.

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
Even after the spin-off, Metall Zug is continuing to oversee construction projects in Zug and Sulgen in its capacity as V-ZUG's representative. At the end of 2019, it handed over the new pressing hall to V-ZUG operations on schedule. In the period under review, V-ZUG has started to phase in production operations using the new press as planned.

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
The construction of the new refrigerator factory in Sulgen is proceeding according to plan. In Zug, the new state-of-the-art pressing hall has commenced operations.

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
An expert panel of representatives from 25 different sectors awarded the new Adora dishwasher range the Plus X Award in the categories of high quality, design, ease of use, functionality, ergonomics and ecology. This prize is presented to brands that focus on developing new, innovative technology, exceptional designs and smart yet straightforward operating concepts. (You can find out more about V-ZUG's innovations at https://www.vzug.com/ch/en/vzug-novelties-2020)

Sustainability as an integral part of the brand promise
Sustainability is an integral part of the V-ZUG brand and the corporate culture of the V-ZUG Group, and has been for many years already.

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
For its new phase as an autonomous company, V-ZUG Holding AG has re-formed its Board of Directors. Alongside Oliver Riemenschneider (Chair), Prof. Annelies Häcki Buhofer and Jürg Werner, the new members as of May 2020 are Prisca Hafner, Tobias Knechtle and Petra Rumpf. The Board of Directors is therefore composed of three women and three men, covering a wide range of expertise and displaying diversity.

New CEO as of 1 September 2020
Peter Spirig was appointed as CEO of the V-ZUG Group in March 2020. He will take over the role of CEO from Heinz M. Buhofer, who has held this post on an interim basis since 1 September 2019.

Key figures

Group    
in KCHF H1 2020H1 20191)Change
Net sales 258'633257'6720.4%
FX adjusted   0.7%
Operating result (EBIT) 12'9153'677251.2%
in % of net sales 5.0%1.4%360 bp
Net result 11'2752'746310.6%
in % of net sales 4.4%1.1%330 bp
Cash flow from operating and investing activities -640-34'638n/a
Cash and cash equivalents 65'14231'906104.2%
Total assets 514'268433'47418.6%
Shareholder's equity 361'554217'35266.3%
in % of total assets 70.3%50.1%2020 bp
Number of employees (FTE) as per 30.06. 1'9631'9520.6%
     
Segments    
in KCHF    
Household Appliances    
Net sales 258'633257'6720.4%
FX adjusted   0.7%
Operating result (EBIT) 11'4835'053127.3%
in % of net sales 4.4%2.0%240bp
     
Real Estate     
Net sales    
Operating result (EBIT) 1'861-1'3762)n/a

1) Combined historical financial statements.

2) Contains a provision of CHF 3.7 million for soil remediation.

 

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.

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

17 March 2021                                     Publication of the annual report
29 April 2021Ordinary General Meeting of Shareholders
 

Further information

Adrian Ineichen
Chief Financial Officer
Phone: + 41 58 767 60 03
Christof Gassner
Head of Investor Relations
Phone: + 41 58 767 60 03
 


The press release is available at https://www.vzug.com/ch/en/investor-relations-news, the Half Year report at https://www.vzug.com/ch/en/financial-reports.

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.


Additional features:


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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 (11 Aug 2020)

V-ZUG Holding AG / Key word(s): Personnel

11-Aug-2020 / 06:33 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 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

17 August 2020                    Publication of results for the first half of 2020
17 March 2021Publication of the annual report
29 April 2021Ordinary General Meeting of Shareholders
 

 

Further information

Adrian IneichenChristof Gassner
Chief Financial OfficerHead of Corporate Communications & IR
Phone: + 41 58 767 60 03Phone: + 41 58 768 60 50
 

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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