- Pressemitteilung BoxID 219145
VZ Group continues to grow
VZ Group ended the 2010 financial year with a net profit of CHF 49.3 million. Net profit increased 34.4 per cent relative to the adjusted result for 2009. This comparison excludes the one-off reduction of pension liabilities in the financial year 2009. The increase of 34.4 per cent is due to the fact that revenues grew almost twice as much as expenses: Revenues rose 20.7 per cent to reach CHF 132.9 million, while expenses came in only 10.8 per cent higher at CHF 69.1 million.
Growth in private client segment
In year-on-year terms VZ handled 17.3 per cent more consulting projects for private clients. The inflow of net new money amounted to CHF 1.2 billion (previous year: CHF 0.9 billion), increasing assets under management from CHF 6.7 billion to CHF 7.8 billion. Book losses on foreign currency investments slowed down the growth in assets and consequently in management fees. Meanwhile, banking revenues kept pace with the growth in assets under management. VZ recorded little growth in the corporate client segment, because these clients have not fully recovered from the economic downturn yet.
In order to handle the increasing demand and to secure long-term growth, VZ Group increased the size of its workforce by 17.0 per cent to 504 employees during the year under report. The Group is expecting to grow in the current year as well and plans to create 60 to 80 additional jobs by the end of 2011.
Strong balance sheet
VZ Group has a comfortable capital base and a solid balance sheet structure. The equity ratio at the end of 2010 was 20.0 per cent. Measured in terms of risk-weighted assets, the core capital ratio (BIZ tier 1) was 25.4 per cent.
At the shareholders' meeting on 8 April 2011 the Board of Directors is due to propose raising the dividend per share from CHF 1.70 to CHF 2.30. Thereby, some 37 per cent of the net profit will be distributed to the shareholders, while the retained profit serves to enable the continued development and growth of VZ Group.
The results of the past years provide proof of VZ Group's excellent positioning. The group's business model excludes conflicts of interest. This approach is increasingly recognised as the key to the future of financial consulting and wealth management. In addition, VZ is not affected by the controversy over untaxed assets, because the company has always restricted itself to onshore business, both in Switzerland and in Germany.
Matthias Reinhart, Chairman of the Board of Directors and Chief Executive Officer, is confident: "Provided the development of financial markets is stable, we will be able to grow 15 to 20 per cent in the current year. Because expenses are likely to rise by less than this, profit should grow slightly faster."
The detailed annual report as well as an investor presentation can be downloaded from VZ Group's website: www.vzch.com/Investor Relations.
This press release contains forward-looking statements that involve known and unknown risks, uncertainties or other factors that may cause the actual results to be materially different from any future results, performance, or achievements expressed or implied by such statements. Against the background of these uncertainties, readers should not rely on such forward-looking statements. The company assumes no responsibility to up-date forward-looking statements or to adapt them to future events or developments.
VZ VermögensZentrum AG
VZ Group is an independent Swiss financial service company listed on the SIX Swiss Exchange since March 2007. The company specialises in the areas of retirement planning and portfolio management for individuals as well as in insurance and pension fund management for companies. The services are focused on wealthy private clients aged 55 or older and on corporate clients with more than 20 employees. VZ does not sell any financial products of its own and is not a product broker. Instead, it is financed by consulting fees and management fees. At the end of 2010, VZ managed client assets in the amount of 7.8 billion Swiss francs and an annual insurance premium volume in the amount of CHF 266 million. The group employs more than 500 people. VZ is headquartered in Zurich and has offices in Aarau, Baden, Basel, Bern, Geneva, Horgen, Lausanne, Luzern, Liestal, Neuchâtel, Rapperswil, Schaffhausen, St. Gallen, Thun, Winterthur and Zug as well as in Munich, Dusseldorf, Frankfurt and Nuremberg.
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