- Pressemitteilung BoxID 340088
VZ Group posts consistent revenues in difficult environment
During the first half of 2012 the European debt crisis remained a major source of market nerves and stock price volatility. In this difficult environment VZ Group generated operating revenues of CHF 71.5 million, practically the same as the respective figure for the previous year. Operating expenses rose 5.5% to CHF 40.9 million. Because expenses rose slightly faster than revenues, profit was 5.1% lower in year-on-year terms at CHF 23.8 million. This result is in line with the expectations published at the beginning of 2012.
The company has registered an increasing interest in its services. However, potential clients have been reluctant to assign consultancies or to issue mandates for the management of their portfolios. For this reason the additional contacts have not yet resulted in additional business. During the first half of the year the net inflow of new money was CHF 0.6 billion, resulting in total assets under management of CHF 9.1 billion.
New client segment
Over the past twelve months the range of services available on vzfinanzportal.ch has been expanded substantially. These services enable VZ to tap into a younger client segment which the company is unable to reach with the existing services. Therefore, investments in this field are important for VZ Group's future. The response so far has been very positive.
Low-risk balance sheet
In the wake of the financial and economic crises, the financial sector has been subjected to rigorous regulation. Above all, cross-border client relationships are controlled more strictly, and capital requirements have been tightened. This has barely affected VZ Group, because the company has always concentrated on the domestic market and has channelled its assets into particularly low-risk investments. The substantial level of own funds with a core capital ratio of 25.2% creates scope for the Group's continued growth.
«We had a better start into the second half year than last year. If the situation remains broadly stable, we should be able to offset the weaker first half by the end of the year. This means the result for the 2012 financial year as a whole is likely to be similar to that recorded in 2011», says Matthias Reinhart, President of the Board of Directors and Chairman of the Executive Board. «VZ Group is therefore in a strong position to achieve positive results in the coming year».
Our detailed half-year report as well as an investor presentation can be downloaded from our website: www.vzch.ch/Investor-Relations
Media representatives and analysts are invited to discuss VZ Group's results in one of today's teleconferences hosted by Matthias Reinhart (Chairman of the Board of Directors and Chief Executive Officer) and Philipp Marti (CFO). For details please get in touch with Nicola Waldmeier or Petra Märk.
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. 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 50 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. As of 30 June 2012, VZ managed client assets in the amount of 9.1 billion Swiss francs and an annual insurance premium volume in the amount of CHF 275 million. The group employs about 550 people. VZ is headquartered in Zurich and has offices in Aarau, Baden, Basel, Bern, Geneva, Horgen, Lausanne, Liestal, Luzern, Meilen, Neuchâtel, Rapperswil, Rheinfelden, Schaffhausen, Solothurn, St. Gallen, Thun, Winterthur and Zug as well as in Munich, Düsseldorf, Frankfurt and Nuremberg.
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