VZ Holding AG: VZ Group continues to grow

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EQS Group-Ad-hoc: VZ Holding AG / Key word(s): Annual Results
VZ Holding AG: VZ Group continues to grow

05-March-2021 / 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.

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Press release

Source: VZ Holding AG / SIX: VZN / ISIN: CH0528751586

VZ Group continues to grow

Zurich, 5 March 2021 - In a difficult environment, VZ Group increased its
operating revenues by 8.9 percent to CHF 328.7 million. As expected, profit
grew disproportionately, namely by 14.9 percent to CHF 117.5 million. The
dividend is to be increased from 1.02 to 1.23 per share. CEO Matthias
Reinhart expects revenues and profits to grow in step again in the current
year.

8.9 percent increase in operating revenues
VZ Group's course of business depends more on demographic trends than on the
economy and the financial markets. This is why its business can continue to
develop well even in a difficult environment. In the 2020 financial year,
operating revenues increased by 8.9 percent from CHF 301.7 to CHF 328.7
million francs. In the first half of the year, the increase was 7.4 percent,
and in the second half, 10.4 percent. As expected, profit grew
disproportionately, namely by 14.9 percent from 102.3 to 117.5 million
francs. The disproportionate increase was also due to the lower tax rate,
which fell from 17.7 to 14.0 percent compared to 2019. The Corona crisis
affected the individual revenue components differently. Because on-site
consultations were restricted, especially in the spring, consulting fees
grew less strongly, and the slump in stock market prices in the first half
of the year slowed the growth of revenues from portfolio management. On the
other hand, VZ Depository Bank's transaction revenues decreased less than
expected in this volatile phase.

6400 additional management clients
Despite the drastic cutbacks, VZ recorded a satisfactory number of new
clients. The number of new management clients was 6400, compared with 5000
in the previous year. This represents a growth rate of almost 30 percent. At
the same time, individual clients are using more and more services. VZ
Finanzportal, which allows clients to manage their assets online, plays an
important role in this positive development. Net new money grew by 18.4
percent in 2020, from 2.7 to 3.2 billion francs.

Higher balance sheet and dividend
Total assets reached CHF 5.0 billion francs (2019: 4.1 billion), mainly due
to the strong increase in the number of clients and the Swiss National
Bank's higher exemption
threshold. At 26.6 percent, the core capital ratio remains solid. VZ Group's
Board of Directors proposes to the Annual General Meeting to raise the
dividend from 1.02 to 1.23 francs per share. This will increase the payout
ratio from 40 to 42 percent. In the long term, VZ Group aims to raise this
ratio to 50 percent.

Outlook
«For the current year, we expect a similar development in demand», says
Matthias Reinhart, Chairman of VZ Group's Executive Board. «If the markets
remain stable, revenues and profits should again grow at a similar pace.»

Annual report
The detailed annual report as well as an investor presentation can be
downloaded from the investor relations section on VZ Group's website:
vzch.com

Conference call
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 Executive Board) and Rafael Pfaffen (Chief Financial Officer). For
details, please get in touch with Adriano Pavone or Petra Märk:

Contacts

     Adriano Pavone                  Petra Märk
     Head Media Communications       Head Investor Relations
     Phone +41 44 207 25 22          Phone +41 44 207 26 32
     Mail adriano.pavone@vzch.com    Mail petra.maerk@vzch.com

Alternative performance measures
To measure its performance, VZ Group uses key figures that are not defined
under International Financial Reporting Standards (IFRS). These alternative
performance measures are listed on page 172 of the Annual Report 2020.

VZ Group
VZ is an independent Swiss financial service company, and VZ Holding Ltd's
shares are listed on the SIX Swiss Exchange. Asset management, pension and
estate planning for individuals as well as insurance and pension fund
management for companies are VZ Group's core services. VZ Holding is
headquartered in Zug, and VZ has 34 branch offices throughout Switzerland
and Germany.

Forward-looking statements
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 update forward-looking
statements or to adapt them to future events or developments.

Key figures

     Income statements (CHF '000)       2020       2019
     Operating revenues              328'702    301'718
     Operating expenses              173'582    159'340
     Operating profit (EBIT)         136'963    124'750
     Net profit                      117'452    102'305
     Balance sheets (CHF '000)    31.12.2020    31.12.2019
     Total assets                  4'973'249     4'056'231
     Equity                          616'657       549'774
     Net cash                        501'576       432'380
   Equity key figures                            31.12.2020    31.12. 2019
   Leverage ratio                                     12.4%          13.6%
   Common equity tier 1 capital ratio (CET 1)         26.6%          27.7%
   Total eligible capital ratio (T1 & T2)             26.6%          27.7%
     Funds under management (CHF million)    31.12.2020    31.12.2019
     Assets under management                     31'459        27'627
     Employees                      31.12.2020    31.12.2019
     Full-time equivalents (FTE)       1'035.7         944.8

Additional features:


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   Language:       English
   Company:        VZ Holding AG
                   Innere Güterstrasse 2
                   6300 Zurich
                   Switzerland
   Phone:          +41 58 411 80 00
   Fax:            +41 58 411 80 81
   E-mail:         ir@vzch.com
   Internet:       www.vzch.com
   ISIN:           CH0528751586
   Listed:         SIX Swiss Exchange
   EQS News ID:    1173222



   End of Announcement    EQS Group News Service
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1173222 05-March-2021 CET/CEST

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