VZ Holding AG · SIX:VZN

VZ — FY2012 Earnings Presentation

22 slides from VZ's earnings presentation, Mar 5, 2013

  1. Slide 1: Results and Outlook 2012

    VZ Holding Ltd Beethovenstrasse 24 VZ Group CH-8002 Zurich Telephone: +41 44 207 27 27 2012 Fax: +41 44 207 27 28 vermoegenszentrum.ch vzfinanzportal.ch Results and Outlook Zurich, 5 March 2013

  2. Slide 2: Disclaimer

    Disclaimer Forward-looking statements This presentation 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

  3. Slide 3: Agenda

    Agenda 1. Facts & figures 2. Financials 3. Outlook © VZ Holding Ltd Page 2

  4. Slide 4: Summary 2012

    Summary 2012 Business development Financials • Growth pick-up in 2H12 • Top line +6.8% to CHF 153.2 million - positive financial markets - management fees +7.5% - sentiment brightened in Q4 - banking revenues +2.6% • More clients and growing demand - consulting fees +7.9% • Capacity increase on trac

  5. Slide 5: Revenues: growth pick-up in 2H12

    Revenues: growth pick-up in 2H12 Full years in CHF million 153.2 143.5 • Total revenues +6.8% 132.9 16.3 110.1 15.3 15.1 21.5 - 1H12: +0.7% yoy 103.8 21.0 13.1 18.8 - 2H12: +12.7% yoy 13.9 15.3 15.5 115.4 • Management fees +7.5% 98.8 107.4 74.4 81.7 - AuM: +14.4% (average) - AuM: +19.6% (year end) 2

  6. Slide 6: Revenues: unchanged segment distribution

    Revenues: unchanged segment distribution in CHF million 100% = 103.8 110.1 132.9 143.5 153.2 11% 11% 9% 9% 9% • Corporate client segment’s share stable at 9% - private client segment +6.7% - corporate client segment +7.0% • Banking revenues reported in private client segment 89% 89% 91% 91% 91% 2008

  7. Slide 7: Net profit: margin back on track

    Net profit: margin back on track Full years in CHF million 54.3 49.3 51.0 37.6 34.3 • Net profit +6.4% - 1H12 -5.1% yoy - 2H12 +17.5% yoy • Operational margin (EBITDA) 45.6% 2008 2009 2010 2011 2012 vs. 46.0% in 2011 - revenue growth rate 2012: +6.8% - operating expense growth rate 2012: +7.6% Half

  8. Slide 8: Financial Consulting: improved performance

    Financial Consulting: improved performance Financial Consulting Consulting revenues Net new money capacity growth in CHF million in CHF million ca. 90 14.4 1'327 13.5 13.3 1'185 79 67 11.1 989 940 60 52.6 17.9 19.8 14.8 16.8 per per per per FTE FTE FTE FTE 2009 2010 2011 2012 2013e 2009 2010 2011 20

  9. Slide 9: Wealth Management: improved AuM growth

    Wealth Management: improved AuM growth in CHF million 31.12.08 31.12.09 31.12.10 31.12.11 31.12.12 yoy AuM total 5’456 6’717 7’758 8’432 10’082 +1’650 +19.6% - PM mandates 3’751 4’752 5’413 5’595 6’531 +936 +16.7% Share of total AuM 68.8 % 70.7% 69.8% 66.4% 64.8% - Others* 1’705 1’965 2’344 2’837 3’

  10. Slide 10: Branch offices

    Branch offices Switzerland Germany Schaffhausen Basel Rheinfelden Winterthur Liestal Baden Zürich St. Gallen Aarau Rapperswil Zug Solothurn Meilen Luzern Horgen Neuchâtel Chur (tbd) Bern Thun Düsseldorf Fribourg (1.2.) Lausanne Frankfurt Genève Nürnberg München branches satellites new branches in 20

  11. Slide 11: VZ Financial Portal: taping into new demographic

    VZ Financial Portal: taping into new demographic Financial Portal-Lounge: Pilot in Zurich Page 10

  12. Slide 12: Agenda

    Agenda 1. Facts & figures 2. Financials 3. Outlook © VZ Holding Ltd Page 11

  13. Slide 13: Income statements (1)

    Income statements (1) in CHF million* 2009 2010 2011 2012 yoy Consulting fees 12.5 14.8 14.6 15.7 +7.9% Banking revenues 15.3 18.8 21.0 21.5 +2.6% Management fees 81.7 98.8 107.4 115.5 +7.5% Other operating revenues 0.6 0.5 0.5 0.5 – Total operating revenues 110.1 132.9 143.5 153.2 +6.8% Personnel e

  14. Slide 14: Income statements (2)

    Income statements (2) in CHF million* 2009 2010 2011 2012 yoy EBITDA 47.7 63.7 66.0 69.8 +5.8% Depreciation and amortisation 2.3 2.3 2.9 3.3 +14.5% EBIT 45.4 61.4 63.1 66.5 +5.4% Net finance income -0.1 -0.4 0.0 0.3 – Profit before income tax 45.3 61.0 63.1 66.8 +5.8% Income tax 8.6 11.7 12.1 12.5 +

  15. Slide 15: Personnel expenses

    Personnel expenses in CHF million* 42.7% 39.0% 38.6% 40.4% 40.4% 38.8% • +7.4% yoy (full year) 30.5 31.7 28.6 29.3 • Personnel development 26.6 24.9 31.12.10 31.12.11 31.12.12 HC** 504 542 603 FTE** 432.0 481.4 529.8 • 1H12: +8.6 FTE 2H12: +39.8 FTE 1H10 2H10 1H11 2H11 1H12 2H12 • Personnel expense

  16. Slide 16: Other operating expenses

    Other operating expenses in CHF million* 14.0% 14.2% 14.5% 13.0% 13.2% 12.5% 10.4 10.8 10.1 • +8.1% yoy (full year) 9 9.4 8.6 - increased capacity - new branch offices - additional online services • Other operating expense ratio stable at around 13% 1H10 2H10 1H11 2H11 1H12 2H12 Other operating expe

  17. Slide 17: EBITDA and margin

    EBITDA and margin in CHF million* 48.9% 48.0% 47.0% 45.5% 46.6% 42.8% 39.2 33.7 32.3 33.7 • EBITDA +5.8% yoy 30 30.6 – 1H12: -5.1% – 2H12: +16.2% • EBITDA margin at 45.6% in 2012 – 1H12: 42.8% – 2H12: 48.0% • Margin in line with long-term expectation 1H10 2H10 1H11 2H11 1H12 2H12 EBITDA EBITDA margi

  18. Slide 18: EBIT and margin

    EBIT and margin in CHF million* 47.1% 46.0% 45.1% 43.5% 44.4% 40.5% 37.6 32.5 32.2 • EBIT +5.4% yoy 30.9 28.9 28.9 – 1H12: -6.3% – 2H12: +16.6% • EBIT margin at 43.4% in 2012 – 1H12: 40.5% – 2H12: 46.0% • Margin in line with long-term expectation 1H10 2H10 1H11 2H11 1H12 2H12 EBIT EBIT margin (EBIT

  19. Slide 19: Balance sheets

    Balance sheets in CHF million* 31.12.11 31.12.12 Cash & cash equivalents 361.2 233.2 • Balance sheet total unchanged Short-term investments in 2012 219.8 219.2 Swiss prime residential mortgages 347.3 401.7 • Low risk profile CHF bonds, marketable securities 90.6 143.5 • Average time to maturity of S

  20. Slide 20: Equity & payout ratios

    Equity & payout ratios Payout ratios 2010 2011 2012 Equity ratios 31.12.10 31.12.11 31.12.12 in CHF million Net profit 49.3 51.0 54.3 Total equity 167.7 200.7 235.0 (in CHF million) Retained earnings 31.2 32.1 33.5 Equity ratio 20.0% 19.0% 22.6% Dividend total 18.1 18.9 20.81,2 BIS Tier I 25.4% 26.1

  21. Slide 21: Agenda

    Agenda 1. Facts & figures 2. Financials 3. Outlook © VZ Holding Ltd Page 20

  22. Slide 22: Outlook 2013

    Outlook 2013 Business development Financial targets • Well positioned in current market environment - steady inflow of new clients - no off-shore client exposure - attractive new wealth management services • Business development - further increase front-end consulting capacities (target 2015: 120 FT

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