EQS Group-Ad-hoc: VZ Holding AG / Key word(s): Half Year Results 
VZ Holding AG: VZ Group continues to grow 
11-Aug-2021 / 06:30 CET/CEST 
Release of an ad hoc announcement pursuant to Art. 53 LR 
The issuer is solely responsible for the content of this announcement. 
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Ad hoc announcement pursuant to Art. 53 Listing Rules 
Source: VZ Holding AG / SIX: VZN / ISIN: CH0528751586 
VZ Group continues to grow 
Zug, 11 August 2021 - VZ Group increased its operating revenues by 17.5 percent compared to the first half of 2020. Net 
profit grew disproportionately by 21.3 percent to CHF 68.4 million Swiss francs. For the entire financial year, CEO 
Matthias Reinhart again expects higher profit figures than in the previous year. 
Operating revenues grow by 17.5 percent 
In a favourable environment, VZ Group's business continued to develop positively. Compared to the first half of 2020, 
operating revenues increased by 17.5 percent from 159.8 to 187.8 million Swiss francs. Due to pandemic-related 
restrictions in the first quarter, consulting fees grew at a slightly slower rate of 15.9 percent. Fees from assets 
under management, the largest revenue component, increased by as much as 21.7 percent. About half of this increase is 
due to the favourable stock market development and thus to the higher value of assets under management, the other half 
to the additional private and corporate clients. Profit also grew disproportionately, namely by 21.3 percent from 56.4 
to 68.4 million francs. 
Over 4000 additional wealth management clients 
The demand for VZ Group's services continues to grow strongly. With regard to the management services, the number of 
new clients increased by more than 30 percent, from 3082 in the first half of 2020 to 4028 in the first half of 2021. 
This translates directly into net new money, which increased from 1.6 to 2.5 billion francs. 
Solid balance sheet 
As of mid-year, VZ Group's balance sheet total was 5.4 billion francs, compared to 5 billion at the end of 2020. The 
difference is mainly due to the additional clients. As a result of the investment in an English Independent Financial 
Advisor (IFA), the core capital ratio is 1.5 percentage points lower than twelve months ago. At 23.2 percent, however, 
it remains very solid. 
Outlook 
«We expect a further increase in the number of clients and correspondingly higher revenues in all areas in the second 
half of the year, assuming that the markets remain stable. Only transaction-related banking income is difficult to 
forecast», says Matthias Reinhart, Chairman of VZ Group's Executive Board. «Overall growth in the second half year is 
likely to be comparable to the first half. Therefore, the dividend should also rise again.» 
Half-year report 
The detailed half-year report as well as an investor presentation can be downloaded from the investor relations section 
on VZ Group's website: vzch.com/investors 
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 26 of the half-year report 2021. 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 36 branch offices in Switzerland, Germany and England. 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)  1H 2021 2H 2020 1H 2020 
Operating revenues            187'755 168'866 159'836 
Operating expenses             97'795  88'406  85'176 
Operating profit (EBIT)        80'121  71'126  65'837 
Net profit                     68'378  61'018  56'434 
Balance sheets (CHF '000)  30.6.2021 31.12.2020 30.6.2020 
Total assets               5'415'357  4'973'249 4'591'066 
Equity                       627'268    616'657   560'924 
Net cash                     479'769    501'576   384'752 
Equity key figures                         30.6.2021 31.12.2020 30.6.2020 
Equity ratio                                   11,6%      12,4%     12,2% 
Common equity tier 1 capital ratio (CET 1)     23,2%      26,6%     24,7% 
Total eligible capital ratio (T1 & T2)         23,2%      26,6%     24,7% 
Assets under management (CHF million)  30.6.2021 31.12.2020 30.6.2020 
Assets under management                   36'354     31'459    28'585 
Employees                    30.6.2021 31.12.2020 30.6.2020 
Full-time equivalents (FTE)    1'089,2    1'035,7     985,1 ----------------------------------------------------------------------------------------------------------------------- End of ad hoc announcement ----------------------------------------------------------------------------------------------------------------------- 
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:  1225387 
 
End of Announcement EQS Group News Service 
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1225387 11-Aug-2021 CET/CEST

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August 11, 2021 00:30 ET (04:30 GMT)