EQS Group-Ad-hoc: Zug Estates Holding AG / Key word(s): Annual Results/Real Estate 
Zug Estates Group achieves solid overall results 
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 
Zug, 5 March 2021 
While Zug Estates succeeded in generating additional income in the real estate segment, the pandemic resulted in 
substantially lower sales in the hotel & catering segment. 
  . Net income excluding revaluation and special effects came to CHF 25.9 million (previous year: CHF 31.4 million). 
  . Net income amounted to CHF 32.3 million (previous year: 76.0 million). 
  . Property income grew by 6.1% to CHF 57.8 million. 
  . The portfolio's market value rose by 1.5%, from CHF 1.63 billion to CHF 1.65 billion. 
  . The board of directors will propose a 9.7% increase in the ordinary dividend, from CHF 31.00 to CHF 34.00 per 
    series B registered share, to the general meeting of shareholders. Furthermore, a special dividend of CHF 10.00 is 
    to be paid out from the promotional profit generated through the Aglaya project. 
The 2020 financial year was shaped by the impacts of the COVID-19 pandemic, even at Zug Estates. On the one hand, the 
company succeeded in substantially boosting its property income, as expected, and completed the Aglaya promotional 
project on schedule. On the other hand, many tenants were forced to close their businesses during the 
government-mandated lockdown. The fact that international business travel ground to nearly a complete halt caused sales 
in the hotel & catering segment to decline substantially. 
Net income of CHF 32.3 million was generated in the 2020 financial year as a result. This was CHF 43.7 million less 
than the CHF 76.0 million generated in the previous year, which not only included substantially positive revaluation 
effects but also several different special effects in the amount of CHF 21.3 million, such as gains on the sale of an 
investment property that was not in line with our strategy and a non-recurring positive tax effect from a reduction in 
the deferred tax rate. 
Despite further strengthening of the real estate segment, the negative trend in the hotel & catering segment resulted 
in lower year-over-year net income excluding revaluation and special effects of CHF 25.9 million (previous year: CHF 
31.4 million). 
Increase in property income with a substantial decline in hotel and catering sales 
The full-period effect of rental agreements as well as a few first-time rentals increased rental income by 6.1%, from 
CHF 54.5 million to CHF 57.8 million. This figure factors in rent reductions of CHF 0.7 million granted in connected 
with the government-mandated lockdown aimed at containing the COVID-19 pandemic. 
The sharp, pandemic-related decline in the accommodation business led to a year-over-year drop in sales of CHF 9.6 
million or 57.8% to CHF 7.0 million. Systematic cost-cutting efforts kept gross operating profit (GOP) in positive 
territory at 9.1% (previous year: 39.8%). 
The sale of the final 49 of a total of 85 condominium apartments in the Aglaya project generated CHF 72.5 million in 
income and promotional profit before tax of CHF 9.5 million (previous year: income of CHF 45.6 million and promotional 
profit before tax of CHF 7.9 million). For the Aglaya promotional project as a whole, this translates to a return of 
17.3% on our investment. 
As expected and announced, renovation work at the Metalli complex in Zug as well as a general increase in our portfolio 
of properties have caused property expenses to rise by CHF 1.2 million or 15.6%, from CHF 7.8 million to CHF 9.0 
million. 
The effects mentioned above reduced operating income before depreciation and revaluation from CHF 53.4 million to CHF 
49.6 million, a CHF 3.8 million decline. 
The average 7-basis-point reduction in the discount rate triggered by the markets is offset by more conservative 
overall estimates of market rents and the structural vacancy rate for retail space, as well as a one-time adjustment to 
the construction cost forecast for the completed construction site 1 development project. Overall, this resulted in a 
slightly negative revaluation result of CHF 2.2 million, which is equal to 0.1% of the corresponding portfolio value. 
There was a positive revaluation result of CHF 19.6 million in the previous year. 
EBIT subsequently declined from CHF 70.5 million to CHF 43.7 million (-38.0%). 
As announced, a substantial slowdown in construction activity meant that financing costs were capitalized at a lower 
rate, which caused financing costs to increase from CHF 5.6 million to CHF 7.2 million, even despite another reduction 
in the average interest rate. 
Tax expenditure amounted to CHF 4.3 million. A revision of the tax laws in the canton of Zug gave rise to a one-time 
release of deferred taxes in the amount of CHF 20.3 million and thus tax income of CHF 11.0 million. 
Investments raise value of portfolio to CHF 1.65 billion 
The portfolio's market value rose by 1.5%, from CHF 1.63 billion to CHF 1.65 billion. The last building on construction 
site 1 in Rotkreuz was commissioned in the first half of 2020, and another 2.25% co-ownership share of the 
Miteigentümergemeinschaft (MEG) Metalli was acquired in the second half of the year. This boosted the company's 
co-ownership share of MEG Metalli to 74.5%. A total amount of CHF 36.7 million was invested in the portfolio's 
development during the reporting period. 
Vacancy rate higher due to completions 
The completion of building S6 on the Suurstoffi site in Rotkreuz added another 4'900 m^2 in high-quality office space 
to the portfolio in mid-2020. As a result, the vacancy rate of 3.3% on December 31, 2019, rose to 5.0% on December 31, 
2020. After adjustment for first-time rentals, the vacancy rate remained unchanged at 1.5%. The weighted average 
unexpired lease term (WAULT) of 6.8 years (6.8 years on December 31, 2019) was high for the industry. 
Marketing successes despite the challenging environment 
Even in the challenging market environment that has arisen as a result of the impact of the COVID-19 pandemic, the 
company achieved some encouraging marketing successes. While demand for large-scale office spaces is currently 
restrained, residential products are still in extremely high demand in both Zug and Rotkreuz and demand remains intact 
for both retail and catering space. 
Rental contracts for space totaling more than 5'700 m^2 and rental income of more than CHF 2.6 million p. a. were 
renewed or extended during the year under review. While the contract extensions for the Suurstoffi site in Rotkreuz 
mainly related to office space, new contracts were signed with retail and catering tenants in the City Center site. One 
of these was a contract concluded with Familie Wiesner Gastronomie AG, which will open its second Miss Miu 
Korean-themed restaurant in the Metalli shopping area in summer/fall 2021. 
Project development with a focus on the Metalli Living Space 
Development work on the Suurstoffi site has progressed rapidly over the past few years. Following the completion of 
construction site 1 in the first half of 2020, the final two buildings (S43/45) featuring total rentable space of 
around 18'000 m^2 are currently waiting to be built. The board of directors has given the construction phase for these 
two buildings its go-ahead and the project will be worked out by the second quarter of 2021. Once the finalized 
construction project is ready, the decision about when to start construction will be reached taking demand and current 
market trends into consideration. 
After the City of Zug and Zug Estates presented the results of their joint planning process for the 'Metalli Living 
Space' in March 2020, the reference project based on that process as well as requests for changes to both development 
plans affected were prepared along with all relevant documents. Requests for changes to the development plans were 
submitted to the City of Zug in September 2020. The legally binding, modified development plans are expected to take 
effect in 2022/23. 
Nearing the goal of carbon-free operation of the entire portfolio 
Zug Estates made substantial headway again in 2020 toward its goal of operating its entire real estate portfolio 
carbon-free. The Metalli complex was connected to the Circulago lake water district on schedule in April 2020, meaning 
that the entire complex can now have its heating and cooling requirements covered nearly carbon-free by water from Lake 
Zug. Contracts to connect the remaining properties in the City Center site were signed in December 2019. Commissioning 
is to take place in stages until 2025 at the latest. From then onward, Zug Estates will be able to operate its entire 
portfolio nearly carbon-free. 
When it comes to sustainability, Zug Estates sets high standards for other investments in its portfolio, as well. The 
installation of a carbon-neutral air conditioning system in the rooms of Parkhotel Zug was also completed on schedule 
in April 2020 and now enables guests to enjoy a considerably higher level of comfort. What's more, customers visiting 
the Metalli shopping area have been able to take advantage of e-vehicle charging stations since early June. Two of the 
six stations are high-power, rapid charging stations, the very first to be installed in the City of Zug. 
Solid capital base 
The influx of funds from the sale of the final apartments in the Aglaya building enabled the Group to reduce its 
interest-bearing debt from CHF 597.4 million to CHF 591.8 million, even despite payment of a special dividend. 
Interest-bearing debt as a percentage of total assets amounted to 36.4% compared to 36.1% in the previous year. This 
debt had an average maturity of 4.3 years (previous year: 5.2 years), whereby interest-bearing debt is subject to an

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