The V-ZUG Group expects a clear increase of its operating result for 2020 compared to the previous year
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EQS Group-Ad-hoc: V-ZUG Holding AG / Key word(s): Development of Sales/Forecast Zug, 16 December 2020 - The V-ZUG Group expects net sales for the 2020 financial year to be higher than the previous year and anticipates a clear increase in the operating result. To date there have been no far-reaching negative consequences of the Covid-19 pandemic on the business of the V-ZUG Group in the second half of 2020. In the domestic Swiss market, the V-ZUG Group benefits from a generally stable market and corresponding strong demand. This is primarily due to the continuation of construction activity despite the second wave of the Covid-19 pandemic. V-ZUG's own-brand business continues to develop well also internationally. The markets in China/Hong Kong, Australia and Germany show strong growth rates. The very encouraging order intake in China and Germany is due, among other things, to the positive response in the market to the newly opened ZUGORAMAs in Beijing and Munich. Thanks to timely implementation of appropriate protective measures and having ensured production capacities early on, V-ZUG is able to provide full delivery capability and to handle the increase in demand. In addition, substantial cost savings resulted from pandemic-related restrictions in terms of marketing activities. This is expected to result in higher net sales and a clear increase in the operating result for the V-ZUG Group for the 2020 financial year as compared with the previous year. The V-ZUG Group is thus well on the way to achieving its profitability target in the region of a double-digit EBIT margin in the medium term, subject to the uncertainties relating to further developments and the effects of the Covid-19 pandemic on business activities. About the V-ZUG Group V-ZUG is Switzerland's leading brand in household appliances. Located in the heart of Switzerland, V-ZUG has been developing and producing kitchen and laundry appliances for over 100 years and offers a comprehensive service as well. The SIBIRGroup, which focuses on all-brand service and the sale of household appliances throughout Switzerland, is another part of the V-ZUG Group. As market leader in Switzerland, the V-ZUG Group also markets its products in selected premium markets abroad. The V-ZUG Group currently employs around 2,000 people. The holding company V-ZUG Holding AG is listed in the Swiss Reporting Standard of SIX Swiss Exchange in Zurich (securities number 54 248 374, ISIN CH0542483745, ticker symbol VZUG). The financial report is broken down into two segments: Household Appliances and Real Estate. Key dates
Additional information Adrian Ineichen Patrik Leisi Legal notes The expectations expressed in this press release are based on assumptions. Actual results may vary from those anticipated. This press release is published in German and English. The German version is binding. V-ZUG Holding AG processes personal data in accordance with its privacy statement available at https://www.vzug.com/ch/en/privacystatement. End of ad hoc announcement |
1155527 16-Dec-2020 CET/CEST
