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Annual Report 2020 Bringing Simplicity Into Your Home and Creativity Into Your Kitchen

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Annual Report 2020 Bringing Simplicity Into Your Home and Creativity Into Your Kitchen V-ZUG Group Annual Report 2020 Bringing simplicity into your home and creativity into your kitchen. V-ZUG Key Figures 2020 49.2(+66.2 %) Operating result (EBIT) 55.8 in CHF million Capital expenditure Net sales total and in CHF million by region (2020) in CHF million The increase in net sales confirms our market leadership in Switzerland as well as our opportunities in various international markets. 569.4 (+4.7 %) Net sales 2018 – 2020 in CHF million Switzerland 502.1 Europe (w/o Switzerland) 19.3 600 North and South America 14.9 500 Asia/Pacific/Others 33.2 400 300 200 100 0 99.4 2018 2019 2020 Cash flow from Switzerland operating activities International own brand in CHF million International OEM business Share information Price development registered share V-ZUG Holding AG (as of stock market listing on 25 June 2020) 95 90 85 80 75 70 65 60 25.06.20 25. 07. 2 0 25.08.20 25.09.20 25.10.20 25.11. 20 25.12.20 V-ZUGSXGE – N Swiss PerformanceSXGE Index, SPI (adjusted) Source: www.six-group.com (each daily closing price) V-ZUG N – Registered share V-ZUG Holding AG in CHF 2020 2019 1) Number of shares in units Year end 6,428,571 4,500,000 Stock market capitalization Year end 567,642,819 n/a Data per share Group net result 7.45 6.07 Cash flow from operating activities 17.15 8.39 Shareholder‘s equity 67.83 53.69 Dividend 0 2) n/a Stock market price High 91.70 n/a Low 65.50 n/a Year end 88.30 n/a 1) Combined historical financial statements. 2) According to proposal of the Board of Directors Listing Dividend policy The registered shares of V-ZUG Holding AG, domiciled in Zug, Switzer- V-ZUG Holding AG is aiming at a dividend policy that is primarily based on land (registered in the commercial register of the Canton of Zug under CHE- the distributable profit level. Mid- and long-term, the pay-out ratio is expected 352.183.990), have been listed in the Swiss Reporting Standard of the SIX to be between 20 % and 40 % of the group’s net result. In the first three Swiss Exchange, Zurich, Switzerland, since June 25, 2020, and are inclu- years after the spin-off from the Metall Zug Group, the available financial ded in the SPI (ticker symbol VZUG; security number 54 248 374, ISIN resources of the V-ZUG Group are to be used primarily for investments in CH0542483745). products, markets and the production sites in Zug and Sulgen, as previously communicated in the context of the spin-off. The Board of Directors therefore Important dates proposes that no dividend be paid for the financial year 2020. 29 April 2021 General Meeting of Shareholders 22 Juli 2021 Publication Half-Year Results 4 Share information Table of contents Group Report Letter to shareholders The V-ZUG Group and 07 global presence 10 History of the Market environment V-ZUG Group 12 and strategy 14 Household Appliances V-ZUG in the Segment Report 19 marketplace 24 Real Estate Zephyr Hangar Segment Report 29 32 Sustainability 36 Excellence Line 42 Corporate governance and compensation Corporate Governance Board of Directors Report 47 50 Executive Committee Compensation 55 Report 60 Financial Report Consolidated Financial statement income statement 69 V-ZUG Holding AG 100 Multi-year key figures 108 Addresses and imprint Addresses Imprint V-ZUG Group 109 110 Table of contents 5 V-ZUG Annual Report 2020 Letter to shareholders Zug, 17 March 2021 Dear Shareholders We are delighted to present the first Annual Report for V- ZUG Holding AG In 2020, the V-ZUG Group‘s cash flow from operating activities amoun- as an autonomous, publicly listed company. ted to CHF 99.4 million (previous year: CHF 37.7 million), and free cash flow (after investing activities) totalled CHF 42.0 million (previous year: CHF The spin-off of V-ZUG Holding AG from the Metall Zug Group and its listing –31.2 million). The equity ratio stood at 70.9 % on 31 December 2020. The on SIX Swiss Exchange towards the end of the first half of 2020 took place in positive business performance in 2020 and the capital increase generated challenging times. Not only is the V-ZUG Group undergoing a far-reaching by Metall Zug AG as part of the spin-off led to a further strengthening of the transformation, but the year was also dominated by the uncertainties caused balance sheet and enabled V-ZUG to finance the extensive investments in by the Covid-19 pandemic. products, markets, digitalization initiatives and the production sites at Zug and Sulgen from the company‘s own funds. As already communicated at Successful listing the time of the spin-off, using available financial resources to invest into the Last summer, after many years as part of the Metall Zug Group, the V-ZUG sustainable growth of the value of the V-ZUG Group is set to continue for the Group embarked upon a journey towards independence. On 25 June next three years. Therefore, the Board of Directors proposes that no dividend 2020, the shares of V-ZUG Holding AG were traded on SIX Swiss Exchange be paid for the financial year 2020. for the first time. Under the spin-off and listing, Metall Zug AG sharehol- ders were allocated one registered V-ZUG Holding AG share per type A The V-ZUG Group is run in two segments: “Household Appliances” and Metall Zug registered share and ten registered V-ZUG Holding AG shares “Real Estate”. per type B Metall Zug registered share. Metall Zug AG retains around 30% of V-ZUG Holding AG shares as a strategic shareholding. The share price Segment Household Appliances opened at CHF 72.00, and stood at CHF 88.30 at the end of the 2020 In 2020, the segment Household Appliances posted net sales of CHF financial year, significantly above the issue price. From the Board of Directors’ 569.4 million (previous year: CHF 543.6 million). At CHF 46.2 million, the and the Executive Committee’s perspective, the listing was a success. operating result (EBIT) was significantly higher than the previous year (CHF 28.3 million). The key figure EBITDA in % of net sales increased from 9.7 % Significantly improved operating result in the previous year to 12.7 % in the year under review. V-ZUG Group‘s net sales rose compared with 2019, standing at CHF 569.4 million (previous year: CHF 543.6 million). At CHF 49.2 million, the Despite the Covid-19 pandemic, sustained demand from a stable real-estate operating result (EBIT) was significantly higher than the previous year (CHF market, in part due to the continuation of construction activity in general, has 29.6 million, respective CHF 32.7 million when adjusted for the provision had a positive impact on business, particularly in Switzerland. From early with regards to soil remediation work). And in terms of operational producti- summer onwards and particularly during the fourth quarter, the market for vity as measured by the EBITDA margin, there was an increase from 10.5 % construction equipment was going strong. The delivery capability was held in the previous year to 14.0 % in the financial year 2020. One-time savings up during the first and second waves of the pandemic at all time, both in in connection with the Covid-19 pandemic for e.g. less marketing activities Switzerland and internationally. This was possible not least also due to good have influenced this result by approx. CHF 5 million. The V-ZUG Group is supplier relations. V-ZUG was therefore able to defend its leading position well on the way to meeting its target of a double-digit EBIT margin in the in Switzerland despite Covid-19 and profound transformation projects and medium term. intends to expand this position in the near future. Letter to shareholders 7 V-ZUG Annual Report 2020 In the international business, the V-ZUG Group increased net sales to CHF Segment Real Estate 67.4 million (previous year: CHF 61.4 million). The own brand business In 2020, the Real Estate segment posted an operating result (EBIT) of CHF showed positive progress, with net sales increasing by 41.7 % from CHF 3.7 million – an increase of CHF 2.4 million compared with the previous 37.4 million in the previous year to CHF 53.0 million in the year under review. year. It should be noted that provisions of CHF 3.1 million had to be set This encouraging performance was particularly noticeable in the core mar- aside in the previous year for soil remediation work and in the year under kets of China, Hong Kong, Australia and Germany, where high growth rates review a value adjustment of CHF 0.5 million had to be made for a building were recorded. Two further ZUGORAMAs (Showrooms) were opened in to be demolished in connection with the construction of the new vertical Beijing and Munich, thereby strengthening V-ZUG‘s position in the premium factory in Zug. household appliances sector in these two metropolitan areas. The brand experience offered to customers in the showrooms in Munich was recog- In view of the spin-off of the V-ZUG Group from the Metall Zug Group, the nized with the “German Brand Award”. The positive trend in the own brand real-estate site was divided up. The cooperation between the two groups of business was partially offset by a decline in OEM business in the North companies was clearly regulated in various agreements relating to matters American market.
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