Annual Report 2024
The Metall Zug Group reported net sales of CHF 283.4 million in the 2024 financial year (2023: CHF 494.7 million). The deconsolidation of Belimed Infection Control and Belimed Life Science, completed on June 7, 2024, led to a decline in sales of CHF 166.4 million. EBIT rose to CHF 58.0 million (2023 restated: CHF 30.1 million), which was significantly influenced by the gain of CHF 66.6 million from the combination of Belimed with Steelco. Net income amounted to CHF 52.8 million (2023 restated: CHF 26.1 million).
Sales by Business Units 2024
in CHF million
283.4
Operating Income (EBIT) 2024
in CHF million
58.0
Employees (FTE) 2024
983
Net Sales with Third Parties by Region 2024
In %
Net Sales by Business Units 2024
In %
Organic Sales Development 2024
in %
–8.3
Cash Flow from Operating Activities 2024
in CHF million
2.8
Earnings per Share 2024
in CHF
116.87
Equity Ratio 2024
in %
76.8%
| Assets | 31.12.2024 | 1) | 31.12.2023 restated | 2) |
|---|---|---|---|---|
in CHF 1 000 |
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| Cash and cash equivalents | 17’060 | 29’571 | ||
| Securities | 186 | 230 | ||
| Trade receivables | 32’153 | 74’704 | ||
| Other receivables | 4’961 | 10’849 | ||
| Inventories | 61’735 | 108’779 | ||
| Assets for sale, under construction | 9’893 | 4’728 | ||
| Prepaid expenses | 3’539 | 7’885 | ||
| Current assets | 129’527 | 236’746 | ||
| Land | 1’265 | 3’365 | ||
| Land and buildings | 118’505 | 132’045 | ||
| Plant and equipment | 11’171 | 11’603 | ||
| Prepayments and assets under construction | 35’080 | 17’615 | ||
| Other tangible assets | 2’651 | 4’927 | ||
| Tangible assets | 168’672 | 169’555 | ||
| Strategic investments (associated companies) | 295’074 | 249’003 | ||
| Other financial assets | 37’950 | 30’196 | ||
| Financial assets | 333’024 | 279’199 | ||
| Software | 1’727 | 3’382 | ||
| Intangible assets | 1’727 | 3’382 | ||
| Fixed assets | 503’423 | 452’136 | ||
| Total assets | 632’950 | 688’882 | ||
| Liabilities and Shareholders' Equity | 31.12.2024 | 1) | 31.12.2023 restated | 2) |
in CHF 1 000 | ||||
| Current financial liabilities | 82’806 | 36’600 | ||
| Trade payables | 8’132 | 13’968 | ||
| Other current liabilities | 11’531 | 38’929 | ||
| Accrued liabilities | 19’533 | 49’164 | ||
| Current provisions | 5’181 | 11’509 | ||
| Current liabilities | 127’183 | 150’170 | ||
| Other long-term liabilities | 5’101 | 6’027 | ||
| Long-term provisions | 14’260 | 12’645 | ||
| Non-current liabilities | 19’361 | 18’672 | ||
| Total liabilities | 146’544 | 168’842 | ||
| Share capital | 11’250 | 11’250 | ||
| Capital reserves | 349’003 | 349’003 | ||
| Retained earnings | 58’983 | 93’483 | ||
| Non-controlling interest | 67’170 | 66’304 | ||
| Shareholders' equity | 486’406 | 520’040 | ||
| Total liabilities and shareholders' equity | 632’950 | 688’882 |
1) On June 7, 2024, the Metall Zug Group deconsolidated its Infection Control Business Unit and the Belimed Life Science Group (part of the Investments & Corporate reporting segment) and contributed them to the Joint Venture SteelcoBelimed AG. In return, Metall Zug AG received a 33 % stake in this company. For this reason, the balance sheet figures as at December 31, 2024, are not comparable with the prior year. |
2) Prior year restated. |
| Consolidated Income Statement | 2024 | 1) | 2023 | 2) |
|---|---|---|---|---|
in 1 000 CHF | ||||
| Net sales | 283’420 | 494’715 | ||
| Cost of goods and services sold | -192’473 | -343’672 | ||
| Gross profit | 90’947 | 151’043 | ||
| in % of net sales | 32.1% | 30.5% | ||
| Marketing and sales expenses | -41’248 | -56’734 | ||
| Research and development expenses | -33’170 | -40’961 | ||
| Administration expenses | -40’335 | -53’833 | ||
| Other operating income | 80’356 | 13’530 | ||
| Other operating expenses | -1’655 | 96 | ||
| Trading operating result | 54’895 | 13’141 | ||
| in % of net sales | 19.4% | 2.7% | ||
| Result from strategic investments (associated companies) | 3’055 | 17’005 | ||
| Operating result (EBIT) | 57’950 | 30’146 | ||
| Financial income | 4’943 | 8’553 | ||
| Financial expenses | -5’266 | -7’646 | ||
| Financial result | ||||
| Income before taxes | 57’627 | 31’053 | ||
| Taxes | -4’779 | -4’966 | ||
| Net income | 52’848 | 26’087 | ||
| in % of net sales | 18.6% | 5.3% | ||
| Net income attributable to: | ||||
| - Shareholders of Metall Zug AG | 52’593 | 21’606 | ||
| - Non-controlling interest holders | 255 | 4’481 | ||
| Net income per type A registered share (in CHF) 3) | 11.69 | 4.81 | ||
| Net income per type B registered share (in CHF) | 116.87 | 48.13 | ||
1) On June 7, 2024, the Metall Zug Group deconsolidated its Infection Control Business Unit and the Belimed Life Science Group (part of the Investments & Corporate reporting segment) and contributed them to the Joint Venture SteelcoBelimed AG. In return, Metall Zug AG received a 33 % stake in this company. For this reason, the figures for the 2024 financial report are not comparable with the prior-year period. |
2) Prior year period restated. |
3) There is no dilution for 2024 or 2023 with regard to net income per share. |
| Consolidated Statement of Cash Flows | 2024 | 2023 | 1) |
|---|---|---|---|
in CHF 1 000 |
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| Net income | 52’848 | 26’087 | |
| Financial result, net | 323 | -907 | |
| Result from strategic investments (associated companies) | -3’055 | -17’005 | |
| Income from sale of fixed assets and participations | -67’195 | -1’221 | |
| Depreciation and amortization | 9’758 | 11’311 | |
| Net changes in provisions | 81 | -12’858 | |
| Taxes | 4’779 | 4’974 | |
| Other non-cash items2) | 2’499 | -2’814 | |
| Change in trade receivables | 10’446 | 5’946 | |
| Change in other receivables and prepaid expenses | 245 | 1’331 | |
| Change in inventories | -13’552 | 13’710 | |
| Change in trade payables | 1’363 | -7’017 | |
| Change in other current liabilities and accrued expenses | 8’346 | -8’548 | |
| Interest paid | -981 | -512 | |
| Taxes paid | -3’132 | -2’960 | |
| Cash flow from operating activities | 2’773 | 9’517 | |
| Investments in tangible assets3) | -32’603 | -35’482 | |
| Investments in financial assets | -17’177 | -400 | |
| Investments in intangible assets | -1’298 | -750 | |
| Investments in Group companies, net of cash acquired4) | 0 | -2’494 | |
| Disposal of Group companies, net of cash disposed5) | -17’928 | 6’348 | |
| Disposals of tangible assets6) | 1’911 | 4’593 | |
| Disposals of financial assets | 8’755 | 4’659 | |
| Disposals of intangible assets | 0 | 3 | |
| Interest received | 951 | 9 | |
| Dividends received | 3’850 | 7’107 | |
| Cash flow from investing activities | -53’539 | -16’407 | |
| Issuance of short-term financial liabilities | 65’867 | 51’700 | |
| Repayment of short-term financial liabilities | -19’423 | -32’100 | |
| Disposal of treasury shares | 0 | 2’958 | |
| Dividend to shareholders of Metall Zug AG | -9’000 | -13’470 | |
| Dividend to non-controlling interest holders | 0 | -2’194 | |
| Cash flow from financing activities | 37’444 | 6’894 | |
| Currency translation effects | 811 | -1’861 | |
| Change in "Cash and cash equivalents" | -12’511 | -1’857 | |
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| Opening balance cash and cash equivalents | 29’571 | 31’428 | |
| Closing balance cash and cash equivalents | 17’060 | 29’571 |
1) Prior-year period restated. |
2) Other non-cash items are mainly related to the change in inventory and trade receivable valuation allowances. In 2023, the position also included the book profit of TCHF 2'227 from the sale of technical systems in the form of financial leases. |
3) Investments in tangible assets 2024 include investments in Assets for sale, under construction, in the amount of TCHF 5'320 (previous year: TCHF 5'272). |
4) In 2023, the position Investments in Group companies, net of cash acquired, contained deferred purchase price payments for the 2020 acquisition of the minority interests in VRmagic Holding GmbH, Mannheim (DE). |
5) The position Disposal of Group companies, net of cash disposed, includes the disposal of cash and cash equivalents from the deconsolidation of the Infection Control Business Unit and the Belimed Life Science Group as well as a compensation payment in connection with this transaction. The 33% stake in SteelcoBelimed AG received in return does not affect liquidity. The previous year included the sales proceeds received in 2023 for Clement Clarke International Ltd., Harlow (UK), which was sold at the end of 2022. |
6) The Disposals of tangible assets 2023 included an advance payment received in connection with Assets for sale, under construction, in the amount of TCHF 4098. |
| Metall Zug Group | 2024 | 1) | 2023 |
| 2022 | 2) | 2021 |
| 2020 | 3) |
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in CHF million |
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| Performance |
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| Net sales | 283.4 | 494.7 | 645.9 | 661.9 | 823.5 | |||||
| Trading operating result | 54.9 | 13.1 | 4) | 134.7 | 4) | 42.3 | 15.5 | |||
| Result from strategic investments | 3.1 | 17.0 | 10.2 | 18.8 | 6.8 | |||||
| Operating result (EBIT) | 58.0 | 30.1 | 4) | 144.9 | 4) | 61.1 | 22.3 | |||
| Net income | 52.8 | 26.1 | 4) | 136.1 | 4) | 53.3 | 13.5 | |||
| Earnings per share (EPS) | 116.87 | 48.13 | 4) | 286.25 | 4) | 108.83 | 31.93 | |||
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| Sales development in % | -42.7 | -23.4 | -2.4 | -19.6 | -31.1 | |||||
| of which foreign currency impact in % | -0.8 | -2.5 | -0.3 | -0.1 | -1.7 | |||||
| of which acquisition & divestment impact in % | -33.6 | 5) | -25.7 | 6) | -11.6 | 6) | -30.0 | 7) | -22.6 | 7) |
| Organic sales development in % | -8.3 | 4.8 | 9.5 | 10.5 | -6.8 | |||||
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| Cash flow from operating activities | 2.8 | 9.5 | -6.0 | 48.9 | 60.2 | |||||
| in % of net sales | 1.0 | 1.9 | -0.9 | 7.4 | 7.3 | |||||
| Employees | 983 | 2’224 | 2’317 | 3’321 | 3’090 | |||||
| Personnel expenses | -154.7 | -218.8 | -282.3 | -303.0 | -365.8 | |||||
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| Invested Capital |
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| Total assets | 633.0 | 688.9 | 4) | 700.0 | 4) | 715.6 | 635.2 | |||
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| Net debt/net cash8) | -65.6 | -6.8 | 14.7 | 77.7 | 67.6 | |||||
| in % of total assets | -10.4 | -1.0 | 2.1 | 10.9 | 10.6 | |||||
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| Current assets | 129.5 | 236.8 | 4) | 284.7 | 4) | 378.9 | 316.7 | |||
| in % of total assets | 20.5 | 34.4 | 40.7 | 52.9 | 49.9 | |||||
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| Fixed assets | 503.4 | 452.1 | 415.3 | 336.8 | 318.5 | |||||
| in % of total assets | 79.5 | 65.6 | 59.3 | 47.1 | 50.1 | |||||
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| Strategic investments (associated companies) | 295.1 | 249.0 | 244.7 | 135.8 | 117.0 | |||||
| in % of total assets | 46.6 | 36.1 | 35.0 | 19.0 | 18.4 | |||||
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| Shareholders' equity | 486.4 | 520.0 | 4) | 517.1 | 4) | 516.2 | 482.9 | |||
| in % of total assets | 76.8 | 75.6 | 73.9 | 72.1 | 76.0 | |||||
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| Investments in tangible and intangible assets | 33.9 | 36.2 | 34.8 | 34.7 | 46.1 | |||||
| Investments (expenses) in research and development | -33.2 | -41.0 | -54.6 | -60.4 | -75.1 | |||||
1) On June 7, 2024, the Infection Control Business Unit and the Belimed Life Science Group were deconsolidated and contributed into SteelcoBelimed AG. In return, Metall Zug AG received a 33% stake in SteelcoBelimed AG. As a consequence, the 2024 performance figures are not comparable with the other years stated. |
2) On August 30, 2022, the Schleuniger Group (Wire Processing Business Unit) was deconsolidated and contributed into Komax Holding AG. In return, Metall Zug AG received a 25% stake in Komax Holding AG. As a consequence, the 2022 performance figures are not comparable with the other years stated. |
3) The V-ZUG Group was spun-off on June 25, 2020. Accordingly, the 2020 performance figures are not comparable with the other years stated. |
4) 2023 and 2022 restated. |
5) 2024 solely in connection with the deconsolidation of the Business Unit Infection Control and the Belimed Life Science Group. |
6) Of which -24.6% related to the deconsolidation of the Schleuniger Group in 2023 (2022: -11.1%). |
7) Of which -31.7% related to the spin-off of V-ZUG Group in 2021 (2020: -23.6%) |
8) Net debt/net cash is made up of cash and cash equivalents and securities less financial liabilities. |