Completion of the transformation process through the joint venture with Belimed and Steelco in a challenging year 2023

Ad hoc announcement pursuant to Art. 53 Listing Rules of SIX Swiss Exchange

Zug, March 11, 2024 – The Metall Zug Group posted net sales of CHF 494.7 million in 2023 (previous year: CHF 645.9 million, or CHF 487.0 million excluding the Schleuniger Group). The operating result (EBIT) declined to CHF 13.8 million (previous year: CHF 135.9 million or CHF 25.5 million excluding the EBIT contribution of the Schleuniger Group and the book gain from the deconsolidation) while the net result fell to CHF 26.7 million (previous year: CHF 137.3 million). The joint venture with Belimed and Steelco marks the third and final planned step in the transformation of the Metall Zug Group.

The Metall Zug Group had to face a challenging market environment in 2023. A decline in order intake, continued high material and energy costs and unfavorable currency developments had a negative impact on the operating business. The deconsolidation of the Schleuniger Group in August 2022 resulted in a significant decline in sales and EBIT. Despite the difficult conditions, Metall Zug generated net sales of CHF 494.7 million, which on a comparable basis – excluding Schleuniger's contribution to sales in the previous year – is above the previous year's level of CHF 487.0 million. On this basis and excluding other divestment and acquisition effects as well as the foreign exchange effect, this represents an organic growth of 6.4%. The EBIT for the reporting year was significantly lower than in 2022, mainly because the previous year included the EBIT contribution of the Schleuniger Group and the book gain in connection with the deconsolidation totaling CHF 109.7 million. In addition, the lower profitability of the Medical Devices Business Unit had a particularly negative impact on the operating result in 2023. The financial result rose to CHF 17.9 million (previous year: CHF 8.7 million) and includes the expected pro rata net income of the V-ZUG Group, in which Metall Zug holds a stake of around 30%, and the Komax Group, in which Metall Zug holds a 25% stake. Net profit decreased to CHF 26.7 million (previous year: CHF 137.3 million). Progress was made regarding operating cash flow thanks to the significant reduction in inventories and accounts receivable. This resulted in an improvement to CHF 9.5 million (previous year: CHF -6.0 million). The equity ratio rose slightly to 75.6% (previous year: 73.9%).

The Medical Devices Business Unit's net sales of CHF 178.3 million were significantly lower than in the previous year (CHF 225.6 million). Adjusted for divestment and currency effects, this corresponds to an organic decline in sales of 14.1%. The lower net sales, a less favorable margin mix and higher investments in research and development resulted in an EBIT of CHF 15.2 million, which was significantly below the previous year (CHF 28.8 million). The sharp decline was primarily owed to major challenges in the important US market. While record-high sales were still generated in 2022, the situation reversed in 2023, as distributors reduced their high inventories. In addition, the intense cost pressure in the healthcare sector led to a decline in demand for high-quality and durable Haag-Streit products. Despite these negative economic influences, the “Simulation” division – particularly in combination with surgical microscopes – developed positively. Nevertheless, this was unable to compensate for the decline in sales in the General Diagnostics division.

Sales in the Infection Control Business Unit stagnated in the reporting year at CHF 186.0 million (previous year: CHF 186.3 million). This despite a high equipment order backlog at the end of 2022 and pleasing growth in service and consumables. Excluding the negative foreign currency impact of -4.8% and the acquisition effect of 1.1%, organic sales growth amounted to 3.6%. Due to inflation-related wage increases and additional expenditures in research and development as well as in marketing and sales, Belimed Infection Control fell short of the profit zone and achieved an EBIT of CHF -2.8 million (previous year: CHF 1.7 million).

The Technologycluster & Infrastructure Business Unit continued its dynamic development of the various real estate projects on the Tech Cluster Zug site. The Business Unit generated EBIT of CHF 5.2 million, which was significantly higher than the previous year (CHF 2.9 million). This was mainly due to a book profit of CHF 2.2 million in connection with the sale of technical equipment in the form of financing leases.

The Reporting Segment Others increased net sales considerably to CHF 117.3 million (previous year: CHF 86.2 million). Despite a negative EBIT of CHF -4.0 million, an improvement is evident on a comparable basis (previous year adjusted: CHF -7.1 million, excluding the Schleuniger deconsolidation gain of CHF 89.7 million). This was primarily attributable to Belimed Life Science, which was able to significantly increase sales to CHF 82.0 million (previous year: CHF 51.7 million) and lift EBIT into the profit zone. Gehrig Group AG's net sales rose slightly from CHF 34.5 million in the previous year to CHF 35.4 million. Additional costs, among others in connection with the discontinuation of the Care & Hygiene division, led to a negative operating result.

In 2023, Metall Zug reached a further milestone in the implementation of its strategy communicated in 2019 to transform itself into a holding company with investments in industrial companies with value creation potential. On November 28, 2023, Metall Zug and Miele signed an agreement under which Metall Zug will contribute Belimed AG and Belimed Life Science AG, and Miele will contribute the Steelco Group, to a new joint venture based in Zug. Following the spin-off and separate listing of the V-ZUG Group in 2020 and the combination of Schleuniger and Komax in 2022, this transaction represents the third and final planned transformation step. In the future, Metall Zug will focus on the strategic and operational development of the fully controlled Business Units and participate in the long-term value creation of the strategic minority participations.

Proposal for Dividend Distribution and Contribution to the Greenhouse Gas Fund

The Board of Directors will propose to the General Meeting of Shareholders on April 26, 2024, a cash dividend – lower than in the previous year – in the amount of CHF 2.00 gross per type A registered share and CHF 20.00 gross per type B registered share. In addition, the Board of Directors proposes to pay an amount of CHF 450 000 (corresponding to 5 % of the proposed dividend distribution) into the Greenhouse Gas Fund (formerly CO2-Fonds) – to be charged to the 2024 income statement – for additional innovative projects as part of the sustainability strategy. The re-election of all members of the Board of Directors will be proposed at the Annual General Meeting of Shareholders.


There was a noticeable decline in customers' willingness to invest, which was reflected in lower order intake in 2023. In the first months of 2024, there were only isolated signs of an improvement in this situation. The planned joint venture with Belimed and Steelco will result in the deconsolidation of Belimed Infection Control and Belimed Life Science at the time of the closing of the transaction, subject to the approval of the competition authorities. This will lead to a reduction in consolidated sales and a one-off book gain.

Key Figures of Metall Zug Group

The deconsolidation of Schleuniger Group as per August 30, 2022, is reflected in the financial figures, making a year-on-year comparison more difficult. To ensure comparability of the Income Statement and the Statement of Cash Flows, the previous year's figures are additionally presented on a pro-forma basis as if the spin-off had already taken place at the beginning of the year 2022.

Any currency, divestment and acquisition effects mentioned in this announcement as well as other one-off effects are described in detail in the annual report.

Balance Sheet        
Assets    Liabilities and shareholders' equity    
 CHF million12.31.2023 12.31.2022  CHF million12.31.2023 12.31.2022
Current assets
 Current liabilities
Of which cash and cash equivalents
 Non-current liabilities
Tangible assets
 Total liabilities
Financial assets
 Shareholders’ equity
Intangible assets
 in % of total assets75.6% 73.9%
Fixed assets
Total assets
 Total liabilities and shareholders' equity
Income Statement     
CHF million
2023  2022 2022
   excl. Schleuniger (reported)
Net sales
Operating income (EBIT)
in % of net sales2.8% 5.2% 21.0%
Financial result
Income before taxes
Net income
in % of net sales5.4% 8.3% 21.3%
Employees (FTE)2'224 2'317 2'317
Statement of Cash Flows     
CHF million2023 2022 2022
   excl. Schleuniger (reported)
Cash flow from
operating activities
 -0.5 -6.0
Cash flow from
investing activities
-16.4 -36.8 -42.1
of which investments (w/o financial assets, M&A)     
-36.2 -31.9 -34.8
Cash flow from
financing activities
6.9 -0.2 -0.6

* A reconciliation of pro-forma financial data is available on page 46 of the investor presentation FY23 under the following link:

About the Metall Zug Group
Metall Zug is a group of industrial companies headquartered in Zug. The Group has around 2'200 employees and comprises four Business Units:

  • Infection Control (Belimed Group)
  • Medical Devices (Haag-Streit Group)
  • Technologycluster & Infrastructure (Tech Cluster Zug AG, Urban Assets Zug AG)
  • Others (Belimed Life Science Group, Gehrig Group AG and Metall Zug)

The holding company Metall Zug AG is listed in the Swiss Reporting Standard of SIX Swiss Exchange in Zurich (type B registered shares: securities number 3982108, ticker symbol METN).

Legal Notes
The expectations expressed in this announcement are based on assumptions. Actual results may vary from those anticipated. This announcement is published in German and English. The German version is binding. Metall Zug AG processes personal data in accordance with its privacy statement available under:

Key dates 
April 26, 2024Ordinary Annual General Meeting of Shareholders 2024
May 3, 2024Dividend Payment
August 08, 2024Publication Half-year Report 2024
Further information 
Urs Scherrer
Chief Financial Officer
Phone: +41 58 768 60 50
Bettine Killmer
Head of Corporate Communications & IR
Phone: +41 58 767 60 50


This announcement is available at and the 2023 Annual Report and Investor Presentation at