Organic growth and declining operating result in the first half of 2023

The Metall Zug Group generated net sales of CHF 228.4 million in the first half of 2023 (H1 2022: CHF 324.4 million). Taking into account the divestment and acquisition effects of CHF –120.1 million (–37.0%), particularly the no longer incurred sales from the Schleuniger Group (Wire Processing Business Unit), and the currency effect of CHF –6.8 million (–2.1%), this equates to pleasing organic growth of 9.5%. A high order backlog as at December 31, 2022, and an easing on the procurement side favored this growth in the first half of 2023.

EBIT for the reporting period came to CHF 7.6 million and was thus lower than in the same period of the previous year (H1 2022: CHF 23.5 million). The main reason for this is the no longer incurred EBIT contribution from the Schleuniger Group, which was deconsolidated in August 2022 (Wire Processing Business Unit, H1 2022: CHF 13.7 million). In addition, a strong EBIT decline compared with the first half of 2022 in the Medical Devices Business Unit (by CHF 5.9 million), as well as the continued inflationary environment with rising salary and material costs put a strain on the Group result.

The financial result amounted to CHF 8.7 million (H1 2022: CHF 2.2 million) and includes the 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 has held a 25% stake since the end of August 2022. Net income fell to CHF 13.3 million (H1 2022: CHF 19.1 million).

At CHF 6.9 million, cash flow from operating activities developed favorably in the first half of 2023 despite the lower operating result (previous year: CHF –13.4 million). This is mainly attributable to the reduction in accounts receivables, which were at a high level at the end of the year. In contrast, inventories were further increased, primarily due to the growing project business of Belimed Life Science.

The net cash position (cash and cash equivalents and securities less short- and long-term financial liabilities) came to CHF 1.1 million as at June 30, 2023, and was therefore CHF 13.6 million lower than at December 31, 2022 (CHF 14.7 million), following the distribution of cash dividends of CHF 15.7 million. In addition to the effect of the cash dividends, the decrease was mainly the result of continued large investments in real estate projects by the Technologycluster & Infrastructure Business Unit, as well as the acquisition of an operating property in Mannheim, Germany, by Haag-Streit GmbH. The Metall Zug Group still has a solid balance sheet, with shareholders’ equity of CHF 514.5 million, which translates into an equity ratio of 72.7%.

Infection Control: Clear sales growth in all segments

The Infection Control Business Unit (Belimed Group) generated net sales of CHF 88.5 million (H1 2022: CHF 73.1 million). Taking into account the acquisition effect of 2.6% associated with the acquisition of Amity Ltd (UK) in the previous year and a foreign currency impact of –5.0%, this equates to organic growth of 23.5%.

At the beginning of this year, Belimed benefited from a high order backlog from the end of 2022. Therefore, the “Equipment” area displayed strong growth in the first half of 2023, most prominently in the Chinese market. The “Service” area also recorded solid growth. The “Consumables” area recorded a positive trend primarily due to the acquisition of Amity. The “Digitalization” segment also continues to grow.

At CHF –3.7 million, EBIT for the first half of 2023 is above the prior-year level (H1 2022: CHF –4.6 million), but remains in negative territory. Inflation-related salary increases and additional costs in the research and development area impacted the result in the first half of 2023. However, it must be taken into account that the previous year included a positive one-time effect amounting to CHF 1.6 million from the release of a provision that was no longer required. Without this one-time effect, Infection Control recorded an improvement in EBIT.

Medical Devices: Challenges in the US market and increased investments in R&D lead to lower result

In the first half of 2023, the Medical Devices Business Unit (Haag-Streit Group) posted lower year-on-year net sales in the amount of CHF 93.9 million (H1 2022: CHF 105.9 million). Adjusted for currency effects of –2.7% and the divestment effect from the sale of Clement Clarke International Ltd., Harlow (UK), of –4.7%, organic sales declined by –3.9%.

The lower net sales are mainly attributable to the important US market. After record-high sales and order intakes in the previous year, the business unit was confronted with a contrary development this year. Distributors reduced their high inventories in the first half of the year, which led to a temporary restraint in orders and deliveries. As a result, the development of sales in the second half of the year will most likely be below the previous year's level as well. On the other hand, demand for simulators and microscopes developed favorably. However, deliveries of microscopes were delayed due to capacity and supply chain bottlenecks.

EBIT came to CHF 12.6 million in the first half of 2023 (H1 2022: CHF 18.4 million), which is significantly lower than in the previous year. The lower net sales, a changed product mix and the significantly higher strategic investments in research and development were the main reasons for the considerably lower EBIT. Cost-saving measures introduced in other areas could not fully compensate for the decline in profits. In addition, EBIT in the first half of 2022 included an extraordinary contribution from the partial release of a provision for pension obligations at a subsidiary in the UK amounting to CHF 2.5 million. The adjusted decrease in EBIT therefore amounts to CHF –3.4 million, respectively –21.3%.

Technologycluster & Infrastructure: Three major projects are progressing; change in operational management

The Technologycluster & Infrastructure Business Unit’s EBIT came to CHF 0.8 million in the first half of 2023 and was thus slightly lower than in the same period of the previous year (H1 2022: CHF 1.0 million).

The development of Tech Cluster Zug remains highly dynamic, characterized by the three ongoing major projects SHL-Südtor, Project Pi and CreaTower I. In general, however, there are challenges arising from the development of construction costs, which require adjustments to the original project budgets.

As of 2026, the SHL-Südtor building will serve as the new international headquarters and production site for SHL Medical. The site will offer space for around 350 employees and extensive capacity for the production of drug delivery systems. The planning application for preparatory work, i.e. site installations, demolition and remediation of contaminated sites, was submitted in July 2022 and the corresponding work began in February 2023. The building construction is scheduled to start in September 2023.

With regard to the Project Pi wooden high-rise, which will primarily offer affordable accommodation, project planning is expected to resume at the end of the third quarter of 2023. However, due to the “added value initiative” (“Mehrwert-Initiative”) in Zug, which was approved in June 2023 and calls for more affordable housing in Zug, it is uncertain when the development plan will be discussed in the legislative branch of Zug city council.

The CreaTower I building will serve as the new headquarters for VZ Depository Bank and provide 400 to 500 workplaces. A particularly innovative part of the project is the planned arched ceiling construction, which was developed by the Research Group at ETH Zurich. In certain places, it requires considerably less material thickness, so that up to 65% less concrete and 80% less steel are expected to be needed versus conventional construction methods. The preliminary contract for CreaTower I was signed in June 2023.

On July 1, 2023, Christina Annen took over the role of CEO of the Technologycluster & Infrastructure Business Unit from Beat Weiss. Christina Annen holds a degree in construction engineering from ETH and has undergone further training in the area of business management. She most recently worked for pom+ Consulting Ltd. as Head of the Construction Trustee Service Unit for over two years. At the same time, Beat Weiss replaced Martin Wipfli as Chairman of the Board of Directors of Tech Cluster Zug AG and Urban Assets Zug AG.

Reporting Segment Others

The Belimed Life Science Group, Gehrig Group AG and Metall Zug AG (Corporate) are grouped together in the Others reporting segment. The reporting segment posted net sales of CHF 50.1 million in the first half of 2023 (H1 2022: CHF 33.8 million) and an operating result of CHF –2.1 million (H1 2022: CHF –5.0 million).

Belimed Life Science achieved significantly higher net sales in the first half of 2023 than in the same period of the previous year. This can be attributed to the high order backlog from the end of 2022, which increased again slightly in the first half of 2023. This development benefited from sustained high market dynamics in the pharmaceutical industry, driven by relocalization efforts to reduce dependencies in the production of critical drugs and vaccines, as well as the approval of mRNA-based vaccines in the area of oncology. The "Service" segment also recorded growth.

The overall positive mood continues to be overshadowed by the difficult delivery situation for certain electronic components and ongoing shortage of skilled workers at all sites. In addition, higher energy and salary costs had a negative impact on the result for the first half of 2023. The gross margin continued to be negatively affected by inflation in the first half of 2023 owing to long project lead times. Thanks to the higher level of sales, the operating result (EBIT) in the first half of 2023 is in positive territory, and thus above the level of the same period in 2022.

In the first half of 2023, Gehrig Group AG achieved net sales above the previous year’s level, thanks in particular to additional sales in the "Service" area. This upward trend was hampered by the ongoing shortage of skilled workers. On the one hand, this led to limited capacities of the in-house service in the processing of service orders. On the other hand, the shortage of skilled workers in the gastronomy sector led to reduced opening hours in some restaurants.

Despite the favorable sales trend, EBIT failed to enter the profit zone. Gehrig implemented a strategic focus in spring 2023. As a consequence, the “Care and Hygiene” area, which featured a specific range for hospitals and care homes, was abandoned. The costs associated with the termination of this sector had a negative impact on the result.

Further information and details regarding the business performance of all business units can be found in the 2023 half-year report.


The significantly lower order intake in the first half of 2023 and the planned further increase in strategic investments in research and development in the Medical Devices Business Unit will impact the profitability of the Metall Zug Group. Overall, we therefore expect a restrained business development and a lower operating result in the second half of the year compared to the first half.

Key Figures of Metall Zug Group

The Metall Zug Group has undergone a significant change with the contribution of the Wire Processing Business Unit into the Komax Group, which was completed on August 30, 2022. This significant restructuring is reflected in the financial figures, making a year-on-year comparison more difficult. In order 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.

Balance Sheet        
Assets    Liabilities and shareholders' equity    
CHF million06.30.2023 12.31.2022 CHF million06.30.2023 12.31.2022
Current assets




 Current liabilities




Of which cash and cash equivalents32.1 


 Non-current liabilities




Tangible assets168.0 


 Total liabilities




Financial assets256.5 


 Shareholders’ equity




Intangible assets3.6 


 in % of total assets72.7% 73.9%
Fixed assets428.1 


Total assets707.5 


 Total liabilities and shareholders' equity





Income Statement     
Mio. CHFH1 2023 H1 2022 H1 2022
   excl. Schleuniger (reported)
Net sales


 207.5 324.4
Operating income (EBIT)


 9.4 23.5
in % of net sales3.3% 4.5% 7.2%
Financial result8.7 10.8 2.2
Income before taxes16.3 20.2 25.7
Net income13.3 16.1 19.1
in % of net sales5.8% 7.8% 5.9%
Employees (FTE)2'312 2'379 3'410
Statement of Cash Flows     
CHF millionH1 2023 H1 2022 H1 2022
   excl. Schleuniger (reported)
Cash flow from operating activities     
6.9 -6.5 -13.4
Cash flow from investing activities     
-7.8 -5.8 -20.9
of which investments (w/o financial assets, M&A)     
-21.3 -12.1 -13.6
Cash flow from financing activities     
-14.2 -17.2 -17.6

* A reconciliation of pro-forma financial data is available on page 37 of the investor presentation HY 1/23 under the following link:

About the Metall Zug Group
Metall Zug is a group of industrial companies headquartered in Zug. The Group has around 2,300 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 
March 11, 2024 Publication Annual Report 2023
April 26, 2024Expected date for ordinary Annual General Meeting of Shareholders 2024
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 Half-year Report and investor presentation at