Significantly better operating result in first half of 2022

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

Zug, August 11, 2022 – The Metall Zug Group posted net sales of CHF 324.4 million in the first half of 2022 (H1 2021: CHF 302.8 million). This is equivalent to an increase of 7.1 %. The operating result (EBIT) for the first half of 2022 came to CHF 23.5 million (H1 2021: CHF 16.9 million). The financial result amounted to CHF 2.2 million (H1 2021: CHF 12.9 million) and net income stood at CHF 19.1 million (H1 2021: CHF 26.4 million).

The Metall Zug Group generated net sales of CHF 324.4 million in the first half of 2022 (H1 2021: CHF 302.8 million). Taking into account the divestment and acquisition effects of CHF – 2.9 million (– 1.0 %) and the currency effect of CHF – 0.7 million (– 0.2 %), this equates to organic growth of 8.3 %. A high order backlog as at December 31, 2021 and the continuously strong order intake in the first half of 2022 led to this growth. However, the challenges on the procurement side, with partially unavailable components, combined with rising raw material, energy and freight prices as well as scarce freight capacities, remained. Political upheavals, high inflation and, in some cases, delays in the impact of sales-side price increases shaped the economic environment of the Metall Zug Group.


EBIT for the reporting period came to CHF 23.5 million and was thus significantly higher than in the same period of the previous year (H1 2021: CHF 16.9 million). EBIT was positively affected above all by the significant rise in the Wire Processing (by CHF 7.0 million) and Medical Devices (by CHF 4.7 million) Business Units compared with the first half of the previous year.


At CHF – 13.4 million, cash flow from operating activities was negative in the first half of 2022 (H1 2021: CHF 33.3 million) despite the improved EBIT. This is primarily attributable to the higher inventory, especially for work in progress and materials to ensure production.


The financial result amounted to CHF 2.2 million (H1 2021: CHF 12.9 million) and includes the pro rata net result of the V-ZUG Group, in which Metall Zug holds a stake of around 30 %. The net result fell to CHF 19.1 million (H1 2021: CHF 26.4 million).


The net cash position (cash and cash equivalents and securities less short- and long-term financial liabilities) came to CHF 26.4 million as at June 30, 2022. After the distribution of the cash dividend of CHF 17.2 million, the net cash was CHF 51.3 million lower than at December 31, 2021 (CHF 77.7 million). The decrease was mainly the result of higher investments in construction projects, the previously mentioned increase in net working capital and the acquisition of the remaining minority interest in adaptronic Prüftechnik GmbH. The Metall Zug Group has a solid balance sheet, with shareholders’ equity of CHF 506.2 million, which translates into an equity ratio of 67.6 %


Infection Control: Delivery Difficulties in Equipment Business Impact Net Sales and EBIT

The Infection Control Business Unit (Belimed Group) generated net sales of CHF 73.1 million, 6.7 % less than in the same period of the previous year (H1 2021: CHF 78.3 million). The positive foreign currency impact totaled CHF 0.4 million. The prior-year sales included the service business for Belimed Life Science customers (CHF 6.0 million). At the beginning of this year, the service business was transferred to Belimed Life Science (reporting segment Others). Adjusted for these effects, sales have remained stable compared to the previous year.


The equipment business continues to be affected by supply shortages of important components and a lack of transport capacities. This led to project delays for both Belimed and its customers, and thus to a postponement of planned sales, which resulted in a decline in sales compared to the previous year.


Taking into account the absence of sales from the service business for Belimed Life Science customers, sales in the Service segment developed positively, despite the problematic spare parts situation and the Corona restrictions in China. Sales from “Belimed Prevent” service contracts, which provide customers with long-term service security and lower total cost of ownership (TCO), increased by 18 %.


The consumables business showed a positive trend, especially in the distributor markets and in China. To further strengthen and strategically expand its consumables portfolio, Belimed acquired the company Amity (Barnsley, UK) in July. Amity is a supplier of enzymatic and chemical detergents, primarily for use in the medical devices segment. Amity’s products ideally complement Belimed’s range and open up new, stable sales channels with strong margin potential.


Order intake in the still small digitalization segment also developed favorably. However, the implementation is facing challenges because hospitals are slow in providing the necessary IT infrastructure for the cloud integration. Belimed is continuously developing the digital solutions it launched last year (SmartHub Orbit and SmartHub 2.0 Connect).


At CHF – 4.6 million, EBIT for the first half of 2022 is below the prior-year level (H1 2021: CHF – 2.1 million) and includes the positive one-time effect from the release of a provision for a legal case amounting to CHF 1.6 million that was no longer required. The main factor responsible for the decline in EBIT is the decrease in net sales compared with the first half of 2021 as a result of the elimination of the share of sales from the service business for Belimed Life Science customers. In the previous year, the corresponding EBIT contribution was CHF 2.4 million. Higher material and freight costs resulted in lower gross profit margins. Price increases for Belimed’s products and services and cost savings in the area of sales & marketing only partially compensated for the additional costs. In the equipment business price increases are having a delayed effect due to the long lead times of projects. Measures to optimize the supply chain have been implemented and are beginning to take effect.


Medical Devices: Increase in Net Sales and Strong EBIT Growth

In the first half of 2022, the Medical Devices Business Unit (Haag-Streit Group) posted higher year-on-year net sales of CHF 105.9 million (H1 2021: CHF 101.5 million). Adjusted for currency effects of – 0.2 % and the effect of the sale of IPRO of – 3.7 %, organic growth came to 8.1 %.


At the moment, the situation on the sales markets in Europe and the USA is encouraging. This is reflected not only in the sharp rise in order intake, but also and above all in the higher sales. As in the previous year, diagnostics – and especially the US market – were the main growth drivers. In combination with diagnostic devices, Haag-Streit USA also significantly increased the sale of examination units (instrument tables and chairs).


The global shortage of skilled workers currently presents a challenge. Vacancies are leading to delays in R&D projects and to capacity bottlenecks in production. As a result, customers are sometimes facing longer delivery times.


EBIT came to CHF 18.4 million in the first half year (H1 2021: CHF 13.7 million). Along with the continuing positive development of order intake and sales, Haag-Streit also succeeded in increasing the gross profit margin in the first half of 2022.


In addition, EBIT includes an extraordinary contribution from the partial release of a provision for pension benefit obligations at a subsidiary in the United Kingdom amounting to CHF 2.5 million. EBIT for the same reporting period of the previous year also included income of CHF 3.7 million in this context; adjusted for these effects, the resulting increase in EBIT comes to 60.0 %.


Haag-Streit is strategically realigning its Surgical area and will, in the future, focus fully on the core business ophthalmology. The associated reorganization of Haag-Streit Surgical GmbH & Co. KG in Wedel, Germany, which also produced surgical microscopes for use in other areas, is proceeding according to plan. The further development of the current flagship product in microscopy, the Hi-R NEO 900, and the development of the digital microscope are also progressing on schedule.


With the Eyestar 900, Haag-Streit has opened a new chapter in measuring, imaging and diagnosing the human eye. The first software module designed specifically for the Eyestar 900, the “Anterior Chamber Suite”, was launched successfully on the market.


The newly implemented organizational structure is showing first successes in cross-company cooperation.


Wire Processing: Significant Rise in Net Sales and EBIT

Net sales of the Wire Processing Business Unit (Schleuniger Group) stood at CHF 117.0 million after the first six months of 2022 (H1 2021: CHF 98.8 million), which equates to an increase of 18.4 % compared to the same period of the previous year. Adjusted for currency effects of – 1.0 % and acquisition effects of 0.8 %, organic growth amounted to 18.6 %.


The significant rise in order intake continued to be driven by the two megatrends of e-mobility (high voltage cables) and self-driving vehicles (data cables). These led to growing customer demand for cables that meet more demanding quality standards regarding the safety of high-voltage applications, higher transfer rates and lower tolerances in data cables, and miniaturization. The sharp increase in quantity of these cables and thus customers’ need for greater automation of their production processes reinforced this trend. But there was also greater demand for standard machines, Schleuniger’s core business. In addition, customers were forced to build up production capacities in other countries within a very short amount of time to replace those in Ukraine, which increased Schleuniger’s order intake.


The tense supply chain situation on the production side remains a challenge for Schleuniger when it comes to processing the high order backlog. Schleuniger has invested heavily in the net working capital, especially regarding inventory, in order to increase the availability of electronic and other strategic components and thus better meet customer needs.


At CHF 13.7 million, EBIT rose significantly compared with the same period of the previous year (CHF 6.7 million). This is due not only to the higher net sales, but also to the favorable product mix, which led to more attractive gross profit margins thanks to the higher-than-average share of sales generated with standard machines and in the field of testing. Lower functional costs in marketing and administration also had a positive effect on the result.


On the product side, Schleuniger won this year’s iF Design Award, one of the most prestigious design prizes in the world, in the “Industry / Tools” category with its Transfer Line Family S50. The modular and scalable system features numerous innovations such as improvements in assembly ergonomics, accessibility to the machine, the tool carrier concept with insertion and removal mechanisms, and the user interface, to name just a few.


In the context of the quasi-merger between the Schleuniger Group and the Komax Group, on April 13, 2022 the General Meeting of Shareholders of Komax Holding AG approved the capital increase required to create 1 283 333 new shares for allocation to Metall Zug AG. In the future, Metall Zug AG will hold a 25 % stake in Komax Holding AG. The clearances of the relevant competition authorities have been granted, so that the closing of the merger is planned for August 30, 2022.


Technology Cluster & Infrastructure: Development of Tech Cluster Zug Gathers Speed

The Technology Cluster & Infrastructure Business Unit’s EBIT came to CHF 1.0 million in the first half of 2022 and was thus higher than in the same period of the previous year (H1 2021: CHF 0.4 million). This is mainly due to lower costs for building pollutant and ground remediation work.


The development of ongoing projects at the Tech Cluster Zug remains highly dynamic. For example, the Mobility Hub Zug Nord, with 595 parking spaces and commercial premises on the ground floor, has passed its final building inspection and been handed over to the tenants. The official opening took place in June as part of a neighborhood party. All the commercial spaces are rented and fully occupied.


‘Semiramis’, the living, 25 m-tall sculpture consisting of five wooden bowls planted with trees and vegetation that was built at ETH Zurich by robots, has also been completed and was presented in July as part of a vernissage.


Interior work for Westhive, a provider of flexible workspaces, in the former V-ZUG spare parts warehouse was finalized. The premises including the basic and tenant fit-out were handed over to Westhive at the beginning of August. The official opening of the more than 2 000 square meters of office space is scheduled for September 1, 2022.


The Multi Energy Hub should start operating in the fall. Solar energy, waste heat, groundwater and lake water are to be used as sources of energy. This will ensure that the entire Tech Cluster Zug site, including other third-party customers connected by then, will be supplied with CO2-neutral heating, cooling, electricity, communications and infrastructure for electromobility for the 2022 / 2023 heating period.


CreaTower I on the Tech Cluster Zug site is intended to serve as the headquarters of VZ Depository Bank. The latter means to acquire the building on completion either as a core and shell or fully fitted out. The design competition has been held, and the project submitted by Gigon Guyer selected. A special vaulted ceiling technique should reduce the concrete required by one-third. The building is expected to be completed in 2026.


SHL Medical AG is to take up residence in the SHL-Südtor building as its new headquarters from the end of 2025 / beginning of 2026, when SHL Medical will also start producing there. The originally proposed pure timber construction has been adapted to the changed requirements and replaced by a hybrid wood and concrete construction. In order to meet the ambitious deadline targets, initial preparatory work for the construction site facilities, demolition and remediation will begin in November 2022. Building work is scheduled to start in September 2023.



The newly founded Association for the Decarbonization of Industry will forge ahead with an innovative hydrogen project on the Tech Cluster Zug site. In addition to Metall Zug AG and Tech Cluster Zug AG, members include the Federal Laboratory for Materials Testing and Research (EMPA) and well-known companies such as AMAG, AVAG, Holcim, Partners Group, Siemens, Sika, VZ Depository Bank and V-ZUG.


The association’s members have promised to invest more than CHF 8 million in financial support and own contribution for the research project in order to develop novel approaches to the industrial production of hydrogen. This will involve the process of pyrolysis, in which methane (from biogas or natural gas) is heated at elevated temperatures in a reactor and split into hydrogen and carbon. In contrast to previous methods of industrial hydrogen production, this does not produce CO2 as a by-product, but solid (powdered) carbon, which is to be used as a potential resource in construction and agriculture. The process is currently still at the prototype stage but, by acting as a demonstrator, this project is intended to give it a boost toward becoming the industry standard. In this way, resolute action is being taken to decarbonize high-temperature industrial processes, the third-largest consumer of energy, in a large number of industrial companies.


In addition to the use of pyrolytically generated hydrogen as fuel for the nearby high-temperature industrial processes, the propulsion systems in transport vehicles will also be decarbonized in a separate project on the Tech Cluster Zug site. This requires high-purity hydrogen, which is to be produced from renewable electricity using the electrolysis process. Both plants are scheduled to start operation in 2024.


Reporting Segment Others

Belimed Life Science, Gehrig Group AG and Corporate (i.e. Metall Zug AG) are grouped together in the Others reporting segment. The reporting segment posted net sales of CHF 33.8 million in the first half of 2022 (H1 2021: CHF 27.9 million) and EBIT of CHF – 5.0 million (H1 2021: CHF – 1.8 million).


Belimed Life Science posted a significantly higher order intake in the first half of 2022. Despite this pleasing order intake and additional sales from the transfer of the service business for Life Science customers, net sales in the first half of 2022 were below expectations but above the previous year. The poor availability of mechanical and electronic components as well as raw materials also had a negative impact on the completion of systems at Belimed Life Science. Resource bottlenecks in engineering additionally led to delayed approvals, which exacerbated the negative impact under the current procurement situation. However, there were also delays on the customer side. Consequently, the majority of projects cannot be delivered and invoiced until the second half of 2022. The high-margin retrofit business is also adversely affected by the prevailing circumstances. Due to the low level of sales, the increased costs associated with establishing the service organization and the procurement problem previously referred to, BIT was in negative territory in the first half of the year despite the first contribution from the service business. Personnel measures have been taken to offset the workload peaks in the second half of 2022 and increase output. Belimed Life Science had to respond to the rising costs with price increases.


At Gehrig Group AG, which offers solutions for professional kitchens in the hotel and catering industry and in hospitals, the first two months of 2022 were still marked by the restrictive COVID-19-related measures in Switzerland. An increased customer frequency was observed in hotels and restaurants from March onward once all the restrictions were lifted.  

This resulted in higher net sales compared to the prior-year period. Moreover, Gehrig was able to almost double the sales in its core business “washing” and to expand its chemicals business. Despite a more favorable sales trend, EBIT failed to enter the profit zone. High costs for the development of new products and services were among the reasons for this. Purchase price increases were passed on to customers as far as possible.


Strong Industrial Group with Leading Positions in Attractive Markets

Metall Zug holds an interesting portfolio of technologically strong companies with above-average growth and value added potential, and following completion of the quasi-merger of Schleuniger and Komax it will essentially be active in the medical technology market. Through Haag-Streit, Belimed Infection Control and Belimed Life Science, Metall Zug is very well positioned in the relevant market segments with strong brands, leading products and services, strong customer relations and opportunities regarding digital businesses and processes.


The Tech Cluster Zug, a site of around 60 000 m2, also provides Metall Zug with a strong cornerstone in the city of Zug. Metall Zug aims to leverage its development potential over the next few years through innovative and sustainable real estate and infrastructure projects.


Thanks to its strategic shareholding of around 30 % in V-ZUG Holding AG, Metall Zug additionally benefits from the potential of V-ZUG. The merger of Schleuniger and Komax, which was announced on February 9, 2022, marks a further milestone in implementing this strategy. As anchor shareholder, Metall Zug intends to hold its 25 % stake as a long-term investment and to participate in the further performance of the merged company.


Based on the results in the first half of 2022 and the high order backlog, we expect business to develop well in the second half of the year, provided that the economic and political environment relevant to the Metall Zug Group does not deteriorate. It should be noted that the Schleuniger Group is expected to be fully consolidated in the consolidated financial statements of the Metall Zug Group by August 31, 2022. As of September 1, 2022, Metall Zug AG’s share in the net result of the Komax Group will be disclosed in the financial result.


Key Figures of Metall Zug Gruppe








Balance Sheet         
Assets    Liabilities and shareholders' equity  
CHF million06.30.2022 12.31.2021 CHF million06.30.2022 12.31.2021
Current assets408.4 378.8 Current liabilities210.2 161.4
of which cash and
cash equivalents
49.4 81.5 Non-current Liabilities32.6 38.0
Tangible assets178.4 175.4 Total liabilities242.8 199.4
Financial assets149.7 147.4 Shareholders’ equity506.2 516.2
Intangible assets12.5 14.0 in % of total assets67.6% 72.1%
Fixed assets340.6 336.8      
Total assets749.0 715.6 Total liabilities and
shareholders' equity
749.0 715.6
Income Statement    Statement of Cash Flows   
CHF millionH1 2022 H1 2021 CHF millionH1 2022 H1 2021
Net sales324.4 302.8 Cashflow from   
Operating Result (EBIT)23.5 16.9 operating activities-13.4 33.3
in % of net sales7.2% 5.6% Cashflow from   
Financial result2.2 12.9 Investing activities-20.9 -9.8
Result before taxes25.7 29.8 of which investments (w/o   
Net result1)19.1 26.4 financial assets, M&A)-13.6 -10.2
in % of net sales5.9% 8.7% Cashflow from   
      financing activities-17.6 -8.0
Employees (FTE)3’410 3'2482)      
  1. In contrast to the report of the same period of the previous year, the Net result is shown including minority interests. The previous year's figure has been restated accordingly.
  2. The full-time equivalent number of employees (FTE) includes impacts due to short-time work and further personnel measures due to COVID-19.

.About the Metall Zug Group

Metall Zug is a group of industrial companies headquartered in Zug. The Group has around 3,400 employees and comprises five Business Units:

  • Infection Control (Belimed Group)
  • Medical Devices (Haag-Streit Group)
  • Wire Processing (Schleuniger 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 13, 2023Publication Annual Report 2022
April 28, 2023Ordinary Annual General Meeting of Shareholders
August 10, 2023Publication Half-year Report 2023
Further information 
Daniel Keist
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 2022 Half-year Report at

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