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Würth Finance Group

Annual Report 2018

Key Figures of the Würth Finance Group

Profit before taxes



Total operating income



Balance sheet total



Number of employees



Key Events in 2018

The Würth Group generated sales of EUR 13,623 million, an increase of more than 7% over the previous year. E-business grew by 25%.

Record profit in an anniversary year: In summer 2018 Würth Finance International B.V. celebrated its 40th anniversary. Happily, the record result of the Würth Finance Group also gave cause for celebration, with an adjusted operating income of EUR 75 million and an adjusted profit before taxes of EUR 46 million.

Successful fund-raising on the capital market: Würth Finance International B.V. successfully issued a benchmark bond for EUR 500 million to finance the future growth of the Würth Group. Thanks to favourable financing costs, average net interest expense for the Group was reduced significantly.

Success does not come of its own accord: it is due to the commitment and passion of its employees that Würth Financial Services AG can look back on a successful 2018 financial year.

Würth Financial Services AG has set itself the goal of consistently pushing forward on its three focal points: sales, processes and staff.

Report of the Board of Directors

The Würth Group recorded growth of 7.1% to EUR 13,623 million in financial year 2018; after adjusting for exchange rate effects, the plus was 8.6%. This growth was broadly based across regions, while e-business sales registered above-average growth of 25% for 2018.

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Report of the Management

2018 was a great success for the Würth Finance Group. The adjusted operating income increased by 7.7% compared with the previous year, rising from EUR 70 million to EUR 75 million.

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Getting a project off the ground with enthusiasm
"With our eyes set on a clear goal, new ideas in our heads and a healthy dose of passion in our hearts, I and my fellow team members have made a success of many an important project."

Beat Maurer (Projects, Würth Finance International B.V., Rorschach)
Thinking outside the box – looking at and tackling challenges creatively and differently
"The longer a person works for a company, the more they stick with what they are used to. To avoid this, I continually have to break through existing structures and demonstrate the courage to be creative. I have learnt that it is worthwhile taking new paths."

Germain Groeppelin (Member of the Management, Würth Financial Services AG, Arlesheim)

Report Inhouse Banking

Würth Finance International B.V. celebrated its 40th anniversary in the summer of 2018: cause to take a step back and to honour those people in celebratory fashion who built up and formed the Würth Group’s inhouse bank and led it successfully into the future. Happily, in this special year a record result of EUR 43.4 million (including income from participations) was achieved.


Trading/Securities Investments: Income Development

Report External Financial Services

2018 was a successful financial year for Würth Financial Services AG. While premium volumes for the non-life insurance contracts it looked after rose by CHF 8 million to CHF 258 million, the number of corporate clients as at the end of 2018 was 2,608.


Development of Premium Volume Non-Life

Report on risks and opportunities

Basic principles of our risk management system:

The Management bears the responsibility for all risks incurred as a result of the company’s business activities and seeks to achieve a healthy balance between risk and returns.

An independent control process forms an integral part of the corporate structure.

Employees are familiar with and alert to the principal risks specific to their area of activity.

A central element of risk control is the comprehensive, transparent and objective disclosure of risks to the Group and company Management, owners, supervisory authorities and other stakeholders.

Revenue is protected on the basis of risk tolerance – i.e. the maximum risk that the Würth Finance Group can bear given its financial and earning power.

Ultimately, the Würth Finance Group’s reputation depends on effective risk management and control.

Working on the whole thing with team spirit and a sense of fun
"Even when it comes to complex tasks, we work best as a team – with mutual trust and solution-driven collaboration. Everyone has a voice. Good ideas and arguments count more than hierarchy."

from left to right: David Reichlin (Management Assistant, Rorschach), Ilona Piechaczek (International Payments, ‘s-Hertogenbosch), Srivaths Chakram (Product Manager Omnichannel Payment, ‘s-Hertogenbosch), Sabrina Tanner (International Payments, Rorschach), Kim Meyer (Contract Management & Business Administration, Rorschach)
Taking pleasure in movement and trying out new things
"The international financial environment demands a great deal of flexibility and vigour. Close collaboration with my team helps me to keep hold of my feel for developments in the market and to stay close to our clients."

Björn van Odijk (Managing Director, Würth Finance International B.V., ‘s-Hertogenbosch)

Key Figures

The primary objective of the Management of the Würth Finance Group is to create continuous value added for the Würth Group. The Management is responsible for generating adequate risk-adjusted returns. In order to be successful in the long term, the Würth Finance Group needs to generate an overall return that is higher than the risk-adjusted cost of capital.

Key figures from the consolidated income statement


2014 2015 2016 2017 2018
Interest Income 19,882 2,611 4,521 4,416 9,730
Income from factoring activities 13,331 14,115 12,899 14,755 16,018
Income from commission and service fee activities 24,994 28,596 29,880 32,983 35,272
Income from trading activities and financial instruments 7,288 7,038 8,837 9,553 7,320
Other ordinary income 682 4,896 4,858 3,959 3,292
Credit loss (expenses) / recovery 0 0 0 0 -3,698
Total operating income 66,177 57,256 60,995 65,666 67,934
Total operating expenses -25,474 -27,523 -29,183 -28,920 -29,418
Profit before taxes 40,703 29,733 31,812 36,746 38,516

Balance sheet total/ equity ratio

Number of employees

Cost-income ratio

Return on equity before tax