One moment, please.

Würth Finance Group

Annual Report 2019

Short Overview of the Würth Finance Group

Profit before taxes



Total operating income



Balance sheet total



Number of employees



Key Events in 2019

Unbroken growth: the Würth Group generated sales of EUR 14,270 million, an increase of 4.8% over the previous year. E-business grew by more than 9%.

Another record year: thanks to booming investment markets and record-low refinancing costs, the Würth Finance Group increased its adjusted earnings by EUR 12 million and achieved a record result, with an adjusted profit before taxes of EUR 55 million.

Successful implementation of the new Global Payment System (GPS): after going live in May 2019 the new infrastructure for the processing of international payments demonstrated its effectiveness, enabling this historically large and complex project to be completed successfully.

The acquisition of Optima Versicherungsbroker AG, based in Chur, was the defining event of 2019 for Würth Financial Services AG.

Thanks to its consistent focus on sales, Würth Financial Services AG was able to again close the 2019 financial year with sales at a record high.

Report of the board of directors

The cooperation between the Management and the Board of Directors was highly constructive. Amongst others, the Board of Directors monitored the performance of the company and particularly the effectiveness of risk management, and advised the Management. The Board of Directors approved the financial statements and thanks the Management, all the staff as well as clients and business partners.

Find out more

Report of the management

In 2019, the Würth Finance Group achieved an adjusted profit before taxes of EUR 55.0 million (previous year: EUR 46.0 million), representing a new record and making a significant contribution to the Würth Group’s consolidated results.

Find out more

Connection with our grassroots

Direct selling is the core business of the Würth Group. “Ride-alongs” have been an integral part of Würth’s corporate culture for many years. This involves as many non-field employees as possible “riding along” with the sales consultants once a year to gain an insight into the core business and get to know our grassroots – including at the Würth Finance Group. The aim is to experience and live the corporate culture, to strengthen cooperation and cohesion, and to enhance motivation and productivity.

“As an employee at Würth Finance International’s Payment Factory, I find it very exciting to see how the flow of money I handle every day is generated. It is remarkable how dedicated the sales consultants are to making a profit.”

Lorena Paradiso, Payment Factory, Würth Finance International B.V.

Connection with each other

The Corporate Culture Team is responsible for maintaining and promoting a good working atmosphere at the company. Its actions include regularly organising events for all employees, especially outside of the workplace and business hours. This allows employees to live the corporate culture and promotes and strengthens social interaction and team spirit.

“Joint events help harmonise Würth’s corporate culture. Individual employees become part of a whole and receive direct recognition.”

Corporate Culture Team, Würth Finance International B.V.

Report Inhouse Banking

The stars were aligned for the Inhouse Banking Division in financial year 2019. The record set in 2018 was again significantly exceeded, with an adjusted pre-tax operating result of EUR 54.5 million, representing a year-on-year increase of 20%, or EUR 9.2 million.


Trading/securities investments: income development

Report External Financial Services

The year 2019 was highly successful for Würth Financial Services AG: in addition to the projects described above, WFS consistently maintained its focus on sales and acquired a considerable number of new clients. As a result, Würth Financial Services AG was able to increase its sales by 6% compared with the previous year and thus end 2019 with another sales record.


Development of premium volume non-life

Connection with the outside world

Advising and supporting clients on all aspects of risk and insurance management are the core business of Würth Financial Services AG. Factors including commitment, professionalism, friendliness and honesty form the basis for our relationships of trust and cooperation with clients and business partners. Personal contact plays a key role, as it allows our employees’ enthusiasm for their work to really be seen and felt.

“We know exactly what our clients and business partners need. This fundamentally shapes our everyday work: we regularly inform clients about changes in the insurance market and advise them honestly, reflecting their specific requirements.”

Anine Duvnjak-Sinniger, Account Manager, and Nicole Sonderer, Technical Specialist, (both at Würth Financial Services AG) in conversation with Kevin Fleck, CFO of Vebego AG

Connection with art

What makes Würth’s cultural engagement special is its aim of bringing together spheres that appear to have nothing in common: the art and business worlds. Würth employees are invited to immerse themselves in and actively experience the world of art, with regular opportunities to draw fresh inspiration from art tours and workshops. Making art and culture accessible to employees in this way and enabling them to be incorporated into working practices is our interpretation of a vibrant corporate culture.

“Art inspires us and enables us to move away from rigid logical thinking towards a more creative approach to our everyday work.”

Beat Ringer, IT Management, Würth Finance International B.V.

“Be it in the art world or the financial world, taking an unconventional path or thinking outside of the box is often a route to success.”

Christian Zimmermann, Controlling, Würth Finance International B.V.

Risk management and control

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.

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.

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

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

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


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

in TEUR 2015 2016 2017 2018 2019
Interest Income 2,611 4,521 4,416 9,730 14,284
Income from factoring activities 14,115 12,899 14,755 16,018 16,419
Income from commission and service fee activities 28,596 29,880 32,983 35,272 35,897
Income from trading activities and financial instruments 7,038 8,837 9,553 7,320 14,713
Other ordinary income 4,896 4,858 3,959 3,292 2,870
Credit loss (expenses) / recovery 0 0 0 -3,698 1,005
Total operating income 57,256 60,995 65,666 67,934 85,189
Total operating expenses -27,523 -29,183 -28,920 -29,418 -32,397
Profit before taxes 29,733 31,812 36,746 38,516 52,792

Balance sheet total/ equity ratio

Number of employees

Cost-income ratio

Return on equity before tax

“Würth connections” – the image concept for the 2019 Annual Report

Networking, relationships, cohesion, or simply: connections. They build bridges and unite worlds, making a significant contribution to the Würth Finance Group’s success. Connections can be seen, for example, in direct client contact, the proximity of the companies of the Würth Finance Group and the shared Würth culture.

We take a look behind the scenes at both the clearly visible and hidden connections at Würth. Employees are viewed authentically and honestly from an observer’s perspective. The image design therefore takes the form of photo reportage. The images show both people and details and, together with the text, form an overall composition that tells an engaging story.