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Würth Finance Group

Annual Report 2021

With continuity
into the future

Short overview of the
Würth Finance Group

Profit before taxes


million EUR

Total operating income


million EUR

Balance sheet total


billion EUR

Number of employees



Key Events 2021

Core business records impressive market share gains: the Würth Group increased sales by 18.5% to EUR 17,100 million, simultaneously increasing its market share. At EUR 1,200 million, the operating result surged to a significantly higher level of profitability (based on preliminary figures).

Robust performance towards the Würth Finance Group’s corporate goals: the growth in business volumes and income, as well as the adherence to cost budgets, are testament to the ability of the Management and all employees to adapt rapidly to the sometimes sharp changes in client requirements and in the financial and insurance markets. In financial terms, this resulted in a record-high adjusted pre-tax profit of EUR 55.5 million.

Successful implementation of forward-looking digital projects: there is a high level of satisfaction with and acceptance of the new systems and digital services in Inhouse Banking among both clients and employees. The potential of these initiatives is far from exhausted and offers promising prospects for the future.

Capabilities again proven in second pandemic year: with the premium volume up 6%, Würth Financial Services AG clearly exceeded expectations in the still difficult market environment.

Significantly improved economic efficiency: the digitalisation and centralisation of administrative processes enabled Würth Financial Services AG to significantly improve back-office productivity.

Report of the Board of Directors

The Supervisory Board supported the Management in an advisory capacity, closely monitoring in particular the company’s development and the effectiveness of risk management. The Board of Directors approves the Financial Statements and would like to thank the Management, the employees and the clients of the Würth Finance Group for their commitment and trust in the challenging financial year 2021.

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Report of the Management

The Würth Finance Group’s adjusted operating income significantly exceeded the target in 2021, despite the COVID-19 pandemic and a lower income from Group Financing. Solid progress was made in the important area of digitalisation. With an adjusted pre-tax profit of EUR 55.5 million, the Würth Finance Group achieved a record-high result.

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“Continuity” – the illustration design for the 2021 Annual Report

Continuity and far-sightedness characterise the way we do business and the services through which we assist our clients and partners. These characteristics are discernible in various aspects: in the personal attention we give to long-standing and close client relationships, in the ongoing development of our services and products, and in the high quality standards that guide our day-to-day work.

The foundation for all this was laid by Adolf Würth in 1945 when he established a wholesale business for screws in Künzelsau, Germany. In 1954 his son Reinhold took over the reins. In 1978 Prof. Dr. h.c. mult. Reinhold Würth established Reca Union Finanz AG (since 1994 Würth Finance International B.V.) for the purpose of obtaining additional financial resources to fund further international growth for the Würth Group. This company developed into the finance and treasury competence centre of the Würth Group and, with the establishment of Würth Financial Services AG in 2003, became the parent company of a solidly based financial services group – the Würth Finance Group. We consistently continue with what has been successful, while seizing the new with energy and purpose – now and in the future.

In this Annual Report we illustrate the theme of continuity through the specific services provided by the Würth Finance Group. The bold visuals for this are the work of Swiss illustrator Nino Christen. He has created a many-faceted set of images that give artistic expression to essential aspects of our day-to-day work.

Foreign currency management

“Through our foreign currency management services, we make an important contribution to safeguarding the gross profit of the Würth Group companies.”

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Payment Factory

“Fraud risk management is essential to sustainable success and to protecting our reputation.”

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Report Inhouse Banking

Inhouse Banking reported an adjusted pre-tax operating result of EUR 54.8 million in the 2021 financial year, exceeding the previous record result of 2019. Inhouse Banking provided close support to the parent company and Group companies, in particular for financial and liquidity management.

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Trading/securities investments: income development

Report External Financial Services

Würth Financial Services AG surpassed expectations by a wide margin in 2021. Despite the limited sales opportunities and thanks to encouraging new business, the premium volume in 2021 increased by 6% to CHF 345 million. Revenue also rose by almost 5% year on year.

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Development of premium volume

Insurance and risk management

“With our family business culture, we have an enduring foundation for the future.”

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E-payment services

“Irrespective of the sales channel, every payment must be simple, secure and fast.”

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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.

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.

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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 2017 2018 2019 2020 2021
Net interest income 4,416 9,730 14,284 13,789 14,170
Income from factoring activities 14,755 16,018 16,419 16,275 16,234
Income from commission and service fee activities 32,983 35,272 35,897 37,668 43,725
Income from trading activities and financial instruments 9,553 7,320 14,713 12,376 14,789
Other ordinary income 3,959 3,292 2,870 1,709 797
Expected credit loss (expenses) / recovery 0 -3,698 1,005 –7,886 6,846
Total operating income 65,666 67,934 85,189 73,931 96,561
Total operating expenses -28,920 -29,418 -32,397 -31,519 -34,031
Profit before taxes 36,746 38,516 52,792 42,412 62,530


Operating income adjustments Inhouse Banking

2017 2018 2019 2020 2021
Hedge accounting effect management accounting 4,353 3,742 2,993 1,492 -548
Impairment for credit loss 0 3,698 -739 8,558 -6,450
Total operating income (adjusted) 70,019 75,374 87,443 83,981 89,563
Profit before taxes (adjusted) 41,099 45,956 55,046 52,462 55,532

Balance sheet total / equity ratio

Number of employees

Cost-income ratio

Return on equity before tax