Bellevue Group proposes cash distribution of CHF 4

2/28/2011, 7:01 AM (Source: GlobeNewswire)
Bellevue Group AG /
Bellevue Group proposes cash distribution of CHF 4
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Küsnacht, 28 February 2011

Bellevue Group proposes cash distribution of CHF 4

-   Bellevue Group returns to profitability

-   Equity base remains strong (tier 1 ratio: 48.2%)

-   Distribution of CHF 4 (free of Swiss withholding tax) proposed per
registered share (yield: > 10%)

-   New products with respectable inflow of net new money at Bellevue Asset
Management (> CHF 200 million)

Bellevue Group closed the past year with a profit of CHF 1.5 million. Group
operating income before depreciation, valuation adjustments and provisions
stands at CHF 4.6 million. Despite continuing tough market conditions, Bank am
Bellevue earned a net profit of CHF 7.1 million, though Bellevue Asset
Management recorded a loss of CHF 2.3 million. At the annual general meeting on
21 March 2011, the Board of Directors will propose a cash distribution of CHF
4.00 (free of withholding tax) per registered share, in the form of a repayment
of reserves from capital contributions. The Group's financial and liquidity
situation remains good.

Bellevue Group still has sound liquid assets and a strong equity base (tier 1
ratio: 48.2%; previous year: 56.5%). The distribution, of unaltered amount,
further optimises capital structure and repays funds no longer required to

In 2010, Bellevue Group earned total operating income of CHF 54.6 million
(previous year: CHF 61.1 million). This represents a fall of 11%. Personnel
expenses rose slightly, by CHF 1.3 million to CHF 29.7 million, while operating
expenses were down from CHF 20.4 million to CHF 19.3 million. Bellevue Group has
99 employees (previous year: 100).

Bank am Bellevue

In 2010, Bank am Bellevue earned operating income of CHF 33.4 million (previous
year: CHF 38.3 million; -13%). At CHF 29.9 million (previous year: CHF 32.4
million; -8%), net fee and commission income is the main source of the Bank's
income. Reflecting low traded volumes on the stock markets and pressure on
margins, income again showed a slight decline. Personnel expenses of CHF 13.6
million (previous year: CHF 13.0 million) and operating expenses of CHF 9.8
million (no change) both remained unchanged. As a new requirement, depreciation
of other intangible assets of CHF 1.2 million (previous year: CHF 0) is now
charged directly to the segment. Overall, a net profit of CHF 7.1 million
(previous year: CHF 12.7 million;-44%) resulted.

Bank am Bellevue was the lead bank coordinating the initial public offering of
Zurich-based Peach Property Group. Most shares were placed with institutional
investors and first traded on the SIX Swiss Exchange on 12 November 2010.
Corporate Finance has shown an encouraging start to the new year with the
forthcoming IPO of the British Formula One racing company, Williams Grand Prix
Holdings PLC, on the Frankfurt Stock Exchange.

Bellevue Asset Management

In the past year, Bellevue Asset Management has further enhanced its newly
developed business profile. Highly satisfactory overall performance has
established Bellevue Asset Management in the market as a reliable investment
manager. While growth as a whole is still suffering from the adjustment of its
historic business model, regional niche strategies launched as part of the
strategic reorientation proved the right approach, supported by other innovative
products. Market acceptance for these is growing, resulting in a respectable
increase of new money from external clients of well over CHF 200 million.
Special attention must be paid to the well-positioned "entrepreneur" investment
strategies. The philosophy to invest in family- and owner-run companies not only
reflect current sentiment, but are in line with our company's thought and
action, which has always been entrepreneurial. However, these positive
developments were not enough to completely offset disposals of assets under our
historic health care strategies. These occurred partly due to capital reductions
in BB Biotech AG, a company in which Bellevue Asset Management has a
participating interest. Other factors were further structural adjustments and
the continued difficult market environment for this sector.

For 2010, Asset Management recorded operating income of CHF 20.1 million
(previous year: CHF 22.6 million; -11%). Net fee and commission income of
CHF 18.8 million (previous year: CHF 18.2 million; +3%) largely derives from
management fees. Other ordinary income of CHF 1.7 million (previous year: CHF
4.2 million) includes profit of CHF 1.1 million (previous year: CHF 3.9 million)
on long-term investments. Personnel expenses amount to CHF 13.7 million
(previous year: CHF 12.8 million; +7%), while operating expenses fell slightly
to CHF 6.9 million (previous year: CHF 7.2 million; -4%). As a new requirement,
depreciation of other intangible assets of CHF 1.3 million (previous year: CHF
0) is now charged directly to the segment. Overall, the result is a loss of CHF
2.3 million (previous year's loss: CHF 1.4 million). So far, the start to 2011
is looking promising in many respects. The trend in attracting new customer
funds is even more promising.

Assets under management

Assets under management fell: as at 31 December 2010, Bellevue Group had assets
of CHF 4.6 billion under its management (before double counting). As at the end
of 2009, assets under management amounted to CHF 5.5 billion.

Oriented to the future

Bellevue Group prefers internal growth to acquisitions. It remains firmly on its
anti-cyclic course and retains the human resources it has built up. The Group
continues to pursue its chosen path to boost recurrent income by expansion in
Asset Management, though the fruits of these initiatives will only become fully
apparent at a later stage.

The media conference on the balance sheet is being held at 9.30 a.m. today at
the SIX Swiss Exchange ConventionPoint (Selnaustrasse 30, 8021 Zurich).

Agenda 2011:

Monday, 21 March 2011            Annual general meeting 2011

Friday, 22 July 2011                  Half-year report 2011

The full version of the financial report is available at

For further information:

Media/Investor Relations: Daniel Koller, CFO

Tel. +41 (0)44 267 67 00, fax +41 (0)44 267 67 01, e-mail

Bellevue Group

Bellevue Group is an independent Swiss financial group domiciled in Küsnacht.
The parent company, Bellevue Group AG, is listed on the SIX Swiss Exchange.

Bank am Bellevue is a provider of research and brokerage services in Swiss
equities and selected international stocks as well as corporate finance

Bellevue Asset Management manages specialised investment products. It focuses on
equity investments in selected sector and regional strategies and provides
selected institutional asset management services.

--- End of Message ---

Bellevue Group AG
Seestrasse 16; Postfach Küsnacht/Zürich Switzerland

WKN: A0LG3Z;ISIN: CH0028422100;

Press Release 28 February 2011:

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