Bellevue Group announces one-time impairment charges for the first half of 2011

7/13/2011, 6:31 PM (Source: GlobeNewswire)
Bellevue Group AG /
Bellevue Group announces one-time impairment charges for the first half of 2011
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The issuer is solely responsible for the content of this announcement.

* Extraordinary impairments and write-downs of approximately CHF 48 million
for goodwill and intangible assets and CHF 2 million for associated
* These impairments and write-downs will lead to a consolidated net loss of
approximately CHF 54 million for the first half of the year
* Bank am Bellevue's operating result remains positive, Bellevue Asset
Management shows a small operating loss
* Equity capital and reserves still high

The Board of Directors and the Executive Board of Bellevue Group decided today
to inform company shareholders, clients and employees. According to preliminary
calculations of consolidated results, the operating result is expected to be
still positive but the consolidated bottom-line result will be negative. A
review of company forecasts leads to the extraordinary impairments and write-

Bellevue Group's operating results have not yet shown any change in trend. The
Group's two main operating entities developed differently during the first half.
Bank am Bellevue continued to operate at a profit, albeit less than in the
comparable year-ago period. For Bellevue Asset Management, a loss is expected at
the operating profit line and on its seed capital investments. However, there
was a pleasing net inflow of approximately CHF 75 million in new money in the
asset management business.

Lower-than-expected business volumes and reduced profitability induced the Board
of Directors and the Executive Board to review the assumptions and forecasts
upon which future earnings were calculated and to make adjustments. As a result
of this process, the items "goodwill" and "other intangible assets" will be
adjusted by approximately CHF 48 million at mid-year, lowering the total
carrying amount to slightly less than CHF 60 million. The Board of Directors and
Executive Board are of the opinion that this action takes due consideration of
the changed business environment. Martin Bisang, CEO of Bellevue Group,
comments: "The conditions on financial markets remain difficult for us as a
focused niche player. Therefore we have adjusted our assumptions and forecasts
in order to create maximum transparency. Our strong capital base will still
allow us to focus on developing and growing our business with clients just as

The above charges have no impact on Bellevue Group's high liquidity levels nor
its capital reserves, which easily exceed regulatory requirements. The interim
report for the first half of 2011 will be published on July 22, 2011.

For further information:

Media / Investor Relations: Daniel Koller, CFO

Telephone +41 44 267 67 00, Fax +41 44 267 67 01,

Bellevue Group

The 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
services. Bellevue Asset Management manages specialized equity investment
vehicles focused on selected sector and regional strategies and provides
selected institutional asset management services.

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Bellevue Group AG
Seestrasse 16; Postfach Küsnacht/Zürich Switzerland

WKN: A0LG3Z;ISIN: CH0028422100;

Adhoc Media Release Bellevue Group_13.07.2011 (PDF):

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Source: Bellevue Group AG via Thomson Reuters ONE

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