Bellevue Group reports improved operating performance in the first half of 2015, extraordinary impairment of intangible assets

7/15/2015, 7:07 PM (Source: GlobeNewswire)

Bellevue Group AG / Bellevue Group reports improved operating performance in the first half of 2015, extraordinary impairment of intangible assets . Processed and transmitted by NASDAQ OMX Corporate Solutions. The issuer is solely responsible for the content of this announcement.

  • Bellevue Group first-half operating profits increased 75% to CHF 9.9 million
  • Record results from Asset Management - assets under management at all time high
  • Operating profit at Bank am Bellevue still positive
  • Extraordinary impairment and write-down of CHF 22 million for goodwill and CHF 2.7 million for intangible assets at Bank am Bellevue result in a net loss of CHF 15.5 million for the Group
  • The  charges have no impact on the operating activities - equity base remains strong

In view of the lower volume of business activities and the reduced revenues from Bank am Bellevue's brokerage unit, the Board of Directors and the Executive Board have reassessed the unit's future earnings. In doing so, projections were revised to create more transparency for our shareholders, clients and employees. Impairments and writedowns totaling CHF 24.7 million will be reported under the "Goodwill" and "Other intangible assets" items in the balance sheet as at the mid-year. These extraordinary charges overlay the significantly better operating results that Bellevue Group achieved in the first half.

Following these adjustments, Bank am Bellevue is confident and also well positioned with its strong customer base and skilled employees to implement its forward strategy, which is already generating according results at its Corporate Finance unit. The Asset Management unit gained again more momentum during the first half of 2015.

The interim report for the first half of 2015 will be published on July 27, 2015.


Media / Investor Relations: Daniel Koller, CFO

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

Bellevue Group

Bellevue Group is an independent Swiss financial boutique listed on the SIX Swiss Exchange. Established in 1993, the company and its approximately 90 employees are specialists in the fields of Brokerage, Corporate Finance and Asset Management. Bellevue Group includes the two subsidiaries Bank am Bellevue and Bellevue Asset Management. The bank boasts superb knowledge of the Swiss stock and bond market and offers independent research opinions and recommendations as well as viable solutions for capital market transactions. Bellevue Asset Management is focused on selected active equity investment strategies in growing markets, in healthcare industries as well as in other special themes such as entrepreneur-led companies.

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Bellevue Group AG via Globenewswire


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Bellevue Group AG
Seestrasse 16; Postfach Küsnacht/Zürich Switzerland

WKN: A0LG3Z;ISIN: CH0028422100;

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