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shareholder letter

Bellevue reports market-driven decrease of net profit to CHF 15.2 mn

Dividend yield of 4.7% based on the proposed ordinary dividend of CHF 1.15 per share
2023 was another challenging year for Bellevue Group. The below-average market performance of Bellevue's key markets in the healthcare sector once again impacted the development of our Group and tested us on both the investment and client side.

We continue to consider the healthcare sector with its fundamental attractions and positive long-term drivers as very attractive.

André Rüegg

Chief Executive Officer

Business Report Key figures

Key figures

Assets under management

(in CHF bn)

6.9

9.4
2022
6.9
2023

Operating Income

(in CHF mn)

81.9

95.9
2022
81.9
2023

Operating profit (EBTDA) 1)

(in CHF mn)

23.7

34.8
2022
23.7
2023

Group net profit

(in CHF mn)

15.2

25.3
2022
15.2
2023

Cost/Income ratio (CIR)

in %

71.1

63.7
2022
71.1
2023

Return on equity 2)

in %

14.2

23.2
2022
14.2
2023

1) Earnings before taxes, depreciation and amortization
2) Based on reported net profit and average equity for the preceding 12-month period after distribution of the respective dividends
Source: Bellevue Group, as at December 31, 2023

developments
Market environment
  • Market performance in 2023 driven by interest rate developments and external events
  • Market rally in the US and in the healthcare sector driven by only a few «mega caps»
  • Weak relative performance of the healthcare sector compared to the overall market (especially for small and mid-cap companies)
Developments
Financial figures
  • Substantial reduction in AuM base to 6.9 bn (–26%)
  • Decline in operating income to CHF 81.9 mn (–15%)
  • Reduction in operating expenses (despite investments) to CHF 58.2 mn (-5%)
  • Lower net profit of CHF 15.2 mn (–40%)
  • Attractive dividend proposal: CHF 1.15 per share (dividend yield of 4.7%)
  • Strong equity-financed and debt-free balance sheet
Developments
Outlook 2024
  • First signs of recovery on the market side visible since Q4/2023 with the interest rate turnaround – the healthcare sector represents an attractive long-term investment opportunity
  • Bellevue products and investment solutions are well positioned to capture market upside
  • Priorities for 2024:
    - Products and investment performance
    - Marketing, clients and distribution
    - Governance and platform

Further information

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