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2 Notes to the financial statements

CHF 1 000

 

31.12.2020

 

31.12.2019

Cash and cash equivalent

 

 

 

 

Due from banks

 

17 603

 

1 912

Total

 

17 603

 

1 912

 

 

 

 

 

Other short-term receivables

 

 

 

 

Due from group companies

 

10 865

 

2 510

Due from third parties

 

102

 

206

Total

 

10 967

 

2 716

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31.12.2020

 

31.12.2019

 

 

 

 

 

 

 

 

 

 

Share of

 

Share of

Company

 

Domicile

 

Purpose

 

Currency

 

Share capital/Nominal capital

 

Capital

Voting rights

 

Capital

Voting rights

Participations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bellevue Asset Management AG

 

Küsnacht, Switzerland

 

Asset Managment

 

CHF

 

1 750 000

 

100%

100%

 

100%

100%

Bellevue Asset Management (Deutschland) GmbH

 

Frankfurt am Main, Germany

 

Asset Managment

 

EUR

 

25 000

 

100%

100%

 

100%

100%

Bellevue Asset Management (UK) Limited

 

London, UK

 

Asset Managment

 

GBP

 

50 000

 

100%

100%

 

100%

100%

Asset Management BaB N.V.

 

Curaçao

 

Asset Managment

 

USD

 

6 001

 

100%

100%

 

100%

100%

Bellevue Research Inc.

 

Boston, USA

 

Research

 

USD

 

100

 

100%

100%

 

100%

100%

BB Biotech Ventures G.P.

 

Guernsey

 

Investment Advisor

 

GBP

 

10 000

 

100%

100%

 

100%

100%

BB Pureos Bioventures GP Limited

 

Guernsey

 

Investment Advisor

 

GBP

 

60 000

 

99%

99%

 

99%

99%

StarCapital AG

 

Oberursel, Germany

 

Asset Managment

 

EUR

 

540 000

 

100%

100%

 

100%

100%

adbodmer AG

 

Wollerau, Switzerland

 

Investment Advisor

 

CHF

 

100 000

 

100%

100%

 

100%

100%

Bellevue Private Markets AG

 

Küsnacht, Switzerland

 

Holding

 

CHF

 

1 000 000

 

100%

100%

 

100%

100%

Realwerk AG 1)

 

Küsnacht, Switzerland

 

Investment Advisor

 

CHF

 

100 000

 

100%

100%

 

0%

0%

Bellevue Komplementär AG 2)

 

Küsnacht, Switzerland

 

Asset Managment

 

CHF

 

200 000

 

100%

100%

 

0%

0%

Bank am Bellevue AG 3)

 

Küsnacht, Switzerland

 

Bank

 

CHF

 

25 000 000

 

0%

0%

 

100%

100%

Bellevue Investment Advisers AG 3)

 

Zürich, Switzerland

 

Asset Managment

 

CHF

 

500 000

 

0%

0%

 

100%

100%

1) The company was acquired on 7.1.2020.

2) The company was founded on 10.12.2020

3) The company was selled on 30.4.2020.

CHF 1 000

 

31.12.2020

 

31.12.2019

Short-term interest-bearing liabilities

 

 

 

 

Due to group companies

 

 

4 907

Total

 

 

4 907

 

 

 

 

 

Other short-term liabilities

 

 

 

 

Due to third parties

 

56

 

3 034

Total

 

56

 

3 034

Treasury Shares (inventory and movement)

Treasury shares are held partly directly by the Company and partly indirectly via the wholly owned subsidiaries Bank am Bellevue AG (until April 30, 2020) and Bellevue Asset Management AG. All transactions are carried out at market prices.

 

 

Average price in CHF

 

Bellevue Group AG

 

Bellevue Asset Management AG

 

Bank am Bellevue AG

 

Total

Balance as of 1.1.2019

 

 

 

 

905

 

81 500

 

82 405

Purchases Bellevue Group AG

 

21.3283

 

98 023

 

 

 

98 023

Purchases Bellevue Asset Management AG

 

20.5000

 

 

3 824

 

 

3 824

Purchases Bank am Bellevue AG

 

21.4954

 

 

 

353 979

 

353 979

Disposals Bellevue Group AG

 

21.3283

 

– 98 023

 

 

 

– 98 023

Disposals Bellevue Asset Management AG

 

21.6098

 

 

– 4 729

 

 

– 4 729

Disposals Bank am Bellevue AG

 

20.9588

 

 

 

– 365 479

 

– 365 479

Balance as of 31.12.2019

 

 

 

 

 

70 000

 

70 000

 

 

 

 

 

 

 

 

 

 

 

Purchases Bellevue Group AG

 

23.0487

 

295 260

 

 

 

295 260

Purchases Bellevue Asset Management AG

 

19.7000

 

 

168 000

 

 

168 000

Purchases Bank am Bellevue AG

 

22.9648

 

 

 

298 946

 

298 946

Disposals Bellevue Group AG

 

23.5502

 

– 209 118

 

 

 

– 209 118

Disposals Bellevue Asset Management AG

 

20.8548

 

 

– 168 000

 

 

– 168 000

Disposals Bank am Bellevue AG

 

21.0430

 

 

 

– 368 946

 

– 368 946

Balance as of 31.12.2020

 

 

 

86 142

 

 

 

86 142

Impairments on participations

Lower business volumes and an overall reduction in profitability at StarCapital AG had led to the need to adjust the carrying amount of the investment in StarCapital AG by CHF 10.9 million in the 2020 reporting year (2019: CHF 10.9 million).

In the financial year 2020, the subsidiary Bank am Bellevue AG distributed a dividend of CHF 49.1 million in connection with the sale of the SIX participation, which was recognized in the position «Dividend income from participations». At the same time, this led to an impairment of CHF 49.1 million on the investment Bank am Bellevue AG. In connection with the completion of the sale of Bank am Bellevue AG in the first half of 2020 and the determination of the final sales price, the investment had to be additionally impaired by CHF 0.6 million.

Reversal of impairment on participations

The investment in Bank am Bellevue AG was revalued by CHF 30.8 million as of December 31, 2019.

On August 20, 2019, Bellevue Group AG and KBL European Private Bankers (new: Quintet Private Bank) signed an agreement on the sale of Bank am Bellevue. Quintet Private Bank has acquired 100% of the shares of Bank am Bellevue. The closing of the transaction has taken place as of April 30, 2020.

As of December 31, 2019, the selling price and the Bank's expected profit and capital distribution in 2020 were used as the basis for the valuation of the investment in Bank am Bellevue AG.

Extraordinary, non-recurring or prior period income

Due to the final tax assessments for the years 2015 to 2018, an out-of-period income of CHF 0.2 million arose in the 2020 financial year.

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