7 Discontinued operations
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 AG (new: Quintet Private Bank (Switzerland) AG) (including its subsidiary Bellevue Investment Advisers AG).
After receiving all the necessary regulatory approvals, Bellevue Group successfully closed the sale of Bank am Bellevue AG to Quintet Private Bank on April 30, 2020, and Bank am Bellevue’s workforce and its client relationships with underlying assets of CHF 1.7 billion have been transferred to Quintet Private Bank.
On January 28, 2020, the General Meeting of Shareholders of Bank am Bellevue AG unanimously resolved to distribute the available earnings of CHF 49.1 million and the reserves from tax-exempt capital contributions of CHF 1.3 million to the wholly owned parent company, Bellevue Group AG. The total distribution of CHF 50.4 million was made on January 29, 2020, and is allocated to continuing operations under the item «Cash and cash equivalents» in the consolidated balance sheet.
Further detailed disclosures on the discontinued operation are made below:
|
CHF 1 000 |
|
1.1.–31.12.2021 |
|
1.1.–31.12.2020 |
|
Income statement of discontinued operations |
|
|
|
|
|
Operating income |
|
– |
|
2 061 |
|
Personnel expenses |
|
– |
|
– 2 340 |
|
Other operating expenses |
|
– |
|
– 1 195 |
|
Profit before tax from discontinued operations |
|
– |
|
– 1 474 |
|
Taxes |
|
– |
|
5 |
|
Valuation adjustments and provisions 1) |
|
– |
|
751 |
|
Group net profit from discontinued operations |
|
– |
|
– 718 |
|
|
|
|
|
|
|
Statement of comprehensive income for discontinued operations |
|
|
|
|
|
Currency translation adjustments |
|
– |
|
– |
|
Gains and losses arising on revaluation of financial assets at fair value through other comprehensive income |
|
– |
|
– |
|
Remeasurements of post-employment benefit obligations |
|
– |
|
– 383 |
|
Other comprehensive income for discontinued operations |
|
– |
|
– 383 |
|
|
|
|
|
|
|
Statement of cash flows for discontinued operations |
|
|
|
|
|
Net cash flow from operating activities |
|
– |
|
117 391 |
|
Net cash flow from investing activities |
|
– |
|
– 176 252 |
|
Net cash flow from financing activities |
|
– |
|
899 |
|
Currency translation effects |
|
– |
|
– |
|
Net cash flow |
|
– |
|
– 57 962 |
|
|
|
|
|
|
|
Earnings per share (discontinued operations) |
|
|
|
|
|
Basic earnings per share (in CHF) |
|
– |
|
– 0.05 |
|
Diluted earnings per share (in CHF) |
|
– |
|
– 0.05 |
1) In connection with the completion of the sale of Bank am Bellevue in the first half of 2020, provisions of CHF 0.8 million no longer required were released to the income statement.
The aggregated carrying amounts of net assets disposed of and the aggregated cash outflows on disposal of subsidiaries in 2020 were as follows:
|
CHF 1 000 |
|
30.4.2020 |
|
Cash and cash equivalents (incl. due from banks) |
|
176 252 |
|
Due from clients |
|
116 531 |
|
Trading portfolio assets |
|
14 632 |
|
Positive replacement values |
|
209 |
|
Accrued income and prepaid expenses |
|
964 |
|
Current tax assets |
|
454 |
|
Deferred tax assets |
|
175 |
|
Other assets |
|
405 |
|
Due to clients |
|
– 270 066 |
|
Negative replacement values |
|
– 527 |
|
Accrued expenses and deferred income |
|
– 645 |
|
Current tax liabilities |
|
– 2 382 |
|
Provisions and pension obligations |
|
– 925 |
|
Other liabilities |
|
– 248 |
|
Net assets disposed of |
|
34 829 |
|
|
|
|
|
Selling price (cash and cash equivalents) |
|
27 981 |
|
Cash and cash equivalents disposed of |
|
– 176 252 |
|
Net cash flow from the sale of companies |
|
– 148 271 |