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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

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