Strong equity base

Capital structure and management

As at December 31, 2021 (consolidated)

• Equity capital remains solid thanks to sustained earnings power
• Reduction in goodwill & intangibles (prior year: CHF 51 mn), which reflects ordinary depreciation and valuation adjustments at StarCapital
• Required level of regulatory minimum capital as a pure asset manager is lower, enabling a very attractive return on equity
• Surplus equity of CHF 51 mn provide a sound cushion, ensuring attractive payouts and further growth
• Simple and debt-free balance sheet