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Annual Report 2022
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shareholder letter

Bellevue reports market-driven decline in net profit to CHF 25.3 mn

Dividend yield of 5.3% based on the proposed ordinary dividend of CHF 2.00 per share
Bellevue expects the general market environment to remain very volatile and challenging. High inflation rates, the prospect of more interest rate hikes, and geopolitical uncertainty are unlikely to brighten investor sentiment in the short term. Healthcare will remain an investment megatrend. As a «House of Investment Ideas», Bellevue will act agilely to identify and exploit investment opportunities as they emerge in the best interests of the clients it serves. Bellevue management reiterates its long-term guidance, provided markets are constructive.

Steady expansion of «Bellevue Private Markets» unit – investment volume growing as planned.

André Rüegg

Chief Executive Officer

Business Report Key figures

Key figures

Client assets

(in CHF bn)

9.4

12.8
2021
9.4
2022

Net new money

(in CHF mn)

-577.4

67.2
2021
-577.4
2022

Income from Asset Mgt.1)

(in CHF mn)

104.4

141.1
2021
104.4
2022

Other income (EBTDA)2)

(in CHF mn)

-8.5

-0.5
2021
-8.5
2022
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Operating profit (EBTDA)3)

(in CHF mn)

34.8

60.2
2021
34.8
2022

Consolidated result

(in CHF mn)

25.3

43.1
2021
25.3
2022

Return on equity4)

(in %)

23.2

38.6
2021
23.2
2022

Dividend yield5)

(in %)

5.3

6.6
2021
5.3
2022
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1) Includes net management fees, performance fees and transaction-based revenue

2) Includes book gains/losses on own investments, net financial income (mainly for employee stock ownership plans) and other netincome 
3) Earnings before depreciation, amortization, impairment losses and taxes

4) Based on reported net profit and average equity for the preceding 12-month period after distribution of the respective dividends
5) Based on the ordinary dividend of CHF 2.00 and the closing share price on December 31, 2022 (CHF 2.70 and closing share price on December 31, 2021)

Source: Bellevue Group, as at December 31, 2022

Presentation of the annual results 2022

milestones
Consistent strategy execution
  • Positioning as a pure-play specialized asset manager established and strengthened
  • Selective development and strengthening of core healthcare business are under way
  • Constant monitoring and fine-tuning of existing product offering and setup
  • Focus is on product innovation and on establishing additional sources of income
milestones
Development of
expertise and performance
  • Ongoing, successful recruitment of proven teams of experts and new talent
  • Renewal and upgrading of existing investment tools (new systems in 2023), processes and analytics (incl. Big Data/AI)
  • Improved risk management functions and instruments
  • Constant monitoring and adjustment to further strengthen and refine performance quality
milestones
Anti-cyclical platform investments
  • Substantial anti-cyclical investments to ensure future success
  • Targeted renewal and expansion in IT and infrastructure areas
  • New operating locations in Zug, Frankfurt and Zurich (2024/25)
  • Expansion of distribution capabilities, footholds to be established in new target markets
  • Ongoing development of ESG as a new market reality

A summary of fiscal 2022

How did Bellevue Group perform in a difficult market environment? You can find the detailed figures on the 2022 annual results in the presentation and in the annotated video.

Get the detailed figures

Further information

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