2 Details on the consolidated income statement
2.1 Revenues from asset management services
CHF 1 000 |
|
1.1.–31.12.2022 |
|
1.1.–31.12.2021 |
Management fees |
|
103 789 |
|
137 418 |
Performance fees |
|
184 |
|
2 326 |
Other commission income |
|
3 873 |
|
2 850 |
Fee and commission expense |
|
– 3 463 |
|
– 1 498 |
Revenues from asset management services |
|
104 383 |
|
141 096 |
Management fees are generated from asset management mandates with listed investment companies, regulated funds in various countries, private equity funds or institutional counterparties. The fees are mostly collected on a monthly basis.
Various mandates include performance fees. These are only taken into account when the performance period has been completed. For regulated funds, this is the calendar year. In some cases, mandates are invoiced on a quarterly basis. In the case of private equity funds, depending on the partnership agreement, this takes place when the fund is redeemed or dissolved.
Other commission income includes transaction-related fees.
2.2 Net other income
CHF 1 000 |
|
1.1.–31.12.2022 |
|
1.1.–31.12.2021 |
Dividend income |
|
771 |
|
333 |
Interest income |
|
192 |
|
20 |
Interest expenses |
|
– 49 |
|
– 45 |
Net foreign exchange income/losses |
|
389 |
|
– 87 |
Other |
|
178 |
|
133 |
Total net other income |
|
1 481 |
|
354 |
2.3 Personnel expenses
CHF 1 000 |
|
1.1.–31.12.2022 |
|
1.1.–31.12.2021 |
Fix and variable salaries |
|
41 588 |
|
58 649 |
Pension cost 1) |
|
1 829 |
|
2 084 |
Other social benefits |
|
2 998 |
|
4 832 |
Other personnel expenses |
|
573 |
|
480 |
Total personnel expenses |
|
46 988 |
|
66 045 |
1) For further details see note 3.8.
The compensation system for Bellevue Group employees is conceived to motivate employees at all operating units to do excellent work. It is a compensation model based on «personal ownership» and merit system principles. In setting fixed salaries, a restrained policy prevails from a business point of view. On the other hand, variable compensation is offered under an attractive ownership-oriented profit-sharing plan. This profit-sharing plan is tied directly to Bellevue Group’s operating results. Moreover, part of this bonus is paid in the form of restricted stock awards and shares of in-house products («we eat our own cooking»). This system is conducive to a culture of high performance with a long-term horizon.
The basis for calculating Bellevue Group’s variable compensation pool is adjusted consolidated earnings before taxes.
A fixed portion of the adjusted Group profit before taxes is allocated to the employees (total pool of variable compensation). Due to the direct link between the Group’s results and the total pool of variable compensation, there is a mechanism in place to ensure that variable compensation is commensurate with the Group’s operating performance (variabilization of profit-sharing).
2.4 Operating expenses
CHF 1 000 |
|
1.1.–31.12.2022 |
|
1.1.–31.12.2021 |
Occupancy and maintenance expenses |
|
1 036 |
|
801 |
IT and telecommunications |
|
3 873 |
|
3 539 |
Travel and representation, PR, advertising |
|
3 442 |
|
4 254 |
Consulting and audit fees |
|
2 327 |
|
1 992 |
Research expenses |
|
1 906 |
|
2 188 |
Other operating expenses |
|
1 472 |
|
1 570 |
Total Other operating expenses |
|
14 056 |
|
14 344 |
2.5 Depreciation and amortization
CHF 1 000 |
|
1.1.–31.12.2022 |
|
1.1.–31.12.2021 |
Depreciation of property and equipment |
|
479 |
|
426 |
Depreciation of rights of use |
|
1 676 |
|
1 705 |
Depreciation of intangible assets |
|
1 469 |
|
1 620 |
Total Depreciation and amortization |
|
3 624 |
|
3 751 |
2.6 Valuation adjustments
CHF 1 000 |
|
1.1.–31.12.2022 |
|
1.1.–31.12.2021 |
Value adjustment Goodwill (Impairment) |
|
– |
|
2 026 |
Value adjustment intangible assets (Impairment) |
|
– |
|
862 |
Total Valuation adjustments |
|
– |
|
2 888 |
For further details, please refer to the comments under section 3.6.
2.7 Tax
2.7.1 Income taxes
CHF 1 000 |
|
1.1.–31.12.2022 |
|
1.1.–31.12.2021 |
Current income taxes |
|
7 182 |
|
10 549 |
Deferred income taxes |
|
– 1 288 |
|
– 22 |
Total |
|
5 894 |
|
10 527 |
|
|
|
|
|
Tax income reconciliation |
|
|
|
|
Pre-tax result |
|
31 194 |
|
53 590 |
Expected rate of income tax 1) |
|
19% |
|
19% |
Expected income tax |
|
5 927 |
|
10 182 |
Reasons for higher/lower amounts: |
|
|
|
|
Difference between applicable local tax rates and assumed mixed tax rate |
|
– 359 |
|
– 81 |
Non-deductible expenses |
|
261 |
|
435 |
Tax income unrelated to accounting period |
|
– |
|
– 9 |
Effect change in tax rates |
|
65 |
|
– |
Total income taxes |
|
5 894 |
|
10 527 |
1) The expected income tax rate is a mixed tax rate estimated by considering all the different businesses of the Group.
|
|
|
|
|
|
|
CHF 1 000 |
|
1.1.–31.12.2022 |
||||
Tax effect of other comprehensive income |
|
Amount before taxes |
|
Tax income/ (expense) |
|
Amount after taxes |
Currency translation adjustments |
|
– 1 754 |
|
– |
|
– 1 754 |
Gains and losses arising on revaluation of financial assets at fair value through other comprehensive income |
|
– 227 |
|
43 |
|
– 184 |
Remeasurement of post-employment benefit obligations IAS 19 |
|
– 248 |
|
48 |
|
– 200 |
Total |
|
– 2 229 |
|
91 |
|
– 2 138 |
|
|
|
|
|
|
|
CHF 1 000 |
|
1.1.–31.12.2021 |
||||
Tax effect of other comprehensive income |
|
Amount before taxes |
|
Tax income/ (expense) |
|
Amount after taxes |
Currency translation adjustments |
|
– 793 |
|
– |
|
– 793 |
Gains and losses arising on revaluation of financial assets at fair value through other comprehensive income |
|
786 |
|
– 109 |
|
677 |
Remeasurement of post-employment benefit obligations IAS 19 |
|
– 3 877 |
|
738 |
|
– 3 139 |
Total |
|
– 3 884 |
|
629 |
|
– 3 255 |
2.7.2 Deferred tax assets
CHF 1 000 |
|
Other |
|
Total |
Balance as of 1.1.2021 |
|
433 |
|
433 |
Credited/(charged) |
|
|
|
|
to profit or loss |
|
63 |
|
63 |
Currency translation adjustments |
|
5 |
|
5 |
Balance as of 31.12.2021 |
|
501 |
|
501 |
|
|
|
|
|
Balance as of 1.1.2022 |
|
501 |
|
501 |
Credited/(charged) |
|
|
|
|
to profit or loss |
|
– 107 |
|
– 107 |
Currency translation adjustments |
|
– 36 |
|
– 36 |
Balance as of 31.12.2022 |
|
358 |
|
358 |
CHF 1 000 |
|
31.12.2022 |
|
31.12.2021 |
Expiry of unrecognized loss carryforwards |
|
|
|
|
1 to 5 years |
|
629 |
|
136 |
More than 5 years |
|
1 566 |
|
759 |
Total |
|
2 195 |
|
895 |
The non-capitalized loss carryforwards originate mainly from Swiss subsidiaries. It is uncertain whether there will be an income tax benefit for Bellevue Group. Based on this fact, no deferred tax asset was capitalized.
2.7.3 Deferred tax liabilities
CHF 1 000 |
|
Intangible assets |
|
Assets from pension plans |
|
Other 1) |
|
Total |
Balance as of 1.1.2021 |
|
1 996 |
|
957 |
|
3 001 |
|
5 954 |
Charged/(credited) |
|
|
|
|
|
|
|
|
to profit or loss |
|
– 611 |
|
– 46 |
|
698 |
|
41 |
to other comprehensive income |
|
– |
|
– 738 |
|
109 |
|
– 629 |
Currency translation adjustments |
|
– 28 |
|
– |
|
– 3 |
|
– 31 |
Balance as of 31.12.2021 |
|
1 357 |
|
173 |
|
3 805 |
|
5 335 |
|
|
|
|
|
|
|
|
|
Balance as of 1.1.2022 |
|
1 357 |
|
173 |
|
3 805 |
|
5 335 |
Charged/(credited) |
|
|
|
|
|
|
|
|
to profit or loss |
|
– 388 |
|
8 |
|
– 1 015 |
|
– 1 395 |
to other comprehensive income |
|
– |
|
– 48 |
|
– 43 |
|
– 91 |
Currency translation adjustments |
|
– 31 |
|
– |
|
– 26 |
|
– 57 |
Balance as of 31.12.2022 |
|
938 |
|
133 |
|
2 721 |
|
3 792 |
1) Other deferred tax assets refer to the result of the adoption of IFRS 2 (share-based payment) and IAS 19 (other long-term employee benefits).