Bellevue Group

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).

Consolidated financial statements

Financial statements of
Bellevue Group AG

2 Details on the consolidated income statement

2.1 Revenues from asset management services

2.2 Net other income

2.3 Personnel expenses

2.4 Operating expenses

2.5 Depreciation and amortization

2.6 Valuation adjustments

2.7 Tax

2.7.1 Income taxes

2.7.2 Deferred tax assets

2.7.3 Deferred tax liabilities

Consolidated financial statements

Financial statements of Bellevue Group AG

2 Details on the consolidated income statement

2.1 Revenues from asset management services

2.2 Net other income

2.3 Personnel expenses

2.4 Operating expenses

2.5 Depreciation and amortization

2.6 Valuation adjustments

2.7 Tax

2.7.1 Income taxes

2.7.2 Deferred tax assets

2.7.3 Deferred tax liabilities

Financial statements of
Bellevue Group AG