Notes to the financial statements

1 Accounting Principles

General approach

The annual financial statements of Bellevue Group AG were prepared in accordance with the guidelines of the Swiss Code of Obligations. Balance sheet items are valued at historical costs.

Cash and cash equivalents, receivables and liabilities

Assets are recognised at acquisition costs and liabilities are recognised at their nominal value. Specific valuation adjustments are made for identifiable risks of loan losses.

Property, plant and equipment

Property, plant and equipment are valued at acquisition or production cost less accumulated depreciation and less value adjustments. Property, plant and equipment are depreciated on a straight-line basis over their estimated useful lives. If there are indications of overvaluation, the book values are reviewed and adjusted if necessary.

Participations

Participations are recognised at acquisition costs less impairments necessary for commercial reasons.

Accruals and deferrals

Accruals and deferrals are expenditures of the current financial year, which are recognized as expenses in the subsequent financial year as well as revenues of the current financial year, which are recognised as income in the subsequent financial year.

Treasury shares

Treasury shares are recognised at acquisition cost and deducted from shareholders’ equity at the time of acquisition. In case of a resale, the gain or loss is recognised through the income statement as profit or loss. For treasury shares held by subsidiaries, a reserve for treasury shares is booked to the value of the acquisition price.

Waiver of cash flow statement, management report and additional disclosures in the notes

As Bellevue Group AG has prepared its consolidated financial statements in accordance with a recognised accounting standard (IFRS), it has decided to waive the disclosure of additional information on interest-bearing liabilities and audit fees in the notes, the management report as well as a the cash flow statement in accordance with the law.

2 Notes to the financial statements

Cash and cash equivalent

Other short-term receivables

Other short-term receivables from group companies include short-term loans and bore interest of 0.25% in the financial year and in the comparative period. The recorded interest is shown in the position «finance income».

Participations

As a rule, participations are valued individually. For participations that are already managed and assessed together as an economic business unit within the company, the impairment test of the participations is performed analogously to the IFRS consolidated financial statements at the level of the economic business units. 

Lower business volumes and an overall reduction in profitability at StarCapital AG had led to the need to adjust the carrying amount of the investment in StarCapital AG by CHF 3.4 million in the 2021 reporting year.

Other short-term liabilities

Treasury Shares

Treasury shares are held directly by the Company. All transactions are carried out at market prices.

3 Additional Information

Company name, legal form and domicile

The Bellevue Group AG is a joint stock company under the Swiss Code of Obligations and is domiciled in Küsnacht at Seestrasse 16.

Declaration on FTEs

The annual average of full-time employees has not exceeded 10 in the current financial year (previous year: not exceeded 10).

Information on shareholdings of members of the Board of Directors and the Group Executive Board 

Events after the balance sheet date

No events have occurred since the balance sheet date that would have a material impact on the information provided in the year 2022 financial statements and would therefore need to be disclosed.

Information on major shareholders

Based on the notifications received and published by Bellevue Group AG, each of the following parties owns a significant voting rights:

The shareholders Martin Bisang (Küsnacht), as well as Jürg and Manuela Schäppi (Jona) signed a shareholder agreement on October 25, 2018. Martin Bisang will represent the Group and controls 29.48% of the voting rights by December 31, 2022 (December 31, 2021: 29.48%).

4 Proposal to the Annual General Meeting

Upon approval of this proposal, the dividend of CHF 2.00 per registered share of CHF 0.10 will be paid less the federal withholding tax of 35%.