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Half-year report 2023
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shareholder letter

Bellevue reports sharply lower net profit of CHF 8 mn for the first half due to falling markets

Continued expansion of Private Markets as a source of future income
Prolonged very difficult environment for small and mid-cap growth stocks in the healthcare sector continues to curb Bellevue’s operating results. Assets under management decline 14% to CHF 8.1 bn. Our systematic efforts to expand our private markets offering have been successful and we are creating an increasingly distinct profile here.

Thanks to our distinctive positioning and tangible growth drivers, we are in a position to generate sustained added value over the long term.

André Rüegg

Chief Executive Officer

Key figures

Client assets

(in CHF bn)

8.1

9.4
31.12.2022
8.1
H1 2023

Operating Income

(in CHF mn)

41.3

46.8
H1 2022
41.3
H1 2023

Operating Profit (EBTDA)1)

(in CHF mn)

12.3

19.1
H1 2022
12.3
H1 2023
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Group net profit

(in CHF mn)

8.0

14.3
H1 2022
8.0
H1 2023

Cost/Income ratio (CIR)

(in %)

70.1

59.1
H1 2022
70.1
H1 2023

Return on equity2)

(in %)

14.8

25.2
H1 2022
14.8
H1 2023
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1) Earnings before taxes, depreciation and amortization

2) Based on reported net profit and average equity for the preceding 6-month period after distribution of the respective dividends

Source: Bellevue Group, as at June 30, 2023

Developments
Attractive business base
  • AuM-based business model ensures clear earnings visibility with high scalability  
  • Strong positioning in healthcare entails dependency, but offers high structural growth potential
  • Focus on other attractive niche strategies in market areas «Public» and «Private» provides attractive margins
  • Broad and steadily growing client base will unleash new growth momentum over the long term
Developments
Healthy financial structure
  • Straightforward balance sheet with high degree of transparency
  • Strong Equity Ratio of 80% (no leverage)
  • Lean but strong capital base ensures a high level of financial efficiency
  • Considerable variability of cost structure thanks to entrepreneurial profit-sharing model
  • High payout ratio ensures an attractive dividend yield
Developments
Strong platform
  • Small but robust organization demonstrates high adaptability
  • Pronounced expert/talent pool with high attractiveness and low fluctuation ensures high levels of quality and continuity
  • Steady investments in new tools and technologies keeps competitive edge sharp
  • Entrepreneurial responsibility and solid governance build trust

Investor presentation

The 2023 half-year results in brief: Overview, capital market environment, business results and business update and outlook.

Get the detailed figures
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