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3 Details on the consolidated balance sheet

3.1 Financial assets and financial liabilities

3.1.1 Fair value of financial instruments

 

 

30.6.2021

 

31.12.2020

CHF 1 000

 

Book value

 

Book value

Assets

 

 

 

 

Financial investments

 

 

 

 

Investments in own products

 

21 067

 

22 297

Investments in own products to fulfill long-term incentive plans

 

16 165

 

19 081

Other investments in equity instruments

 

980

 

1 306

Financial assets at fair value through profit and loss

 

38 212

 

42 684

 

 

 

 

 

Financial investments

 

 

 

 

Investments in own products

 

3 154

 

989

Other investments in equity instruments

 

 

10 195

Financial assets with OCI fair value measurement

 

3 154

 

11 184

 

 

 

 

 

Total financial assets at fair value

 

41 366

 

53 868

 

 

 

 

 

Liabilities

 

 

 

 

Other financial liabilities

 

48

 

91

Financial liabilities at fair value through profit and loss

 

48

 

91

 

 

 

 

 

Total financial liabilities at fair value

 

48

 

91

The fair value of other financial instruments measured at amortised cost does not differ significantly from their book value.

3.1.2 Valuation methods of financial instruments

CHF 1 000

 

Level 1

 

Level 2

 

Level 3

 

Total

30.6.2021 Assets

 

 

 

 

 

 

 

 

Financial investments

 

 

 

 

 

 

 

 

Investments in own products

 

1 863

 

14 009

 

8 349

 

24 221

Investments in own products to fulfill long-term incentive plans

 

16 165

 

 

 

16 165

Other investments in equity instruments

 

610

 

 

370

 

980

Financial assets at fair value

 

18 638

 

14 009

 

8 719

 

41 366

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Other financial liabilities

 

 

13

 

35

 

48

Financial liabilities at fair value

 

 

13

 

35

 

48

CHF 1 000

 

Level 1

 

Level 2

 

Level 3

 

Total

31.12.2020 Assets

 

 

 

 

 

 

 

 

Financial investments

 

 

 

 

 

 

 

 

Investments in own products

 

2 794

 

13 944

 

6 548

 

23 286

Investments in own products to fulfill long-term incentive plans

 

19 081

 

 

 

19 081

Other investments in equity instruments

 

541

 

159

 

10 801

 

11 501

Financial assets at fair value

 

22 416

 

14 103

 

17 349

 

53 868

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Other financial liabilities

 

 

11

 

80

 

91

Financial liabilities at fair value

 

 

11

 

80

 

91

No transfer between levels of the fair value hierarchy took place in the first half of 2021 or in the comparable period of the previous year.

Level 1 instruments

If a financial instrument is traded in an active market, its fair value is based on listed market prices. In the fair value hierarchy prescribed in IFRS 13, this type of financial instrument is classified as a level 1 instrument. The fair value of these positions corresponds to the current price (e.g. settlement price or closing price) multiplied by the number of units of the financial instruments held.

Level 2 instruments

If there is no active market, the fair value is determined on the basis of valuation models or other generally accepted valuation methods (primarily option pricing and discounted cash flow models). If all the significant inputs can be observed directly or indirectly in the market, the instrument is classified as a level 2 instrument. The valuation models take account of the relevant parameters such as contract specifications, the market price of the underlying asset, foreign exchange rates, yield curves, default risks and volatility.

Level 3 instruments

If at least one significant input cannot be observed directly or indirectly in the market, the instrument is classified as a level 3 instrument. These instruments include private-equity funds and unlisted equity instruments, as well as the contingent purchase price liability. The fair value of private equity funds is determined based on the last available net asset values, less necessary value adjustments according to own assessment. The fair value of unlisted equity instruments is determined primarily based on available transaction prices. Secondarily, depending on the equity security, different multiples based on currently available financial information are used to verify the valuation. If no multiples are applicable, the net asset value is used. The valuation of the contingent purchase price liability is mainly based on the underlying contractual share purchase terms and conditions.

3.1.3 Level 3 financial instruments

CHF 1 000

 

30.6.2021

 

30.6.2020

 

 

Financial investments

 

Financial investments

Holdings at the beginning of the year as 1.1.

 

17 349

 

9 318

Investments

 

1 963

 

Redemptions/Payments

 

– 10 947

 

Losses recognized in the income statement

 

– 170

 

– 209

Losses recognized in other comprehensive income

 

 

– 14

Gains recognized in the income statement

 

111

 

75

Gains recognized in other comprehensive income

 

413

 

Total book value at balance sheet date

 

8 719

 

9 170

Unrealised profit/losses from level 3 instruments which were held on the balance sheet date recorded in the income statement in the period

 

– 59

 

– 134

Key assumptions for the valuation of level 3 financial instruments vary from investment to investment. The following table shows the effect on the valuation when these assumptions are changed:

Sensitivity analysis

 

Fair value

 

Key assumption

 

Changes in key assumption

 

Change in fair value in CHF 1 000

Private Equity funds

 

8 719

 

Net asset value

 

+ 5 percentage points

 

436

 

 

 

 

 

 

– 5 percentage points

 

– 436

CHF 1 000

 

30.6.2021

 

30.6.2020

 

 

Other financial liabilities

 

Other financial liabilities

Holdings at the beginning of the year as 1.1.

 

80

 

Investments

 

 

80

Payments

 

– 45

 

Total book value at balance sheet date

 

35

 

80

Unrealised profit/losses from level 3 instruments which were held on the balance sheet date and recorded in the income statement in the period

 

 

The contingent purchase price payment from the acquisition of REALWERK AG in 2020 is included in the balance sheet item «Other financial liabilities» and represents the remaining purchase price liability owed. The valuation is mainly based on the underlying share purchase agreement provisions. In the first half-year 2021 a payment of TCHF 45 has taken place.

3.1.4 Derivative financial instruments

CHF 1 000

 

Positive replacement value

 

Negative replacement value

 

Contract volume

30.6.2021

 

 

 

 

 

 

Forward contracts (OTC) 2)

 

 

13

 

3 033

Futures 1)

 

 

 

4 563

Total

 

 

13

 

7 596

 

 

 

 

 

 

 

31.12.2020

 

 

 

 

 

 

Forward contracts (OTC) 2)

 

 

11

 

2 950

Futures 1)

 

 

 

3 851

Total

 

 

11

 

6 801

1) Level 1: listed on an active market

2) Level 2: valuated on the basis of models with observable input factors

Derivatives are used exclusively for economic hedging purposes and not as speculative investments. However, if derivatives do not meet the criteria for hedge accounting, they are classified as «Financial investments» and recognized at fair value through profit or loss for financial reporting purposes.

3.2 Trade and other receivables

CHF 1 000

 

30.6.2021

 

31.12.2020

Trade receivables

 

14 574

 

15 801

Prepayments

 

323

 

561

Other receivables

 

2 749

 

1 714

Total

 

17 646

 

18 076

3.3 Financial investments

CHF 1 000

 

30.6.2021

 

31.12.2020

Investments in own products

 

24 221

 

23 286

Investments in own products to fulfill long-term incentive plans

 

16 165

 

19 081

Other investments in equity instruments

 

980

 

11 501

Total

 

41 366

 

53 868

 

 

 

 

 

Current

 

32 647

 

46 713

Non-current

 

8 719

 

7 155

Total

 

41 366

 

53 868

3.4 Other assets

CHF 1 000

 

30.6.2021

 

31.12.2020

Assets related to other employee benefits

 

21 714

 

15 815

Assets from pension plans

 

3 960

 

5 034

Other

 

1 432

 

1 443

Total

 

27 106

 

22 292

 

 

 

 

 

Current

 

12 107

 

8 363

Non-current

 

14 999

 

13 929

Total

 

27 106

 

22 292

3.5 Goodwill and other intangible assets

CHF 1 000

 

30.6.2021

 

31.12.2020

Goodwill

 

42 226

 

44 047

Other intangible assets

 

6 858

 

8 531

Total

 

49 084

 

52 578

CHF 1 000

 

Total

Goodwill Acquisition cost

 

 

Balance as of 31.12.2020

 

109 788

Foreign currency effect

 

205

Balance as of 30.6.2021

 

109 993

 

 

 

Accumulated valuation adjustments

 

 

Balance as of 31.12.2020

 

– 65 741

Additions

 

– 2 026

Balance as of 30.6.2021

 

– 67 767

 

 

 

Net carrying values

 

 

Balance as of 31.12.2020

 

44 047

Balance as of 30.6.2021

 

42 226

Bellevue Group basically examines the recoverable value of the goodwill annually, based on the estimated recoverable amount that can be obtained per each single cash-generating unit, or group of such units (depending on allocation). If events or a change of circumstances indicate a possible impairment, the test is carried out more frequently. Detailed explanations of the methods used in calculating the recoverable amount are given in the note in the annexe, item 3.6, of the 2020 annual report.

An impairment test was carried out at the end of June 2021. The discount rate used in these calculations was 10.6% (31.12.2020: 10.6%) and the assumed growth rate was 2% (31.12.2020: 2%). A projected reduction in the assets under management of StarCapital AG in the second half of 2021 due to customer streamlining in the low margin mandate business and the resulting expected cash flow surpluses compared to the business plan have led to an adjustment of the estimate for the future earnings achievable by StarCapital AG. As a result, the goodwill for StarCapital AG had to be impaired by CHF 2.0 million as of June 30, 2021. This amount corresponds to the amount by which the carrying amount exceeds the recoverable amount. Assuming that the used growth rates of expected cash inflows (which depend primarily on the return on average assets under management and expected investment returns) would be assumed to be 20% lower or the used discount rate 10% higher, this could lead to an additional goodwill impairment of CHF 1.7 million or CHF 2.0 million, respectively. The goodwill allocated to the cash-generating unit StarCapital AG amounts to CHF 12.6 million as of December 31, 2020. The remaining goodwill (CHF 29.6 million) is attributable to the cash-generating units Bellevue Asset Management AG and adbodmer AG.

CHF 1 000

 

Client base

 

Brand

 

Other

 

Total

Other intangible assets Acquisition cost

 

 

 

 

 

 

 

 

Balance as of 31.12.2020

 

49 200

 

374

 

372

 

49 946

Foreign currency effect

 

59

 

 

 

59

Balance as of 30.6.2021

 

49 259

 

374

 

372

 

50 005

 

 

 

 

 

 

 

 

 

Accumulated valuation adjustments

 

 

 

 

 

 

 

 

Balance as of 31.12.2020

 

– 40 998

 

– 351

 

– 66

 

– 41 415

Additions

 

– 800

 

– 23

 

– 47

 

– 870

Impairment

 

– 862

 

 

 

– 862

Balance as of 30.6.2021

 

– 42 660

 

– 374

 

– 113

 

– 43 147

 

 

 

 

 

 

 

 

 

Net carrying values

 

 

 

 

 

 

 

 

Balance as of 31.12.2020

 

8 202

 

23

 

306

 

8 531

Balance as of 30.6.2021

 

6 599

 

 

259

 

6 858

As of June 30, 2021, the review of the residual values of the StarCapital AG client base resulted in an impairment of CHF 0.9 million. The discount rate used for this purpose was 12.1% (December 31, 2020: 12.1%) and the applied growth rate 2% (December 31, 2020: 2%).

3.6 Trade and other payables

CHF 1 000

 

30.6.2021

 

31.12.2020

Trade payables

 

748

 

799

Accrued expenses

 

49 400

 

53 098

Other payables

 

964

 

1 572

Total

 

51 112

 

55 469

 

 

 

 

 

Current

 

35 742

 

39 241

Non-current

 

15 370

 

16 228

Total

 

51 112

 

55 469

3.7 Treasury shares

 

 

Number

 

CHF 1 000

Balance as of 1.1.2020

 

70 000

 

1 654

Purchases

 

599 814

 

12 950

Disposals

 

– 574 020

 

– 12 595

Balance as of 30.6.2020

 

95 794

 

2 009

Purchases

 

162 392

 

4 030

Disposals

 

– 172 044

 

– 3 846

Balance as of 31.12.2020

 

86 142

 

2 193

Purchases

 

198 580

 

8 045

Disposals

 

– 125 945

 

– 4 486

Balance as of 30.6.2021

 

158 777

 

5 752

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