Capital structure and management
- Equity capital remains solid thanks to sustained earnings power
- Reduction in goodwill & intangibles (prior year: CHF 53 mn), which reflects ordinary deprecation and value adjustments at StarCapital
- Required level of regulatory minimum capital as a pure asset manager is lower, enabling a very attractive return on equity
- Reserves of CHF 43 mn a sound cushion ensuring steady and attractive payouts as well as further growth
- Simple and debt-free balance sheet