Extraordinary impairment of goodwill of Bank am Bellevue
(Thomson Reuters ONE) -
Bellevue Group AG /
Extraordinary impairment of goodwill of Bank am Bellevue
. Processed and transmitted by Nasdaq Corporate Solutions.
The issuer is solely responsible for the content of this announcement.
* Extraordinary impairment of CHF 10 mn on goodwill and write-down of CHF 0.2
mn on intangible assets of Bank am Bellevue
* Bellevue Asset Management's business development remains solid
* Net profit of CHF 6.5 mn at end of November (before extraordinary impairment
and write-down), operating profit of CHF 11.6 mn
In light of continued decline of business volumes and reduced profitability of
brokerage and corporate finance business at Bank am Bellevue, the Board of
Directors and the management have reassessed future earnings. As a result, the
remaining positions of "goodwill" and "other intangible assets" of Bank am
Bellevue with a total value of CHF 10.2 mn will be fully written down as of
today.
The performance of Bellevue Asset Management continues to be solid, with net new
money of CHF 2.8 bn as of November (as of 30 June 2016: CHF 2.6 bn). Assets
under management increased to CHF 7.8 bn as of November.
Bellevue Group reports the following results as of November 2016 (before
extraordinary value adjustments and amortization):
* Net profit of CHF 6.5 mn (as of 30 June 2016: profit of CHF 2.8 mn),
operating profit of CHF 11.6 mn (as of 30 June 2016: profit of CHF 6.8 mn
* Bank am Bellevue with operating loss of CHF 3.8 mn (as of 30 June 2016: loss
of CHF 1.1 mn)
* Bellevue Asset Management with operating profit of CHF 18.5 mn (as of 30
June 2016: profit of CHF 9.5 mn)
Bellevue Group's Annual Report will be published on 28 February 2017.
Contact:
Media / Investor Relations: Daniel Koller, CFO
Telephone +41 44 267 67 00, Fax +41 44 267 67 01, ir(at)bellevue.ch
Press Release (PDF):
http://hugin.info/137269/R/2064134/774622.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Bellevue Group AG via GlobeNewswire
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