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2016-02-29

Bellevue Group AG: Bellevue Group operating profit sharply higher at CHF 24.6 million - assets under management reach new record high

Bellevue Group AG / Bellevue Group operating profit sharply higher at CHF 24.6
million - assetsunder management reach new record high . Processed and
transmitted by NASDAQ OMX Corporate Solutions.The issuer is solely
responsible for the content of this announcement.
* Group operating profit up 85% to CHF 24.6 million
* Increase in assets under management of 14% to CHF 5.3 billion
* Asset Management result improves by 56% to CHF 24.0 million
* Bank am Bellevue's operating profit CHF 4.1 million thanks to special
dividend from SIX
* Net loss of CHF 0.8 million at Group level following impairments in first
half-year
* Proposed dividend per share of CHF 1.00

The stock market fluctuations of 2015 will leave many investors with mixed
feelings. Most recently, the striking factor was the increase in market
volatility worldwide. While the continuation of loose monetary policy may
have offset the faltering global economy, the fundamental challenges are
still to be addressed. In the face of general low economic growth, the
slowdown of growth engine China takes on more important dimensions. Investor
confidence was also damaged by geopolitical risks in Russia and the Middle
East.

Significant improvement in operating profit and recurring income

Despite the challenging environment, Bellevue Group's profitability has
continued to improve. Fee and commission business - the Group's main source
of income - grew considerably by 41% to CHF 70.6 million (previous year: CHF
50.1 million). Bellevue Asset Management's contribution to the improvement in
the result was crucial, achieving new record income with an increase of
around 63%. Bank am Bellevue's income also rose slightly thanks to the
special dividend of CHF 4.5 million from SIX Group Ltd.

In line with the very positive trend in operating performance, the
entrepreneurial compensation model led to higher salary expenses, with an
increase of staff from 78 to 87. Total expenses rose by 34%, but at a much
slower pace then the increase in income. Overall, the Group achieved an
operating profit of CHF 24.6 million in 2015 - an 85% improvement over the
previous year (CHF 13.3 million). This strong operating performance was
affected by extraordinary impairments in the first half-year. Revenue erosion
in the Brokerage unit caused the Bank to revise the future profit potential,
which resulted in impairments and write-offs of CHF 24.7 million to goodwill
and intangible assets in the balance sheet. In the second half of 2015,
Bellevue Group was able to increase the momentum for growth. That reduced the
net loss to CHF 0.8 million at the Group level (previous year profit: CHF
11.1 million) after consideration of seed capital, depreciation, amortisation
and impairments, and taxes.

"In 2015, Bellevue Group continued to strengthen the foundations for robust
development of the business. The strategic focus on recurring revenue is
gradually bearing fruit, as current results clearly demonstrate. We want to
build on this regained strong performance, particularly in Asset Management
to implement the growth and diversification strategy efficiently. We are
concentrating our attention on reinvigorating the Bank. We are confident that
this year we will be able to take our first steps towards broadening the
Bank's business activities," comments André Rüegg, CEO of Bellevue Group,
with regard to the 2015 results.

Asset Management income at new record high and continued growth in assets
under management

Based on continuing success with BB Biotech AG and on the first full-year
contribution from Adamant Biomedical Investments AG, the Asset Management
achieved sustainable increases in revenues and helped to diversify the income
stream. The share of income arising from sources other than the BB Biotech
area is growing steadily and amounts to well over a third. Client assets
under management rose to a new record high of CHF 5.3 billion during the
reporting year, representing a significant increase of 14% over the previous
year (CHF 4.7 billion). Above-average investment performance from a number of
products was once again the key driver behind this solid growth, despite a
volatile market environment and major currency fluctuations. BB Biotech's
performance, at 28.2%, surpassed the benchmark by more than 16%. In the
healthcare sector, the BB Adamant Global Healthcare Index Fund beat the
benchmark index with its performance of 11.6%. The niche strategy funds BB
Entrepreneur Switzerland and Europe generated added value for their investors
with investment results of 6.4% and 14.1%, respectively, and outperformed
their benchmarks. The BB Global Macro Fund completes Bellevue Asset
Management's picture of strong performers, with a return of 6.1%. The
internationally renowned investment expertise at Bellevue Asset Management
attracted the record amount of around CHF 540 million in new money from
private and institutional investors. Redemptions due to profit-taking
completely offset the new funds raised. Bellevue Asset Management improved
its result by 56% to CHF 24.0 million, underpinned by the marked increase in
assets under management.

Bank am Bellevue: Corporate Finance gains in importance - tailwind from
special dividend

There was strong demand for the Corporate Finance team's expertise in M&A and
capital markets during 2015. Bank am Bellevue recently acted as co-lead
manager in the stock market debut of Cassiopea, a Cosmo Pharmaceuticals
subsidiary. Overall, Corporate Finance achieved a year-on-year increase in
income of 67%. This positive trend was nevertheless overshadowed by a
slowdown in brokerage business and led to a fall in commission income of
around 8%. Institutional investors remained hesitant even though each of the
research team's share recommendations and the quarterly selection of the top
five clearly outperformed the SMI (-1.8%) with yields of 11.5% and 11.7%,
respectively. The Bank's innovative strength was demonstrated by the
introduction of structured products. A special dividend payment from SIX
Group Ltd positively influenced the Bank's annual result, which showed an
operating profit of CHF 4.1 million (previous year: CHF 2.3 million).

Shareholder-friendly dividend policy

The Board of Directors will propose an unchanged dividend of CHF 1.00 per
registered share at the forthcoming Annual General Meeting. This continues
the shareholder-friendly dividend policy.

Acquisition of StarCapital AG brings expanded know-how and increased income

The acquisition of the independent German asset manager StarCapital AG, which
was announced on 23 February 2016, continues Bellevue Group's targeted
diversification into new asset classes and expansion of its product range in
non-healthcare sectors. StarCapital manages assets of around CHF 2.5 billion,
and its expertise in balanced investments and fixed income strategies is well
known. To complete the planned acquisition of StarCapital and to maintain
Bellevue Group's strategic flexibility in line with its forward strategy, the
company plans a rights offering during the second quarter of 2016 to increase
capital by CHF 30 to 40 million.

A full copy of the 2015 annual report can be viewed atwww.bellevue.ch

Contact

Media/Investor Relations: Daniel Koller, CFO

Telephone +41 44 267 67 00, fax +41 44 267 67 01,ir@bellevue.ch

Financial Calendar 2016

22 March 2016 Annual General Meeting 2016

29 July 2016 Publication of half-year report 2016

Bellevue Group

Bellevue Group is an independent Swiss financial boutique listed on the SIX
Swiss Exchange. Established in 1993, the company and its approximately 90
employees are specialists in the fields of Brokerage, Corporate Finance and
Asset Management. Bellevue Group includes the two subsidiaries Bank am
Bellevue and Bellevue Asset Management. The Bank boasts superb knowledge of
the Swiss stock and bond market and offers independent research opinions and
recommendations as well as viable solutions for capital market transactions.
Bellevue Asset Management is focused on selected active equity investment
strategies in growing markets, in health care industries as well as in other
special themes such as entrepreneur-led companies.

This publication shall not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any sale of securities referred to herein
in any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration, exemption from registration or qualification
under the securities laws of any such jurisdiction. The securities referred
to herein have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "Securities Act"), and may not be
offered or sold in the United States or to U.S. persons (as such term is
defined in Regulation S under the Securities Act) absent registration or an
exemption from registration under the Securities Act. The issuer of the
securities has not registered, and does not intend to register, any portion
of the offering in the United States, and does not intend to conduct a public
offering of securities in the United States.
This publication constitutes neither an offer to sell nor a solicitation to
buy securities of Bellevue Group and it does not constitute a prospectus
within the meaning of article 652a and/or 1156 of the Swiss Code of
Obligations or a listing prospectus within the meaning of the listing rules
of the SIX Swiss Exchange. The offer will be made solely by means of, and on
the basis of, an offering circular and listing prospectus which is to be
published. An investment decision regarding the publicly offered securities
of Bellevue Group should only be made on the basis of the offering circular
and listing prospectus.

Press Release (PDF)
http://hugin.info/137269/R/1989862/730895.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX 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

HUG#1989862

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