Bellevue Group increases bottom-line profit by 59% to CHF 22.3 mn - assets under management reach a new record high of CHF 12 bn (english)

    Bellevue Group increases bottom-line profit by 59% to CHF 22.3 mn - assets under management
reach a new record high of CHF 12 bn

^
EQS Group-Ad-hoc: Bellevue Group AG / Key word(s): Annual Results/Dividend
Bellevue Group increases bottom-line profit by 59% to CHF 22.3 mn - assets
under management reach a new record high of CHF 12 bn

02-March-2021 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.

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Media Release

Küsnacht, March 2, 2021

2020 annual results

Bellevue Group increases bottom-line profit by 59% to CHF 22.3 mn - assets
under management reach a new record high of CHF 12 bn

  * Total operating income improves by 8.4% to CHF 109.9 mn and costs rise
    at a slower rate, resulting in a 14.3% increase in operating profit to
    CHF 46.3 mn

  * Assets under management grew by 13.6% to CHF 12.0 bn due to a good
    balance of new money and investment performance

  * Healthcare strategies particularly popular, attracting more than CHF 1
    bn in new money, while traditional niche strategies lost assets - net
    new money of CHF 377 mn

  * Reported net profit of CHF 22.3 mn after valuation adjustment of CHF 9.6
    mn

  * Investment performance of 80% of all client assets beat the benchmark
    performance

  * Shareholder-friendly dividend policy maintained, 20% increase in the
    ordinary dividend to CHF 1.50 and distribution of a special dividend of
    CHF 2.50 per share proposed

  * Innovative products in the pipeline to generate additional growth, as
    recently demonstrated with the launch of the BB Entrepreneur Private
    Fund

  * Demand for healthcare strategies remained strong during the early months
    of 2021

André Rüegg, CEO of Bellevue Group, on the annual results for 2020: "Our
Group performed very well as a pure asset manager in the face of an
extremely challenging market environment. In view of the unrelenting
pandemic, 2020 became the year of health and interest in healthcare
investment ideas soared. The products in our core areas of specialty
experienced very strong inflows. At the same time, we were able to take
advantage of the swift market recovery to achieve excess return and most of
the assets we manage delivered substantial added value. The renewed increase
in assets under management with recurring revenues creates a very sound
platform for Bellevue Group's future development. We will continue to
profile ourselves as an innovative, specialized asset manager by creating a
steady flow of new products."

Assets under management at new record high of CHF 12 bn

After plunging nearly 20% in March due to the onset of the pandemic, client
assets recovered and ended the year at a new record high of CHF 12.0 bn.
Bellevue Group used the surprisingly quick market recovery to its advantage.
Most of its investment products outperformed and the various healthcare
strategies recorded a total inflow of more than CHF 1 bn. The funds with the
greatest new money inflows over the year were BB Adamant Digital Health (CHF
348 mn), BB Adamant Medtech & Services (CHF 268 mn) and BB Adamant Asia
Pacific Healthcare (CHF 179 mn), and BB Healthcare Trust (CHF 115 mn), an
investment trust listed in London. A total of CHF 9.4 bn is now being
managed in Bellevue's healthcare strategies.

Alternative investment strategies also attracted greater attention. BB
Pureos Bioventures, for example, has acquired USD 168 mn since its inception
in 2018. In view of the capital commitments received in early 2021 and the
persisting high levels of interest, this fund will likely pass the USD 200
mn threshold at the end of March 2021, when the final closing is scheduled.
Direct equity investments continued to grow as well. As expected, the
traditional investment strategies attracted less interest and lost assets of
CHF 503 mn. Resulting net new money for the year amounted to CHF 377 mn.
2020 thus brought further proof that only innovative investment strategies
will attract the interest of investors today.

Outperformance by 80% of all assets under management

Bellevue Group's goal is to create sustainable value for its clients with
innovative investment ideas. That goal was impressively achieved once again
during the past year. 80% of all assets under management outperformed their
respective benchmark 2020. In fact, 84% of the assets managed by Bellevue
since inception have outperformed their benchmarks.

Nearly every healthcare strategy delivered a double-digit return for the
year. Each of the four flagship products now manage CHF 1 bn or more in
assets and they, too, generated strong returns in the year under review. The
two investment companies BB Biotech and BB Healthcare Trust closed 2020 with
a performance, respectively, of more than 19% in CHF (30% in USD) and 29% in
GBP (33% in USD) and delivered an excess performance of 4% and 19% in USD
versus their respective benchmarks. The BB Adamant Digital Health Fund
advanced no less than 68% in USD.
BB Adamant Emerging Markets Healthcare and BB Adamant Asia Pacific
Healthcare, both regional healthcare strategies, generated likewise strong
returns of 51% and 45% in USD. Bellevue Group's impressive performance track
record is attributed in no small terms to the stability of its portfolio
management teams. 16 of Bellevue's 19 lead portfolio managers have held
their respective position from the initial launch of the strategies.

In the first quarter of 2020 Bellevue Group increased its focus on long-term
sustainability. All investment portfolios were systematically assessed and
scored using an ESG integration process that takes sustainability risks,
violations of human rights and standards, carbon emissions and other factors
into consideration.

Group net profit increased 59% to CHF 22.3 mn

Bellevue Group was able to improve its performance and efficiency at the
operational level too. Consolidated operating income rose by 8.4% to CHF
109.9 mn. Approximately 93% of this sum is asset-based and thus recurring
earnings that are not dependent on investment performance.

Operating expenses showed a proportionately smaller increase of 4.4% to CHF
63.6 mn despite continuous expansion of the investment teams and higher
profit-based compensation. This led to a 14.3% year-on-year increase in
Bellevue Group's operating profit to CHF 46.3 mn and the cost/income ratio
improved to 57.9%. Reported bottom-line profit was reduced by valuation
adjustments in connection with the repositioning of the StarCapital
subsidiary, resulting in consolidated net profit of CHF 22.3 mn - an
increase of 59.3% from the previous year.

20% increase in the ordinary dividend and a special dividend of CHF 2.50 per
share proposed

Bellevue Group is maintaining its shareholder-friendly dividend policy. A
20% increase in the ordinary dividend to CHF 1.50 per share will be proposed
at the Annual General Meeting. This corresponds to a dividend yield of
nearly 5% based on the closing price of December 31, 2020.

Furthermore, the board plans to distribute proceeds from the sale of Bank am
Bellevue, which closed in April 2020, and other reserves from the 2019
disposal of the equity interest in SIX to shareholders by way of a special
dividend of CHF 2.50 per share. Return on equity based on reported net
profit and average equity capital after distribution of the proposed
dividends stands at 21.7%, which is better than average compared to peers.

Bellevue Group strengthened its shareholder structure during the year under
review by welcoming Hansjörg Wyss as a major shareholder. He has a long-term
investment horizon and, together with the core shareholders and employees,
will contribute to the steady growth and development of the company.

Sharpening Bellevue's profile as an innovative, focused asset manager

Bellevue Group's more focused business model with the three core
competencies of specialized healthcare strategies, alternative investment
solutions, and traditional niche investment vehicles gives it a truly unique
profile as a specialized pure play asset manager. Selective investments will
be made to support the ongoing growth of the core "healthcare" segment. A
stronger push to expand the "Private Markets" unit and the development of
new ideas and innovations for our traditional and non-traditional investment
strategies will enhance growth prospects under the current business model.
This is also intended to give a lasting boost to Bellevue's diversification
and differentiation potential as a "House of Ideas". With the launch of the
BB Entrepreneur Private Fund, a growth financing vehicle for successful
Swiss SMEs, a new cycle of product innovation already commenced in January
2021. At the same time, necessary measures will be taken to clean up and
reposition the traditional products.

Bellevue Group expects the general market environment to remain volatile,
but with support from global monetary and fiscal policy coordination.
Although valuations are rich, equities are still considered the most
attractive asset class today. That said, changing policy frameworks, such as
the new administration in Washington and the implications that may have for
the US healthcare sector, will be closely monitored. Bellevue Group is
well-positioned with its robust business model, acknowledged investment
expertise and stable shareholder structure. That claim is underscored by the
very pleasing course of business during the opening months of 2021.


The 2020 annual report can be viewed online at report.bellevue.ch/2020 or
www.bellevue.ch.

Events calendar:

March 23, 2021: General Meeting of Shareholders
July 29, 2021: Publication of half-year results for 2021

Contact:
Media Relations: Jürg Stähelin, IRF
Telephone: [phone], [e-mail]

Investor Relations: Michael Hutter, CFO Bellevue Group
Telephone: [phone], [e-mail]

Bellevue Group

Bellevue Group is an independent Swiss financial boutique specializing in
asset management. Established in 1993 and listed on the SIX Swiss Exchange,
the standalone asset manager has about 100 employees and is focused on a
diverse, award-winning range of investment solutions in the three areas of
specialized healthcare strategies, alternative investment strategies and
traditional investment strategies.

KEY FIGURES BELLEVUE GROUP

                                                  2020       2019  Change
                                                        restated-    in %
                                                                *
  Consolidated income statement (in CHF
  1'000)
  Revenues from asset management services      108'819    102'156   +6.5%
  Total operating income                       109'851    101'368   +8.4%
  Total operating expenses                     -63'599    -60'905   -4.4%
  Total operating profit                        46'252     40'463  +14.3%
  Group profit before tax from continuing       31'897     27'875  +14.4%
  operations
  Group net profit from continuing operations   23'022     19'460  +18.3%
  Group net profit                              22'304     14'033  +58.9%

  Cost/Income Ratio 1)                           57.9%      60.1%       -
  Earnings per share (in CHF)                    +1.72      +1.45  +18.6%

  Asset under management (in CHF mn) 2)
  Total managed assets                          12'038     10'599  +13.6%
  Net new money                                    377        422  -10.7%

  Consolidated balance sheet (in CHF 1'000)
  Total assets                                 235'564    393'146  -40.1%
  Total liabilities                             69'748    194'796  -64.2%
  Total shareholders' equity                   165'816    198'350  -16.4%
  Total shareholders' equity after the         111'970    144'504  -22.5%
  proposed dividend

  Equity per share (in CHF)                      12.32      14.73  -16.4%
  Return on equity 3)                            21.7%      12.2%       -

  Dividend
  Ordinary dividend per share (in CHF) 4)         1.50       1.25  +20.0%
  Special dividend per share (in CHF) 4)          2.50       2.75   -9.1%
  Dividend yield (excl. special dividend) 5)      4.9%       5.2%       -

  Staff (FTE)
  Number of staff (at cutoff date)                98.7      116.3  -15.1%
  Year average number of staff                   100.4      113.1  -11.2%

  Share price
  Share price of Bellevue Group registered       30.80      23.90  +28.9%
  shares (in CHF) as at 31.12.
  Year low / Year high (in CHF) 6)             19.70 /    18.47 /
                                                 31.00      24.60
  Market capitalization (in CHF mn)                415        322  +28.9%
* The previous-year period has been adjusted. We refer to the statements on
the change in presentation in section 16.3 and on the correction of errors
in section 4.2.
1) Defined as: operating expenses / operating income
2) Related to continuing operations
3) Based on group net profit and average shareholders' equity after
deduction of the proposed dividend
4) Proposal of the Board of Directors to the Annual General Meeting
5) Calculated from share price as at 31.12.
6) End of day prices


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End of ad hoc announcement

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   Language:       English
   Company:        Bellevue Group AG
                   Seestrasse 16
                   8700 Küsnacht
                   Switzerland
   Phone:          [phone]
   Fax:            [phone]
   E-mail:         [e-mail]
   Internet:       www.bellevue.ch
   ISIN:           CH0028422100
   Valor:          A0LG3Z
   Listed:         SIX Swiss Exchange
   EQS News ID:    1171913



   End of Announcement    EQS Group News Service
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1171913 02-March-2021 CET/CEST

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