Brief: GAM Holding FY IFRS Net Loss After Tax At CHF 82.1 Mln

Gam Holding AG

27/03/2024 06:11

March 27 (Reuters) - GAM HOLDING AG  GAMH.S :
    * ANNOUNCES 2023 FULL YEAR RESULTS, PROPOSAL TO STRENGTHEN
THE
BALANCE SHEET AND STRATEGIC PROGRESS
    * FY IFRS NET LOSS AFTER TAX OF CHF 82.1 MILLION, COMPARED
TO CHF
290.0 MILLION IN 2022
    * UNDERLYING LOSS BEFORE TAX OF CHF 49.5 MILLION, COMPARED
TO CHF
42.5 MILLION IN 2022
    * FY UNDERLYING LOSS BEFORE TAX OF CHF 49.5 MILLION,
COMPARED TO
CHF 42.5 MILLION IN 2022
    * INVESTMENT MANAGEMENT ASSETS UNDER MANAGEMENT (AUM) AT CHF
19.3
BILLION, COMPARED TO CHF 23.2 BILLION AS OF 31 DECEMBER 2022
    * OVER THREE-YEAR PERIOD TO 31 DECEMBER 2023, 78% OF OUR AUM
IN
FUNDS OUTPERFORMED THEIR RESPECTIVE BENCHMARK, COMPARED TO 55%
AS OF 31 DECEMBER 2022
    * NET FEE AND COMMISSION INCOME DECREASED BY 21.7% TO CHF
129.2
MILLION COMPARED WITH CHF 165.0 MILLION IN 2022
    * FY UNDERLYING GENERAL EXPENSES FOR 2023 OF CHF 65.0
MILLION WERE
DOWN ON CHF 75.8 MILLION REPORTED IN 2022
    * UNDERLYING OPERATING MARGIN FOR 2023 WAS NEGATIVE 38.0%
COMPARED
WITH NEGATIVE 25.8% IN 2022
    * UNDERLYING LOSS BEFORE TAXES WAS CHF 49.5 MILLION,
COMPARED WITH
AN UNDERLYING LOSS OF CHF 42.5 MILLION IN 2022
    * FY UNDERLYING EFFECTIVE INCOME TAX FOR 2023 WAS A DEBIT OF
CHF
0.3 MILLION
    * NO DIVIDEND IS PROPOSED TO BE PAID TO SHAREHOLDERS BY
BOARD OF
DIRECTORS RECOGNISING UNDERLYING NET LOSS IN 2023
    * AUM TOTALLED CHF 19.3 BILLION AS OF 31 DECEMBER 2023,
COMPARED
WITH CHF 23.2 BILLION AS OF 31 DECEMBER 2022
    * WE WILL COMPLETE TRANSITION TO A SINGLE OPERATING
PLATFORM,
WHICH INCLUDES HAVING ALL INVESTMENT MANAGEMENT ACTIVITIES ON
OUR NEW CLOUD-BASED SIMCORP PLATFORM, BY END OF 2024

Source text for Eikon:  ID:nGNE2VDqyv 
Further company coverage:  GAMH.S 

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