BREDERODE S.A. INTERIM STATEMENT
(Unaudited regulated information published on 15 December 2022, at 5.45 p.m.)
- Shareholders' equity per share as of 30 September 2022: € 124.44
- Profit in Private Equity: € 299.45 million
- Loss on the listed portfolio: € 296.48 million
Year-to-date summary of the result
At the end of the third quarter of 2022, and on the basis of unaudited accounts, the result for the first nine months of the year was effectively break-even, despite the violent disturbances caused mainly by the rise in inflation in Western countries and Russia's invasion of Ukraine. The contrasting trends between the respective results of Brederode's two business sectors were confirmed: weakness in the listed securities' portfolio, in line with market indexes, and continued favorable developments in Private Equity, supported by the strength of the US dollar.
On 30 September 2022, the unaudited net asset value per Brederode share was €124.44, a slight increase over the quarter and a slight decrease from the beginning of the year. This valuation was based on the market prices for the listed securities and, for Private Equity, on the unaudited valuations as at 30 September 2022 obtained for more than 95% of the investments.
BREDERODE SA | 4, Place Winston Churchill - L-1340 Luxembourg - R.C.S. Luxembourg B 174.490 | page 1/6 |
KEY FIGURES OF BREDERODE'S INDIVIDUAL (NON-CONSOLIDATED) FINANCIAL STATEMENTS (IFRS)
(in € million) | 30 09 2022 | 31 12 2021 |
Shareholders' equity of the investment entity | 3,646.78 | 3,676.32 |
Profit for the period | 4.16 | 1 035.56 |
Amounts distributed to shareholders | 33.70 | 31.65 |
Adjusted figures per share (in €) | ||
Shareholders' equity of the investment entity | 124.44 | 125.45 |
Profit for the period | 0.14 | 35.34 |
Amounts distributed to shareholders | 1.15 | 1.08 |
Market price at the end of the period | 89.90 | 127.80 |
Ratios | ||
Return on Equity (1) | 0.1% | 32.6% |
- Return on Equity: results for the financial year divided by the average shareholders' equity. This ratio measures the internal profitability of a company.
PRIVATE EQUITY
The private equity result during the first nine months of the year was a profit of €299.45 million. Cash calls (€235.8 million) were slightly ahead of distributions (€231.2 million). Over the same period, new commitments represented €401.6 million, contributing to total uncalled commitments of €1,332 million at the end of the quarter. The value of the investments in Private Equity was €2,666 million, over two thirds of Brederode's total assets.
BREDERODE SA | 4, Place Winston Churchill - L-1340 Luxembourg - R.C.S. Luxembourg B 174.490 | page 2/6 |
Evolution of commitments (in € million)
4.500
4.000
3.500
3.000
2.500
2.000
1.500
1.000
500
0
Undrawn commitments | ||||||||||||||||||||
Investments | ||||||||||||||||||||
1.332 | ||||||||||||||||||||
1.016 | ||||||||||||||||||||
991 | ||||||||||||||||||||
1.059 | ||||||||||||||||||||
894 | 2.666 | |||||||||||||||||||
699 | ||||||||||||||||||||
532 673 | 2.344 | |||||||||||||||||||
261 300 287 326 | 453 | 1.555 | ||||||||||||||||||
271 321 313 306 | 1.300 | |||||||||||||||||||
127 122 | 173 | 464 512 525 518 628 | 719 | 795 8781.049 | ||||||||||||||||
202 218 | 263 270 304 309 363 | |||||||||||||||||||
2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 09 |
Evolution of cash flow (in € million)
600 | ||||||||||||||||||||
400 | ||||||||||||||||||||
533 | ||||||||||||||||||||
200 | ||||||||||||||||||||
125 115 | 104 147 151 | 180 202 | 187 | 196 | 232 257 272 | 231 | ||||||||||||||
74 | 114 | 77 | ||||||||||||||||||
0 | 40 | 38 | 18 | |||||||||||||||||
-55 | -51 | -64 | -82 | -99-100 | -35 | -93 | -90 | -114 | -82 | -132-138-167 | ||||||||||
-219-224 | -254 | |||||||||||||||||||
-316-323 | ||||||||||||||||||||
-200 | ||||||||||||||||||||
-505 | ||||||||||||||||||||
-400 | Capital calls | Distributions | Net cash flows | |||||||||||||||||
-600 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 09 |
BREDERODE SA | 4, Place Winston Churchill - L-1340 Luxembourg - R.C.S. Luxembourg B 174.490 | page 3/6 |
List of Private Equity General Partners
(in € million)
Managers | Current | Uncalled | Total |
investments | commitments | ||
EQT | 135.32 | 77.57 | 212.90 |
L-CATTERTON | 116.08 | 76.07 | 192.15 |
HIG | 92.00 | 94.54 | 186.55 |
ARDIAN | 117.54 | 52.15 | 169.69 |
PSG | 92.15 | 73.92 | 166.08 |
CARLYLE | 105.05 | 60.56 | 165.61 |
VISTA | 101.14 | 63.92 | 165.06 |
BAIN | 99.43 | 50.46 | 149.89 |
HARVEST | 81.86 | 44.20 | 126.06 |
GENSTAR | 93.22 | 22.36 | 115.57 |
ARLINGTON | 66.85 | 46.49 | 113.34 |
AMERICAN SECURITIES | 92.92 | 15.22 | 108.14 |
ALPINE | 82.17 | 23.05 | 105.22 |
BV | 46.28 | 57.94 | 104.22 |
STONEPOINT | 59.70 | 43.53 | 103.23 |
BC | 75.76 | 18.50 | 94.26 |
UPFRONT | 77.49 | 10.84 | 88.33 |
ALPINVEST | 56.58 | 31.01 | 87.59 |
CAPITAL TODAY | 84.50 | 0.00 | 84.50 |
HGGC | 61.60 | 21.71 | 83.31 |
MERCATO | 60.21 | 14.87 | 75.08 |
PAI | 37.87 | 36.26 | 74.12 |
SUN | 39.33 | 29.50 | 68.83 |
TRITON | 38.85 | 25.86 | 64.71 |
FRONTENAC | 38.89 | 22.35 | 61.24 |
AUTRES | 713.30 | 319.18 | 1,032.49 |
TOTAL | 2,666.12 | 1,332.06 | 3,998.17 |
The top 25 General Partners included in this list represent 73% of the total commitments.
BREDERODE SA | 4, Place Winston Churchill - L-1340 Luxembourg - R.C.S. Luxembourg B 174.490 | page 4/6 |
LISTED SECURITIES
The listed securities portfolio produced a negative result, including net dividends, of €296.5 million during the first nine months of the year.
Main holdings in the portfolio of listed securities
Securities | 31 12 2021 | Acquisitions | Changes in fair | 30 09 2022 | Performance |
(Disposals) | value | (1) | |||
(in € million) | |||||
Technology | 427.43 | 4.74 | -99.82 | 332.35 | -22.2% |
Mastercard | 99.60 | 0.00 | -8.03 | 91.58 | -7.7% |
Samsung Electronics (GDR) | 107.00 | 0.00 | -37.49 | 69.51 | -33.9% |
Alphabet (C) | 71.23 | 0.00 | -16.23 | 55.00 | -22.8% |
Relx | 57.03 | 0.00 | -7.28 | 49.75 | -10.7% |
Intel | 51.25 | 0.00 | -21.45 | 29.79 | -39.9% |
Prosus | 20.92 | 4.74 | -4.91 | 20.75 | -19.1% |
Alibaba | 20.41 | 0.00 | -4.44 | 15.97 | -21.8% |
Consumer goods | 229.70 | 4.02 | -20.56 | 213.16 | -6.9% |
Unilever | 85.67 | 0.00 | -3.34 | 82.33 | -1.2% |
Nestlé | 83.25 | 0.00 | -7.67 | 75.58 | -7.3% |
LVMH | 60.78 | 4.02 | -9.55 | 55.24 | -14.0% |
Investment companies | 312.43 | -1.39 | -137.63 | 173.41 | -43.9% |
Brederode (2) | 153.94 | -1.39 | -44.27 | 108.29 | -29.0% |
Sofina | 158.48 | 0.00 | -93.37 | 65.12 | -58.2% |
Electricity | 159.72 | 8.61 | -38.40 | 129.93 | -18.1% |
Iberdrola | 83.26 | 3.59 | -6.77 | 80.08 | -3.6% |
Enel | 76.46 | 5.02 | -31.63 | 49.85 | -33.6% |
Healthcare | 92.92 | 0.00 | -3.93 | 88.99 | -0.7% |
Novartis | 51.29 | 0.00 | 0.85 | 52.14 | 5.0% |
Sanofi | 41.63 | 0.00 | -4.78 | 36.85 | -7.8% |
Miscellaneous | 120.50 | -12.47 | -19.86 | 88.17 | -15.8% |
Royal Bank of Canada | 52.08 | 9.98 | -0.13 | 61.93 | 2.0% |
3M | 34.46 | -27.30 | -7.16 | 0.00 | -19.3% |
Telenor | 26.70 | 0.00 | -8.58 | 18.12 | -28.6% |
Other holdings < € 10 million | 7.27 | 4.85 | -4.00 | 8.12 | -33.0% |
TOTAL | 1,342.70 | 3.51 | -320.21 | 1,026.00 | -22.1% |
- Indicative performance taking into account the net dividends received.
- Reimbursement of capital or equivalent.
BREDERODE SA | 4, Place Winston Churchill - L-1340 Luxembourg - R.C.S. Luxembourg B 174.490 | page 5/6 |
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Brederode SA published this content on 15 December 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 December 2022 16:52:06 UTC.
