BREDERODE S.A. SEMI-ANNUAL PRESS RELEASE - FINANCIAL INFORMATION AS AT 30 JUNE 2023
(Regulated information - published on 14 September 2023 at 5.45 p.m.)
- Shareholders' equity per share: € 126.81
- Profit for the period: € 182.76 million
- Annual performance of shareholder's equity per share over 10 years: 14.9%
In the first half of 2023, there were no major geopolitical crises. However, the ongoing uncertainty as to the duration of the current cycle of monetary tightening and as to the equilibrium level of interest rates over the long term in the major western economies , continues to generate volatility in the financial markets.
In this complex and unusual environment, Brederode has performed steadily. Shareholders' equity increased by 5% over the first six months of the year, taking into account the distribution to shareholders of €1.22 per share in May 2023. Our two areas of activity were both profitable in the first half of the year, the portfolio of Listed Securities having generated € 121 million in profit and Private Equity € 64 million.
BREDERODE SA | 4, Place Winston Churchill - L-1340 Luxembourg - R.C.S. Luxembourg B 174.490 | page 1/23 |
SUMMARY OF THE HALF-YEARLY RESULT
BREDERODE SA | 4, Place Winston Churchill - L-1340 Luxembourg - R.C.S. Luxembourg B 174.490 | page 2/23 |
LONG-TERM PERFORMANCE (10 YEARS): 14.9% PER ANNUM (1)
- Rate of Return (IRR) of shareholders' equity, based on the value of equity as at 30 June 2013 (€35.85) and as at 30 June 2023 (€126.81) as well as the distributions to shareholders over a period of 10 years.
BREDERODE SA | 4, Place Winston Churchill - L-1340 Luxembourg - R.C.S. Luxembourg B 174.490 | page 3/23 |
KEY FIGURES OF BREDERODE'S INDIVIDUAL (NON-CONSOLIDATED) FINANCIAL STATEMENTS (IFRS)
(in € million) | 30 06 2023 | 31 12 2022 | 30 06 2022 |
Shareholders' equity | 3,716.32 | 3,569.31 | 3,586.94 |
Profit for the period | 182.76 | -73.30 | -55.68 |
Amounts distributed to shareholders | 35.75 | 33.70 | 33.70 |
Adjusted figures per share (in €) | |||
Shareholders' equity | 126.81 | 121.80 | 122.40 |
Profit for the period | 6.24 | -2.50 | -1.90 |
Amounts distributed to shareholders | 1.22 | 1.15 | 1.15 |
Market price at the end of the period | 101.00 | 108.60 | 89.60 |
Ratios | |||
Return on average equity (1) | 5.0% | -2.0% | -1.5% |
Number of shares used in the profit | |||
For shareholders' equity and basic earnings | 29,305,586 | 29,305,586 | 29,305,586 |
- Return on Average Equity: results for the financial year divided by the average shareholders' equity. This ratio measures the internal profitability of a company.
CONTRIBUTIONS TO THE INCOME FROM ASSETS HELD BY BREDERODE AND ITS SUBSIDIARIES
The following table provides details of the contribution of the main assets and liabilities of Brederode and its subsidiaries to the income as expressed in the separate Financial Statements of Brederode.
(in € million) | 30 06 2023 | 31 12 2022 | 30 06 2022 |
Private Equity management result (2) | 63.94 | 141.85 | 178.29 |
Listed Securities management result | 121.08 | -214.60 | -235.37 |
Other operating income and expenses (3) | -1.88 | -5.67 | -2.65 |
OPERATING RESULT | 183.14 | -78.42 | -59.73 |
Net financial Income | -0.35 | 5.15 | 4.00 |
Taxes | -0.02 | -0.03 | 0.05 |
PROFIT FOR THE PERIOD | 182.76 | -73.30 | -55.68 |
- After deducting management fees and performance fees paid to the managers.
- This includes all the general expenses specific to Brederode and its subsidiaries for a total of € 1.60 million in the first half of 2023 (€ 2.00 million for the first half of 2022), that is, an annualised 0.08% of the portfolio value.
BREDERODE SA | 4, Place Winston Churchill - L-1340 Luxembourg - R.C.S. Luxembourg B 174.490 | page 4/23 |
NET ASSETS HELD BY BREDERODE AND ITS SUBSIDIARIES
The following table provides details of the contribution of the main assets and liabilities of Brederode and its subsidiaries to shareholders' equity as expressed in Brederode's separate Financial Statements.
(in € million) | 30 06 2023 | 31 12 2022 | 30 06 2022 |
NON CURRENT ASSETS | 3,838.20 | 3,608.07 | 3,627.11 |
Fixed assets | 1.67 | 1.66 | 1.64 |
Non-current financial assets | 3,836.52 | 3,606.40 | 3,625.48 |
- Private Equity Portfolio | 2,612.86 | 2,487.51 | 2,542.81 |
- Listed Portfolio | 1,223.66 | 1,118.89 | 1,082.67 |
Other non-current assets | 0.01 | 0.01 | - |
CURRENT ASSETS | 8.52 | 25.33 | 38.00 |
Cash and cash equivalents | 3.94 | 10.70 | 32.56 |
Tax receivable | 3.56 | 2.65 | 2.90 |
Receivables and other current assets | 1.02 | 11.98 | 2.54 |
TOTAL ASSETS | 3,846.71 | 3,633.40 | 3,665.11 |
CURRENT LIABILITIES | -130.37 | -64.06 | -78.14 |
Short-term debt | -111.74 | -54.68 | -67.00 |
Debts arising from purchases of financial assets | -13.97 | -4.77 | -6.74 |
Tax due | -2.19 | -2.19 | -2.18 |
Other current liabilities | -2.47 | -2.42 | -2.23 |
TOTAL LIABILITIES | -130.37 | -64.06 | -78.14 |
THIRD PARTY SHARE (minority shareholders) | -0.02 | -0.03 | -0.03 |
TOTAL NET ASSETS | 3,716.32 | 3,569.31 | 3,586.94 |
BREDERODE SA | 4, Place Winston Churchill - L-1340 Luxembourg - R.C.S. Luxembourg B 174.490 | page 5/23 |
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Brederode SA published this content on 14 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 September 2023 15:48:07 UTC.
