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    BREB   LU1068091351

BREDERODE S.A.

(BREB)
  Report
Real-time Quote. Real-time Euronext Bruxelles - 01/28 03:38:57 am
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2021BREDERODE S A : Interim Statement
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2021Brederode Sa Reports Earnings Results for the Half Year Ended June 30, 2021
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Brederode S A : Semi-annual press release – Financial information as at June 30th 2021

09/02/2021 | 11:52am EST

SEMI-ANNUAL PRESS RELEASE - FINANCIAL INFORMATION AS AT 30 JUNE 2021

(Regulated information - published on 2nd September 2021 at 5.45 p.m.)

  • Semi-annualResults: € 605 million
  • Shareholders' Equity as at 30 June 2021: € 3,245 (€ 110.74 per share)
  • Value creation: 22.6% in the first half of the year (1)

Value creation in the first half of 2021

Semi-annual review

The optimism expressed in our midterm statement of 6 May 2021 has been confirmed in every way by the results of the first half of the year. They came in at € 604.64 million, higher than in any other previous financial year. This performance is due mainly to the results of Private Equity (€ 464.67 million), combined with the excellent results in the Listed Securities portfolio (€ 138.43 million).

At the end of the first half of 2021, Brederode's equity stood at € 3,245.40 million, as compared to € 2,672.41 six months earlier, an increase of 21.4 %. On 30 June 2021, equity per share reached € 110.74, up from € 91.19 at 31 December 2020. Taking into account the distribution to shareholders of € 1.08 in May 2021, value creation over the first half-year stands at 22.6%.(1)

  1. Value creation = (Result for the period + distribution to shareholders) / Shareholders' equity at the start of the period

BREDERODE SA

32, Boulevard Joseph II - L-1840 Luxembourg - R.C.S. Luxembourg B 174.490

page 1/23

LONG-TERM PERFORMANCE (10 YEARS): 15.3% PER ANNUM (1)

  1. Internal Rate of Return (IRR) of shareholders' equity, based on the value of equity as at 30 June 2011 (€30.31) and as at 30 June 2021 (€110.74) as well as the distributions to shareholders over a period of 10 years.

BREDERODE SA

32, Boulevard Joseph II - L-1840 Luxembourg - R.C.S. Luxembourg B 174.490

page 2/23

KEY FIGURES OF BREDERODE'S INDIVIDUAL (NON-CONSOLIDATED) FINANCIAL STATEMENTS (IFRS)

(in € million)

30 06 2021

31 12 2020

30 06 2020

Shareholders' equity

3,245.40

2,672.41

2,384.94

Profit for the period

604.64

262.03

-25.45

Amounts distributed to shareholders

31.65

29.89

29.89

Adjusted figures per share (in €)

Shareholders' equity

110.74

91.19

81.38

Profit for the period

20.63

8.94

-0.87

Amounts distributed to shareholders

1.08

1.02

1.02

Market price at the end of the period

105.20

81.20

74.30

Ratios

Return on Equity (1)

20.4%

10.3%

-1.1%

Number of shares used in the profit

For shareholders' equity and basic earnings

29,305,586

29,305,586

29,305,586

  1. Return on 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 2021

31 12 2020

30 06 2020

Private Equity management result

(2)

464.67

204.70

-3.55

Listed Securities management result

138.43

62.30

-20.21

Other operating income and expenses

(3)

-0.77

-6.03

-2.49

OPERATING RESULT

602.33

260.96

-26.25

Net financial Income (expenses)

0.94

1.00

0.80

Taxes

1.37

0.07

0.00

PROFIT FOR THE PERIOD

604.64

262.03

-25.45

  1. Including all management fees and profit commissions paid to fund managers.
  2. This includes all the general expenses specific to Brederode and its subsidiaries for a total of € 1.17 million in the first half of 2021 (€ 2.7 million for 2020 and € 1.7 million for the first half of 2020), that is, an annualised 0.1% of the portfolio value.

BREDERODE SA

32, Boulevard Joseph II - L-1840 Luxembourg - R.C.S. Luxembourg B 174.490

page 3/23

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 2021

31 12 2020

30 06 2020

NON CURRENT ASSETS

3,342.67

2,729.00

2,451.39

Intangible assets

11.30

10.83

11.39

Fixed assets

1.61

1.65

1.67

Non-current financial assets

3,317.50

2,704.66

2,428.02

- Private Equity Portfolio

2,051.59

1,554.83

1,374.26

- Listed Portfolio

1,265.91

1,149.83

1,053.76

Other non-current assets

12.26

11.85

10.31

CURRENT ASSETS

32.35

22.98

29.15

Cash and cash equivalents

18.87

17.99

21.47

Tax receivable

2.90

2.31

2.96

Receivables and other current assets

10.58

2.67

4.72

TOTAL ASSETS

3,375.02

2,751.98

2,480.53

NON CURRENT LIABILITIES

-0.06

-0.06

-0.03

CURRENT LIABILITIES

-129.52

-79.48

-95.54

Short-term debt

-100.00

-65.00

-65.00

Debts arising from purchases of financial assets

-5.84

-1.59

-8.68

Tax due

-2.22

-2.22

-2.35

Other current liabilities

-21.47

-10.67

-19.51

TOTAL LIABILITIES

-129.58

-79.54

-95.57

THIRD PARTY SHARE (minority shareholders)

-0.03

-0.03

-0.03

TOTAL NET ASSETS

3,245.40

2,672.41

2,384.94

BREDERODE SA

32, Boulevard Joseph II - L-1840 Luxembourg - R.C.S. Luxembourg B 174.490

page 4/23

PRIVATE EQUITY PORTFOLIO

The Private Equity semi-annual result of € 464.67 million is a spectacular improvement over the slight loss of € 3.6 million recorded in the first half of 2020.

Summary of Private Equity activities in the first half of 2021 (in € million)

Changes in the portfolio

(in € million)

30 06 2021

31 12 2020

30 06 2020

Private Equity portfolio at the beginning of the period

1.554,83

1.299,70

1.299,70

Investments

190,83

303,64

151,73

Disposals

-170,12

-272,34

-85,22

Change in fair value

476,05

223,84

8,05

Private Equity portfolio at the end of the period

2.051,59

1.554,83

1.374,26

Movements in uncalled commitments

(in € million)

30 06 2021

31 12 2020

30 06 2020

Commitments at the beginning of the period

990.92

1,059.13

1,059.13

Variation in existing commitments

-147.39

-305.61

-138.92

New commitments (1)

220.72

237.40

108.47

Commitments at the end of the period

1,064.25

990.92

1,028.69

  1. At historical exchange rate.

BREDERODE SA

32, Boulevard Joseph II - L-1840 Luxembourg - R.C.S. Luxembourg B 174.490

page 5/23

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Brederode SA published this content on 02 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 September 2021 15:51:02 UTC.


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Financials
Sales 2020 232 M 259 M 259 M
Net income 2020 262 M 292 M 292 M
Net Debt 2020 - - -
P/E ratio 2020 9,08x
Yield 2020 1,33%
Capitalization 3 316 M 3 698 M 3 699 M
EV / Sales 2019 4,88x
Capi. / Sales 2020 9,83x
Nbr of Employees -
Free-Float -
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Mean consensus HOLD
Number of Analysts 1
Last Close Price 118,00 €
Average target price 130,00 €
Spread / Average Target 10,2%
Managers and Directors
Luigi Santambrogio Co-Managing Director & Executive Director
Axel L. van der Mersch Co-Managing Director & Executive Director
Pierre van der Mersch Chairman
Bruno Colmant Independent Non-Executive Director
RenÚ Beltjens Independent Non-Executive Director
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