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)
- 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)
- 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 |
- 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 | |
- Including all management fees and profit commissions paid to fund managers.
- 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 |
- At historical exchange rate.
BREDERODE SA | 32, Boulevard Joseph II - L-1840 Luxembourg - R.C.S. Luxembourg B 174.490 | page 5/23 |
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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.