BREDERODE S.A. PRESS RELEASE FOR THE YEAR ENDED DECEMBER 31st 2022
(Regulated information - published on 16th March 2023 at 5.45 p.m)
• Shareholders' equity per share: | €121.80 per share | |
• Loss for the financial year: | €73.30 million | |
• Profit on Private Equity: | €141.85 million | |
• | Loss on listed securities: | €214.60 million |
• | Proposed distribution: | €1.22 per share |
It is our pleasure to report to you on the activities of BREDERODE during the 2022 financial year. While the COVID-19 pandemic continued to subside, the Russian invasion of Ukraine had a profound effect on global geopolitical balances. The pressure on resources, particularly oil and gas, caused by this event, combined with the supply difficulties inherited from the pandemic, served as a catalyst for inflation which quickly spread, weighing on the financial markets.
BREDERODE's net result for the 2022 financial year was a slight loss of €73.30 million, compared with the profit of €1,036 million in 2021, linked to the exceptional performances of its portfolios. The positive Private Equity results (€141.85 million) partly offset the loss on the listed securities portfolio (€214.60 million, mainly unrealised losses). The USD strength vis-à-vis the Euro, which influenced favourably the value of BREDERODE's investments during the first three quarters eased off in the fourth quarter.
The net asset value per BREDERODE share remained relatively stable, falling from € 125.45 to €121.80 during the 2022 financial year which, given the distribution to shareholders of €1.15 per share in May 2022, represents a reduction in value of 2.0%. The result per share was minus €2.50, compared with a positive result of €35.34 for the previous financial year.
The Board of Directors resolved, at its meeting held on 14 March 2023, to propose to the General Meeting to be held on 10 May next a distribution to shareholders of € 1.22 per share. If the General Meeting approves this proposal, it would represent an increase of 6% in the remuneration of shareholders and the 20th consecutive annual increase.
BREDERODE SA | 4, Place Winston Churchill - L-1340 Luxembourg - R.C.S. Luxembourg B 174.490 | page 1/22 |
BREAKDOWN OF THE RESULTS IN 2022
BREDERODE SA | 4, Place Winston Churchill - L-1340 Luxembourg - R.C.S. Luxembourg B 174.490 | page 2/22 |
LONG-TERM PERFORMANCE (10 YEARS): 14.7% PER ANNUM (1)
Equity per share (EUR)
Distributions per share (EUR)
- Internal Rate of Return (IRR) of shareholders' equity, based on the value of equity as at 31 December 2012 (€35.22) and as at December 2022 (€121.80) as well as the distributions to shareholders over the 10 years period.
BREDERODE SA | 4, Place Winston Churchill - L-1340 Luxembourg - R.C.S. Luxembourg B 174.490 | page 3/22 |
KEY FIGURES OF BREDERODE'S INDIVIDUAL (NON-CONSOLIDATED) FINANCIAL STATEMENTS (IFRS)
(in € million) | 31 12 2022 | 31 12 2021 |
Shareholders' equity | 3 569.31 | 3 676.32 |
Profit for the period | -73.30 | 1 035.56 |
Amounts distributed to shareholders | 33.70 | 31.65 |
Adjusted figures per share (in €) | ||
Shareholders' equity | 121.80 | 125.45 |
Profit for the period | -2.50 | 35.34 |
Amounts distributed to shareholders | 1.15 | 1.08 |
Market price at the end of the period | 108.60 | 127.80 |
Ratios | ||
Return on average equity (1) | -2.0% | 32.6% |
Number of shares used in the profit | ||
For shareholders' equity and basic earnings | 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) | 31 12 2022 | 31 12 2021 |
Private Equity management result (2) | 141.85 | 816.99 |
Listed Securities management result | -214.60 | 218.40 |
Other operating income and expenses (3) | -5.67 | -3.70 |
OPERATING RESULT | -78.42 | 1 031.69 |
Net financial Income (expenses) | 5.15 | 2.33 |
Taxes | -0.03 | 1.54 |
PROFIT FOR THE PERIOD | -73.30 | 1 035.56 |
- Including all management fees and carried interest paid to fund managers.
- This includes all the general expenses specific to Brederode and its subsidiaries in the amount of € 4.3 million for the 2022 financial year (€ 3.3 million for the 2021 financial year), that is, 0.1% of the portfolio
BREDERODE SA | 4, Place Winston Churchill - L-1340 Luxembourg - R.C.S. Luxembourg B 174.490 | page 4/22 |
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) | 31 12 2022 | 31 12 2021 |
NON CURRENT ASSETS | 3 608.07 | 3 688.09 |
Fixed assets | 1.66 | 1.65 |
Non-current financial assets | 3 606.40 | 3 686.44 |
- Private Equity Portfolio | 2 487.51 | 2 343.73 |
- Listed Portfolio | 1 118.89 | 1 342.70 |
Other non-current assets | 0.01 | |
CURRENT ASSETS | 25.33 | 43.51 |
Cash and cash equivalents | 10.70 | 35.14 |
Tax receivable | 2.65 | 2.93 |
Receivables and other current assets | 11.98 | 5.45 |
TOTAL ASSETS | 3 633.40 | 3 731.60 |
NON CURRENT LIABILITIES | - | - |
CURRENT LIABILITIES | -64.06 | -55.25 |
Short-term debt | -54.68 | -40.62 |
Debts arising from purchases of financial assets | -4.77 | -10.18 |
Tax due | -2.19 | -2.22 |
Other current liabilities | -2.42 | -2.23 |
TOTAL LIABILITIES | -64.06 | -55.25 |
THIRD PARTY SHARE (minority shareholders) | -0.03 | -0.03 |
TOTAL NET ASSETS | 3 569.31 | 3 676.32 |
BREDERODE SA | 4, Place Winston Churchill - L-1340 Luxembourg - R.C.S. Luxembourg B 174.490 | page 5/22 |
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Brederode SA published this content on 16 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 March 2023 16:54:04 UTC.
