INTERIM STATEMENT
(Unaudited regulated information published on 15 June 2023, at 5.45 p.m.)
- Shareholders' equity per share as of 31 March 2023 : € 125.23
- Profit in Private Equity: € 21.70 million
- Profit on the listed portfolio: € 80.00 million
- Pierre van der Mersch hands over the Chairmanship of the Board of Directors to Bruno Colmant
Summary of the result as of 31 March 2023
The unaudited result for the first three months of the year is positive, driven by the listed securities portfolio. This portfolio benefited from the market rebound, despite inflation fears. The Private Equity portfolio showed more measured progress, influenced by the increase in interest rates and the weaker US Dollar.
On 31 March 2023, the net asset value per Brederode share was €125.23, an increase of 2.8% since 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 31 March 2023, obtained for more than 90% 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) | 31 03 2023 | 31 12 2022 |
Shareholders' equity of the investment entity | 3 669.99 | 3 569.31 |
Profit for the period | 100.68 | -73.30 |
Amounts distributed to shareholders | - | 33.70 |
Adjusted figures per share (in €) | ||
Shareholders' equity of the investment entity | 125.23 | 121.80 |
Profit for the period | 3.44 | -2.50 |
Amounts distributed to shareholders | - | 1.15 |
Market price at the end of the period | 106.80 | 108.60 |
Ratios | ||
Return on Equity (1) | 2.8% | -2.0% |
- Return on Equity: results for the financial year divided by the average shareholders' equity. This ratio measures the internal profitability of a company. The return on average equity for the first quarter of 2023 is not annualised.
PRIVATE EQUITY
The private equity result during the first three months of the year was a profit of €21.70 million. Cash calls (€79.18 million) were slightly ahead of distributions (€57.57 million). Over the same period, new commitments represented €93.84 million. Total uncalled commitments amounted to €1,261.89 million as at 31 March 2023. The value of the investments in Private Equity was €2,539.66 million, over two thirds of Brederode's total assets.
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Evolution of commitments (in € million)
Evolution of cash flow (in € million)
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 | ||
CARLYLE / ALPINVEST | 150.32 | 82.90 | 233.21 |
EQT | 130.60 | 72.67 | 203.27 |
L-CATTERTON | 111.64 | 61.25 | 172.90 |
HIG | 91.14 | 81.49 | 172.63 |
BAIN | 91.24 | 66.60 | 157.85 |
ARDIAN | 115.52 | 38.37 | 153.89 |
PSG | 86.02 | 66.37 | 152.40 |
VISTA | 99.97 | 50.58 | 150.55 |
ALPINE | 84.96 | 50.31 | 135.27 |
HARVEST | 75.30 | 37.16 | 112.46 |
GENSTAR | 92.19 | 16.98 | 109.17 |
ARLINGTON | 59.01 | 41.48 | 100.49 |
AMERICAN SECURITIES | 85.17 | 13.77 | 98.93 |
BC | 80.15 | 17.11 | 97.27 |
BV | 46.35 | 49.74 | 96.09 |
STONEPOINT | 61.38 | 30.83 | 92.21 |
HGGC | 64.57 | 16.14 | 80.71 |
PAI | 41.04 | 34.96 | 76.00 |
UPFRONT | 66.55 | 9.31 | 75.86 |
PROVIDENCE | 47.35 | 25.92 | 73.27 |
COMMITTED ADVISORS | 41.17 | 27.48 | 68.66 |
TRITON | 44.67 | 23.78 | 68.45 |
MERCATO | 51.97 | 12.41 | 64.38 |
CUBERA | 28.70 | 32.64 | 61.34 |
CAPITAL TODAY | 60.12 | 0.00 | 60.12 |
OTHERS | 632.54 | 301.63 | 934.17 |
TOTAL | 2 539.66 | 1 261.89 | 3 801.54 |
The top 25 General Partners included in this list represent 75% of the total commitments.
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LISTED SECURITIES
The listed securities portfolio produced a positive result, including net dividends, of €80.00 million during the first three months of the year.
Main holdings in the portfolio of listed securities
Securities | 31 12 2022 | Acquisitions | Changes in fair | 31 03 2023 | Performance (1) |
(Disposals) | value | ||||
(in € million) | |||||
Technology | 364.55 | - | 38.29 | 402.84 | 10.6% |
Mastercard | 102.35 | - | 2.56 | 104.91 | 2.6% |
Samsung Electronics (GDR) | 76.14 | - | 6.88 | 83.02 | 9.0% |
Relx | 61.08 | - | 9.42 | 70.50 | 15.4% |
Alphabet (C) | 56.20 | - | 8.41 | 64.61 | 15.0% |
Intel | 27.93 | - | 5.93 | 33.86 | 22.4% |
Prosus | 24.78 | - | 2.88 | 27.66 | 11.6% |
Alibaba | 16.07 | - | 2.21 | 18.28 | 13.8% |
Consumer goods | 220.30 | - | 18.41 | 238.71 | 8.7% |
Unilever | 85.34 | - | 1.49 | 86.83 | 2.7% |
Nestlé | 73.43 | - | 2.03 | 75.46 | 2.8% |
LVMH | 61.53 | - | 14.89 | 76.42 | 24.2% |
Investment companies | 206.24 | - | -1.87 | 204.37 | -0.9% |
Brederode | 130.82 | - | -2.17 | 128.65 | -1.7% |
Sofina | 75.43 | - | 0.29 | 75.72 | 0.4% |
Electricity | 160.52 | 1.50 | 12.94 | 174.96 | 10.6% |
Iberdrola | 91.35 | 1.50 | 4.73 | 97.59 | 6.7% |
Enel | 69.17 | - | 8.21 | 77.38 | 15.8% |
Healthcare | 108.01 | - | 4.22 | 112.24 | 5.9% |
Novartis | 65.79 | - | -0.67 | 65.12 | 2.3% |
Sanofi | 42.22 | - | 4.89 | 47.11 | 11.6% |
Miscellaneous | 59.27 | - | -0.07 | 59.20 | 0.8% |
Royal Bank of Canada | 58.83 | - | -0.30 | 58.53 | 0.4% |
Other holdings < € 10 million | 0.44 | - | 0.23 | 0.67 | 53.0% |
TOTAL | 1 118.89 | 1.50 | 71.93 | 1 192.32 | 7.2% |
(1) Indicative performance taking into account the net dividends received.
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Brederode SA published this content on 15 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 June 2023 15:45:04 UTC.