BREDERODE S.A.

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Brederode S A : Press release for the year ended 31 December 2020

03/11/2021 | 11:48am

PRESS RELEASE FOR THE YEAR ENDED DECEMBER 31st, 2020 (Regulated information - published on 11th March 2021 at 5.45 p.m.)

Shareholders' equity:

€ 2,672 million, or € 91.19 per share (+9.5%)

Profit:

€ 262 million, or € 8.94 per share

Proposed distribution:

€ 1.08 per share (+6%)

Value creation in 2020

The pandemic has had a significant impact on the entire global economy. As a result, the assets of Brederode and its subsidiaries were all affected, but in very different ways. Some investments were hard hit by the unprecedented crisis, while others benefited and were even able to take advantage of it. In total, the quality and the diversification of Brederode's assets meant that the results of the financial year remained positive despite the circumstances.

BREDERODE's net profit for the 2020 financial year was € 262 million, down 43% over that of the previous year.

The contribution to this result from the Private Equity portfolio was € 205 million. The annual performance of this part of the portfolio, expressed in terms of internal rate of return (IRR) amounted to 15.4%, in line with the ambitious objectives set.

The contribution from the listed securities portfolio was €62 million. It's annual performance was 5.3%.

During the 2020 financial year, the net asset value per share of BREDERODE rose from € 83.27to € 91.19, an increase that, taking into account the distribution of € 1.02 per share to shareholders in the course of the financial year, represents a growth of almost 10.7%. During the same period, the profit per share went from € 15.62 to € 8.94.

The Board of Directors decided at its meeting on March 9th, 2021 to propose to the General Meeting to be held on May 12th to vote in favour of a distribution to shareholders of € 1.08 per share.

Such a distribution would make it possible to devote € 230.4 million to augmenting the shareholders' equity. If the General Meeting approves this proposal, this would represent an increase of 6% in the remuneration of shareholders and the 18th consecutive annual increase.

Long-term performance

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

(in € million)

31 12 2020

31 12 2019

Shareholders' equity of Brederode

2,672.41

2.440.27

Profit for the period

262.03

457.65

Amounts distributed to shareholders

29.89

27.55

Adjusted figures per share (in €)

Shareholders' equity of Brederode

91.19

83.27

Profit for the period

8.94

15.62

Amounts distributed to shareholders

1.02

0.94

Market price at the end of the period

81.20

74.60

Ratios

Return on equity (1)

10.3%

20.6%

Number of shares used in the profit

For shareholder equity and basic earnings

29,305,586

29,305,586

For the basic earnings

29,305,586

29,305,586

(1) Return on equity: Results for the financial year divided by the average shareholder 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 2020

31 12 2019

Private Equity management result

204.70

191.78

Listed Securities management result

62.30

263.98

Other operating income and expenses

(1)

-6.03

-0.39

OPERATING RESULT

260.96

455.37

Net financial Income (expenses)

1.00

2.04

Taxes

0.07

0.23

PROFIT FOR THE PERIOD

262.03

457.65

(1) This includes all the general expenses specific to Brederode and its subsidiaries in the amount of € 2.7 million for the 2020 financial year (€ 2.5 million for the 2019 financial year), that is, 0.1% of the portfolio

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 2020

31 12 2019

NON CURRENT ASSETS

2,729.00

2,492.65

Intangible assets

10.83

12.21

Fixed assets

1.65

1.69

Non-current financial assets

2,704.66

2,468.35

- Private Equity Portfolio

1,554.83

1,299.70

- Listed Portfolio

1,149.83

1,168.66

Other non-current assets

11.85

10.39

CURRENT ASSETS

22.98

25.49

Cash and cash equivalents

17.99

17.36

Tax receivable

2.31

2.87

Receivables and other current assets

2.67

5.26

TOTAL ASSETS

2,751.98

2,518.14

NON CURRENT LIABILITIES

-0.06

-0.03

CURRENT LIABILITIES

-79.48

-77.81

Short term debt

-65.00

-70.00

Debts arising from purchases of financial assets

-1.59

-2.41

Tax due

-2.22

-2.36

Other current liabilities

-10.67

-3.04

TOTAL LIABILITIES

-79.54

-77.84

THIRD PARTY SHARE (minority shareholders)

-0.03

-0.03

TOTAL NET ASSETS

2,672.41

2,440.27

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Disclaimer

Brederode SA published this content on 11 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 March 2021 16:47:01 UTC.

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