BREDERODE S.A.

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Brederode S A : Press release for the year ended 31 December 2021

03/10/2022 | 11:54am

PRESS RELEASE FOR THE YEAR ENDED DECEMBER 31st 2021

(Regulated information - published on 10th March 2022 at 5.45 p.m.)

  • Shareholders' equity : € 3,676 million, or € 125.45 per share

Profit :

€ 1,036 million, or € 35,34 per share

Value creation :

+ 39% (1)

It is our pleasure to report to you on the activities of your company over the course of the 2021 financial year. The previous year was marked by the outbreak of the Covid-19 pandemic, which had a major impact on the worldwide economy and on human behaviour.

The situation underwent a complete change in 2021, under the combined effects of the massive support provided by various governments and the adoption of mandatory precautionary measures and the widespread vaccination of the population.

BREDERODE's net profit for the 2021 financial year was € 1,036 million, up almost 300% over that of the previous year and higher than that of any previous financial year. This performance was due mainly to the results of Private Equity (€ 817 million), combined with the very good performance of the Listed Securities portfolio (€ 218 million).

During the 2021 financial year, BREDERODE net value per share rose from € 91.19 to € 125.45, an increase that, taking into account the distribution of € 1.08 per share to shareholders in the course of the financial year, represents a growth of almost 39%. During the same period, earnings per share rose from € 8.94 to € 35.34.

The Board of Directors decided, at its meeting held on 4 March 2022, to propose to the General Meeting to be held on 11 May next to vote in favour of a distribution to shareholders of € 1.15 per share. Such a distribution would make it possible to devote € 1,000 million to augmenting the equity capital. If the General Meeting approves this dividend proposal, it would represent an increase of 6.5% in the remuneration of shareholders and the 19th consecutive annual increase.

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

BREDERODE SA

4, Place Winston Churchill - L-1340 Luxembourg - R.C.S. Luxembourg B 174.490

page 1/22

VALUE CREATION IN 2021

BREDERODE SA

4, Place Winston Churchill - L-1340 Luxembourg - R.C.S. Luxembourg B 174.490

page 2/22

LONG-TERM PERFORMANCE (10 YEARS): 16.2% PER ANNUM (1)

  1. Internal Rate of Return (IRR) of shareholders' equity, based on the value of equity as at 31 December 2011 (€31.59) and as at December 2021 (€125.37) 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 2021

31 12 2020

Shareholders' equity

3,676.32

2,672.41

Profit for the period

1,035.56

262.03

Amounts distributed to shareholders

31.65

29.89

Adjusted figures per share (in €)

Shareholders' equity

125.45

91.19

Profit for the period

35.34

8.94

Amounts distributed to shareholders

1.08

1.02

Market price at the end of the period

127.80

81.20

Ratios

Return on Equity (1)

32.6%

10.3%

Number of shares used in the profit

For shareholders' equity and basic earnings

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)

31 12 2021

31 12 2020

Private Equity management result (2)

816.99

204.70

Listed Securities management result

218.40

62.30

Other operating income and expenses (3)

-3.70

-6.03

OPERATING RESULT

1,031.69

260.96

Net financial Income (expenses)

2.33

1.00

Taxes

1.54

0.07

PROFIT FOR THE PERIOD

1,035.56

262.03

  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 in the amount of € 3.3 million for the 2021 financial year (€ 2.7 million for the 2020 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 2021

31 12 2020

NON CURRENT ASSETS

3,688.09

2,729.00

Intangible assets

10.83

Fixed assets

1.65

1.65

Non-current financial assets

3,686.44

2,704.66

- Private Equity Portfolio

2,343.73

1,554.83

- Listed Portfolio

1,342.70

1,149.83

Other non-current assets

11.85

CURRENT ASSETS

43.51

22.98

Cash and cash equivalents

35.14

17.99

Tax receivable

2.93

2.31

Receivables and other current assets

5.45

2.67

TOTAL ASSETS

3,731.60

2,751.98

NON CURRENT LIABILITIES

-0.06

CURRENT LIABILITIES

-55.25

-79.48

Short-term debt

-40.62

-65.00

Debts arising from purchases of financial assets

-10.18

-1.59

Tax due

-2.22

-2.22

Other current liabilities

-2.23

-10.67

TOTAL LIABILITIES

-55.25

-79.54

THIRD PARTY SHARE (minority shareholders)

-0.03

-0.03

TOTAL NET ASSETS

3,676.32

2,672.41

BREDERODE SA

4, Place Winston Churchill - L-1340 Luxembourg - R.C.S. Luxembourg B 174.490

page 5/22

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Disclaimer

Brederode SA published this content on 10 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 March 2022 16:53:02 UTC.

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