Brederode, an investment group from Belgium, has published its half-yearly report which shows a 34.6% increase in profits for the first 6 months of 2015, with a figure of €178.12 million; last October, Brederode were admitted to listing on the Luxembourg Stock Exchange.
The strong increase of the semi-annual result as of 30 June 2015 was influenced by both the listed portfolio (+12%) and Private Equity (+17%). Those results have been positively impacted by the movements of the US dollar and Swiss Franc.
Brederode’s shareholders equity per share increased by 12.5% to €51.52, after the payment, on 27 May, of an amount of €0.65 gross per share, taken from the share premium account.
The private equity portfolio has generated cash to the tune of €29 million during the period. Such cash has been utilized mostly to increase investments in the listed portfolio. The new purchased securities include 3M and Intel in the US, Relx (ex Reed-Elsevier) in the UK and Telenor in Norway. Brederode has sold our stake in E.ON.
New private equity commitments for €95 million have been signed. The uncalled commitments have increased, during the first six months of the year, from €452.89 million as of 31 December 2014 to €506.59 million.
During the first six months of 2015, the group has purchased 165.617 Brederode’s shares for a total outlay of €5.78 million. The group owned 3.6% of the capital of Brederode s.a. as of 30 June 2015.
There has not been, during the period under review, any transaction between related parties that has significantly influenced the financial conditions and the results of the group.
Brederode’s vocation to invest in equity capital will continue to subject the company to risks and uncertainties linked to the international macro environment. The quality of the assets and their diversification allow the board to be confident in the outlook of the company.
The Board of Directors continues to favour a steadily growing distribution policy.
