Since the publication of Brederode's half-year results at the end of August, the financial markets have experienced a downward correction; for its part, the US dollar, which had been strengthening for some time, weakened slightly against the euro.
Since the end of June, the composition of Brederode's listed securities portfolio remained basically unchanged. Their activity in Private Equity has continued to generate a cash surplus. New commitments were made during the third quarter for €25 million, bringing the total amount for the first nine months of the year to €122 million.
As of 30 September 2015, the uncalled commitments totalled €497 million against €507 million at 30 June. The estimated intrinsic value of a Brederode share, which was €51.52 at 30 June 2015, is today around €51.
Since 30 June, the Group acquired 66,100 own shares on the stock market at an average price of €38.70, representing 0.2% of its capital. It now owns 3.8% of its capital.
Outlook for the second half of 2015
The stagnation of the European economy, aggravated geopolitical tensions in the Middle East and a hesitant recovery in the US, make it difficult to accurately forecast the results for the second half.
