Every day counts - Deutsche Beteiligungs AG

November 1, 2002 to December 31, 2003
in €
14
12
10
8
6
4
2
0
From November 1, 2002 to October 31, 2003, the price of our shares (Xetra closing
quotation) was up from 9.37 euros to 13.00 euros. This corresponds to an improvement
of 38.7 percent. By December 31, 2003, the share price again fell to 10.81 euros. From
November 1, 2002 to October 31, 2003, the Dax – the general measure for capital market
performance in Germany – improved by 16.0 percent (at December 31: 25.8 percent).
The S-Dax gained 41.1 percent in the course of the year (at December 31: 41.1 percent),
developing similarly to the shares of Deutsche Beteiligungs AG.
Market capitalization of Deutsche Beteiligungs AG amounted to 182.0 million euros
at the balance sheet date on October 31, 2003 (December 31, 2003: 151.34 million
euros). The market capitalization attributable to the free float (42.42 percent) was 77.20
million euros (December 31, 2003: 75.55 million euros – in addition to the price movement,
this mirrors the increase in the portion of free float, see page 12).
Turnover of shares still unsatisfactory
Fair Value
DBAG Dax
(indexed)
Nov. 02 Feb. 03 May 03 Aug. 03
Nov. 03
The shares of Deutsche Beteiligungs AG experienced an unusual degree of volatility
in the 2002/2003 financial year. Their highest price point, reached on the final day of
the financial year, is more than double the rate of its lowest price point on April 28,
2003.
On average, 7,300 shares were traded daily, which is considerably more than for the
two preceding financial years. Trading volume, however, declined to 16.0 million euros,
down from 21.5 million euros the prior year. The Company’s stock is predominantly
Xetra-traded (70 percent). 21 percent of the turnover is transacted on the Frankfurt
Stock Exchange. Of the volume traded on regional stock exchanges, Stuttgart accounts
for more than half of the turnover.
In total, the liquidity of our shares is still unsatisfactory. To augment investments by
institutional investors, a further improvement in stock liquidity is desirable.
Deutsche Beteiligungs AG · Annual Report 2002/2003
S-Dax
(indexed)
Shares
One-year comparison
Shares of Deutsche Beteiligungs
AG, indexed S-Dax and Dax
performance indices and fair
value of the shares at October
31, 2002, April 30, 2003, and
October 31, 2003
Market capitalization
at financial year-end
Mio €
600
500
400
300
200
100
0
1998/1999 1999/2000 2000/2001 2001/2002 2002/2003
Higher market capitalization
Average daily turnover
Shares
12,000
10,000
8,000
6,000
4,000
2,000
0
1998/1999 1999/2000 2000/2001 2001/2002 2002/2003
Greater liquidity targeted
7