Every day counts - Deutsche Beteiligungs AG

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8 Free float increased Admission to Prime Standard The platform for higher liquidity this current financial year is promising: in November 2003 SchmidtBank announced that they have completely disinvested their block of shares, as had been anticipated. This bank, one of the founders of Deutsche Beteiligungs AG, had been prompted by its new shareholders to reduce its holdings. Nine institutional investors, primarily based in Great Britain, have acquired the shares previously held by SchmidtBank in a secondary offering. Through the split-up of this former 7.5 percent stake, the free-float share of our stock grew by nearly one sixth to 49.9 percent. Firm position in the S-Dax Following the re-segmentation of the Frankfurt Stock Exchange at the beginning of 2003, Deutsche Beteiligungs AG was one of the first companies to be admitted to the Prime Standard. The Prime Standard is the admission segment for companies wanting to present themselves to an international investors’ community. In addition to fulfilling the requirements of the General Standard, which constitutes the statutory minimum standard of the Official Market or Regulated Market, companies admitted to the Prime Standard must meet high international standards of transparency. Admission to the Prime Standard is a prerequisite for inclusion in one of the stock indices, such as the S-Dax. Other criteria are market capitalization and turnover; however, only the free float is used to measure the market capitalization. Based on the average market capitalization in October 2003, the shares of Deutsche Beteiligungs AG ranked 83rd among those companies eligible for the M-Dax (50 participants) and the S-Dax (another 50 participants). Thus, measured by the market capitalization of the free float, our stock currently exhibits a firm position for inclusion in the S-Dax index. Measured by average daily turnover, however, at the end of October 2003 the shares of Deutsche Beteiligungs AG had only ranked 108th among the Prime Standardlisted companies not indexed in the Dax or TecDax. In addition to these two measurable criteria, the German Stock Exchange considers further factors for the composition of its indices, including the past development exhibited by a company or its industrial sector. We expect that the shares of Deutsche Beteiligungs AG will continue to be indexed in the S-Dax averages. Nonetheless, enhancing the liquidity of our shares is a key goal in anchoring this position.
Shares of Deutsche Beteiligungs AG: Key figures and information 2002/2003 2001/2002 2000/2001 Cash flow1 per share in € 0.96 0.77 1.40 Equity per share in € 11.32 11.08 12.77 Fair value per share in € 12.48 12.95 n.a. Number of shares 14,000,000 14,000,000 14,000,000 Subscribed capital at Oct. 31 in € 36,400,000 36,400,000 36,400,000 Highest price point in € (Xetra) 13.00 23.70 42.75 Lowest price point in € (Xetra) Closing rate at Oct. 31 in € 6.07 7.12 16.25 (Xetra closing rate) 13.00 9.37 19.90 Market capitalization at Oct. 31 in Mio. € 182.0 129.5 278.6 Price/earnings ratio at Oct. 31 59.09 2 n.a. 30.15 2 Price/equity ratio at Oct. 31 1.15 3 0.83 3 1.56 3 Price/fair value ratio at Oct. 31 1.04 0.72 n.a. Dividends in € (incl. tax credit) none 4 none 0.71 Average weekly trading volume (shares) 38,478 24,549 31,725 First traded December 19, 1985 Most recent capital increase July 2000 1 Result of period plus write-downs/write-ups on long-term assets 2 Price in relation to consolidated earnings per share 3 Price in relation to consolidated equity per share 4 Recommendation by Board of Management and Supervisory Board WKN 550810 ISIN DE0005508105 Abbreviation Reuters: DBAG.F Bloomberg: DBA Stock exchanges Xetra, Official Market in Frankfurt and Düsseldorf; OTC in Berlin, Bremen, Hamburg, Munich, Stuttgart Market segment Prime Standard Indices German Stock S-Dax (weighting in S-Dax at Oct. 31, 2003: 1.4789 %) C-Dax Industrial Index C-Dax Industrial Designated Sponsors Deutsche Bank AG Lang & Schwarz Wertpapierhandel AG Change in assessment As opposed to the price movement this past financial year, the long-term cumulative performance of our shares is unsatisfactory. The average compounded return to shareholders (price gains, reinvestment of dividends, and subscription rights) for the five-year period from November 1, 1998 to October 31, 2003 is negative at minus 7.7 percent. However, investors holding Dax or S-Dax securities over the same period also had to waive gains on their invested capital. The annual loss was 5.1 percent (Dax) and less than one percent (S-Dax). In respect of the S-Dax, one point to consider is that its composition changed markedly several times in recent years, limiting its use as a benchmark. Deutsche Beteiligungs AG · Annual Report 2002/2003 Shares 9
Page 1 and 2: Annual Report 2002/2003 Every day c
Page 3 and 4: Deutsche Beteiligungs AG · Annual
Page 7 and 8: Wilken Freiherr von Hodenberg born
Page 9 and 10: Changes to the Board of Management
Page 11: November 1, 2002 to December 31, 20
Page 15 and 16: Weak dollar curtails valuation rese
Page 17 and 18: Pro-active investor relations Deuts
Page 19 and 20: Prospects for our shares Capital ma
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Page 23 and 24: DEUTSCHE BETEILIGUNGS AG - MARKET P
Page 25 and 26: This performance is founded on six
Page 27 and 28: We build on an established network
Page 29 and 30: Platform for growth - Opportunities
Page 31 and 32: OUR PORTFOLIO - GOOD CROSS SECTION
Page 33 and 34: Volume November 1, 2002 € 313.1 m
Page 37 and 38: MANAGEMENT BUYOUTS - PARTNERSHIPS F
Page 45 and 46: Hochtemperatur Engineering GmbH Mai
Page 47 and 48: EXPANSION FINANCING - REACHING FOR
Page 49 and 50: Bauer AG Schrobenhausen Deutsche Be
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Page 55 and 56: INTERNATIONAL BUYOUT FUNDS - BALANC
Page 57 and 58: Accessing opportunities in eastern
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Page 61 and 62: PORTFOLIO - BALANCED ACROSS INDUSTR
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Industrial profile of portfolio bal
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MANAGEMENT’S REPORT I. Market dev
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Investments during the year under r
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IV. 5. Appropriation of the distrib
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Our support for the development of
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IX. Events subsequent to the closin
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Liabilities and shareholders’ equ
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Deutsche Beteiligungs AG · Annual
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D. Accounting policies Deutsche Bet
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AUDITORS’ REPORT We have audited
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The financial statements of Deutsch
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Statutory offices Comparable office
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Statutory offices Comparable office
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MBO Multiples method Official Marke
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FIVE-YEAR FINANCIAL SUMMARY in mill
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Every day counts - Deutsche Beteiligungs AG

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