Every day counts - Deutsche Beteiligungs AG

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34 Portfolio volume Number of investments www.cascosurf.com Investments – Three new management buyouts in the portfolio In the 2002/2003 financial year, we contracted three new management buyouts. We acquired Casco Surfaces GmbH jointly with our American partner Harvest Partners. We purchased Babcock Borsig Service GmbH from the insolvent Babcock Borsig group. Preh GmbH is another classical spin-off: Rheinmetall AG sold Preh to Deutsche Beteiligung, consistent with their strategy of focusing on only two core activities in the future. Our new co-investment fund DBAG Fund IV invested alongside Deutsche Beteiligung in all three transactions. Management participation in each of our new investee businesses amounts to some ten to 15 percent of the shares. Additionally, the buyout of Preh GmbH saw former family owner Rosemarie Preh reinvesting in the company. Casco Surfaces GmbH Düsseldorf Volume November 1, 2002 € 125.5 million Investments € 18.9 million Disposals/Repayments € 28.3 million October 31, 2003 € 116.1 million Number November 1, 2002 18 Investments 1 Disposals/Repayments 3 October 31, 2003 16 FY 2003* FY 2002 Change Sales € 262.0 million € 265.0 million –1.1% *provisional Investment Equity share T€ 12,376 19.0% Parallel fund another 27.1% First invested in July 2003
Deutsche Beteiligungs AG · Annual Report 2002/2003 Corporate Review – Investments Management Buyouts Casco Surfaces is a chemical company that produces surfaces largely used in the manufacture of furniture and floorings. We purchased this enterprise from Netherlandsbased Akzo Nobel N.V. In negotiating this acquisition, two aspects were ultimately decisive: we were quickly able to present a sound bank financing concept for the transaction – an important aspect for the seller, in that it increased the probability of closing the transaction. Our intention to acquire the enterprise jointly with Harvest Partners constituted an attractive proposition to Casco’s management. Through Harvest Partners’ involvement, strong local expertise will be available to pro-actively support Casco in the United States, Casco’s key market. Please read a detailed report on Casco Surfaces on pages 24 and 25. The management buyouts of Preh GmbH and Babcock Borsig Service GmbH were initiated, negotiated and contracted during the reporting year. The completion of these transactions, however, was effected subsequent to the balance sheet date. Consequently, both investments are not contained in the portfolio data at October 31, 2003. Preh GmbH Bad Neustadt an der Saale A comfortable interior climate when driving and directions for reaching destinations by the fastest or shortest route have become standard in many automobile models today. Climate and navigation units are operated by controls made by our new investee company. As a development partner to leading automobile manufacturers and systems providers, Preh’s products are found in numerous European car models. Key customers include BMW, DaimlerChrysler, GM/Opel and the Volkswagen group. Preh is also involved when shoppers are checked out quickly at the supermarket’s checkout counter: Preh is a worldwide leading provider of high-quality keyboards and keypads for data entry systems. The company employs a staff of approximately 1,700 and generates annual sales of more than 220 million euros (2002). Preh owes it unique market position in different business fields to an exceptional combination of skills: Preh possesses both the technological expertise to manufacture optically and haptically sophisticated control elements made of advanced materials and the know-how to develop electronic and software solutions for complex applications and innovative functionality. Jointly with the company’s management, we plan to consistently develop and employ Preh’s potential. Preh intends to expand existing customer relations and access new clients through further internationalization. www.preh.de 35
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 and 12: November 1, 2002 to December 31, 20
Page 13 and 14: Shares of Deutsche Beteiligungs AG:
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
Page 21 and 22: For instance, the special accountin
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: 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
Page 51 and 52: Hucke AG Lübbecke (through Bowa Be
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Page 55 and 56: INTERNATIONAL BUYOUT FUNDS - BALANC
Page 57 and 58: Accessing opportunities in eastern
Page 59 and 60: Unternehmens Invest AG Vienna Deuts
Page 61 and 62: PORTFOLIO - BALANCED ACROSS INDUSTR
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Page 65 and 66: MANAGEMENT’S REPORT I. Market dev
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Page 69 and 70: IV. 5. Appropriation of the distrib
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Page 73 and 74: IX. Events subsequent to the closin
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Page 81 and 82: 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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Deutsche Beteiligungs AG · Annual
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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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