Every day counts - Deutsche Beteiligungs AG
Every day counts - Deutsche Beteiligungs AG
Every day counts - Deutsche Beteiligungs AG
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<strong>Deutsche</strong> <strong>Beteiligungs</strong> <strong>AG</strong> · Annual Report 2002/2003<br />
Corporate Review – Investments Management Buyouts<br />
Jointly with management, our common objective is to expand AKsys’ market-leading<br />
position in Europe in the segments of acoustics and glass-fiber reinforced plastics and also<br />
achieve a significant ranking globally. Through the merger with Faist Automotive GmbH,<br />
the enterprise now is a supplier of integrated systems and has come closer to reaching<br />
its declared growth target. This merger involved a further investment of approximately<br />
2.1 million euros by <strong>Deutsche</strong> <strong>Beteiligungs</strong> <strong>AG</strong>.<br />
Lund International Holdings Inc.<br />
Duluth, Georgia (USA)<br />
FY 2003* FY 2002 Change<br />
Sales US $ 153.1 million US $ 154.8 million –1.1%<br />
* preliminary<br />
First invested in September 1997<br />
Investment Equity share<br />
T€ 11,176 10.09%<br />
Lund is a manufacturer of accessories for sports utility vehicles, vans and pick-ups.<br />
A leading provider in the US for window visors, hood shields and running boards, Lund<br />
and the entire competitive field were hit by consumer restraint resulting from general<br />
economic conditions in past years. In 2003, Lund completed a comprehensive restructuring<br />
program. Sales in the second half of the year were clearly above those of the previous<br />
year. The company’s management anticipates that Lund stands to profit more than other<br />
competitors from a reviving economy ushering in lower unemployment rates and greater<br />
consumer confidence. In January 2003, the company was completely delisted. In conjunction<br />
with that move, we increased our investment in Lund by 0.9 million euros.<br />
Indications of a turnaround emerged in 2002: sales totaled US $154.8 million, which<br />
were clearly above those of the previous year (US $143.7 million).<br />
In financial year 1999/2000, we had performed a valuation adjustment of 50 percent<br />
on our investment. In view of the completed restructuring program and against the backdrop<br />
of the improvement in sales and earnings, we have partially reversed this writedown.<br />
www.lundinternational.com<br />
Our American private equity<br />
partner Harvest Partners<br />
acquired Lund International<br />
Holdings Inc. in 1997. As an<br />
investor in the Harvest Partners<br />
fund, we made use of our<br />
co-investment right and have<br />
directly belonged to the group<br />
of shareholders since then.<br />
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