Every day counts - Deutsche Beteiligungs AG

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Deutsche Beteiligungs AG · Annual Report 2002/2003 Successful together – Partnership with Harvest drives Casco Surfaces deal Casco Surfaces has been in the portfolio since July 2003. A key argument for the seller, Netherlands-based Akzo Nobel N.V., was our partnership with Harvest Partners: Casco Surfaces generates some 40 percent of its sales in North America – where Casco plans to grow, in part by add-on acquisitions. Harvest Partners will be there to help. More on this cross-border transaction on page 24. 2002/2003: Transaction overview Safeguarding continuity – Management buyout of Preh Werke Preh Werke is another joint acquisition with management and our co-investment fund. A further investor is Rosemarie Preh: having the company founder’s family represented in the shareholder base was important to Preh’s management and the seller, Rheinmetall AG; we appreciate that continuity too. Read about upcoming opportunities for this automotive supplier on page 35. Pursuing growth targets – Babcock Borsig Service financed on sound base Separating an internationally-operating group of companies out of pending insolvency proceedings without damaging its business and arranging a new sound financial base – that was a special challenge even to Deutsche Beteiligungs AG with its 40-year track record. We contracted the purchase of the Babcock Borsig group’s service division in August 2003. See page 36 for more information on how to create value through service and maintenance for power plants. 228 million euros for co-investment fund – Investors confide in the team With DBAG Fund IV, Deutsche Beteiligungs AG expanded its shareholder base: 20 investors, 18 of whom were not yet among its equity financiers, committed an average of 11 million euros. Five management buyouts have been financed by Deutsche Beteiligungs AG and the new parallel fund to date. Some 100 million euros have been planned for futher investments in each of the next two years. An account of the fund and its investment strategy begins on page 19. Return target achieved – Realizations attest to investment strategy Edscha AG, Andritz AG, Global Power Equipment Group Inc.: three management buyouts were profitably realized this past financial year. The invested capital was approximately doubled within three years, measuring up to the Company’s return target of 25 percent p.a. For a presentation of these realizations, refer to pages 36 and 37. Three smaller holdings sold – Strategy persistently pursued Three of the smallest holdings – Heylo Energietechnik GmbH, the Vogel group, and Vitas Inc. – were sold from the portfolio. The number of expansion financing investments therefore declined further – in line with the Company’s strategy. See page 43 for details on changes in the business field of expansion financing. ➜
Deutsche Beteiligungs AG · Annual Report 2002/2003 Contents Letter from the Board of Management Shares Corporate Governance Report Corporate Review – Market and Strategy Corporate Review – Investment profile Corporate Review – Investments Development of the portfolio Management buyouts Expansion financing Investments in funds Portfolio profile Management’s Report Market development Group structure Development of the portfolio Results Financial position Risk management Generation of investment opportunities People Events subsequent to the closing date Outlook Financial Statements Consolidated Balance Sheet Consolidated Profit and Loss Account Consolidated Cash Flow Statement Notes to the Consolidated Financial Statements Auditors’ Report Report of the Supervisory Board Declaration of Conformity to German Governance Code List of Investment Holdings Members of the Supervisory Board and Board of Management Glossary Financial Calendar Imprint 2 6 16 19 24 27 27 33 43 51 57 61 61 62 62 63 65 65 67 68 69 69 71 71 72 73 74 85 86 88 90 91 94 96 96 1
Page 1 and 2: Annual Report 2002/2003 Every day c
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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
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Page 37 and 38: MANAGEMENT BUYOUTS - PARTNERSHIPS F
Page 45 and 46: Hochtemperatur Engineering GmbH Mai
Page 47 and 48: EXPANSION FINANCING - REACHING FOR
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INTERNATIONAL BUYOUT FUNDS - BALANC
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Accessing opportunities in eastern
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Unternehmens Invest AG Vienna Deuts
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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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