Every day counts - Deutsche Beteiligungs AG

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We have been a private equity partner to Lignum Technologie AG since January 1997 and hold 21.37 percent of the shares. 46 www.hoermann-gruppe.de We first invested in the Hörmann group in May 1997 via a capital increase that served to finance expansion, and today own a 28 percent interest. The Hörmann group hold 63 percent of the shares in Funkwerk AG. The group’s portfolio includes holdings in approximately 20 other enterprises that aim to achieve a leading position in their respective markets by providing state-of-the-art expertise and qualified service. The group’s market focus is the electro industry and industrial services primarily for the automobile industry. Following the record highs achieved in 2000 and 2001, Lignum’s business was hit by the weakness in the economy and the woodworking industry in financial year 2002. World market volumes for woodworking machinery dropped by more than 30 percent from 2000 to 2003. Lignum responded quickly by installing a broad-based capacity-adjustment and cost-cutting program. For 2004, earnings are expected to rise markedly against the previous year, driven by a cost-cutting program initiated and implemented in 2003 (reductions in staff, lower overheads, and, not least, a certain degree of market recovery). Flotation remains the common objective of Lignum’s shareholders. Hörmann GmbH & Co. Beteiligungs KG Kirchseeon FY 2003* FY 2002 Changes Sales € 350.0 million € 279.7 million 25.1% *preliminary First invested in May 1997 Investment Equity share T€ 13,749 28.0% In 2003 again, the progress exhibited by the Hörmann group was largely driven by Funkwerk AG, the leading provider for communication systems used in vehicles, by public transportation companies, enterprises and institutions. At the close of the first nine months of the 2003 financial year, sales were already at levels originally forecast for the complete year: at September 30, 2003, revenues had totaled 125 million euros, up 79 percent from the year before. Earnings before interest and taxes (EBIT) amounted to 11.5 million euros, or 150 percent over those of the comparable period the previous year. The high inflow of orders fuels expectations that the growth dynamism will continue into the coming months. For the complete 2003 financial year, Funkwerk’s management targets sales of 160 million euros, with earnings at some 12 million euros. Jointly with the majority shareholder, we plan to further optimize Hörmann’s portfolio and achieve an appreciation of its value in coming years.
Hucke AG Lübbecke (through Bowa Beteiligungsgesellschaft mbH & Co. KG) Deutsche Beteiligungs AG · Annual Report 2002/2003 Corporate Review – Investments Expansion financing FY 2002/2003 FY 2001/2002* Change Sales € 148.7 million € 146.6 million – Result of ordinary activity € 32.6** million € –9.1*** million – * Short fiscal year Nov.1, 2001- April 30, 2002 ** incl. extraord. income from sale of Basler group *** thereof € 7.6 mn for special charges First invested in February 1995 Investment Equity share T€ 8,360 29.5% In 2003, Hucke acquired the proprietary rights for the Venice Beach brand and the license for the More & More children’s label – both established brand names – in line with the corporate strategy. Hucke financed the acquisitions as well as a marked reduction in debt by proceeds from the sale of the Basler group. Furthermore, the group completed its reorganization program: a separate division was created for each product range. These divisions are now organized directly under the roof of Hucke AG, eliminating intermediary companies. Management expects these measures to generate significant improvement in cost structures, while also creating the required flexibility to remain competitive in the marketplace. For the financial year ended April 30, 2003, a dividend of 0.25 euros per share was disbursed to shareholders. Due to the preceding short fiscal year and the extraordinary effects resulting from the sale of the Basler group, a comparison with the previous year is not meaningful. For the 2003/2004 financial year, Hucke’s management anticipates that the structural changes which have been implemented will take further effect and gradually usher in the targeted positive earnings position. Against this backdrop, management expects a balanced operational result for the current financial year (2003/2004). The company plans to cautiously expand and round out the existing divisions by complementary acquisitions, particularly of licenses. www.hucke.de We have held an interest in Hucke, one of the largest manufacturers of apparel in Germany, through Bowa Beteiligungsgesellschaft mbH & Co. KG since February 1995. 47
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 and 38: MANAGEMENT BUYOUTS - PARTNERSHIPS F
Page 45 and 46: Hochtemperatur Engineering GmbH Mai
Page 47 and 48: EXPANSION FINANCING - REACHING FOR
Page 49: Bauer AG Schrobenhausen Deutsche Be
Page 53 and 54: Otto Sauer Achsenfabrik Keilberg Be
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
Page 63 and 64: Industrial profile of portfolio bal
Page 65 and 66: MANAGEMENT’S REPORT I. Market dev
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Page 69 and 70: IV. 5. Appropriation of the distrib
Page 71 and 72: Our support for the development of
Page 73 and 74: IX. Events subsequent to the closin
Page 75 and 76: Liabilities and shareholders’ equ
Page 81 and 82: D. Accounting policies Deutsche Bet
Page 89 and 90: AUDITORS’ REPORT We have audited
Page 91 and 92: The financial statements of Deutsch
Page 95 and 96: Statutory offices Comparable office
Page 97 and 98: Statutory offices Comparable office
Page 99 and 100: MBO Multiples method Official Marke
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FIVE-YEAR FINANCIAL SUMMARY in mill
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