Every day counts - Deutsche Beteiligungs AG

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54 www.harvpart.com Harvest Partners IV pursues a similar investment strategy to that of Harvest Partners III, concentrating on the acquisition of established businesses in partnership with their managements. More about the management company Harvest Partners and their investment strategy on page 52. www.quartus.fr We sponsored the management company Quartus Gestion S.A. (Paris) collaboratively with a team of experienced French fund managers in 1998. Financial investors have committed the sum of 111 million euros to Quartus’ first fund. The fund primarily invests in buyout concepts and expansion financing in France. Deutsche Beteiligungs AG is the lead investor in the fund, committing the sum of 34.5 million euros. By October 31, 2003, we had disbursed a total of 15.5 million euros to the fund; 2.5 million euros have already been returned. Harvest Partners IV New York (USA) Fund volume US $ 558 million First invested in October 2001 Harvest Partners IV is the follow-on fund to Harvest Partners III. Both funds purchased Associated Materials Inc. (Akron, Ohio, USA, www.associatedmaterials.com) in 2002. This enterprise is a leading vertically-integrated manufacturer and distributor of exterior building products largely used to repair or remodel homes. Associated Materials’ very satisfactory progress has surpassed the forecast. In 2003, Harvest Partners made a further investment: in July 2003, this fund acquired Casco Surfaces (page 24) jointly with Deutsche Beteiligungs AG. We provided 4.6 million euros for this purchase, in line with our share in this fund. At the end of our 2002/2003 financial year, Harvest Partners IV had invested 63 million US dollars of its total assets of 558 million dollars. Quartus Capital Partners I Paris Investment Equity share T€ 12,589 11.65% Fund volume € 111 million Investment Equity share T€ 6,452 15.48% Parallel fund another 15.47% First invested in July 1998 The investment team at Quartus is firmly networked within the French private equity market. The fund has made five investments to date, one of which has already been profitably realized. At September 30, 2003, nearly 40 million euros had been invested. This past financial year, the fund acquired the Brunet group, a service provider for the maintenance of electrical installations. For 2004, two new investments and one realization have been slated. The private equity market and, consequently, Quartus’ business will stand to profit from the revitalization of the French economy.
Unternehmens Invest AG Vienna Deutsche Beteiligungs AG · Annual Report 2002/2003 Corporate Review – Investments Investments in funds FY 2002 FY 2001 Changes Equity € 48.8 million € 45.4 million –7.0% Investment Equity share T€ 7,409 12.56% Parallel fund another 12.56% First invested in March 1993 Since its inception in 1990, Unternehmens Invest, the largest and only listed private equity company in Austria, has invested a total of 75 million euros in 18 enterprises. Thirteen of these enterprises have meanwhile been disinvested. Unternehmens Invest has, for example, successfully led Wolford, Palfinger and, most recently, Andritz AG, to flotation. The key event in the 2002/2003 financial year was a successful secondary public offering for the stock of Andritz AG on the Vienna Stock Exchange. The issue was oversubscribed several times (page 36). HSBC Private Equity Fund II Limited Cayman Islands Private equity fund Fund volume US $ 525 million First invested in May 1997 Investment Equity share T€ 4,974 1.9% www.uiag.at Our working relationship with our Austria-based private equity partners Unternehmens Invest AG (UIAG) dates back to 1993. Jointly with its co-investment fund, Deutsche Beteiligungs AG is UIAG’s largest shareholder. 55
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Annual Report 2002/2003 Every day c
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Deutsche Beteiligungs AG · Annual
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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 35 and 36: Deutsche Beteiligungs AG · Annual
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
Page 51 and 52: Hucke AG Lübbecke (through Bowa Be
Page 53 and 54: Otto Sauer Achsenfabrik Keilberg Be
Page 55 and 56: INTERNATIONAL BUYOUT FUNDS - BALANC
Page 57: Accessing opportunities in eastern
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
Page 67 and 68: Investments during the year under r
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
Page 101 and 102: FIVE-YEAR FINANCIAL SUMMARY in mill
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Every day counts - Deutsche Beteiligungs AG

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