Every day counts - Deutsche Beteiligungs AG

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62 3. The change in the lending policy of banks, which was, in part, triggered by the announcement of new equity guidelines for banks ("Basle II"), poses a new challenge, particularly to mid-sized enterprises. This change, in addition to the succession issue in family-owned businesses, will boost the mid-term demand for private equity. II. Group structure Deutsche Beteiligungs AG has presented consolidated financial statements since fiscal year 2000/2001. The consolidated financial statements include the following companies: 100% ▼ 100% ▼ ▼ ▼ ▼ Deutsche Beteiligungs AG holds practically all German investments; international investments are essentially held by Deutsche Beteiligungsgesellschaft mbH and Q.P.O.N. Beteiligungs GmbH. Deutsche Beteiligungs AG co-invests alongside the new DBAG Fund IV through DBG Fourth Equity Team GmbH & Co. KGaA. The management team of Deutsche Beteiligungs AG co-invests through DBG Advisors GmbH & Co. KG. The other four companies hold no material investments. III. Development of the portfolio Deutsche Beteiligungs AG 100% 100% Undecima DBG Auslandsbeteiligungen Beteiligungs GmbH GmbH & Co. KG 99% ▼ ▼ 99% DBG Fourth Equity Team GmbH & Co. 1% KGaA 100% ▼ ▼100% Deutsche Beteiligungsgesellschaft mbH DBG Management GmbH & Co. KG ▼ 1% 100% 50% ▼ ▼ 100% ▼ 50% ▼ DBG Fifth Equity Q.P.O.N. International GmbH Beteiligungs GmbH 33,33% 33.33% ▼ ▼ DBG Advisors GmbH & Co. KG 100% At October 31, 2003, there were 43 companies or groups of companies valued at acquisition costs of 300 million euros in the portfolio of Deutsche Beteiligungs AG. In the previous year, the total number of investments was 49, valued at acquisition costs of 313 million euros. ▼
Investments during the year under review totaled 30.8 million euros. Of this, 12.4 million euros are attributable to the most recent investment, Casco Surfaces GmbH. Two other investments were contracted during the reporting year, but they were formally completed in November 2003, subsequent to the close of the reporting year. Seven investments valued at acquisition costs of 31.7 million euros were completely released from the portfolio. Including repayments and partial sales, disposals from the portfolio totaled 44.2 million euros. Thus, the total portfolio at acquisition cost declined slightly from 313 million euros in the previous year to 300 million at October 31, 2003. The number of investments in the portfolio fell to 43. IV. Results of financial year 2002/2003 for the Deutsche Beteiligungs AG Group Following a consolidated net loss of 15.8 million euros in the previous year, this year saw a return to positive income. Consolidated net income amounted to 3.1 million euros. The profit and loss account was drawn up in conformity with the German Commercial Code. To facilitate an analysis of our corporate performance, the data has been reclassified in the overview below. in T€ 2002/2003 2001/2002 Change in % absolute Result of investment activity 18,408 19,311 –4.7 –903 Result of adjustments in valuation/provisions –10,010 –27,025 63.0 17,015 Result of investment management –4,012 –8,191 51.0 4,179 Result of ordinary activity 4,386 –15,905 20,291 Net income/loss 3,096 –15,840 18,936 Earnings per share in euros 0.22 –1.13 1.35 Income from profit disbursements, which actually represents income from investment management, was recognized in the result of investment management. Income from write-ups on investments, which is required to be recognized under “Other operating income” in conformity with the rules of the German Commercial Code, was allocated to the “Result of adjustments in valuation/ provisions” for the above overview. IV. 1. Result from investment activity The sum of total income achieved through numerous smaller investment disposals and profit distribution fell slightly short of the previous year’s income, which had recorded a particularly high level of profit disbursements. Consequently, the result from investment activity amounted to 18.4 million euros, down by 0.9 million euros, or five percent less than last year’s 19.3 million euros. Deutsche Beteiligungs AG · Annual Report 2002/2003 Management’s Report Net profit posted for the year 63
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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
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Wilken Freiherr von Hodenberg born
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Changes to the Board of Management
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November 1, 2002 to December 31, 20
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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 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: MANAGEMENT’S REPORT I. Market dev
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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