Every day counts - Deutsche Beteiligungs AG

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