Every day counts - Deutsche Beteiligungs AG

Deutsche Beteiligungs AG · Annual Report 2002/2003
Notes to the Consolidated Financial Statements 2002/2003
Changes in the group of consolidated companies in comparison to the status at
October 31, 2002 constitute the addition of DBG Management GmbH & Co. KG, since
this company is no longer of minor importance. DBG Management GmbH & Co. KG
was initially consolidated on October 31, 2003. Consequently, the profit and loss
account of this company is not yet included in the consolidated financial statements at
October 31, 2003.
The holding in Q.P.O.N. Beteiligungs GmbH was recognized in the consolidated
financial statements on a pro rata basis (proportionate consolidation).
Despite a voting interest of less than 50 percent, DBG Advisors GmbH & Co. KG was
recognized in the consolidated financial statements in conformity with Article 290, section
2, paragraph 2 of the German Commercial Code, since Deutsche Beteiligungs AG
has the power to appoint or remove the majority of the managing shareholders.
DBG Beteiligungs GmbH, Frankfurt am Main, in which Deutsche Beteiligungs AG holds
100 percent of the voting shares, was excluded from the consolidated financial statements,
since the commercial risk of its business activity – and, consequently, the business
policy – lies with other companies.
DBG Fifth Equity Team GmbH & Co. KGaA, Frankfurt am Main, in which a subsidiary
of Deutsche Beteiligungs AG holds 100 percent of the limited partner’s shares, was not
consolidated in the accounts, since significant and long-lasting restrictions exist that
impair rights in respect of this company’s assets and management.
DBG Jota GmbH and DBG Kappa GmbH, in which a subsidiary of Deutsche Beteiligungs
AG holds 100 percent of the shares and which are both domiciled in Frankfurt am
Main, were not consolidated, since the majority of the shares in the subsidiaries are held
temporarily.
Due to their minor importance, some subsidiaries in which Deutsche Beteiligungs AG
or an associated and consolidated company holds voting shares of more than 50 percent
were not consolidated. These largely relate to shell companies.
At-equity consolidation was not performed for equity shares in which voting rights of
20 to 50 percent are held, but no significant influence on operating policies is exercised.
This also ensued from the temporary nature of these investments, as stipulated by the
corporate purpose.
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