011_DBAG GB 2000 Innen E - Deutsche Beteiligungs AG

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22 Business fields fi Development of business fields Development of business fields Business fields Business fields Majority investments Development of majority investments in 1999/2000 Volume Number November 1, 1999 “ 110 million 15 Investments “ 42 million 4 Disposals/Repayments “ 44 million 4 October 31, 2000 “ 108 million 15 We significantly contribute to the strategic development of companies in which we (alone or jointly with other financial investors) hold a majority interest. After having identified and acquired a promising business, we strategically realign it in a close collaborative effort with the management to optimally exploit its development potential. An important key to success is the management's involvement as shareholders in the business (management buyout/buy-in). We generally source these investments from family-owned businesses seeking succession arrangements or spin-offs of non-core businesses from large corporations. The acquisition of quoted companies is another field that is gaining in importance. After purchasing a majority interest from principal shareholders and raising the share quota by a tender offer, the company is then delisted and taken private. An example of this is the acquisition of GAH Anlagentechnik AG (see page 23). Business fields
elds Development of business fields 23 New investments In the past financial year we (alone or jointly with other financial investors) assumed the position of majority shareholder in the following companies: Andritz AG, Edscha AG, Global Energy Equipment Group, and Gong Verlag GmbH. You will find further information about these transactions in the section “Principal holdings,” starting on page 28. GAH Anlagentechnik successfully divested In a management buyout in July 1998, we purchased a 97 percent interest in GAH Anlagentechnik AG, Heidelberg, at that time a listed company. In conformity with German Stock Corporation Law, the remaining shareholders were offered a choice between a cash payment or shares of the purchasing company. In November 1998, the company was taken private and delisted on the stock exchange. A successful profit center-based restructuring program led to a significant improvement in the company’s profitability. Earnings from ordinary activities rose from “ –10.6 million in 1997 to “ +17.8 million (1999). GAH strategically realigned its activities to meet market developments, expanding its communications services into a stand-alone business field, which is profiting from the dynamic growth in mobile telephony and generating sales of about “ 80.0 million (1999). The company also strongly enhanced its activities in technical systems and services for buildings and technical facility management as a “general technical contractor.” As one of the large providers in Germany for technical systems and services for buildings and technical facility management as well as energy, industrial/plant and communications technology, the GAH group operates a broad-based network of subsidiaries and branch offices. Employing a staff of approximately 5,000, sales of the GAH group rose 9 percent to more than “ 706 million in financial year 1999. Deutsche Beteiligungs AG sold the GAH group, located in Heidelberg, to Aare-Tessin AG für Elektrizität in Olten, Switzerland. This transaction took effect retroactively as of January 1, 2000. In partnership with the GAH management, we significantly enhanced the company’s value and realized that new value by the divestment. The GAH transaction represents the first successfully completed public-to-private transaction by a financial investor in Germany.
Page 1 and 2: Creat ng Entrepreneurs C eat ng Ent
Page 3 and 4: 3 6 9 13 20 28 31 37 47 50 56 60 71
Page 5 and 6: Letter ie Aktinäre Letter to Share
Page 7 and 8: Letter Letter to Shareholders Share
Page 9 and 10: The team The team at Deutsche Betei
Page 11 and 12: Private equity market Private equit
Page 13 and 14: mar- ity market et vate equity Priv
Page 15 and 16: SPECIAL REPORT A management buyout
Page 17 and 18: dus roup Sebaldus-Gruppe Case study
Page 19 and 20: Sizeable investments were made in t
Page 21 and 22: aldus dus Group Group Case studyThe
Page 23: Development of business fields The
Page 27 and 28: fields ss fields Business fields De
Page 29 and 30: Business Development of business fi
Page 31 and 32: Principal holdings of Deutsche Bete
Page 33 and 34: s gs Majority investments Edscha AG
Page 35 and 36: Principal holdings Principal holdin
Page 37 and 38: Principal Principal holdings holdin
Page 39 and 40: oldings Expansion financing schlott
Page 41 and 42: oldings Principal holdings Principa
Page 43 and 44: Principal holdings 41 Principal Pri
Page 45 and 46: Principal holdings 43 Principal hol
Page 47 and 48: Principal holdings 45 Principal hol
Page 49 and 50: Investments in funds Principal hold
Page 51 and 52: Principal holdings 49 Other fund in
Page 53 and 54: Portfolio profile of Deutsche Betei
Page 55 and 56: profile Larger investments per tran
Page 57 and 58: io olio Portfolio profile profile P
Page 59 and 60: Shares of Deutsche Beteiligungs AG
Page 61 and 62: Balanced shareholder profile Shareh
Page 63 and 64: Management’s report I. Market dev
Page 65 and 66: III. Results of 1999/2000 financial
Page 67 and 68: Management’s report 65 ent’s re
Page 69 and 70: eport ent’s ent’s report report
Page 71 and 72: Management’s report Management’
Page 73 and 74: Financial Statements Financial Fina
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Jahresabschluß · Bilanz zum Finan
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ncia State tatements Financial Stat
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Financial Statements 77 51 Financia
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ncia State Financial Statements 79
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Auditors’ report 85 51 s’ repor
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Report of the Supervisory Board Rep
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Board of Management Supervisory Boa
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Board of Management 91 51 ard of Ma
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