011_DBAG GB 2000 Innen E - Deutsche Beteiligungs AG

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Principal holdings
Rheinhold & Mahla AG
Sales 1998/99 Employees 1998/99 First invested in
“ 671 million 8,145 December 1999
Invested capital Equity share
Total T“ 21,190 27.0 %
– thereof, Deutsche Beteiligungs AG T“ 10,595 13.5 %
– thereof, parallel funds T“ 10,595 13.5 %
In October 2000, Deutsche Beteiligungs AG raised its interest in Rheinhold
& Mahla AG, a quoted company, to 27 percent, after having purchased
an initial tranche via a capital increase in May 2000. The capital
increase served to improve the equity ratio which had declined due to
leveraged acquisitions.
Rheinhold & Mahla belongs to that group of companies which is presently
not in the limelight of investors' interest, but which has a key position in
the marketplace, exhibits attractive earnings potential and is growing
strongly. Rheinhold & Mahla operates both in industry (insulation systems,
ship insulation, industrial services) and in construction (insulation solutions,
facade technology, refrigerated storage construction). Following the
takeover of Willich, a former competitor, in 1999, Rheinhold & Mahla is
today the European leader in industrial insulations.
From our point of view, the company is well poised in the marketplace,
but the current price of its shares does not yet reflect the company's
earnings and development potential. Despite the difficult stock market
climate, our investment creates the platform for this listed company to
continue its successful program of sustained strategic expansion.
In financial year 1999, Rheinhold & Mahla generated consolidated sales
of “ 671 million, a rise of 33 percent. Earnings before taxes grew by
some “ 10 million to approximately “ 16 million. Both business fields
contributed to Rheinhold & Mahla’s excellent progress.
The first nine months of the current financial year confirm the high
expectations placed in this company.