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Deutsche Beteiligungs AG (DBAG)
Frankfurt

The Group's principal activity is to act as a holding company with investments in a diversified range of companies. The Group's investment portfolio consists of minority share holdings in medium sized trade, industrial, retail and service companies. At the end of fiscal 2005 the Group had minority share holdings in 35 companies.

http://www.deutsche-beteiligung.de


Deutsche Beteiligungs AG: Negative impact from stock market trend
 
Quarterly loss of 8.0 million euros / Net asset value per share totals 19.31 euros 

Frankfurt am Main, 14 September 2011. After a series of very positive quarters with good news from the portfolio and, consequently, value growth, Deutsche Beteiligungs AG (DBAG) recorded negative net income of -8.0 million euros in the third quarter of its 2010/2011 financial year (1 May to 31 July). The result mirrors the events that took place in the equity markets up to the end of July, when the optimism that had prevailed at the beginning of the year gave way to a more sober view. This triggered a reduction in market multiples, including those for mechanical engineering companies. This, for example, is also mirrored in the price decline of shares in DBAG’s largest investment, Homag Group AG, prior to the quarterly reporting date. The third-quarter net result of investment activity amounted to -6.7 million euros, of which -4.2 million euros are attributable to Homag. The remaining loss of -2.5 million euros corresponds to less than five percent of the unquoted portfolio value with which DBAG started the third quarter. The stock market as a whole also fell by some five percent over the same period.

News from the portfolio was predominantly positive until far into spring. That basic sentiment has not fundamentally changed. The portfolio companies are actively working on implementing the strategies agreed at the onset of the investment, and most of them expect to achieve 2011 revenue and earnings that are at least level with those of the previous year. However, it began to appear that the economic environment has clouded over somewhat for a few portfolio companies in the third quarter. That, too, was one reason for the third-quarter negative net result of valuation.

For the first nine months of the 2010/2011 financial year, DBAG reported net income of 9.7 million euros (previous year: 21.8 million euros; thereof third quarter: 4.0 million euros). Net asset value was 19.31 euros per share at 31 July 2011, which represents a loss of 0.72 euros on the beginning of the year. Adjusted for the distribution of 1.40 euros per share (a dividend of 0.40 euros plus a surplus dividend of 1.00 euro) paid in March for the preceding financial year, net asset value per share gained 3.7 percent in the nine-month period on the opening amount at the beginning of the year.

However, should the current fall in stock market rates persist – and that particularly applies to the price of Homag shares, which have lost more than 30 percent since the beginning of the current quarter – the 2010/2011 financial year will probably close with a loss and negative return on equity. DBAG’s Board of Management does not see the Company’s ability to pay dividend impaired by potential negative valuation movements. The proceeds from recent realisations have increased DBAG’s consolidated retained profit based on HGB (German Commercial Code) and puts the Company, in all likelihood, in a position to recommend paying a dividend for the current financial year in keeping with its dividend policy.

“Attractive companies have become more readily available and the number of transactions in the market segment in which we operate is growing. Irrespective of the highly competitive environment, conditions are basically very favourable to complement the portfolio in the coming months and thereby lay the foundation for future value growth,” states the interim report issued today by this listed private equity company. DBAG referred to the sizeable assets the Company has at its disposal for investment: In addition to 146.7 million euros from its own balance sheet, DBAG can draw on commitments of some 350 million euros to its two co-investment funds, including the new DBAG Expansion Capital Fund, which closed in the third quarter of DBAG’s financial year with third-party investors committing more than 142 million euros. However, in qualifying that statement, DBAG emphasised: “The latest distortions in the capital and financial markets could again negatively impact conditions in the debt market. The considerable uncertainty in the banking sector may impede our buyout business.”

Deutsche Beteiligungs AG: Nine-month consolidated profit reaches 21.7 million euros 

Deutsche Beteiligungs AG posts consolidated profit again
Net asset value climbs to 19.23 euros per share / Investment in new management buyout
Frankfurt am Main, 14 June 2010. With a consolidated profit of 8.4 million euros, Deutsche Beteiligungs AG (DBAG, WKN 550 810/ISIN DE0005508105) also completed the second quarter of its 2009/2010 financial year posting a positive result. For the six-month period ended 30 April 2010, DBAG achieved a consolidated profit of 17.7 million euros. Net asset value per share rose to 19.23 euros; compared with the opening NAV at the beginning of the financial year (18.94 euros) and adjusted for the dividend of 1.00 euro paid in March, this equates to an increase of 7.2 percent.
A key driver for the very satisfactory uptrend was the brighter sentiment on the quoted markets over the reporting period. Valuation ratios from the markets influence the income statement and, consequently, the consolidated balance sheet of Deutsche Beteiligungs AG through current valuations of the individual portfolio companies. A positive effect came from the improved business trend which most portfolio companies recorded; they are benefiting from recent restructuring action and the modest improvement in the economic environment. A good part of the gain achieved in the first two quarters stems from the price movement of Homag shares: their advance to 13.43 euros at the valuation date on 30 April contributed 13.1 million euros to the net result of valuation for the six-month period.
After two quarters of negative results (-9.0 million euros and -3.4 million euros), the first six months of the previous 2008/2009 financial year had ended with a consolidated loss of 12.4 million euros.

German Beteiligungs AG: Strong Net profit in the third quarter after-sale leva 
After nine months of near break / liquidity continued to rise

Frankfurt am Main, 14 September 2009. The German Beteiligungs AG (DBAG) closed the first nine months of fiscal year 2008/2009 starting with an almost balanced result. Net loss after three quarters is just under 0.3 million euros, the third quarter (May 1 to July 31, 2009) has contributed to a consolidated net profit of 12.1 million euros to earnings. Shareholders' equity per share of 17.90 Euro is back at the beginning of the year at 17.48 euros per share. EUR 0.40 of the decline from 0.42 euros per share attributable to the dividend distribution for the previous year. Adjusted for the interim dividend, the equity per share after the first three quarters of the fiscal year beginning therefore hardly changed (minus two cents, or 0.1 percent). Given the volatility of capital market conditions and the economic outlook ungewis-sen no earnings forecast for the current fiscal year and shall be delivered beyond. New Holdings Beteiligungs AG is the German for the year 2008/2009 has not been received. After the first three quarters of the previous fiscal year 2007/2008, net loss was reported by 3.4 million euros, the third quarter had ended with a loss of 6.3 million euros.

For the good results of listed private equity firm in the third quarter of fiscal year ensured two main factors: On the stock markets improved the valuation ratios - this was also reflected in a higher rate of Homag's share price and a corresponding valuation gain. The largest contribution to earnings, however, fell to the sale of participation in the Lewa GmbH. A corresponding agreement was reached in early July. Is the agreed purchase price for the participation exceeded the most recent assessment approach in the interim report at 30 April 2009, at around ten million euros in the third quarter and led, therefore, according to a positive contribution to the valuation and disposal results.

"The transaction is Lewa - measured in terms of outcome achieved in relation to the capital - one of our most successful transactions in the past few years," said Wilken of testicular Berg, CEO of Deutsche Beteiligungs AG, today to mark the publication of the quarterly figures. He continued: "The successful sale to a strategic investor in the show is still very difficult environment for virtually any type of M & A transaction that the German Beteiligungs AG achieved even under adverse conditions, good prices for its portfolio companies and thus realize the value of recent years also can. " 

To assess the future prospects of Deutsche Beteiligungs AG of Hodenberg pointed to three facts: After the return from the sale of Lewa's equity per share is now about 54 percent backed by good liquidity. Second, based the value of non-traded portfolios to a large extent on companies that are not or only slightly in debt. And finally: The value of equity per share was in the past two years, between the peak of the boom in the summer of 2007 and 31 July 2009, virtually unchanged - can 
we distributed dividends and share price decline of Homag once disregarded and our cash position has changed little over the same period. Against the backdrop of economic crisis is a very positive development.

The publicly traded German Beteiligungs AG (www.deutsche-participation gung.de) Is a leading private equity firms and with more than 40 years of experience, the oldest companies in the industry in Germany. The German Beteiligungs AG focuses on market-leading mid-sized companies in Germany and neighboring European countries. It invests from its own balance sheet and funds from parallel fund. Overall it has around 900 million euros under management. 

Questions about this report please contact:
German Beteiligungs AG
Thomas Franke 
Head of Public Relations and Investor Relations
Small Wiesenau 1, 60323 Frankfurt am Main
Tel +49 69 95787-307 or mobile +49 172 6115483
E-mail: thomas.franke @ German-beteiligung.de
 

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