deutsche beteiligungs ag - dbag-website · 2017-06-09 · homag group ag, schopfloch 788.8 5,038...

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HAL F - Y EAR LY R E SUL TS 2 0 13 / 2 0 14

D E U T S C H E B E T E I L I G U N G S A G

1 3 J UN E 2 0 1 4

2

SPEAKERS AND TOPICS

First six months at a glance

Main topics in first six months and 2nd

quarter of 2013/2014

− Portfolio− Net expenses− Net asset value per share

Outlook

Appendix

− Information on portfolio− Financial calendar

H A L F - Y E A R R E S U L T S 2 0 1 3 / 2 0 1 4 - 1 3 J U N E 2 0 1 4

SUSANNE ZEIDLERMember of the Board of Management and Chief

Financial Officer

THOMAS FRANKEHead of Investor Relations

and Public Relations

3

FIRST SIX MONTHS OF FINANCIAL YEAR 2013/2014 AT A GLANCE

Consolidated net income

Financial resources

Equity

€18.1mn

€84.8mn

€279.7mn

H1 2013/14 /

30 April 2014

€18.9mn

H1 2012/13 /

31 October 2013

€98.3mn

€278.4mn


4

VERY GRATIFYING PORTFOLIO PERFORMANCE:11.9 PERCENT INCREASE

Greatest contribution from price rise of

Homag shares (€10.3mn)

Value contribution of carried portfolio

€7.7mn

Two companies no longer valued at cost

after end of one-year holding period

New investment of 5.0 million euros

Five companies still valued at cost


78.493.0

56.0

66.3

38.3

29.0

31 Oct. 2013 30 Apr. 2014

Valued at costs

Homag shares

Value of carriedportfolio (withoutHomag)

€193.3mn€172.7mn

5H A L F - Y E A R R E S U L T S 2 0 1 3 / 2 0 1 4 - 1 3 J U N E 2 0 1 4

INVESTMENT OF €14.8MN TO DATE IN FY 2013/2014 (1/2)

Romaco Group acquires IMA Kilian

− Add-on investment in portfolio− DBAG invests €3.5mn− Expansion in range of services to

pharmaceutical industry to include process technology: machines for pressing tablets

Inexio receives additional funding through

profit-sharing certificates

− Follow-on investment− DBAG invests €1.4mn to finance continued

strong growth

DBAG sponsors MBO of Dahlback (in future

called “Unser Heimatbäcker”)

− DBAG invests up to €9.9mn

6H A L F - Y E A R R E S U L T S 2 0 1 3 / 2 0 1 4 - 1 3 J U N E 2 0 1 4

NEW INVESTMENT IN FY 2013/2014 (2/2) –DAHLBACK (“UNSER HEIMATBÄCKER”)

Investment

− €9.9mn for 15.7% of the shares− ~ 67 percent of the shares owned by

DBAG Fund VI − Rest of shares held by founding family and

management

Development approach: expansion of market

position by means of

− proactively shaping the consolidation process− further implementing the “Lila Bäcker”

concept

7

SUPPORTING THE PORTFOLIO COMPANIES’ DEVELOPMENT

“Packaging” (packaging ma-

chines for pharma-ceutical industry)

IMA Kilian (tablet press machines for pharmaceutical

industry)

“Processing” (FrymaKoruma) food processing

(cold)


“Processing” (FrymaKoruma)

Food processinglines (thermal)+

+

8

FURTHER REDUCTION IN NET EXPENSES, AS PLANNED

Fee income for investment services to DBAG Fund VI received for full six-month

period in 2013/2014 for the first time

Other operating expenses at prior year’s level; personnel costs declined after

contraction of Board of Management


7.3

9.4

H1 2012/2013 H1 2013/2014

Management and advisory fees

-3.8

-0.5

H1 2012/2013 H1 2013/2014

Net expenses

9

NET ASSET VALUE PER SHARE ROSE TO €20.45

NAV/share increased by €0.09, adjusted for dividend by €1.29

Equates to total return of 6.7 percent after six months


€20.36€20.45

€-1.20

€0.54

€0.75 €0.08

€-0.05 €-0.03

NAV at31 Oct. 2013

Distribution ofdividends

Result ofvaluation(unquotedinvestments)

Result ofvaluation(quoted

investments)

Currentincome

Otherincome/expense,

taxes andminority interest

Othercomprehensive

income

NAV at30 Apr. 2014

10

OUTLOOK: FORECAST UNCHANGED

Forecasts for 2013/2014:

− "Continuation of high rate of investments"

− "Higher contribution from portfolio of non-listed holdings"

− "No forecast of Homag’s future share price as at 31 October 2014"

− "Expense ratio below 3%"

Status after first six months:

− Attractive deal pipeline

− No further rise in value of non-listed portfolio in Q2 only for reasons of reporting date

− Higher Homag share price (currently)

− Costs on target

"Overall, consolidated net income clearly below the previous year"

"Cost of equity serves as minimum expected return"


11

APPENDIX


12

T €1 Nov. 2013 –30 April 2014

1 Nov. 2012 –30 April 2013

Net result of valuation and disposal of financial assetsand loans and receivables 17,747 23,135

Current income from financial assets and loans and receivables 1,063 569

Personnel costs –6,354 –6,733

Other operating income 13,440 10,733

Other operating expenses –7,577 –7,735

Depreciation and amortisation on property, plant and equipment and intangible assets -210 –195

Net interest income 191 95

Net income before taxes 18,300 19,859

Income taxes –5 –31

Minority interests (-) –234 –882

Consolidated net income 18,061 18,946

Earnings per share in € 1.32 1.39

Other comprehensive income –370 9

Total comprehensive income 17,691 18,955

HALF-YEAR RESULTS: CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME


13

STATEMENT OF FINANCIAL POSITION: FINANCIAL RESOURCES OF €~ 85MN AT REPORTING DATE

Assets(€ mn) 30 April 2014 31 Oct. 2013

Equity andliabilities (€ mn) 30 April 2014 31 Oct. 2013

Financial Assets andloans*

201.3 180.9 Equity 279.7 278.4

Other 21.8 31.5Non-currentliabilities

14.3 13.8

Financial resources* 84.8 98.3 Current liabilities 13.9 18.4

307.9 310.7 307.9 310.7

Inflows after repayment of interim financing for the acquisition of an investment

and after the distribution by DBG Eastern Europe II

Outflows due, among other things, to investments and distribution

* Financial resources: liquid funds and interest-bearing securities


14

PORTFOLIO (IFRS VALUE)

Number of investments

Value as at 30 April 2014 (IFRS)

Management buyouts 11 €167.4 mn

Growth financing (minority stakes) 6 €17.3 mn

International fund investments 3 €8.6 mn

Total portfolio 20 €193.3 mn


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TEN INVESTMENTS ACCOUNT FOR 85% OF PORTFOLIO VOLUME* (IFRS)

Company(alphabetical order)

Investment (acquisition cost, € mn)

DBAG equity share (%) Sector

Broetje-Automation GmbH 5.6 18.8Mechanical engineering and plant construction

Clyde-Bergemann Group 9.2 17.8Mechanical engineering and plant construction

FDG S.A. 4.9 15.5 Industrial services

Formel D GmbH 10.4 15.1 Industrial services

Grohmann GmbH 2.1 25.1Mechanical engineering and plant construction

Heytex Bramsche GmbH 6.4 17.0 Specialty chemicals

Homag Group AG 27.5 20.1Mechanical engineering and plant construction

Romaco GmbH 11.2 18.7Mechanical engineering and plant construction

Schülerhilfe 9.8 15.3 Education

Spheros GmbH 13.9 15.7 Automotive suppliers

Status: 30 April 2014* Portfolio volume: financial assets not including shares in shelf companies or companies largely attributable to third parties


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PORTFOLIO STRUCTURE (MEASURED BY IFRS VALUE, 30 APRIL 2014)


91%

7% 2%

Regional distribution of investments

Germany

Europe

Rest of World

62%11%

2%

10%

4%

12%

Sector distributionMechanical eng. andplant constructionIndustrial services &logisticsConsumer goods

Automotive suppliers

Specialty chemicals

Other

19%

24%

44%

9%

4%

Holding period of investments

< 2 years

2 to 5 years

5 to 10 years

> 10 years

n. m.

21%

34%

39%

6%Valuation approach to investments

Transaction price

Stock market

Multiples

Other

17

PORTFOLIO: CURRENT INVESTMENTS OF HIGH QUALITY

Current portfolio value based on 2014 budgets

2014 budgets largely exceed 2013 results

Basis: Portfolio value as at 30 April 2014, less interest in legacy portfolio (retention for warranties), DBG Eastern Europe, Harvest Partners andHSBC PE India; net debt and EBITDA for 2014 forecast by portfolio companies and analysts (Homag Group AG; 2014).


2%

57%

41%

Portfolio according to underlying EBITDA multiple

< 4.0 4.0 - < 6.0 >= 6.0x

53%

23%

20%

4%

Equity according to net debt/EBITDA for 2014

< 1.0 1.0 - < 2.0 2.0 - < 3.0 > 3.0

18

CO-INVESTMENT FUNDS OF DBAG (30 APRIL 2014)

DBAG Fund IV (€228mn)

− Investment period Sept. 2002 – Feb. 2007− Investment ratio of DBAG fund: 29 to 71, total investment of €321.6mn− Ten investments: eight completely divested, one partially divested

DBAG Fund V (€434mn)− Investment period Feb. 2007 – Feb. 2013− Investment ratio of DBAG fund: 19 to 81, total investment of €539.1mn− Eleven investments: three completely divested, one partially divested

DBAG Fund VI (€567mn)− Investment period started Feb. 2013− Investment ratio of DBAG fund: 19 to 81, total investment of €700mn− One investment− 9.5% of commitments drawn down (31 December 2013)

DBAG Expansion Capital Fund (€142mn)− Investment period started Aug. 2011− Investment ratio DBAG fund: 42 to 58, total investment of €242mn− Three investments − 13.8% of commitments drawn down (31 December 2013)


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INVESTOR BASE OF BUYOUT FUNDS


Country DBAG Fund IV DBAG Fund V DBAG Fund VI

Germany 54 % 32 % 19 %

UK 21 % 9 % 5 %

Rest of Europe 15 % 28 % 38 %

USA 6 % 24 % 25 %

Asia 4 % 7 % 14 %

Investor type DBAG Fund IV DBAG Fund V DBAG Fund VI

Banks 47 % 20 % 8 %

Pension funds 16 % 32 % 35 %

Fund-of-funds 12 % 23 % 31 %

Foundations 5 % 13 % 7 %

Family offices 8 % 4 % 1 %

Other 13 % 8 % 18 %

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CURRENT PORTFOLIO COMPANIES (I)

Company2013 Reven.in € mn Employees Core business Markets

Broetje-Automation GmbH, Wiefelstede

87.3(FY 12/13) 500

Development and production ofmachinery and equipment for automated assembly of aircraft Worldwide

Clyde-Bergemann Group, Wesel/Glasgow/Delaware

544.8(US $; FY 13/14) 1,700

Development and production of components for power plants Worldwide

DNS:NET Internet Service GmbH, Berlin 10.7* 30

Telecommunication and IT services based on high-quality fibre-optic infrastructure Germany

FDG S.A.,Orly, France 110.0 760

Services for supermarkets in France and other countries

France, neigh-bouring countries

Formel D GmbH,Troisdorf 137.1 3,300

Services for automobile manufacturers and their suppliers Worldwide

Status: 30 April 2014* preliminary/forecast


21

CURRENT PORTFOLIO COMPANIES (II)


Grohmann GmbH, Prüm 94.0* 850Development and production of plants for industrial automation Worldwide

Heytex Bramsche GmbH, Bramsche 67.9 330

Manufacture of textile print media and technical textiles Worldwide

Homag Group AG, Schopfloch 788.8 5,038

Development and production of woodworking machinery and equipment for the furniture and construction supplies industry Worldwide

Inexio KGaA, Saarlouis25.4(FY 12/13) 120

Telecommunication and IT services based on high-quality fibre-optic infrastructure

Germany, Belgium, Luxembourg

JCK Holding GmbH Textil KG, Quakenbrück 520.6 1,052 Textile trade Germany



22

CURRENT PORTFOLIO COMPANIES (III)


Plant Systems & Services PSS GmbH, Bochum 37.1 190

Industrial services for the energy and process industries

Germany, Netherlands

Romaco GmbH, Karlsruhe

102.6(FY 12/13) 450

Development and production of machinery and equipment for packaging and process technologies Worldwide

Schülerhilfe(ZGS Bildungs-GmbH), Gelsenkirchen 46.4* 1,000 Tutoring and education services Germany, Austria

Spheros GmbH, Gilching 189.6 800

Development and production of air conditioning and heating systems, water pumps and roof hatches for buses

Europe, Latin America, Asia

Stephan Machinery GmbH, Hamelin 42.0 180

Development and production of machinery and process lines for processing liquid or semi-liquid food products Worldwide



23

SHAREHOLDER STRUCTURE

Free float (as defined by Deutsche Börse) 69.96%

Anchor shareholder Roßmann increased stake to over 25% in August 2012

Shareholder Portabella (Ventos S.A.) increased stake to 5.0% in October 2012

46.8

40.6

25.0

25.0

5.0

5.0

6.4

7.4

6.0

13.1

10.8

7.61.3

Nov. 2012

Sept.2013

SHAREHOLDER STRUCTURE (IN PERCENT) Individual private shareholders

Dirk Roßmann

Anpora Patrimonio

Institutional investors, Germany

Institutional investors, Europe

Institutional investors, USA

Institutional investors, rest ofworld


24

ANALYST RATINGS FORDEUTSCHE BETEILIGUNGS AG

Analysts Date Recommendation

Close Brothers Seydler Research,Ivo Visic March 2014 "Hold"

HSBC Trinkaus & Burkhardt,Thomas Teetz February 2013 "Neutral"

J.P. Morgan Cazenove,Christopher Brown/Matthew Hose January 2014 "Underweight"

Landesbank Baden-Württemberg,Hans-Peter Kuhlmann March 2014 "Hold"

Solventis Wertpapierhandelsbank,Klaus Schlote March 2014 "Buy"

Warburg Research GmbH,Roland Rapelius June 2014 „Buy"


25

NEXT EVENTS

Financial calendar

Publication of second quarter 2013/2014 resultsAnalyst conference call, Frankfurt am Main 13 June 2014

LPE Day, Genf 10 July 2014

Publication of third quarter 2013/2014 resultsAnalyst conference call, Frankfurt am Main 12 September 2014


26

FURTHER INFORMATION

Symbol:Reuters: DBAG.nBloomberg: DBAN

ISIN code: DE000A1TNUT7

Stock market trading with listing in Prime Standard

Indices:

S-DaxDAXsector All Financial Services LPX50, LPX Europe, LPX DirectStoxx Private Equity 20

DBAG is a member of LPEQ: www.LPEQ.com

Contact:Thomas FrankeHead of Investor RelationsPhone: +49 69 95787-307E-mail: [email protected]

Deutsche Beteiligungs AGBörsenstrasse 160313 FrankfurtGermanywww.deutsche-beteiligung.de


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FORWARD-LOOKING STATEMENTSINVOLVE RISKS

This presentation contains forward-looking statements. Forward-looking statements are statements that do not describe facts or past events; they also include statements about our assumptions and expectations.

Any statement in this report that states our intentions, assumptions, expectations or predictions and the underlying assumptions is a forward-looking statement. These statements are based on plans, estimates and projections currently available to the Board of Management of Deutsche Beteiligungs AG. Therefore, forward-looking statements only relate to the date on which they are made. We do not assume any obligation to update such statements in light of new information or future events.

Forward-looking statements involve inherent risks and uncertainties. A number of important factors may cause actual events to differ significantly from those in forward-looking statements. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere – the key regions for our investment activities.


deutsche beteiligungs ag - dbag-website · 2017-06-09 · homag group ag, schopfloch 788.8 5,038...

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