Annual Report
2013/2014
DRIVING
EXPANSION.
ENSURING
CONTINUITY.
MAKING STRONG
COMPANIES STRONGER.

At a glance

2013/14 HIGHLIGHTS

LONG-TERM PERFORMANCE

CONSOLIDATED NET INCOME
reaches
47.8
MILLION EUROS

The consolidated net income of 47.8 million euros (previous year: 32.3 million euros) reflects profits from attractive divestments to strategic investors, very satisfactory progress on the part of most portfolio companies and higher fee income from investment services to funds.
The net result of investment activity reached 54.5 million euros (previous year: 41.0 million euros); fee income from fund management and advisory services totalled 21.7 million euros (previous year: 18.9 million euros).

More information on the consolidated net income

CONSOLIDATED NET INCOME

(€mn)

CONSOLIDATED NET INCOME

RETURN ON NET ASSET VALUE
per share
15.8
PERCENT

Net asset value rose after paying a dividend of 1.20 euros in March 2014 to 22.18 euros per share at 31 October 2014. This equates to a gain of 1.82 euros, or a return of 15.8 percent in financial year 2013/14. Thus, we exceeded both the cost of equity and the long-term average: over the past ten-year period, we generated an average return on net asset value per share of 15.3 percent.

More information on the historical return trend

RETURN ON NET ASSET VALUE PER SHARE

(%)

RETURN ON NET ASSET VALUE PER SHARE

TOTAL RETURN
to shareholders
19.5
PERCENT

In financial year 2013/14, the price of DBAG shares rose to 21.83 euros, up from 19.36 euros. Including the dividend of 1.20 euros that we paid per share in March 2014, we delivered a total return to our shareholders of 19.5 percent.
Thus, DBAG shares outperformed the S-Dax – the benchmark index for German companies of a comparable size – and the LPX Direct – the benchmark index for directly investing private equity firms. Over a ten-year period, DBAG shares generated an average total return for our shareholders of 16.2 percent annually. That is roughly twice the return delivered by the benchmark indices.

More information on DBAG shares

PERFORMANCE OF DBAG SHARES AND BENCHMARK INDICES

(1 November 2004 to 31 October 2014, indexed to 1 N ovember 2004 = 100)

PERFORMANCE OF DBAG SHARES AND BENCHMARK INDICES