Annual Report

Combined Management report


Deutsche Beteiligungs AG (DBAG) ended the 2013/14 financial year posting consolidated net income of 47.8 million euros. The profitable realisation of the largest investment and the good progress the portfolio companies have made led to a very satisfactory net result of valuation and disposal. A significant contribution also came from fee income for management and advisory services to funds. Comprehensive income, after accounting for actuarial losses arising from pension obligations, reached 41.4 million euros.

The portfolio of DBAG is a young one. Two older investments were realised in 2013/14, and new investment of 20.0 million euros was channelled into new or existing investee businesses. Nearly three quarters of the portfolio value are now attributable to investments that were entered into in the past five financial years. They have excellent prospects for value growth and profitable realisations in the coming years.

In addition, DBAG’s net expense ratio recorded a considerable reduction on the prior year, resulting from higher fee income for management and advisory services to funds.

Sizable capital gains from realisations led to a profit for the year of 65.4 million euros for the Group’s parent company. Adjusted for the profit carried forward from the previous year and the dividend paid in March 2014, the retained profit totalled 92.3 million euros. From that amount, 2.00 euros per share have been recommended for distribution to shareholders, or a total of 27.4 million euros.