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Annual Report for Financial Year 2006/2007 Financial Year 2006/2007 Deutsche Beteiligungs AG

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Annual Report for Financial Year 2006/2007 Financial Year 2006/2007 Deutsche Beteiligungs AG Annual Report for Financial Year 2006/2007 Financial Year 2006/2007 Deutsche Beteiligungs AG Consolidated profit sets new record high €136.5 mn Three new management buyouts, investment volume expanded €40.3 mn Exceptional return on equity per share delivered 56.2 % Dividend doubled to E1.00, total distribution per share €3.50 Share performance from 1 Nov. 2006 to 22 Jan. 2008 % DBAG adjusted Dax performance index S-Dax performance index LPX 50 performance index 200 175 150 125 100 75 Nov. 06 Feb. 07 May 07 Aug. 07 Nov. 07 Financial highlights (IFRS) at a glance Change 2006/2007 2005/2006 % New investment Emn 40 22 82 IFRS carrying amount of investments (31 Oct., “portfolio value”) 1) Emn 189 121 56 Number of investments (31 Oct.) 30 32 – EBIT Emn 150.8 89.1 69 Earnings before taxes (EBT) Emn 155.6 90.9 71 Consolidated profit for the year Emn 136.5 82.7 65 Distributable profit Emn 118.2 57.2 107 Equity Emn 353.6 289.0 22 Cash flows from operating activities Emn (2.6) (4.1) – Cash flows from investing activities Emn 65.0 168.8 – Cash flows from financing activities Emn (71.4) (40.7) – Change in cash funds Emn (9.0) 124.0 – Earnings per share 2) E 9.20 5.02 83 Cash flow per share 2) 3) E 3.00 4.96 – Net asset value (equity) per share E 25.09 19.07 32 Return on net asset value per share 4) % 56.2 36.4 – Distribution per share consisting of dividend (2006/2007: recommended) and extraordinary 1.00 0.50 surplus dividend (2006/2007: recommended) E 2.50 2.50 Number of employees (31 Oct.) 47 44 – 1) Without shell companies and Group companies whose majority is owned by third parties. 2) In relation to weighted average number of shares outstanding in each financial year. 3) Consolidated profit less value changes to financial assets and loans and receivables, plus depreciation and amortisation on property, plant and equipment and intangible assets. 4) Change in net asset value (equity) per share in relation to opening net asset value (equity) per share at beginning of reporting period, less dividends. Aquisition cost Equity share Our ten largest investments * Industrial sector €mn of DBAG, % AKsys GmbH, Worms, Germany Automotive supplies 12.6 11.6 Clyde Bergemann Group, Wesel, Germany; Glasgow, UK; Delaware, USA Mechanical engineering 9.2 17.8 Coperion Capital GmbH, Stuttgart, Germany Mechanical engineering 10.4 19.0 Harvest Partners IV, L.P., New York, USA Buyout fund 10.5 9.9 H. H. Heim & Haus Holding GmbH, Duisburg, Germany Consumer goods 6.6 21.4 Homag Group AG, Schopfloch, Germany Mechanical engineering 21.4 16.8 Lewa GmbH, Leonberg, Germany Mechanical engineering 3.6 14.3 MCE AG, Linz, Austria Industrial services 8.0 14.9 Preh GmbH, Bad Neustadt a. d. Saale, Germany Automotive supplies 2.4 17.0 Quartus Capital Partners I, Paris, France Buyout fund 4.5 15.5 * Measured by IFRS value; these ten alphabetically ordered investments represent 84 percent of the portfolio value. Deutsche Beteiligungs AG is a leading German private equity company. We acquire subsidiaries of corporate groups and mid-sized enterprises – in Germany and neighbouring German-speaking countries. Our investment activity focuses on management buyouts of growth-driven, profitable, internationally operating businesses. Our financial strength is founded on our shareholders’ capital. Additionally, we manage assets entrusted to us by investors to profitably invest through co-investment funds. Contents Financial highlights Management 2 Letter from the Board of Management 2 Report of the Supervisory Board 6 Board of Management and Supervisory Board 8 Corporate governance 9 Forum 2007 – Hidden champions 12 Shares 22 Investments 30 Management’s report 46 The Group and general business conditions 48 Business development and financial performance 60 Potential, rewards and risks 72 Remuneration report 83 Other information 87 Consolidated financial statements 88 Additional information 134 Auditors’ report 134 List of subsidiaries and associates 135 Glossary 137 Contact and financial calendar 140 Five-year financial summary grow tap new markets Capital adapt structures Contents to pursue secure the future Many mid-sized companies in Germany are faced a vision with the issue of growth or of adapting strategies and structures to changed market conditions. Frequently, this calls for an infusion of capital. Private equity is one source: financial investors are ready to take on the generate fresh ideas shareowner role, creating new opportunities for these companies to pursue their vision. Three reportages on the inside pages of this Annual Report map out the roads taken by three of our portfolio companies: they headed straight towards new markets and growth, and they have written a new chapter in their company history through the partnership with Deutsche Beteiligungs AG. 1 Letter from the Board of Management Wilken Freiherr von Hodenberg Torsten Grede Spokesman of the Board of Management Member of the Board of Management André Mangin Dr Rolf Scheffels Member of the Board of Management Member of the Board of Management 2 Management . Shares . Investments . Management’s report . Consolidated financial statements . Additional information Deutsche Beteiligungs AG has concluded an exceptionally successful year. Our consolidated profit in 2006/2007 reached 136.5 million euros, which equates to a return on equity of more than 56 percent. This is several times the cost of equity, our key performance measure. Our shareholders stand to prof- it from this very good business trend through a higher divi- dend, in addition to another extraordinary surplus dividend: Jointly with the Supervisory Board, we recommend a total dividend distribution of 3.50 euros per share. With new invest- ments of 32.0 million euros in three management buyouts over the past financial year, we have, moreover, created the plat- form for the development of the portfolio. The recent turmoil on stock markets has impacted the current value of the invest- ments. Nevertheless, we are optimistic about the future of Deutsche Beteiligungs AG. The success of our business is based on a careful selection of portfolio companies. In our investment decisions, we can draw on more than 40 years of experience. We prefer to invest in those very competitive sectors of the German economy – the mechanical engineering industry, for example, with its many internationally positioned hidden champions, or auto- motive suppliers, whose innovative products contribute to the outstanding reputation of cars made in Germany. Owners of shares in Deutsche Beteiligungs AG thus invest in a port- folio of excellent companies of Germany’s “Mittelstand”. The accomplishments of this past financial year derive from this investment strategy: Our portfolio has grown considerably more valuable. A part of the value growth was realised through the sale of investments, such as the IPO of Homag Group AG. This year’s outstanding performance also benefited from the current strong economic environ- ment, which led to earnings improvements, particularly in the mechanical engineering sector. Homag is a good example: Based on current forecasts, Homag will nearly have tripled its operating income from 2005 to 2007. This has afforded value uplifts – and not only for this investment. Homag, the global market leader for woodworking machines, outperformed the industry trend due to its excellent positioning. Dörries Scharmann Technologie GmbH, a portfolio company that we sold at the end of the financial year, also advanced very satis- factorily. As with these two investments, it is a pleasure to say that nearly all our investee businesses made good progress in 2007. 3 A third factor should also be mentioned regarding the exceptionally high consolidated profit posted this year: Based on the International Financial Reporting Standards (IFRS), which require measuring the portfolio at its present fair value, price levels on stock markets have an influence on the profit we report. Valuation multiples largely rose in 2006/2007. They contributed to the highest result, totalling 136.5 million euros, achieved in the Company’s history – both in absolute terms and in terms of the return on equity per share. Naturally, the setbacks in prices on the stock markets particularly since the beginning of the new financial year show how swiftly general conditions can change and negatively impact the result. The exceptional results posted this past financial year motivate us to continue on the business course we have adopted. Our measure, however, will not only be that of a single year – we strive to be successful over the long-term. To that end, we measure our performance by the return on equity per share, which, over the long-term average, should exceed the cost of equity. The increase in the net asset value per share from 19.07 euros to 25.09 euros corre- sponds – including the dividend paid in March 2007 – to a total return of 56.2 percent. Over the past ten-year period, we delivered a return on equity after taxes of 21.4 percent. This significantly exceeds our return target. Our shares mirror this growth. Investors who bought our shares either five or ten years ago and re-invested dividends and subscription rights achieved very good returns in both instances. With annual value growth of more than 18 per cent over five years and nearly 13 percent over ten years, DBAG shares clearly outper- formed the Dax and also exceeded the S-Dax. We recommend raising the dividend from 0.50 euros to 1.00 euro per share. The substantial profits realised from the sale of investments have led to a correspondingly high level of earn- ings for Deutsche Beteiligungs AG. As last year, these earnings allow the Company to pay an extra ordinary surplus dividend of 2.50 euros per share.
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