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Deutsche Beteiligungs AG – Positive Quarterly Results. Frankfurt am Main, September 2004. Contents . 3rd Quarter 2003/2004 Changes to portfolio Profit and loss account 1st – 3rd quarter 2003/2004 Financial results Sources of income and expenses Debts and investments Share

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Deutsche beteiligungs ag positive quarterly results

Deutsche Beteiligungs AG – Positive Quarterly Results

Frankfurt am Main, September 2004


Contents
Contents

  • 3rd Quarter 2003/2004

    • Changes to portfolio

    • Profit and loss account

  • 1st – 3rd quarter 2003/2004

    • Financial results

    • Sources of income and expenses

    • Debts and investments

    • Share

    • Developments of markets

  • Outlook

  • Appendix

3rd quarter 2003/2004 1st – 3rd quarter 2003/2004 Outlook Appendix


3rd quarter of Financial

Year 2003/2004


3rd Quarter 2003/2004 – Changes to the portfolio

  • Home Care Supply realized

    • Due to deteriorated exchange rate of the dollar, no appreciable capital gain

  • Silent participation in HKL Baumaschinen GmbH repaid at nominal value, as scheduled

  • (Residual) interest in Schubert-&-Salzer GmbH (MBO entered in the 90s) sold

    • Book value < € 0.3 mn

=> Share of MBOs (direct and indirect) in the portfolio increased againOctober 31, 2003 60.9%April 30, 2004 67.7%July 31, 2004 69.2%

3rd quarter 2003/2004 1st – 3rd quarter 2003/2004 Outlook Appendix


3rd quarter 2003 2004 profit and loss account
3rd Quarter 2003/2004 – Profit and loss account

  • Positive result: € 0.6 mn,

    3rd quarter previous: € 0.01 mn

    • No appreciable net realized gains

    • Stable current and one-time income from investments

    • Growing cost recovery through fee income from fund management business

  • Losses from investment disposals (€ 0.6 mn) due to exchange rate effects

  • Downward value adjustments € 0.5 mn

    • Essentially one smaller US investment

3rd quarter 2003/2004 1st – 3rd quarter 2003/2004 Outlook Appendix


1st – 3rd quarter of

Financial Year 2003/2004


Nine months results
Nine-months-results

3rd quarter 2003/2004 1st – 3rd quarter 2003/2004 Outlook Appendix


Major sources of income
Major sources of Income

  • Income from investments and gains from investment disposals

    1st – 3rd quarter 2003/2004 € 17.4 mn1st – 3rd quarter 2002/2003 € 21.3 mn

    • Profit distribution Harvest Partners IV

    • Profit distribution subsequent to sales in preceding years

    • No other appreciable net realized gains

  • Other operating income 1st – 3rd quarter 2003/2004 € 9.3 mn1st – 3rd quarter 2002/2003 € 13.1 mn

    • Higher management-fee income through new co-investment fund DBAG Fund IV

    • Structuring fees

    • Previous year: valuation uplifts

3rd quarter 2003/2004 1st – 3rd quarter 2003/2004 Outlook Appendix


Major expenses
Major expenses

  • Other operating expenses1st – 3rd quarter 2003/2004 € 8.6 mn1st – 3rd quarter 2002/2003 € 7.8 mn

    • Higher one-time charges (capital increase€ 2.6 mn)

  • Personnel costs 1st – 3rd quarter 2003/2004 € 7.9 mn1st – 3rd quarter 2002/2003 € 5.6 mn

    • Changes to Board of Management

    • Performance-related remuneration

    • Allocations to provisions

3rd quarter 2003/2004 1st – 3rd quarter 2003/2004 Outlook Appendix


Balance sheet structure improved
Balance sheet structure improved

  • Equity ratio rose to 69.6%

    (31 October 2003: 54.4%)

3rd quarter 2003/2004 1st – 3rd quarter 2003/2004 Outlook Appendix


Debt significantly reduced
Debt significantly reduced

Net-liabilities to banks

140

120

100

80

€ mn

60

40

20

0

Apr 02

Jul 02

Oct 02

Jan 03

Apr 03

Jul 03

Oct 03

Jan 04

Apr 04

Jul 04

3rd quarter 2003/2004 1st – 3rd quarter 2003/2004 Outlook Appendix


Increase of investments
Increase of Investments

60,0

50,0

40,0

€ mn

30,0

20,0

10,0

0,0

2001/2002

2002/2003

I - III-2003/2004

Data on 2002/03 and 2003/04 adjusted for effects from interim financings

3rd quarter 2003/2004 1st – 3rd quarter 2003/2004 Outlook Appendix


Shares trade 24 below fair value

DBAG (adjusted)

S-Dax (indexed)

Shares trade 24% below fair value

Euro

Fair Value

Dax (indexed)

FTSE InvestmentCompanies

(indexed)

  • Fair value determined semi-annually (most recently

    at April 30, 2004)

3rd quarter 2003/2004 1st – 3rd quarter 2003/2004 Outlook Appendix


Satisfactory market development
Satisfactory market development

  • Stable dealflow

    • Corporate spin-offs predominate

    • Secondary buyouts increasing

  • High liquidity

    • Market entry by new banks overcompensated other institutes retreating

  • Growth trend still intact

  • Market drivers remain effective

3rd quarter 2003/2004 1st – 3rd quarter 2003/2004 Outlook Appendix



Previous year s result exceeded
Previous year's result exceeded

  • Principal target level:

    Return on equity of 15% before taxes on long-term average

    • Will not be achieved in 2003/2004

  • Fair Value

    • Uplift in first six months: +7,9%

    • New investments developing very satisfactorily; recognition in fair value for FY 2004/2005

  • Expectations for 2003/2004: Previous year's net income (€ 3.1 mn) will be exceeded

    • Net income up to 3rd quarter: € 4.1 mn

    • Potential for dividend payment

3rd quarter 2003/2004 1st – 3rd quarter 2003/2004 Outlook Appendix


Deutsche beteiligungs ag stocks with scope
Deutsche Beteiligungs AG – Stocks with scope

  • Portfolio with appreciation potential

  • Successful investment strategy

  • Balance sheet structure strengthened for new investments

  • Shares traded below fair value

Deutsche Beteiligungs AG – a good opportunity to invest

3rd quarter 2003/2004 1st – 3rd quarter 2003/2004 Outlook Appendix



Total equity

Total equity (less dividend)

250

214

200

173

172

158

155

150

108

92

100

€ mn

50

0

Total equity

Total equity (less dividend)

31.10. 31.10. 31.10. 31.10. 31.10. 31.10. 31.07. 1998 1999 2000 2001 2002 2003 2004

3rd quarter 2003/2004 1st – 3rd quarter 2003/2004 Outlook Appendix


Long term assets
Long-term assets

Book value of investments (purchase costs or lower)

350

292

270

270

300

257

252

231

250

211

200

mn

150

100

50

0

31.10. 31.10. 31.10. 31.10. 31.10. 31.10. 31.7. 1998 1999 2000 2001 2002 2003 2004

3rd quarter 2003/2004 1st – 3rd quarter 2003/2004 Outlook Appendix


Net profit

Net income/loss

50

38

40

32

30

21

20

3.0

mn

9

10

4.1

0

97/98

98/99

99/00

00/01

01/02

02/03

03/04

-10

(1st-3rd

quarter)

-20

-16

Net profit

consolidated since 2000/01

3rd quarter 2003/2004 1st – 3rd quarter 2003/2004 Outlook Appendix


Valuation principles according to international accounting standards ias
Valuation principles according to International Accounting Standards (IAS)

  • Valuation principles based on IAS rules

  • Valuation based on

    • stock market prices

    • purchase offers

    • comparable transactions

    • Multiples method based on various financial data (EBIT, sales, net asset value and peer-group or industry comparisons)

    • “sum of the parts” valuation

3rd quarter 2003/2004 1st – 3rd quarter 2003/2004 Outlook Appendix


Fair value of portfolio discloses valuation reserves
Fair value of portfolio discloses valuation reserves Standards (IAS)

  • Valuation guidelines based on IAS rules

  • Disclosure of fair value since end of FY 2001/2002

Unrealized

appreciation

Current

market

value

€311.7 mn

€ 27.6 mn

€ 284.1 mn

Net asset value, based on German Commercial Code (acquisition cost or lower)

Fair value

Status: 30 April 2004

3rd quarter 2003/2004 1st – 3rd quarter 2003/2004 Outlook Appendix


Structure of fund co investment
Structure of fund co-investment Standards (IAS)

Benefits

Equity investment structure

Target company

  • Fee income for cost coverage

  • Access to larger transactions through additional financings (“co-investment funds”)

~10 %

~ 30 %

~ 60 %

Deutsche Beteiligungs AG

1

:

2

DBAG Fund IV

Management of target company

1 % investment by

carry team of Deutsche Beteiligungs AG

3rd quarter 2003/2004 1st – 3rd quarter 2003/2004 Outlook Appendix


10 largest investments represent 62 of book value
10 largest investments represent ~ 62% of book value Standards (IAS)

Status: 31 July 2004

3rd quarter 2003/2004 1st – 3rd quarter 2003/2004 Outlook Appendix


Development of fair value
Development of fair value Standards (IAS)

€12.91

€12.42*

€11.97*

€10.90*

€1.48

€1.79

1.12

0.27

€11.43

10.85

10.63

€10.63

Oct 02

Apr 03

Oct 03

Apr 04

Equity

Valuation reserve

* Adjusted for effects of capital increase

  • Fair value = book value of equity per share (HGB) + valuation reserves per share

  • Portfolio valued according to IFRS rules

  • Valuation at 30 April 2004 based on expected business situation 2004

3rd quarter 2003/2004 1st – 3rd quarter 2003/2004 Outlook Appendix


Contact and Information Standards (IAS)

Stock abbreviation: Reuters: DBAG.F Bloomberg: DBA

ISIN-Code: DE0005508105

Stock market trading with official listing in PRIME STANDARD

Indices: S-Dax C-Dax-Industrial

For more information: www.deutsche-beteiligung.com

Deutsche Beteiligungs AG Investor RelationsKleine Wiesenau 1 Thomas Franke60323 Frankfurt am Main Phone.: +49 69 95787-307Phone.: +49 69 95787-01 Fax: +49 69 95787-391 Email: [email protected]


Forward looking statements
Forward-looking statements Standards (IAS)

This presentation contains forward-looking statements. Forward-looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Any statement in this presentation that states our intentions, beliefs, expectations or predictions (and the assumptions underlying them) is a forward-looking statement. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Beteiligungs AG. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

Forward-looking statements involve inherent risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere, the geographic focus of our investment activity.


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