welcome to the 2009 annual meeting - dbag-website€¦ · annual meeting 2009
TRANSCRIPT
-
Welcome to the 2009 Annual Meeting
Frankfurt, 26 March 2009
-
2
Annual Meeting 2009
-
3
Financial year 2007/2008 at a glance
-
4
Key performance components
Consolidated loss/profit
Taxes
Diverse income and expense items
Other income/expense
Current income from financial assets
Net result of valuation
Net result of disposal
Net result of investment activity
Consolidated income statement
-
5
Key performance components
< Net result of disposal:Difference between actual sales proceeds and valuation at beginning of FY
< Net result of valuation:Net value movements of all portfolio investments during FY– Influential factors:
- Earnings- Debt- Capital market
Consolidated loss/profit
Taxes
Diverse income and expense items
Other income/expense
Current income from financial assets
Net result of valuation
Net result of disposal
Net result of investment activity
Consolidated income statement
-
6
Net result of investment activity: €-53.4 mn
-
7
Net result of investment activity strongly influenced by capital market trend
Greatest contributor to result: unrealised value movements
(unrealised) positive value movement ~ €49 mn
– Quotation on 31 Oct. 2008: €9.07=> (unrealised) negative value movement ~ €47 mn
-
8
Recession impacts portfolio companies’development
-
9
Current income down on previous year
-
10
Other operating expense: Stable at €11.6 mn
-
11
Other operating income: Up slightly to €16.9 mn
-
12
Personnel costs: Down significantly to €12.0 mn
-
13
Net interest:down marginally to €5.2 mn
-
14
Net asset value (equity) per share drops to €17.90
€21.59
€3.50
31 Oct. 2007 31 Oct. 2008
€Dividends
NAV per share
€25.09
€17.90
-
15
Balance sheet –High proportion of cash funds persists
-
16
Dividend sum €5.5 mnDividend of €0.40 per share
-
17
Shareholders profit from strong cash flows: €200 mn since March 2005
-
18
Dividend sum €5.5 mnDividend of €0.40 per share
-
19
Share performance in financial year 2007/2008
Share performance from 1 November 2007 to 25 March 2009 in %
10.00
20.00
30.00
40.00
50.00
60.00
70.00
80.00
90.00
100.00
110.00
Nov. 07 Feb. 08 Mai. 08 Aug. 08 Nov. 08 Feb. 09
DBAG
Dax
S-Dax
LPX 50
-
20
High liquidity of shares in Deutsche Beteiligungs AG
Daily trading volumes in % of market capitalisation
DB
AG
Ca
nd
ove
r
Ele
ctra
Din
am
ia
F&C
PE
PG
GO
SV
G C
ap
ita
l
Hg
Ca
pit
al
Ne
w S
tar
PE
Du
ne
din
Gra
ph
ite
Pri
nce
ss
Pa
nth
eo
n
Sta
nd
ard
Lif
e P
E
Leh
ma
nn
Bro
the
rs P
E
JP M
org
an
PE
Co
nve
rsu
s
3i
Gro
up
0,0%
0,2%
0,4%
0,6%
0,8%
1,0%
1,2%
Basis: Sales 13 March 2008 to 13 March 2009; Source: Numis Securities Research based on Bloomberg
-
21
Potential inherent in new investments:ICTS Europe Holdings B.V. acquired
-
22
New investment:Restrained and cautious approach
-
23
Result of first quarter 2009
-
24
No performance prediction for full 2008/2009 financial year
-
25
Basis for a good future (1): A strong balance sheet
-
26
Fund-raising very difficult – Who has the reserves for future investment?
Source: “Get Ready for the Private-Equity Shakeout“, The Boston Consulting Group, December 2008
DBAG: 62%
Available capital as a percentage of fund valueDry powder1 (right axis)
56%
Private-equity firms2
%
$billions
0
5
10
15
20
25
30
0
20
40
60
80
100
-
27
Adherence to proven strategy
< Investment strategy unchanged– Focus on core sectors– MBO-typical structures
- Management to share in investment performance- Majority in hands of financial investors
– Companies with leadership positions in niche markets- Competitive products- Technological USPs- New strategic direction basically not required
-
28
Basis for a good future (2): Investment team with long-standing experience
820Total
15Investment managers
43Senior investment managers
128Senior executives
124Board of Management
years of service at DBAG (Ø)
Number
-
29
Basis for a good future (3): Shares with promising potential
-
30
Basis for a good future (3): Shares with promising potential
17.24 €
8.07 €
1.74 €(~ 1.24 €)
7.43 €
Portfolio (despite Homag)
Homag shares
Cash
NAV
Share price?NAV per share NAV per share
Date: 31 January 2009
-
31
Analysts’ ratings for Deutsche Beteiligungs AG
“Buy”March 2009Close Brothers Seydler Research, Klaus Berding
„Kaufen”Jan 2009LBBW, Alexander Groschke
“Overweight”March 2009HSBC Trinkaus, Thomas Teetz
“Outperform”Feb 2009Cazenove, Chris Brown
“Buy”Jan 2009Berenberg-Bank,Christian Ludwig
“Buy”March 2009Bankhaus Sal. Oppenheim, Dr. Stephan Kalb
EmpfehlungDatum
-
32
Value of portfolio rests on companies with low debt
-
33
In summary
-
34
A note to the Agenda
< Item 6: Request for authorisation to purchase own shares and to use them for certain purposes
< Item 7: Several votes on amendments to Articles of Association– ARUG: Act on the
Implementation of the Directive on the Exercise of Certain Rights of Shareholders
< Voucher for “Darwin”exhibition at the SchirnKunsthalle Frankfurt
-
Annual MeetingFrankfurt, 26 March 2009
-
36
Agenda Item 2
-
37
-
38
-
39
-
40
-
41
-
Annual MeetingFrankfurt, 26 March 2009
-
Auf Wiedersehen in March 2010For the latest news see www.deutsche-beteiligung.de
-
44
Disclaimer
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 from which we derive a substantial portion of our business.