Financial results: AdCapital, bmp, Capital Stage, Castle, Deutsche Balaton, DEWB, DtA, Knorr Capital, NETinvest, SLPEP, TFG, UBAG, UCA, WCM

The publicly listed private equity firm AdCapital announced a turnover of EUR 111.2m in the first half year of 2002, 18% less than the second half-year of 2001 when it made a turnover of EUR 136.4m. AdCapital says the weak economy is likely to continue throughout the second half-year of 2002 and exits will remain rare. The firm is still predicting a positive result for the fullyear.

Berlin-based bmp increased its first-half 2002 turnover by 129% to EUR 6.1m, compared to the first-half 2001 results. This is mainly down to the exit at DeWind AG (June 2002, page 31 & July/August, page 30). The firm’s first half-year 2002 net asset value was EUR 37.6m.

Hamburg-based Capital Stage made profits of EUR 927,000 in the first half-year 2002; in the first half-year of 2001 the firm made losses of EUR 5.97m. The results have been helped by the firm’s successful exits at farmatic biotech energy AG (June 2002, page 31) and Universal Prints und Handels Verlag GmbH (June 2002, page 32). Capital Stage is continuing to restructure its business with a focus on private equity.

Castle Private Equity AG’s net asset value has declined by 6.3% to $87.16 (EUR 87.06) per share in the second quarter of 2002. While partnership valuations account for 40% of the decline, some of the decrease is due to the portfolio currency hedge.

Deutsche Balaton AG, the holding company of CornerstoneCapital, made profits of EUR 6.4m in the first half-year of 2002 after extensive restructuring of its activities. The private equity business CornerstoneCapital is now the main operation of Deutsche Balaton, though the firm states that fundraising activities remain difficult.

Deutsche Effecten- und Wechsel-Beteiligungsgesellschaft AG (DEWB AG) made a turnover of EUR 700,000 in the first half-year of 2002, compared to EUR 37.8m in the relevant period of 2001. The firm is targeting a positive EBIT for the fullyear results.

Deutsche Ausgleichsbank (DtA) announced profits of EUR 18m for the first half-year of 2002. The firm expects the trend to continue throughout the year and for the second half DtA even expects a slight increase in new business. The results are based on the good performance of the banking business, risk limitations and cost restructuring; Technologie-Beteiligungs-Gesellschaft (tbg) especially has limited risk in the early-stage investments.

Munich-based Knorr Capital Partner AG has announced its 2001 results with losses of EUR 66.2m after tax. The firm also announced difficulties in negotiations with creditors and investors, which have resulted in the company filing for insolvency. The management will continue to restructure the firm.

Swiss NETinvest saw its net asset value decrease by 36.7% during the first half-year of 2002. The stock share of NETinvest decreased by 60.9% in the same period. The decline originates in the weak dollar, adjustments on the stock market and value corrections in private equity investments, the firm says.

Swiss Life Private Equity Partners (SLPEP), the manager of Private Equity Holding AG, has announced the fund’s second-quarter 2002 results. The fair value of Private Equity Holding AG declined from SFr 213.52 (EUR 145.45) per share to SFr 190.01 (EUR 129.44). The firm made net losses of SFr 34.8m (EUR 23.7m). SLPEP’s 5E Holding AG has also recoded a drop in the fair value from SFr 202.95 (EUR 138.22) per share to SFr 184.75 (EUR 125.82). SLPEP expects continuing adverse market conditions in 2002 and most likely in 2003, but remains confident in the long-term outlook.

Frankfurt-based TFG Venture Capital announced a net loss of EUR 53.6m and an operating loss of EUR 12.2m in the first half-year of 2002. TFG is not expecting initial public offering and merger and acquisition activities to pick up before mid-2003 and does not anticipate generating substantial earnings from the sale of investments until next year.

Munich-based Unternehmer Beteiligungen AG (UBAG) made a first half-year 2002 turnover of EUR 4.8m, this compares to EUR 1m in the first half-year of 2001. The firm has restructured into a sole private equity fund with effect of 1 July 2002.

UCA Aktiengesellschaft announced a turnover of EUR 740,000 in the first half-year of 2002. The firm expects the market to remain difficult over the rest of the year and forecasts a negative full year result.

WCM, the property and private equity investor, has announced losses of EUR 18.8m for the second quarter of 2002. In the second quarter of 2001 the firm made profits of EUR 29.8m. The equity business of WCM made losses of EUR 10.4m in the second quarter of 2002; in the second quarter of 2001 the business made profits of EUR 22m. The firm expects the market situation for exits to remain difficult.

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• Topics
• GPs
• DACH