DBAG net income drops to €12.6m from €27.7m

The listed GP stated that various macroeconomic factors have affected some portfolio companies, citing global trade conflicts and customers postponing and cancelling orders on a large scale.

A marked slowdown in the demand for wind turbines has affected two portfolio companies and high commodity prices have affected another. Meanwhile, the firm's investments with a focus on high-speed internet have proved positive for DBAG, according to a statement.

The firm's net result for fund services and investment activity also dropped from €50.3m in the last financial year to €37.2m in this financial year, while its personnel costs and operating expenses increased.

The firm exited two companies – Infiana and Novopress – after the reporting date of these results. The transaction made a combined contribution of €13.7m to the firm's net income.

The firm has lowered its forecast for the current financial year due to macroeconomic uncertainty, though it expects to achieve positive net income.

In the firm's current financial year, DBAG Fund VII invested in Cloudflight and Sero and now has seven portfolio companies. The fund closed on €1bn in 2016 and 65% of committed capital has now been called.

As of 30 June 2019, the DBAG portfolio consisted of 29 equity investments and two investments in international private equity funds managed by third parties: DBG Eastern Europe II and Harvest Partners IV. The total value of the firm's portfolio amounted to €421.8m, up from €348.7m on 30 September 2019.

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