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DBAG announces 20% fall in portfolio NAV

Harriet Matthews
30 April 2020

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Deutsche Beteiligungs AG (DBAG) has published an update on its portfolio and investment activities in the wake of the coronavirus outbreak, including the fact that the NAV of its private equity investments has fallen by around 20%.

The statement said that the fall in NAV also took into account an adjustment for dividends of €1.50 per share distributed at the end of February 2020, as of 31 March 2020. Lower multiples and lower or uncertain revenues have had a negative impact on NAV.

DBAG currently has 28 portfolio companies. According to the statement, the GP has been analysing and supporting the needs of its portfolio companies in a number of ways, including drawing on existing facilities and applying for government-backed funding where necessary.

The situation is described currently as "challenging yet manageable", but this will also depend on the progression of the pandemic and economic recovery.

According to Unquote Data, half of the GP's investments are in the industrial goods and services sector.

Click here to view a full profile of Deutsche Beteiligungs AG on Unquote Data.

However, the statement noted that net income from fund investment services has exceeded DBAG's expectations.

In addition, the GP said in the statement that its portfolio companies in the telecommunications sector have been largely unaffected by the lockdown and resulting economic damage. Duagon and Deutsche Infrastruktur- und Netzgesellschaft (Ding Group, formerly known as STG Group) have each made one add-on acquisition, and Vitronet has closed two bolt-ons, including Telewenz. Vitronet has also agreed a debt package with BlackRock to finance further add-ons, Unquote understands.

DBAG will publish results for the first half of the 2019-2020 financial year to 31 March 2020 on 13 May 2020 as planned.

DBAG Fund VIII held a first close on €1bn in December 2019. The statement said that DBAG currently has assets under management of €1.7bn, which is set to rise to around €2.5bn with the addition of the eighth fund.

DBAG had not responded to a request for comment at the time of publication.