Deutsche Beteiligungs AG announces annual results

The GP said in a statement that while the NAV of its PE investments portfolio had grown by 13% annually from 2014-2019, NAV fell by 5.8% year on year in its 2019/20 financial year (defined as 1 October 2019 to 30 September 2020). However, this fall was at the upper end of its revised Covid-19 forecast, the GP noted.

DBAG expects its fund and balance sheet investments to increase in the coming years. The GP has invested an average of €72m in its PE investments in the past five years, but it expects this amount to rise to around €120m by 2023.

Of the €314m's worth of transactions carried out by DBAG in the 2019/20 period, €96.8m was financed via the GP's own resources, €5.2m of which was invested across seven portfolio companies disproportionately impacted by the coronavirus pandemic. This additional equity was used to back debt financing for these companies, the GP said.

Six of DBAG's portfolio companies made a total of 14 add-on acquisitions during the 2019-2020 period, the majority of which were financed by the companies themselves, the GP said. These portfolio companies include telecommunications businesses Ding Gruppe and Vitronet.

Net income from PE investments in the 2019/20 period was -€25.2m, versus €42.1m in 2018-2019. However, income from fund investment services rose from €3m in 2018-2019 to €9.5m in 2019-2020, coinciding with the final close of DBAG Fund VIII on more than €1.1bn in August 2020.

The GP also proposed a dividend of 80 euro cents per share, with the expectation that this will rise to 100-120 cents once the market stabilises.

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