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doubled during the year under review,
from two to
Portfolio diversification
progressed
Editorial
The past financial year was marked by a rapid and unexpected change in macroeconomic conditions. This also partially burdens some of our portfolio companies. Prices and valuation multiples on the stock market declined, which strongly affected the valuations of our portfolio companies.
We cannot influence the development of the macroeconomic environment and the cyclical development of the capital market. However, our strategic initiatives counteract these developments. The built up of our activities in the Italian market is progressing well after our first investment in 2020. Our entire equity offering for medium-sized and primarily family-owned companies also continues to prove its worth. DBAG has now entered into four Long-Term Investments, two of which were structured in last financial year. Last but not least, the further diversification of our portfolio is progressing well. In the year under review, we invested primarily in sectors with structural growth, such as IT services and software. These are little or only disproportionately affected by the weakening of the overall economy.
The basis for all of this is the development of our team and our processes. The size of our entire team grew significantly from 77 to 89 employees. This growth was mainly driven by our investment advisory team, which consists of 37 investment professionals now.
Furthermore, we enhanced our target system by adding ESG related targets with the start of the new financial year. We believe that the integration of ESG aspects into our decision processes to be a necessity as a good corporate citizen.
The portfolio companies worked intensively on their value-enhancing development. 28 agreed or completed add-ons of existing portfolio companies in the reporting year underline the high level of activity in our investment portfolio.
Our forecast for 2022/2023 is based on our expectation of an improved performance of our portfolio companies in a continuously challenging macroeconomic environment. We are determined to take advantage of opportunities for new investments and increases in the value of our portfolio companies, even in a challenging environment. In this way, we aim to prepare and realise attractive disposals for our shareholders and the investors of the DBAG funds.
The Board of Management
of Deutsche Beteiligungs AG
f.l.t.r.: TOM ALZIN – Member of the Board of Management, TORSTEN GREDE – Spokesman of the Board of Management, JANNICK HUNECKE – Member of the Board of Management
Stories
Investment activity was strong in the year under review. We acquired eight new companies for our portfolio, two of which had been agreed during the previous financial year. We thus not only further increased the share of digital economy growth companies, but also rejuvenated our portfolio, thus enhancing future value creation potential.
For us, sustainability means achieving a long-term increase in DBAG’s value, taking ecological, social and governance criteria into account. We remain committed to improving sustainability at DBAG, and in the year under review enhanced our target system with regard to ESG criteria.
DBAG shares allow investors to participate in a unique integrated business model: they are given access to continuous earnings contributions from advisory services provided to private equity funds and, at the same time, the opportunity to participate in the performance of a portfolio of top-performing mid-sized companies that are not themselves listed.
Stories
Investment activity was strong in the year under review. We acquired eight new companies for our portfolio, two of which had been agreed during the previous financial year. We thus not only further increased the share of digital economy growth companies, but also rejuvenated our portfolio, thus enhancing future value creation potential.
For us, sustainability means achieving a long-term increase in DBAG’s value, taking ecological, social and governance criteria into account. We remain committed to improving sustainability at DBAG, and in the year under review enhanced our target system with regard to ESG criteria.
DBAG shares allow investors to participate in a unique integrated business model: they are given access to continuous earnings contributions from advisory services provided to private equity funds and, at the same time, the opportunity to participate in the performance of a portfolio of top-performing mid-sized companies that are not themselves listed.
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