Deutsche Beteiligungs AG revises profit expectation downward: Board of Management expects loss for financial year 2001/02
Frankfurt am Main, September 9, 2002. In conjunction with the preparation of the quarterly report on the first nine months of the current financial year, Deutsche Beteiligungs AG has revised its profit expectations downward. The company's Board of Management expects that the current 2001/2002 financial year (November 1 to October 31) will close posting a loss of approximately 15 million euros as a result of valuation adjustments. The Board’s estimate is based on the assumption that no further capital gains from the sale of investments will be achieved in the remaining weeks of this financial year.
Portfolio companies of Deutsche Beteiligungs AG are generally among the leaders in their industry sectors ; they thus tend to be more successful than other competitors even in a difficult economic environment. However, specific cases may arise requiring a value correction. This was the case for the fiscal quarter ending on July 31, 2002. A significant part of the valuation adjustment relates to an investment in the United States.
The third-quarter report will be issued on September 26, 2002. The accumulated loss for the nine-month-period ending on July 31, 2002 amounts to some 13 million euros.
End of ad-hoc release
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