Deutsche Beteiligungs: Increased Scale Offers Greater Opportunities
Edison | Feb 01, 2017 12:42AM ET
FY16 proved to be a significant year for Deutsche Beteiligungs AG O.N. (DE:DBANn). In addition to generating strong NAV returns and maintaining an elevated level of portfolio activity similar to FY15, the scale of the business was increased materially by the launch of DBAG Fund VII, with commitments of €1bn, and DBAG’s €38.6m capital increase. These developments have broadened the opportunity set for potential investments and position DBAG favourably to grow portfolio value over the medium term, while a new sustainable dividend policy aims to provide shareholders with greater visibility over future distributions.
DBAG generated €50m net income in FY16, significantly ahead of the €27m reported for FY15. Dividend-adjusted return on NAV was 16.0% in FY16, compared with the 14.3% pa average return over the prior 10 financial years. Five new investments and three divestments were announced in FY16, bringing DBAG’s portfolio to 23 companies at end-September 2016, including 12 new investments from FY15 and FY16, which is encouraging for medium-term prospects.
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Deutsche Beteiligungs - Increased Scale Offers Greater Opportunities
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