Deutsche Beteiligungs: New €1Bn Buyout Fund Launched
Edison | Aug 28, 2016 05:08AM ET
Deutsche Beteiligungs AG O.N. (DE:DBANn) reported a 9.1% dividend-adjusted NAV return for the first nine months of FY16, despite the sharp market drop following the Brexit vote, which reduced the valuation multiples applied to portfolio investments at the end of the third quarter. In July 2016, DBAG closed the fundraising for DBAG Fund VII with €1bn in commitments, which will significantly increase DBAG’s fee income from FY17. DBAG’s €200m commitment to this new fund provides scope for its investment portfolio to grow significantly over the medium term. These factors support the change in DBAG’s dividend policy to the payment of a stable or rising single annual dividend from FY16.
Results for nine months to 30 June 2016
DBAG reported €26.3m group net income for the first nine months of FY16, slightly below the €28.3m recorded for the comparative period in FY15. After a strong first half, Q316 saw a net loss of €5.7m, mainly due to a drop in market valuations of the listed peers of DBAG’s portfolio companies following the Brexit vote. The majority of portfolio companies have performed well year to date, with earnings for the year expected to increase significantly in some cases. While there was a modest €3.5m decline in DBAG’s overall portfolio valuation in Q316, over nine months the portfolio saw a healthy €35.5m valuation gain. Adjusted for the FY15 dividend payment, DBAG’s NAV per share increased by 9.1% to €23.09 in the nine months.
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