RCS - Deutsche Beteiligung - Edison issues update on Deutsche Beteiligungs

Deutsche Beteiligungs AGAnnouncement

23/02/2022 07:00

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RNS Number : 4537C  Deutsche Beteiligungs AG  23 February 2022

 

London, UK, 23 February 2022

 

Edison issues update on Deutsche Beteiligungs (DBAN)

Deutsche Beteiligungs' (DBAG) NAV (defined as equity value per share)
decreased slightly by 1.2% in Q122 (to end-December 2021) in TR terms, which
puts the one-year TR at 26.1%. While the carried portfolio value decreased
(mostly due to the contraction in market multiples), DBAG realised a €13.9m
profit on agreed disposals. The company is making good progress in expanding
its portfolio, with four new platform investments and 14 add-on acquisitions
closed or agreed during the quarter. The operating performance of portfolio
companies is in line with management expectations, which allowed DBAG to
reiterate its guidance of €60-75m net profit in FY22.

 

DBAG is making good progress in cash deployment, with several new platform
investments and bolt-on acquisitions across its portfolio during Q122. DBAG's
total investment volume (including transactions not yet closed) amounted to
€81m (Edison calculation), which puts it well on track for FY22 to meet its
target of investing €114m pa in FY22-24. This also translates into a robust
investment pace of DBAG Fund VIII (which is now c 41% invested including
agreed transactions), in line with DBAG's plans to launch a successor fund by
FY24. DBAG sees a high number of opportunities in the market, highlighted by
83 potential acquisition targets examined during the quarter (74 in Q121), and
has sufficient resources to continue its investment agenda. As at end December
2021, DBAG had €201.3m available resources (including €106.7m in an
undrawn credit line), fully covering its €200.3m co-investment commitments
alongside DBAG funds.

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