Deutsche Beteiligungs (DE:DBANn) reported a strong performance in the first half of FY16 with an 11.1% increase in NAV supporting management’s guidance for a c 14% return on NAV for the full year. While macroeconomic conditions are reported to have become more demanding, portfolio companies have diverse exposures to market and economic cycles and the majority continue to budget for higher revenues and earnings in 2016. DBAG invested €21m during the half year including €19m in two new companies and three divestments were agreed. Although it made a negative value contribution, the sale of Clyde Bergemann Power Group has brought DBAG Fund IV to a successful close.
Results for three months to 31 December 2015
DBAG reported strong results for Q116 with net income of €30.8m ahead of the €27.0m recorded in the whole of FY15 and a 10.6% dividend-adjusted rise in NAV to €24.41 per share. There were valuation gains across most of the carried portfolio with gains from the sale of Spheros and a realisation by the DBG Eastern Europe II buyout fund broadly offsetting lower market-based multiples. DBAG continues to find attractive investment opportunities with €21m committed to two new investments. Financial resources rose to €61.7m and this together with a newly signed €50m credit facility is sufficient to cover all current unfunded commitments.
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