Private equity an attractive asset class
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1 26 shares Shares Private equity an attractive asset class Private equity is a highly attractive investment option that, compared with other equity investments, especially stock investments, frequently stands out by generating superior returns. Listed private equity companies provide access to this appealing class for the price of a share, which can be bought or sold on a daily basis and in keeping with internationally recognised transparency standards. That makes it possible to avoid the typical disadvantages of closed-end funds, such as the requirement to invest a substantial minimum amount or commit capital for ten years or more. In addition, investors purchase shares in a diversified portfolio of companies in which they would otherwise not be able to invest. One distinguishing feature of DBAG s business model is that, in addition to investing in a diversified portfolio, it also offers access to a continual stream of income generated by investment services that are provided to private equity funds. The size of the DBAG funds that we have raised has increased significantly in the past decade, going from a little less than 350 million euros to about one billion euros at the most recent reporting date almost tripling within ten years. Capital market communication More information on our current investor relations activities More information in our membership page 31 In 2014 / 2015 we again used diverse communication channels for our ongoing dialogue with investors and financial analysts in particular, intensive personal meetings, press and analysts conferences, webcasts and selected stock market conferences. We presented DBAG shares to investors on twelve days in the eleven months of this truncated financial year, the same number as in the preceding full financial year. Finally, our philosophy of fostering an open dialogue with our investors and analysts is underscored by our membership in various associations. The market views our efforts positively: in October 2015, our capital market communications were recognised by the Leipzig Graduate School of Management and manager magazin as the best among the 50 companies included in the S-Dax. Of the 160 stocks listed in the Dax, M-Dax, S-Dax and Tec-Dax, we were the only S-Dax company to rank among the top ten.
2 annual report 2014/ Share performance and analysts recommendations DBAG shares: Very satisfactory performance Performance of DBAG shares and benchmark indices (1 November September 2015, indexed to 1 November 2005 = 100) Nov Nov Nov Nov Nov Nov DBAG Dax S-Dax LPX Direct While DBAG shares moved within a narrow range of their benchmark indices in the first four weeks of the financial year, they broke away at the end of November, recording above-average gains up to the time when the 2015 Annual Meeting took place. At their peak of nearly euros in mid-march, DBAG shares had gained 55 percent compared with the opening amount at the outset of the financial year. The price uptrend was driven by a stream of positive news: we reported on five new investments in five months and thereby directed attention to the contribution delivered by the investment business in increasing the net asset value of DBAG. At the beginning of 2015, we augmented transparency for the stock market by publishing the income contribution generated by our fund investment services, thereby preparing the ground for this part of our business to be considered in the assessment of our shares. Various factors weighed on the international financial markets in the second half of the financial year, including geopolitical conflicts, weaker cyclical signs from China and, towards the end of the financial year, the unfavourable news from the automobile industry. Like the benchmark indices, DBAG shares tended to be volatile from April to September, with a slight downtrend. In total, however, over the truncated financial year DBAG shares recorded a considerable gain, outperforming both the LPX Direct and the Dax. Very satisfactory returns have also been delivered to shareholders over more extended periods of time. Over the past ten years, for example, the average annual total return, consisting of the share price movement and dividends, was 14.8 percent, or more than double that of the S-Dax. In comparison to other key benchmark indices, DBAG shares exhibited the following performance:
3 28 shares Performance of DBAG portfolio over one, five and ten years DBAG shares Dax S-Dax LPX Direct 1 1 year (11 months) (truncated financial year 2014 / 2015) years 2 (financial years 2012 / 2013 to 2014 / 2015) years 2 (financial years 2010 / 2011 to 2014 / 2015) years 2 (financial years 2005 / 2006 to 2014 / 2015) index of 30 listed international private equity companies which like DBAG, make direct investments 2 Calculation based on 2.92, 4.92 and 9.92 years, since 2014 / 2015 was a short eleven-month year Share price liquidity: Trading volume rose again In sum, the liquidity of DBAG shares continued to improve over the past financial year, although there was a clear decrease towards the end of the period. The greater liquidity not only allows more institutional investors to invest in the Company, it also facilitates an alignment of supply and demand. In addition, it dampens the impact of individual trading orders on the share price. Both factors are conducive to rising valuation levels over the medium term. In Xetra trading alone, approximately 8.4 million DBAG shares were traded over the eleven-month period of 2014 / On German stock exchanges as a whole, the trading volume climbed from 7.2 million shares in the twelve months of the preceding year to 12.1 million shares this past truncated financial year, with the daily average turnovers rising from 28,760 to 52,655 shares. According to the Bloomberg information system, another 3.6 million shares (2013/2014: 2.4 million shares) were traded over the counter, i.e. directly between buyers and sellers. Shares in float ownership had an on- and off-board turnover rate of 1.53 (2013/2014: 1.00) 1. Research: Hold recommendations predominate The analysts monitoring our shares quickly accepted the segment reporting we introduced this past financial year, which includes a separate analysis of the income contribution generated by our fund investment services. The new format was rapidly integrated into analysts valuation models, after which they raised their upside targets for our shares. 1 Calculated with a free-float share of 75 percent
4 annual report 2014/ Following the very satisfactory price movement of DBAG shares this past financial year, hold recommendations currently predominate. The following table shows the current recommendations by analysts who regularly monitor our shares. DBAG shares are also tracked by other analysts who exclusively assess listed private equity firms and comparable companies. Analysts ratings for Deutsche Beteiligungs AG HSBC Global Research September 2015 Hold J.P. Morgan Cazenove September 2015 Underweight Oddo Seydler Bank AG September 2015 Neutral Solventis Wertpapierhandelsbank Research March 2015 Hold Warburg Research (M.M.Warburg) September 2015 Hold Analysts recommendations are regularly documented on our website in the section Investor Relations/ Research as soon as they come to our attention. Recommended appropriation of profit Distribution of a higher base dividend in addition to a surplus dividend The shareholders of Deutsche Beteiligungs AG are meant to participate in the Company s performance through regular dividends, if at all possible that is one of our key financial objectives. In keeping with that objective, our dividend policy of more than ten years consists of two components: a base dividend and a surplus dividend, with the latter disbursed when realisation proceeds are particularly high and liquidity sufficient. Overview of dividend policy management report, objectives and strategy, page 50 Despite a slight decline in the past truncated financial year, fee income from fund investment services is stable and readily forecastable. Its growth in recent years is indicative of how greatly our services are appreciated by other investors. That growth is reason enough for us to increase the base dividend by ten eurocents to 0.50 euros per share. Surplus dividends are contingent upon appreciable returns from the portfolio. As previously announced, our focus in the past financial year was on adding new investments to the portfolio. In financial year 2014 / 2015, there were no major exits. However, the profitable realisations in recent years have led to a retained profit in the accounts of 67.1 million euros. For financial year 2014 / 2015, in which DBAG looked back on 50 years of DBAG and 30 years as a listed company, the Board of Management and the Supervisory Board recommend paying a surplus dividend of 0.50 euros per share. Subject to shareholders approval at the Annual Meeting, the total dividend will amount to 1.00 euro per share.
5 30 Die Aktie Shareholder profile shareholder profile (as at 30 September 2015) % Private shareholders Germany Private shareholders international Rossmann Beteiligungs GmbH Anpora Patrimonio institutional investors Germany Institutional investors Europe institutional investors USA Institutional investors other countries Private individuals still form the largest group of DBAG shareholders. Their proportion again rose slightly in the past financial year. At 15 September 2015, the most recent disclosure date of the share register, nearly 13,000 private individuals were registered, holding approximately 44 percent of the shares. Three shareholders own more than five percent of the shares in DBAG: Rossmann Beteiligungs GmbH announced on 2 April 2015 that it was invested in DBAG on that day with 2,725,200 shares (19.9 percent). According to our information, Anpora Patrimonio, a family office sited in Spain, continued to hold 684,000 shares (5.0 percent). Based on a voting rights notification dated 20 May 2015, JP Morgan Asset Management (UK) Ltd. held 714,702 shares, which equates to 5.2 percent. Institutional investors held approximately 31 percent of DBAG shares considerably more than a year ago. Since most institutional investors both German and international are not listed directly in share registers but through nominee shareholders (banks, brokerages), we obtain further information on our shareholder profile through disclosures that take place several times each year. According to the voting rights notifications we have received, 75.0 percent of DBAG shares were in free-float ownership, as defined by Deutsche Börse, at 30 September 2015.
6 annual report 2014/ share profile ISIN Symbol Listings Market segment DE000A1TNUT7 DBAGn (Reuters) / DBAN (Bloomberg) Frankfurt (Xetra and trading floor), Berlin-Bremen, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart Regulated Market (Prime Standard) S-Dax (rank 37 1 ); Classic All Share; C-Dax; Prime All Share; Deutsche Börse sector indices: DAXsector All Financial Services, DAXsubsector Private Equity & Venture Capital, LPX Direct, LPX Europe, LPX50; Stoxx Index affiliation (selection) Private Equity 20 Designated sponsors Oddo Seydler Bank AG, M.M.Warburg & CO (AG & Co.) KGaA Share capital 48,533, euros Number of shares issued 13,676,359 thereof outstanding 13,676,359 First traded 19 December 1985 DBAG is a member of: At 30 September 2015, measured by market capitalisation (liquidity measure ranking: 29) Share data 2014 / / /2013 Closing rate Financial year high Financial year low Financial year average rate Annual performance 2 % Market capitalisation 1, 3 mn thereof in free float 4 mn Average daily trading value 5 mn Base dividend per share Surplus dividend per share Distribution sum 6 mn Dividend yield 7 % Earnings per share NAV per share Price/NAV per share Xetra closing rate 2 Adjusted for dividends 3 At end of period 4 As defined by Deutsche Börse AG 5 According to Deutsche Börse AG data /2015 recommended 7 Relative to NAV per share at start of financial year (less dividend paid for previous year)
7 32 Report of the Supervisory Board Andrew Richards Chairman of the Supervisory Board This past financial year, DBAG looked back on 50 years in the private equity business and 30 years as a listed com pany. The review again impressively showed the success with which the Company has worked for its shareowners and other stakeholder groups.
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