Deutsche Effecten- Und Wechsel-beteiligungsgesellschaft Ag · XETR:EFF0
Deutsche Effecten- Und Wechsel-beteiligungsgesellschaft — Investor Presentation (April 2004)
21 slides from Deutsche Effecten- Und Wechsel-beteiligungsgesellschaft's investor presentation, April 2004
Slide 1: DEWB creates Added Value
DEWB creates Added Value. Deutsche Effecten- und Wechsel-Beteiligungsgesellschaft AG Aprii 2004
Slide 2: Agenda
Agenda 1. Introduction 2. Focussed investment strategy 3. Experienced management team 4. Excellent track record 5. Stock exchange listing 6. Summary 7. Backup: Financials Investment Management Track Introduction Listing Summary Backup 2 Strategy Team Record
Slide 3: DEWB at a glance
DEWB at a glance z DEWB is a stock-listed venture capital company z Support for growth companies with equity and coaching z Investment focus: optical technologies z Portfolio: 30 technology companies z Invested capital: 81.3 million euros z Headquarters: Jena, one of the high-tech regions in Germany
Slide 4: Optical technologies are enabling technology
Optical technologies are „enabling technology“ ... DEWB focusses on „Photonic value-added chain“ Light Photonic Light Utilisation manipulation, value-added generation transmission of light chain Products/ Laser, Optical components, Sensors, solutions LED Optical fibres Cameras Areas of Laser-based O
Slide 5: Extraordinary growth potential as key technology
... and offer an extraordinary growth potential as key technology The 21st century – age of the Photons Global volume of photonic market (billion US$) Growth drivers: is growing at high pace* z Growing number of 500 potential applications R: 20 % 400 CAG 300 z Higher market penetration 500 200 in th
Slide 6: Optical technologies are the core competence of DEWB
Optical technologies are the core competence of DEWB Focus on optic. Investment Location technologies professionals Jena: Cooperation creates high with industrial Optical with research awareness at background technologies institutes potential target and sector and Continuous and high companies know-
Slide 7: Investment criteria for investments in technology companies
Investment criteria for investments in technology companies z Key sectors are Optoelectronics and Biotechnology z Experienced management in target companies z Significant market opportunities and proprietary technologies z Significant share and lead investor, but no controlling stake z Investment vo
Slide 8: Risk reduction through sector and phase mix of investment portfolio
Risk reduction through sector and phase mix of investment portfolio Invested capital as of December 31, 2003 by sector by phase 3% 10% 26% 20% 25% 39% 77% Optoelectronics Seed/Start-up Biotechnology Expansion TC/IT Others Listed Securities Investment Management Track Introduction Listing Summary Bac
Slide 9: Hands-on management approach to increase company valuations
Hands-on management approach to increase company valuations Investor with influence § Significant stake § Milestone agreements § Supervisory Board seat § Tight controlling procedures Operative management Further development of know how management by coaching Hands-on § If necessary: Value creation §
Slide 10: Hands-on management by intensive coaching
Hands-on management by intensive coaching Finance Legal affairs z Establishing the financial department z Checking of patents and licences z Procurement of funds z Coaching in tax and law issues Organisation / Staff Marketing / Sales / PR z Advice in human resource issues z Support in establishing t
Slide 11: Hands-on management by active merger management
Hands-on management by active merger management z Active M&A engagement to increase value of DEWB’s investment holdings. The aim is to reach a critical mass from an operational perspective and to create a sufficient market capitalisation from the capital market point of view respectively. z Examples
Slide 12: Highly qualified and experienced management team
Highly qualified and experienced management team Experienced Investment Professionals § Comprehensive transaction know-how § On average 10 years of business experience of senior IP‘s Interdisciplinary know-how Active Supervisory Board § Highly qualified Physicists, DEWB § Expanding of industrial and
Slide 13: Experienced exit management
Experienced exit management z DEWB has realised 21 exits since 1998 (thereof 8 IPO‘s) z These transactions generated € 297 million exit revenues z Given the average portfolio volume of € 85.9 million in 2003, exits of € 29.6 million were realised z A specialised exit team realised sales also under d
Slide 14: Above-average cash returns generated since 1998
Above-average cash returns generated since 1998 z 7 exits completed in 2003: Exits 1998 - 2003 in € Mio. z Trade Sales: Herrenknecht, 350 4D-Vision, optic 297 z Block Trades: Analytik Jena, 300 297 PVA TePla 250 z Stock Exchange: 4mbo, 200 I-D Media 150 141,1 z Continuous exit pipeline through 100 e
Slide 15: Excellent track record provides proof of investment expertise
Excellent track record provides proof of investment expertise Internal Rate of Return z Several-years investment horizon rolling over 5 years (% p.a.) in the investment business 50 40 z DEWB Internal Rate of Return (IRR) of 41 percent is well above the 30 5-year average IRR of European Private Equit
Slide 16: Conservative investment valuation approach
DEWB with conservative investment valuation approach Accounting methods Principle of the lower of cost or market Mark to Market (according to German GAAP) z Method for asset valuation which is z Method used by DEWB which is also applied to frequently used by VC companies. quoted investments. z Defin
Slide 17: Stock exchange listing offers additional advantages
Stock exchange listing offers additional advantages z XETRA listing offers trading opportunities and makes investment more fungible z Stock exchange price reduces valuation risk of the investment in comparison with PE companies that are not listed z Prime Standard reporting requirements ensure high
Slide 18: Summary
Summary z Focus on optical technologies related investments enables participation in the future growth of important key industrial sector z Experienced management team with broad exit know-how z Excellent track record provides proof of investment expertise z Stock exchange listing offers higher flex
Slide 19: Backup: facts & figures
Backup: facts & figures (based on HGB, consolidated) 2003 2002 2001 2000 1999 1998 EBIT € 0.04 mill. € -19.3 mill. € 25.1 mill. € 51.4 mill. € 27.5 mill. € 69.4 mill. Invested capital € 81.3 mill. € 90.4 mill. € 108.9 mill. € 85.9 mill. € 80.1 mill. € 28.1 mill. New investments € 19.2 mill. € 24.3 m
Slide 20: Backup: Selected holdings as of December 31, 2003
Backup: Selected holdings as of December 31, 2003 Optoelectronics (26 %) Biotechnology (39 %) TC / IT (25 %) Other (10 %) Securities Orbotech Ltd. 0.2 % Müller – Die lila 8.1 % (3 %) Logistik AG Expansions Data Disc Robots 75.1 % EPIDAUROS 54.3 % micom GmbH Klaus Klein- 24.9 % 100.0 % financing GmbH
Slide 21: Backup: Shareholders' structure of DEWB
Backup: Shareholders‘ structure of DEWB Free float JENOPTIK AG 24.3 % 40.2 % JENOPTIK Pension Trust e.V. 35.5 % Investment Management Track Introduction Listing Summary Backup 21 Strategy Team Record
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