Deutsche Beteiligungs AG · XETR:DBAN
Deutsche Beteiligungs — Non-Deal Roadshow (August 2017)
96 slides from Deutsche Beteiligungs's roadshow presentation, Aug 30, 2017
Slide 1: Setting the Course. Enabling Growth. Roadshow Brussels
SETTING THE COURSE. ENABLING GROWTH. WE LEVERAGE POTENTIAL BY INVESTING, DEVELOPING, REALISING ROADSHOW BRUSSELS 30 AUGUST 2017
Slide 2: Management team with more than 50 years of experience in private equity
MANAGEMENT TEAM WITH MORE THAN 50 YEARS OF EXPERIENCE IN PRIVATE EQUITY TORSTEN GREDE DR ROLF SCHEFFELS SUSANNE ZEIDLER CEO CFO Joined DBAG in 1990 Joined DBAG in 1997 Joined DBAG in 2012 Member of the Board of Management Member of the Board of Management Member of the Board of Management since 2001
Slide 3: Why invest in DBAG?
WHY INVEST IN DBAG? KEY INVESTMENT HIGHLIGHTS MARKET POSITION MARKET ACCESS The market leader in German mid- … with unique access to “hidden market private equity … champions“ of the German “Mittelstand” … TRACK RECORD INTEGRATED BUSINESS MODEL … and delivering strong returns … creating value for sh
Slide 4: Market Position
Market Position Market Access Integrated Business Model Track Record ROADSHOW BRUSSELS - 30 AUGUST 2017 4
Slide 5: DBAG, a pioneer in German private equity for more than five decades
DBAG, A PIONEER IN GERMAN PRIVATE EQUITY FOR MORE THAN FIVE DECADES More than 300 private equity investments in German Mittelstand companies since 1965 42 MBOs and 19 growth financings within the past 20 years Thereof 25 MBOs and 11 growth financings exited, with an average capital multiple of 2.6x
Slide 6: Recurring fund investors strongly validate the efforts of DBAG
RECURRING FUND INVESTORS STRONGLY VALIDATE THE EFFORTS OF DBAG FUND INVESTORS BY TYPE (DBAG FUND VII) DBAG Fund VII is the largest fund with focus on investments in Germany by a 25% Pension funds German Private Equity company 38% Fund of funds Insurance company 10% Fundraising completed within Banks
Slide 7: Largest investment team for private equity investments in Germany
LARGEST INVESTMENT TEAM FOR PRIVATE EQUITY INVESTMENTS IN GERMANY Investment team of 22 professionals with more than 250 years of aggregated Private equity experience two managing partners and ten directors with the firm for an average of more than 15 years DBAG‘s Strong commitment through co- i
Slide 8: Market Access
Market Position Market Access Integrated Business Model Track Record ROADSHOW BRUSSELS - 30 AUGUST 2017 8
Slide 9: German Mittelstand: an attractive market for private equity
GERMAN “MITTELSTAND”: AN ATTRACTIVE MARKET FOR PRIVATE EQUITY GERMANY INDUSTRIAL SECTOR “MITTELSTAND” 4th largest economy in terms Backbone of Germany’s Ca. 10,000 companies, of 2016 GDP export oriented economy including many “Hidden Champions” Stable, innovative and in % of 2016 GDP (i.e. mainly to
Slide 10: Strong platform to provide superior access to German Mittelstand
STRONG PLATFORM TO PROVIDE SUPERIOR ACCESS TO GERMAN “MITTELSTAND” DBAG brand Excellent reputation “Partner of choice” for family owners and management teams One-stop shop Growth financings and MBOs: Private equity solutions for different Mechanical and plant financing situations / ownership m
Slide 11: Proportion of deals with family owners significantly above market
PROPORTION OF DEALS WITH FAMILY OWNERS SIGNIFICANTLY ABOVE MARKET SELLERS OF GERMAN MID-MARKET SELLERS OF 42 DBAG MBOS MBOS 2007-2016 7% 2% 33% 24% 39% 45% 14% 36% Corporate Family Corporate Family Financial investor Other Financial investor Other ROADSHOW BRUSSELS - 30 AUGUST 2017 11
Slide 12: Integrated Business Model
Market Position Market Access Integrated Business Model Track Record ROADSHOW BRUSSELS - 30 AUGUST 2017 12
Slide 13: DBAG creates value for shareholders through two business lines
DBAG CREATES VALUE FOR SHAREHOLDERS THROUGH TWO BUSINESS LINES INTEGRATED BUSINESS MODEL PRIVATE EQUITY INVESTMENTS FUND INVESTMENT DB AG’S SHARE IN … v SERVICES v DB AG FUND IV: 28 % DB AG FUND V: 19% DB AG FUND VI: 19% DB AG FUND VII: 20% DB AG ECF: 47% DBAG FUNDS DB AG FUND IV: 72% v DB AG FUND V
Slide 14: The DBAG portfolio is included in four DBAG funds
THE DBAG PORTFOLIO* OF 24 COMPANIES IS INCLUDED IN FOUR DBAG FUNDS … DBAG 1/1 Fund VII DBAG 11/11 Fund VI DBAG 9/9 ECF DBAG 3/11 Fund V 2012 2013 2014 2015 2016 2017 Investment agreed but not yet completed: MBO of a radiology group Changes after the period end: MBO of duagon (DBAG Fund VII) comple
Slide 15: Broad exposure in different sectors while minimizing risks
…HAS BROAD EXPOSURE IN DIFFERENT SECTORS WHILE MINIMIZING RISKS… Four DBAG core sectors Other sectors Mechanical and Industrial plant engineering: components: 22% of 18% of portfolio value portfolio value Industrial Automotive … to which the services: suppliers: DBAG platform permits 7% of 22% of sp
Slide 16: Well balanced with regard to fair value
…AND IS WELL BALANCED WITH REGARD TO FAIR VALUE Portfolio value of €357.8mn corresponds to 2.0x the original transaction value Not including the three investments now exited (value: €128.6mn), portfolio value of €229.2mn equates to 1.3x the original transaction value Top 1-5: 47% Top 6-10: 20% Top 1
Slide 17: DBAG creates value for shareholders through two business lines
DBAG CREATES VALUE FOR SHAREHOLDERS THROUGH TWO BUSINESS LINES INTEGRATED BUSINESS MODEL PRIVATE EQUITY INVESTMENTS FUND INVESTMENT DB AG’S SHARE IN … v SERVICES v DB AG FUND IV: 28 % DB AG FUND V: 19% DB AG FUND VI: 19% DB AG FUND VII: 20% DB AG ECF: 47% DBAG FUNDS DB AG FUND IV: 72% v DB AG FUND V
Slide 18: Investing: proven investment process – sound basis to develop companies
INVESTING: PROVEN INVESTMENT PROCESS – SOUND BASIS TO DEVELOP COMPANIES OUR INVESTMENT CRITERIA Invest- Executive ment COMPANY PERSPECTIVE Circle banks Direct contacts Mid-sized company High development with strong market potential position > 300 First check ~ 200 MANAGEMENT SECTORS LOI < 50 Proven
Slide 19: Supporting mid-market business models: case study ProXES (1/2)
SUPPORTING MID-MARKET BUSINESS MODELS: CASE STUDY PROXES (1/2) Entry in May 2013 at EV/EBITDA of 6.2x 18.6% interest held by DBAG, 74.6% by DBAG Fund V €9.1mn invested from DBAG’s balance sheet Divestment completed in July 2017: 112 MILLLION EUROS IN REVENUES sold to Capvis Equity Partners at EV
Slide 20: Supporting mid-market business models: case study ProXES (2/2)
SUPPORTING MID-MARKET BUSINESS MODELS: CASE STUDY PROXES (2/2) Management and governance Revenue Investment team member served on the advisory board increased by more than Comprehensive compliance and sustainability standards introduced 230% Strategic positioning EBITDA Successful implementati
Slide 21: Realising the value: superior investment returns – weighted average capital multiple of 2.6x
REALISING THE VALUE: SUPERIOR INVESTMENT RETURNS – WEIGHTED AVERAGE CAPITAL MULTIPLE OF 2.6x 25 of 42 MBOs exited since inception of buyout business 20 years ago Average holding period of 5.0 years Average capital multiple of 2.6x DBAG’s portfolio companies typically attractive to strategic inve
Slide 22: Steep increase in assets under management and management fee income
STEEP INCREASE IN ASSETS UNDER MANAGEMENT AND MANAGEMENT FEE INCOME ASSETS UNDER MANAGEMENT MANAGEMENT FEE INCOME (€MN) (€MN)* 29.0 25.2 22.2 19.2 18.3 1,718 1,075 5.6 551 2005/06 2009/10 2013/14 2017/18e 31.10.2005 30.9.2015 30.6.2017 actual expected * Managed and advised assets, “Assets under Mana
Slide 23: Track Record
Market Position Market Access Integrated Business Model Track Record ROADSHOW BRUSSELS - 30 AUGUST 2017 23
Slide 24: Average total shareholder return of 12.9 percent over ten years
AVERAGE TOTAL SHAREHOLDER RETURN OF 12.9 PERCENT OVER TEN YEARS Average share price appreciation of 5.6% annually (1.10.2007 – 4.8.2017) – value contribution largely from dividends ROADSHOW BRUSSELS - 30 AUGUST 2017 24
Slide 25: New dividend policy featuring stable dividend
NEW DIVIDEND POLICY FEATURING STABLE DIVIDEND New dividend policy: Consistency facilitates dividend expectations Differentiating between a base and surplus dividend discontinued Attractive dividend yield Stable dividend will no longer be targeted determined by profitable exits Transparent and th
Slide 26: Appendix: Portfolio
APPENDIX: PORTFOLIO ROADSHOW BRUSSELS - 30 AUGUST 2017 26
Slide 27: The DBAG portfolio is nationally rooted and globally active
THE DBAG PORTFOLIO IS NATIONALLY ROOTED AND GLOBALLY ACTIVE Portfolio companies with internationally successful business models More than 90% of the portfolio companies are located in Germany; 83% of the portfolio companies operate globally Combined turnover of €3.2bn generated from more than 10
Slide 28: DBAG portfolio (as per 30.6.2017)
DBAG PORTFOLIO (AS PER 30.6.2017) Additional Equity Company Investment DBAG equity share share Business (alphabetically ordered) (cost, €mn) DBAG Fund DBAG (%) (%) Industrial services for the semi- Cleanpart Group GmbH 11.2 18.0 76.6 conductor industry Dieter Braun GmbH 5.9 16.5 70.3 Cable assembly
Slide 29: DBAG portfolio (as per 30.6.2017)
DBAG PORTFOLIO (AS PER 30.6.2017) Additional Equity Company Investment DBAG equity share share Business (alphabetically ordered) (cost, €mn) DBAG Fund DBAG (%) (%) JCK Holding GmbH 5.6 9.5 6.5 Textile retail business Textil KG Products and services for infrastructure mageba AG 6.6 19.8 21.8 and buil
Slide 30: DBAG portfolio (as per 30.6.2017)
DBAG PORTFOLIO (AS PER 30.6.2017) Additional Equity Company Investment DBAG equity share share Business (alphabetically ordered) (cost, €mn) DBAG Fund DBAG (%) (%) Machines and process lines for the ProXES GmbH 7.5 18.6 74.6 food industry Interior outfitting for ships and marine Rheinhold & Mahla Gm
Slide 31: Recent investments (not included in portfolio as per 30.6.2017)
RECENT INVESTMENTS (NOT INCLUDED IN PORTFOLIO AS PER 30.6.2017) Company Investment DBAG Equity share Additional equity Business (alphabetically ordered) (cost, €mn) DBAG (%) share DBAG Fund (%) Inpatient and outpatient radiological Radiology Group n.a. n.a. n.a. examinations and therapy Provider of
Slide 32: Cleanpart investment overview
CLEANPART INVESTMENT OVERVIEW Business: Cleaning, coating and maintenance service provider for the semiconductor, healthcare and other related industries with own servicing facilities located in close proximity to major customers in Europe and the US #1 player in Europe, #3 in the US Headquart
Slide 33: Cleanpart investment case & company development
CLEANPART INVESTMENT CASE & COMPANY DEVELOPMENT Investment case: Solid core business with exposure to 2016 Revenue Employees attractive end-markets (€mn) Growth opportunities in healthcare 52 570 segment Revenue by product segment Explore add-on opportunities (FY 2016) Development: Restraine
Slide 34: Dieter Braun investment overview
DIETER BRAUN INVESTMENT OVERVIEW Business: Specialist and solutions provider in cable assembly and lighting for the automotive industry Headquartered in Bayreuth (Germany) Ownership summary: Initial investment date: January 2016 Investment share: 16.5% DBAG (€5.9mn) Transaction: MBO, co-in
Slide 35: Dieter Braun investment case & company development
DIETER BRAUN INVESTMENT CASE & COMPANY DEVELOPMENT Investment case: Growth through facility expansion and 2016 Revenue Employees new production lines (€mn) Growth through new products and 77 1,500 clients Internationalisation Revenue by sectors (FY 2016) Assessment of opportunities for follo
Slide 36: DNS:NET investment overview
DNS:NET INVESTMENT OVERVIEW Business: Provider of fibre-broadband internet access and telephone services in rural parts primarily in and around Berlin Headquartered in Berlin (Germany) Ownership summary: Initial investment date: September 2013 Investment share: 14.9% DBAG (€5.1mn) Transactio
Slide 37: DNS:NET investment case & company development
DNS:NET INVESTMENT CASE & COMPANY DEVELOPMENT Investment case: Regional roll-out of proven business 2016 Revenue Employees model in Eastern Germany (€mn) Broadening of product portfolio to 11 90 address business clients Revenue by customer Development: (FY 2015) Strong growth through substanti
Slide 38: Frimo investment overview
FRIMO INVESTMENT OVERVIEW Business: Leading manufacturer of customised machines & tools for quality interior automotive parts Headquartered in Lotte (Germany) Ownership summary: Initial investment date: November 2016 Investment share: 14.5% DBAG (€14.8mn) Transaction: Family succession M
Slide 39: Frimo investment case & company development
FRIMO INVESTMENT CASE & COMPANY DEVELOPMENT Investment case: Expansion of the business in existing 2016 Revenue Employees (€mn) markets Growth with service and spare parts 211 1,300 business Revenue by region Accelerate growth by add-on (FY 2016) acquisitions 1% Development: 9% Strong market
Slide 40: Gienanth investment overview
GIENANTH INVESTMENT OVERVIEW Business: Market leader in complex iron castings, employing two technologies: • Hand moulding (small volume production of large engine blocks) • Machine moulding (large volume production of driveline parts for the automotive industry) Headquartered in Eisenberg (Germ
Slide 41: Gienanth investment case & company development
GIENANTH INVESTMENT CASE & COMPANY DEVELOPMENT Investment case: Solid presence in an attractive industry 2016 Revenue Employees (€mn) Achieve further operational improvements 119 875 Explore add-on opportunities Revenue by segment Development: (FY 2015) Current trading continues to be affect
Slide 42: Heytex investment overview
HEYTEX INVESTMENT OVERVIEW Business: Manufacturer of technical textiles and industrial applications Leading market position in various industries in Europe and North America Headquartered in Bramsche (Germany) Ownership summary: Initial investment date: December 2012 Investment share: 16.8
Slide 43: Heytex investment case & company development
HEYTEX INVESTMENT CASE & COMPANY DEVELOPMENT Investment case: Sales expansion by strengthening and 2016 Revenue Employees further internationalising sales force (€mn) Market entry US * Preliminary 102* 500 New products Revenue by product segment Operational improvements (FY 2016) Development
Slide 44: Inexio investment overview
INEXIO INVESTMENT OVERVIEW Business: Provider of fibre-broadband internet and telephone access in rural parts of Southern Germany Headquartered in Saarlouis (Germany) Ownership summary: Initial investment date: May 2013 Investment share: 6.9% DBAG (€7.6mn) Transaction: Expansion capital in
Slide 45: Inexio investment case & company development
INEXIO INVESTMENT CASE & COMPANY DEVELOPMENT Investment case: Rapid roll-out of proven business model 2015/2016 Revenue Employees (€mn) Accelerate growth by add-on acquisitions 51 180 Development: Revenue by customer Roll-out of infrastructure investments (FY 2014/2015) according to plan 2%
Slide 46: Infiana investment overview
INFIANA INVESTMENT OVERVIEW Business: Global leading developer & manufacturer of engineered plastic films, particularly siliconized and non- siliconized release liners; end-markets: • Hygiene/Healthcare • Building/Construction • Adhesive tapes/special labels Global production footprint Headqua
Slide 47: Infiana investment case & company development
INFIANA INVESTMENT CASE & COMPANY DEVELOPMENT Investment case: Exposure to attractive core markets 2016 Revenue Employees (€mn) Capacity expansion at existing sites Product innovations to increase share-of- 197 800 wallet Revenue by region Explore add-on opportunities (FY 2016) Development:
Slide 48: JCK investment overview
JCK INVESTMENT OVERVIEW Business: Trading company for textiles, sportswear and other products Market-leading supplier to discount chains especially large supermarket operations Headquartered in Quakenbrück (Germany) Ownership summary: Initial investment date: June 2015 Investment share: 9.
Slide 49: JCK investment case & company development
JCK INVESTMENT CASE & COMPANY DEVELOPMENT Investment case: Solid core business with a stable 2016 Revenue Employees (€mn) customer base Attractive growth investment 637 900 Increase revenue share of merchandising Revenue by region articles (FY 2016) Development: Strong growth within all busi
Slide 50: Mageba investment overview
MAGEBA INVESTMENT OVERVIEW Business: Leading global provider of structural bearings, expansion joints and other products and services for the infrastructure and building sector Headquartered in Bülach (Switzerland) Ownership summary: Initial investment date: February 2016 Investment share: 1
Slide 51: Mageba investment case & company development
MAGEBA INVESTMENT CASE & COMPANY DEVELOPMENT Investment case: Increase market penetration with 2016 Revenue Employees (CHFmn) existing product portfolio to support revenue growth 97 800 Further internationalisation and Revenue by region development of new products (FY 2015) Growth opportunitie
Slide 52: More than Meals investment overview
MORE THAN MEALS INVESTMENT OVERVIEW Business: Pan-European manufacturer of private label chilled convenience food #1 player in UK, #1 player in Germany Headquartered in Luxembourg Ownership summary: Initial investment date: April 2017 Investment share: 18.2% DBAG (€27.9mn) Transaction: M
Slide 53: More than Meals investment case & company development
MORE THAN MEALS INVESTMENT CASE & COMPANY DEVELOPMENT Investment case: International sales opportunities 2016 Revenue Employees New product development (€mn) Explore further add-on opportunities * Preliminary 435* 3,250 that allow to complement the portfolio Revenue by region Development: (FY
Slide 54: Novopress investment overview
NOVOPRESS INVESTMENT OVERVIEW Business: Leading developer and manufacturer of tool systems for the sanitary, electrotechnical and construction industries Strong position in a niche market Headquartered in Neuss (Germany) Ownership summary: Initial investment date: June 2015 Investment shar
Slide 55: Novopress investment case & company development
NOVOPRESS INVESTMENT CASE & COMPANY DEVELOPMENT Investment case: Further expansion of the pipe 2016 Revenue Employees (€mn) connecting technology business Further internationalisation n.a. 95 Attractive growth investment Revenue by product Development: (FY 2016) Record revenue and earnings i
Slide 56: Oechsler investment overview
OECHSLER INVESTMENT OVERVIEW Business: Leading producer of injection-moulded precision parts and electro-mechanical components Production sites in Europe (Germany, Romania), North America (Mexico) and Asia (China) Headquartered in Ansbach (Germany) Ownership summary: Initial investment date:
Slide 57: Oechsler investment case & company development
OECHSLER INVESTMENT CASE & COMPANY DEVELOPMENT Investment case: New product development based on 2016 Revenue Employees (€mn) core technology Diversification of customer base 355 2,259 Further market penetration with existing Revenue by business unit product portfolio (FY 2015) Select add-on
Slide 58: Pfaudler investment overview
PFAUDLER INVESTMENT OVERVIEW Business: Global market-leading manufacturer of glass-lined reactors and components for the chemical and pharmaceutical industries Provider of aftermarket parts and services based on its own products Operating 9 production sites in Europe (4), Americas (3) and Asia
Slide 59: Pfaudler investment case & company development
PFAUDLER INVESTMENT CASE & COMPANY DEVELOPMENT Investment case: Optimisation of core business 2016/2017 Revenue Employees (USD mn) Expansion & improvement of the * Forecast aftermarket business 224* 1,400 Shift from product to process/service Revenue by region orientation (FY 2015/2016) Foll
Slide 60: PSS investment overview
PSS INVESTMENT OVERVIEW Business: Group of specialised companies that provide services for the energy and process industries, e.g. for power plants and chemical companies Headquartered in Bochum (Germany) Ownership summary: Initial investment date: December 2012 Investment share: 20.5% DBAG
Slide 61: PSS investment case & company development
PSS INVESTMENT CASE & COMPANY DEVELOPMENT Investment case: Buy-and-build concept 2016 Revenue Employees Conversion of PSS to more diversified (€mn) and stable service business 41 210 Development: Revenue by product segment Company is exhibiting above-budget (FY 2015) revenue growth Earnings
Slide 62: Polytech investment overview
POLYTECH INVESTMENT OVERVIEW Business: Manufacturer of silicone implants for plastic and reconstructive surgery Strong sales footprint in Germany, Western Europe and Brazil Headquartered in Dieburg (Germany) Ownership summary: Initial investment date: October 2016 Investment share: 18.5% D
Slide 63: Polytech investment case & company development
POLYTECH INVESTMENT CASE & COMPANY DEVELOPMENT Investment case: Fast growing business in a growing 2016 Revenue Employees (€mn) market Strengthening market presence and 31 180 gaining market share in established Revenue by region countries (FY 2015) Further developing newly entered markets and
Slide 64: ProXES investment overview
PROXES INVESTMENT OVERVIEW Business: Design and manufacturing of machines for food processing Market leader in processing of liquid and semi-liquid food with special expertise in systems engineering Headquartered in Hameln (Germany) Ownership summary: Initial investment date: June 2013 Inv
Slide 65: ProXES investment case & company development
PROXES INVESTMENT CASE & COMPANY DEVELOPMENT Investment case: Support of the buy & build strategy 2016 Revenue Employees (€mn) Establish and grow international sales * Acutal network 112* 455 Expand aftermarket & service business Revenue by segment Implement best practice in production, (FY
Slide 66: Rheinhold & Mahla investment overview
RHEINHOLD & MAHLA INVESTMENT OVERVIEW Business: Leading supplier of the maritime industry focusing of interior fittings of cruise ships and ferryboats Headquartered in Hamburg (Germany) Ownership summary: Initial investment date: September 2016 Investment share: 15.7% DBAG (€12.1mn) Transact
Slide 67: Rheinhold & Mahla investment case & company development
RHEINHOLD & MAHLA INVESTMENT CASE & COMPANY DEVELOPMENT Investment case: Expansion of the business in existing 2016 Revenue Employees (€mn) markets * Preliminary Growth of service business regarding 94* 480 maintenance and upgrading of cruise Revenue by region ships (FY 2015) Further internati
Slide 68: Schülerhilfe investment overview
SCHÜLERHILFE INVESTMENT OVERVIEW Business: Provider of professional, classroom-based tutoring services to primary and secondary students in Germany and Austria #1 in Germany and Austria About 1,050 sites, thereof 40% own centres and 60% franchise centres Headquartered in Gelsenkirchen (Germa
Slide 69: Schülerhilfe investment case & company development
SCHÜLERHILFE INVESTMENT CASE & COMPANY DEVELOPMENT Investment case: Growth number of students per centre 2016 Revenue Employees (€mn) Growth opening of new own centres * Preliminary Expansion of product offering 67* 430 Accelerate growth by add-on Number of centres acquisitions (30 September
Slide 70: Silbitz investment overview
SILBITZ INVESTMENT OVERVIEW Business: Operator of three iron foundries in: • Silbitz – casting of various materials on an iron and steel basis in hand- moulded and automated machine- moulded processes • Zeitz – focusing on wind energy systems • Košice – casting of various materials with a high deg
Slide 71: Silbitz investment case & company development
SILBITZ INVESTMENT CASE & COMPANY DEVELOPMENT Investment case: Solid presence in an attractive industry 2016 Revenue Employees (€mn) Expand melting capacities in Zeitz to * Preliminary enable manufacturing of larger castings 151* 1,052 Strengthen the geographical presence Further operational
Slide 72: Telio investment overview
TELIO INVESTMENT OVERVIEW Business: European market leader in inmate communication solutions for the corrections industry Develops, installs and operates communications and media systems in prisons Headquartered in Hamburg (Germany) Ownership summary: Initial investment date: April 2016 In
Slide 73: Telio investment case & company development
TELIO INVESTMENT CASE & COMPANY DEVELOPMENT Investment case: Harvest identified upselling opportunities 2016 Revenue Employees (€mn) within existing markets Add further revenue streams by winning * Pro-forma 29* 110 tenders in new markets and applying Revenue by region new products (FY 2016) A
Slide 74: Unser Heimatbäcker investment overview
UNSER HEIMATBÄCKER INVESTMENT OVERVIEW Business: Bakery chain, > 400 outlets under the brands “Unser Heimatbäcker” and “Lila- Bäcker” as well as wholesale business, > 1,500 customers Market leader in its geographic area of operations, #5 in Germany Headquartered in Pasewalk (Germany) Ownership
Slide 75: Unser Heimatbäcker investment case & company development
UNSER HEIMATBÄCKER INVESTMENT CASE & COMPANY DEVELOPMENT Investment case: Expansion of B-2-C business (outlets) 2016 Revenue Employees (€mn) Buy-and-build concept by further consolidations of the existing market or 141 2,750 expansion of the regional footprint by Revenue by segment the acquisiti
Slide 76: Vitronet investment overview
VITRONET INVESTMENT OVERVIEW Business: Service provider for telecommunication networks focusing on fiber optic networks Headquartered in Essen (Germany) Ownership summary: Initial investment date: June 2017 Investment share: 43.8% DBAG (€7.3mn) Transaction: Family succession First small
Slide 77: Vitronet investment case & company development
VITRONET INVESTMENT CASE & COMPANY DEVELOPMENT Investment case: Expansion of regional coverage in 2016 Revenue Employees (€mn) Germany and diversification of the customer base 18 100 Growth of maintenance and service Revenue by customer business (FY 2016) Market participation with an extended
Slide 78: duagon investment overview
DUAGON 1 INVESTMENT OVERVIEW Business: Provider of network components for rolling stock communication Headquartered in Dietikon (Switzerland) Ownership summary: Initial investment date: July 2017 Transaction: MBO, co-investment alongside DBAG Fund VII 1 Investment not yet completed at period
Slide 79: duagon investment case & company development
DUAGON 1 INVESTMENT CASE & COMPANY DEVELOPMENT Investment case: Expansion of product portfolio and 2016 Revenue Employees increasing global sales to become a one- (CHFmn) stop provider for rolling stock 17 60 communication technology Broadening direct sales coverage in Revenue by region (FY 2016
Slide 80: Radiology Group investment overview
RADIOLOGY GROUP 1 INVESTMENT OVERVIEW Business: Radiology service provider offering inpatient and outpatient radiological examinations and therapy Headquartered in Herne and Unna (both in Germany) Ownership summary: Initial investment date: signing in March 2017, closing outstanding Transactio
Slide 81: Radiology Group investment case & company development
RADIOLOGY GROUP 1 INVESTMENT CASE & COMPANY DEVELOPMENT Investment case: Accelerate growth through active buy- 2016 Revenue Employees and-build strategy (€mn) Strong consolidations of the radiology 59 500 market Expand service portfolio as well as joint Revenue by modality (FY 2016) ventures w
Slide 82: Successful MBOs (I/II): average capital multiple of 2.6x
SUCCESSFUL MBOS (I/II): AVERAGE CAPITAL MULTIPLE OF 2.6X Company Invested Divested Holding period (years) Exit route Capital Multiple FDG S.A. Jun-2010 Apr-2017 6.8 Secondary buyout 2.4 Broetje-Automation GmbH Mar-2012 Oct-2016 4.6 Trade sale 4.0 Clyde Bergemann Power Group May-2005 Apr-2016 10.9 Tr
Slide 83: Successful MBOs (II/II): most recent exits prove track record
SUCCESSFUL MBOS (II/II): MOST RECENT EXITS PROOF TRACK RECORD Holding period Company Invested Divested (years) Exit route Capital multiple Romaco GmbH Apr-2011 Jun-2017 ~ 6.3 Trade Sale 2.3 Formel D GmbH May-2013 Jul-2017 ~ 4.2 Secondary Buyout 4.9 ZGS-Bildungs GmbH ("Schülerhilfe") Oct-2013 Jul-201
Slide 84: Worldwide accepted valuation guidelines for companies in multi-stage process
WORLDWIDE ACCEPTED VALUATION GUIDELINES FOR COMPANIES IN MULTI-STAGE PROCESS Valuation Guidelines Valuation Committee Fair value measurement as Management Board pervIFRS Head of Finance v Procedures, inputs Finance officer Concretises IPEV Valuation Investment controller Guidelines (in
Slide 85: Modality of carried interest: exemplary representation
MODALITY OF CARRIED INTEREST: EXEMPLARY REPRESENTATION Investment phase Disinvestment phase €mn 1000 DPI1 = 1.0 Hurdle Rate 800 600 400 200 0 Paid-in capital Distributions 1 Distributions to paid-in capital ROADSHOW BRUSSELS - 30 AUGUST 2017 85
Slide 86: Appendix: Financials
APPENDIX: FINANCIALS ROADSHOW BRUSSELS - 30 AUGUST 2017 86
Slide 87: Key P&L figures: profitable in the short and long term
KEY P&L FIGURES: PROFITABLE IN THE SHORT AND LONG TERM Q3 Q3 Q1-Q3 Q1-Q3 (€mn) 2013/14 2014/151 2015/16 2015/162 2016/17 2015/162 2016/17 Net result of investment activity 50.7 29.2 59.4 -3.4 35.1 33.0 82.9 Fee income from fund management and advisory services 22.2 19.2 18.3 4.5 7.4 13.9 19.7 Other
Slide 88: Solid balance sheet
SOLID BALANCE SHEET 31.10. 30.9. 30.9. 30.6. 31.10. 30.9. 30.9. 30.6. (€mn) (€mn) 2014 2015 2016 2017 2014 2015 2016 2017 Financial assets incl. Equity 303.0 303.1 369.6 429.4 163.4 250.2 316.3 379.0 loans and receivables Non current 9.7 8.9 15.2 16.8 liabilities Other assets 28.5 18.7 15.3 44.81 Cu
Slide 89: Business performance by segments: private equity investments
BUSINESS PERFORMANCE BY SEGMENTS: PRIVATE EQUITY INVESTMENTS Q1-Q3 Q1-Q3 Q3 Q3 (€mn) 30.6.2017 30.9.2016 (€mn) 2016/17 2015/16 2016/17 2015/16 Financial assets incl. Net result of 379.0 316.4 loans and receivables investment 82.9 33.0 35.1 -3.4 activity Other financial 25.7 0 instruments Other incom
Slide 90: Private equity investments: portfolio value up by 55.2 million euros
PRIVATE EQUITY INVESTMENTS: PORTFOLIO VALUE UP BY 55.2 MILLION EUROS Portfolio value increased to €357.8 million euros Valuation gains of €77.0mn on existing portfolio, €60.1mn of which derive from agreed divestments (Formel D, Schülerhilfe, ProXES) contained in multiples effect Disposals: largely B
Slide 91: Business performance by segments: fund investment services
BUSINESS PERFORMANCE BY SEGMENTS: FUND INVESTMENT SERVICES Q1-Q3 Q1-Q3 Q3 Q3 ASSETS UNDER MANAGEMENT OR (€mn) 2016/17 2015/16 2016/17 2015/16 ADVISEMENT (€MN) 1,775.9 1,717.5 Fee income from fund 72.6 67.4 management 20.5 14.8 7.7 4.8 and advisory services 1,022.2 879.9 Other income/ -17.4 -16.1 -6.
Slide 92: Outlook: forecast for financial year 2016/2017
OUTLOOK: FORECAST FOR FINANCIAL YEAR 2016/2017 RAISED IN MAY NOW CONCRETISED 2016/2017 FORECAST AFTER Q2 (MAY 2017): SIGNIFICANTLY ACTUAL 2015/2016: NET INCOME ABOVE THE PREVIOUS AFTER NINE MONTHS: v YEARvON A v €50.2MN COMPARABLE BASIS €78.6MN (€46.3MN) (“significantly”: at least +/- 20%) Income co
Slide 93: Appendix: DBAG Share
APPENDIX: DBAG SHARE ROADSHOW BRUSSELS - 30 AUGUST 2017 93
Slide 94: DBAG share snapshot
DBAG SHARE SNAPSHOT Target Analyst Date Rating Share Price (€) Baader-Helvea Last price XETRA (€) Equity Research, Aug. 2017 “Buy” 45.50 as of 28.8.2017 40.96 Tim Dawson Market capitalisation (€mn) 625.1 Bankhaus Lampe, Aug. 2017 “Hold” 43.00 Christoph Schlienkamp Shares outstanding 15,043,994 For r
Slide 95: Financial calendar, contact and basic data
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Deutsche Beteiligungs — Non-Deal Roadshow (August 2017) on 6ix