Deutsche Effecten- und Wechsel- Beteiligungsges. AG

Earnings Release • Mar 27, 2003

News Details

Ad-hoc | 27 March 2003 06:30

DEWB AG english

DEWB records sales of 28 million euros in the 2002 business year. Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– DEWB records sales of 28 million euros in the 2002 business year. Negative operating result (EBIT) due to high value adjustments to existing investments. DEWB’s long-term return (IRR) over the last 5 years reaches 27% per annum. DEWB takes advantage of the low company valuations for investments and acquisitions. In the 2002 business year just past DEWB AG (Deutsche Effecten- und Wechsel- Beteiligungsgesellschaft) succeeded in realising two larger corporate sales and as a result generated sales of 27.7 million euros (prev. year: 43.2m euros) with a positive contribution to the result. As a consequence of the continuing subdued mood in the markets DEWB applied value adjustments of 19.3 million euros, or almost 20%, to the existing portfolio. As a result of these value adjustments the company reported an EBIT of minus 19.3 million euros (prev. year: 25.1m euros). The net loss for the year is minus 22.2 million euros (prev. year: net income of 20.7m euros). DEWB’s Internal Rate of Return (IRR) from 1998 to 2002 was on average 27% per annum. In March this year the European Private Equity & Venture Capital Association (EVCA) reported that the average European 5-year IRR was 11%. The 5- year return achieved by DEWB is therefore more than double that of the European average. DEWB also took advantage of the low corporate valuations in 2002 to expand its own portfolio. 24.3 million euros were invested in follow-up financing for existing investment shareholdings and in two new investments. The book value of DEWB’s investment portfolio as at the 31 December 2002 totalled 90.4 million euros. DEWB also intends to make further investments in 2003. In the business year just past DEWB acquired the Swiss investment company of optic – optical investments ag in return for the issue of new DEWB shares. DEWB is carrying out a comprehensive analysis of the market participants in preparation for further similar transactions. The company wants to expand its position as one of the leading investment companies and, in this way, to benefit from the consolidation in the investment market. Contact: Steffen Schneider, DEWB AG, Investor Relations Telephone / Telefax: ++49 3641 65 22 90 / 65 2157 E-Mail: steffen.schneider@dewb-vc.com, Internet: www.dewb-vc.com end of ad-hoc-announcement (c)DGAP 27.03.2003 ——————————————————————————– WKN: 804100; ISIN: DE0008041005; Index: Listed: Amtlicher Markt in Berlin-Bremen und Frankfurt (Prime Standard) 270630 Mär 03