Deutsche Effecten- und Wechsel- Beteiligungsges. AG

Earnings Release • Apr 11, 2001

News Details

Ad-hoc | 11 April 2001 08:19

Ad hoc-Service: Dt.Eff.u.Wechsel-Bet.Ges. BAL

Ad-hoc Mitteilung übermittelt durch die DGAP. Für den Inhalt der Mitteilung ist allein der Emittent verantwortlich. —————————————————————————— DEWB AG: EBIT almost doubled. In 2000 the venture capital company has developed into one of the most profitable companies in the venture capital sector; EBIT up by 87 percent to 100.6 million DM. Solid basis created for long term growth. In the 2000 business year DEWB AG (Deutsche Effecten- und Wechsel- Beteiligungsgesellschaft AG; www.dewb-vc.com) reported total sales of 281.7 million DM. That represents an increase of 225 percent over the previous year. The quoted venture capital company (Security Code No. 804 100) increased its earnings before interest and tax (EBIT) by 87 percent to 100.6 million DM. The net income rose from 24.4 million DM in 1999 by 65 percent to 64.7 million DM in 2000. This gives an earnings per share of 5.99 DM. DEWB is therefore one of the most profitable companies on the German venture capital market. The main contributions to this result came from the sales of shareholdings within the framework of the IPOs of Asclepion-Meditec, Analytik Jena, 4mbo International Electronic and caatoosee as well as the sale of securities in quoted companies. As at 31 December 2000 DEWB had invested 168.1 million DM in 32 companies from the growth sectors of opto-electronics, biotechnology and tele- communication/information technology. Healthy balance sheet structure creates the basis for further growth. By selling just some of the venture capital shareholdings during the IPOs, the balance of marketable securities rose from 14.7 to 48.7 million DM. The high level of receivables in the sum of 76.4 million DM is essentially attributable to the residual receivables derived from the earlier activities in the real estate area. These were settled at the beginning of the year 2001, consequently further increasing the cash flow availability during the current 2001 business year. In addition, the equity capital rose by 130 percent to 114.5 million DM as a result of the net income achieved in the 2000 business year. The equity ratio reached 45 percent. The company reduced liabilities to 95.1 million DM, which is more than 50 percent lower compared with the previous year. In this context, net financial liabilities fell from 156.6 million DM at the end of 1999 to 20.1 million DM at the end of 2000. Full distribution of unappropriated earnings planned. The Executive Board and Supervisory Board of DEWB will be proposing to the Annual General Meeting that the entire unappropriated earnings in the sum of 75.0 million DM be distributed. This represents a dividend of 3.55 euros per share. The DEWB shareholders would consequently realise a dividend yield of nine percent based on the share price as at 31 December 2000 (39 euros). By distributing the unappropriated earnings in full DEWB shareholders can also take full advantage of the tax offsetting arrangements. The 2000 business year will be the last time that this can be done as a result of the changes in the tax legislation. Within the framework of “distribute and recollect” once the profit has been distributed Jenoptik will effect an investment of around 37.5 million DM which will further strengthen DEWB’s balance sheet structure. DEWB continues to grow with its quality companies In 2001 DEWB plans to invest around 100 million DM in new investments. Within its comprehensive approach to providing support, DEWB combines its comprehensive know-how in the technological field, closeness to industry and experience in the capital market. “Our aim is to bring quality companies to the capital market. In this way, it is intended to make the name of DEWB a symbol for quality in the venture capital business and in the capital market. Contact: Steffen Schneider DEWB AG Telephone: ++49 – 3641 – 652290 Telefax: ++49 – 3641 – 652157 E-Mail: Steffen.Schneider@dewb-vc.com Ende der Mitteilung