Ad-hoc | 29 November 2002 08:14

DEWB AG english

DEWB AG: 9-Months Report Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– DEWB transactions during the first nine months not yet affecting sales. Two mergers of publicly listed investment companies completed. No selling of company investments during the first nine months. Therefore negative EBIT. DEWB is using the current market low to expand its own portfolio and attract new institutional investors. During the first nine months, DEWB (Deutsche Effecten- und Wechsel- Beteiligungsgesellschaft) continued to develop its investment portfolio with a view to improving earnings. For example, two merger projects were successfully completed during the past months. On the basis of these successful transactions, DEWB will see at least one sale of an investment with a significant contribution to earnings in the current fourth quarter of 2002. Apart from these transactions, preparations for further exits from the DEWB portfolio are well underway but have yet to affected sales. Hence the 1.1 million euros sales during the first nine months of 2002 result solely from services rendered by DEWB to its customers. During the same period of the prior year DEWB’s sales were 38.2 million euros. The weak markets have not only made it more difficult to sell company stakes but also led to portfolio value adjustments of 10.7 million euros. This equates to some 9.5% of DEWB’s invested capital. EBIT for the first nine months is minus 13.0 million euros (prior year: 22.6 million euros). The period earnings are minus 15.5 million euros (prior year: 18.1 million euros). During the first nine months of 2002 DEWB has continued to invest 17.0 million euros in its investment portfolio. In addition, DEWB intends to use the current historic evaluation trough to acquire parts or complete portfolios of other venture-capital companies and so continue to boost its growth prospects. With the successful acquisition of the Swiss investment company optic – optical technology investments ag the first transaction of this nature is on the verge of being closed. Contact: Steffen Schneider, DEWB AG, Investor Relations Telephone / Telefax: ++49 3641 65 22 90 / 65 2173 E-Mail: steffen.schneider@dewb-vc.com, Internet: www.dewb-vc.com end of ad-hoc-announcement (c)DGAP 29.11.2002 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: DEWB transactions during the first nine months not yet affecting sales. Two mergers of publicly listed investment companies completed. No selling of company investments during the first nine months. Therefore negative EBIT. DEWB is using the current market low to expand its own portfolio and attract new institutional investors. During the first nine months, DEWB (Deutsche Effecten- und Wechsel- Beteiligungsgesellschaft; security number 804 100) continued to develop its investment portfolio with a view to improving earnings. For example, two merger projects were successfully completed during the past months. The merger of Asclepion-Meditec AG with the Carl Zeiss ophthalmology unit to form Carl Zeiss Meditec AG and the merger of TePla AG with Pfeiffer Vacuum Anlagentechnik GmbH to form PVA TePla AG strengthen the companies’ operative business and also boost DEWB’s earnings potential. “On the basis of these successful transactions, DEWB will see at least one sale of an investment with a significant contribution to earnings in the current fourth quarter of 2002,” emphasizes Dr. Dietmar Kubis, spokesman of the Board of DEWB AG. No selling of company investments during the first nine months. Therefore negative EBIT. Apart from the aforementioned transactions, preparations for further exits from the DEWB portfolio are well underway but have yet to affected sales. Hence the 1.1 million euros sales during the first nine months of 2002 result solely from services rendered by DEWB to its customers. During the same period of the prior year DEWB’s sales were 38.2 million euros. The difference shows that sales- relevant transactions and the earnings they generate do not arise on a continuous basis for a venture-capital company, but are dependent on a small number of transactions such as IPOs, trade sales and securities sales. The weak markets have not only made it more difficult to sell company stakes but also led to portfolio value adjustments of 10.7 million euros. This equates to some 9.5% of DEWB’s invested capital. This moderate adjustment level compared with other companies in the sector is due to the fact that for years now DEWB has valued its listed and unlisted investments using the conservative lowest value principle. There are no write-ups on historic acquisition costs. This approach significantly restricts the future adjustment volume. EBIT for the first nine months is minus 13.0 million euros (prior year: 22.6 million euros). The period earnings are minus 15.5 million euros (prior year.: 18.1 million euros). This is partly due to the negative financial results of minus 2.5 million euros resulting from a value adjustment of financial assets. DEWB is using the current market low to expand its own portfolio. During the first nine months of 2002 DEWB has continued to invest in its investment portfolio. There were 17.0 million euros as milestone payments to existing investments and to two new investments. The invested capital, which comprises the book values of the venture capital investments and securities of listed companies, rose 3.8% to 113.0 million euros compared with December 31, 2001. In addition, DEWB intends to use the current historic evaluation trough to acquire parts or complete portfolios of other venture-capital companies and so continue to boost its growth prospects. With the successful acquisition of the Swiss investment company optic – optical technology investments ag the first transaction of this nature is on the verge of being closed. By acquiring optic, DEWB will be strengthening its position as an optics-focused venture capital company. In addition, DEWB will be broadening its shareholder base and thus enhancing the attractiveness of its shares. “The optic investors, who are now DEWB shareholders, are some of the most important institutional investors with an optics focus in Switzerland. Our aim is to attract further investors of this caliber. We want DEWB stock to become one of the most interesting shares on the venture capital market,” emphasizes Dr. Dietmar Kubis. ——————————————————————————– WKN: 804100; ISIN: DE0008041005; Index: Listed: Amtlicher Markt in Berlin und Frankfurt 290814 Nov 02