Deutsche Beteiligungs - Steady NAV growth in unquoted portfolio

For the six months to 30 April 2014, Deutsche Beteiligungs (DBAG) reported a 6.7% (€1.29) NAV total return (including Q2 dividends paid of €1.2). Its stake in the quoted Homag was the largest contributor, with the 18.3% rise in Homag’s share price adding €10.2m (€0.75 per share) to NAV. The value of unquoted investments increased by €7.7m (€0.54 per share) during the half year, although in Q2 progress was slower. A €9.9m investment in Dahlback, Germany’s fifth largest bakery chain, was agreed during the period and management reports a strong pipeline of potential transactions for the remainder of the year. Excluding any impact from Homag, guidance for current year NAV total return at least in line with an estimated 8% cost of equity remains unchanged.