Good morning, everyone. I'm Roland Rapelius, Head of IR at Deutsche Beteiligungs AG, and it's my pleasure to welcome you to this H1 call. With me is the Spokesman of the Board of Management, Tom Alzin. Without much ado, I would like to hand over now to you, Tom. Please go ahead.
Yes, very welcome to on my side. Actually, I'm not seeing the slides, Francisco, going forward.
They're on the page, number three now.
We had a very successful, we announced just after the quarter ended, we announced some very successful exits. The exit of in-tech being a very strong one. We actually achieved 3.2 times our initial investment in less than two years. Very nice exit and also very nice IR on a very nice ticket. Same for Solvares, where we only sold a minority because we want to keep on participating on the upside we still see with this company. All in all, very pleasant development at our company. We reported a 6% NAV growth during the first half of the year.
This NAV growth has been adjusted, and Roland will come to that by a change in valuation framework. This is something we did out of a position of strength, which this quarter cost us some money, but we think that over the course of the next months, this will, and years, this should reward, should we be able to continue to successfully develop our portfolio companies. Coming over to the fund service business. No surprise there. We are pretty much in line with EUR 7.1 million EBITDA. Very much in line and no surprise there. We explicitly confirming our forecast from here on, yeah. On the next slide, you see our net asset value.
It has increased a bit, because we included the shares we bought back during the quarter, although the number is still not very meaningful. We are right now in the market, buying our shares at what we deem very attractive valuations. After the hit we took of the change of our valuation framework, we still were able to show EUR 19.2 million of earnings before taxes. The cash flow from the investment activity does not yet include our successful disposals. We expect the cash to come in over the next two quarters, following the closing of these transactions. Regarding the sale of in-tech, given that it was sold to a strategic foreign investor, this we expect a bit more than usual regulatory requirements for the closing, but the transaction will close.
Obviously the timing of the cash inflows is a bit somewhat delayed into the future, but we are being paid for that. No big change on the Fund investment services AUM, nor on the assets under management. This will of course change once we are in the market with new funds and these funds tend to close. All in all, this leads to a group net income of EUR 24.6 million for the first half of the year. Going to the next slide. There you see our investment activity.
With that, we are by far the most active player in the German private equity space, and not only by doing acquisitions, but also by really being able to sell a lot of companies at very attractive prices to strategic players or in the space of Solvares to other private equity firms. We did three more add-on acquisitions during this quarter, actually. Two for AOE, our new IT company, and one add-on acquisition for Avrio Energie, our biogas platform. On the next slide, you see that our portfolio is on track to become a very, very granular portfolio. In fact, if you look at the top one-five, with 31%, you see that Solvares and in-tech are in that.
This will go out as of next quarter when the transactions close, and the portfolio will become even more granular from here on. I think that's something where we really did a great job over the last year, bringing portfolio concentration down, having no outsized bets or tail risk in our balance sheet. We are there on track. As I said already before on the other quarters, in terms of allocations split, we are very happy to have been able to grow our growth sectors all in all, but we want to keep a diverse portfolio split and a split you see at the 31st of March is pretty much a split where we feel very comfortable and which should be also reflective of the sector split going forward from here on.
In the next slide, you see that we have been able to increase our lead, although again, I can, I'm emphasizing that market share is a silly indicator here, but where I really want to show, to draw your point of attention is that if you look at the on the right top side, DBAG MBOs by vendor type over the last five years, we bought a staggering 92% out of family and founders, mostly on bilateral situations where we had exclusive access to. That is a number which is far better than the market, and is also a number which is unmatched by any competition out there.
That's why, you know, our high pace of investment activity, despite being on bilateral situation, shows that our platform is really working, and we are very, very happy with the current setup. Obviously also it's early days, our deal flow also on the credit side helps to add to our platform here. With that, I would hand over to Roland , who will give you some granularities on the number on the balance sheet and P&L.
Yes. Thank you, Tom Alzin. On the next slide, you see the NAV development in the first six months. 6% value increase. As always, we paid out a dividend, EUR 1 per share, minus EUR 18.8 million. The change in accounting estimates, that is something like Tom Alzin has said before, we have decided to implement this year. The rationale is to reflect the less volatile development of private markets compared to public markets, and in that way, aligning ourselves with best-in-class private equity standards. Going forward, you should expect, or we expect, and you should expect lower volatility of our valuation and that had an impact of minus EUR 19 million the first six months. All in all, reported NAV came to EUR 673.1 million.
The portfolio value was mainly driven by the change in value. Additions and disposals were almost matched in the first six months. Additions mainly NOKERA and ProMik, as Tom has pointed out, as well as some planned investments in our existing portfolio companies as always. Disposals here, first and foremost, R+S, but also GMM Pfaudler played a significant role here. Change in value, the EUR 13.9 million we come to in detail on the next slide. Here you see again the EUR 13.9 million and the waterfall towards that. Change in earnings, these are mainly the budgets, the introduction of the budgets of 2024. By sector, the contributors came mainly from IT services software, from industrial technologies, but also from our other segment.
Change in debt, as you know, we typically do not take dividends, but our portfolio companies use the cash also to pay down their debt, and that led to on average, in total, yeah, -EUR 10.2 million contributions. Overall, the operating performance was slightly positive in the first half-year. Change in multiples, clearly, the major contributor here. In that change in multiples column of EUR 33.2 million were also the two successful exits which had a significant contribution to that. Miscellaneous as always, it's a minor part. These are exchange rate fluctuations and other minor effects. All in all, EUR 13.9 million net gains and losses on measurement.
On the next slide, we're already coming to the fund investment services segment. As Tom has pointed out, a relatively stable development here, in terms of top line, slight increase, as expected, and in terms of bottom lines going from EUR 7.3 to EUR 7.1 million EBITA. Slight decrease. The EBT that was impacted by the expected amortization resulting from the consolidation of ELF Capital Group. We're also showing that in the report. That has been EUR 5.6 million. All in all, the forecast remains unchanged, EUR 9 million-EUR 13 million EBT for the full year as expected. The liquidity is pretty much driven by the cash flow from financing activities.
Second point to make here is that the two exits are not Solvares and in-tech are not yet included in the liquidity position as of March 31st. Balance sheet remains very solid with 83% equity ratio. Coming to the financial base, here you see our co-investment commitment alongside DBAG funds, that's including the co-investment commitments with respect to the ELF Capital funds. That's going up. Once again, in the available liquidity of EUR 119.1 million, which is driven by our cash position and our undrawn credit lines, within that column, the exit proceeds of the two companies are not yet included.
Coming back to our forecast, handing it back to you, Tom.
Yes. Thank you very much, Roland. I'm explicitly reiterating our forecast. We feel very, very comfortable to be probably also at the middle of the range of our forecast regarding net asset value and also EBT fund services. In the EBT fund services side, if you take our EBITDA and double it, we are pretty much there already. Also from the net asset value, once you adjust that for the hit we took due to change of our valuation framework, we should also be very, very fine here. That leaves us our conference call.
Thank you. I would like to thank you very much for attending the conference call today of Deutsche Beteiligungs AG for the first half year figures. I wish you a very good remaining week and we are looking forward to speaking to you again at latest at the coming quarterly results. Thank you and goodbye.