Scherzer & Co. AG · XETR:PZS
Scherzer & — Investor Presentation (February 2013)
30 slides from Scherzer &'s investor presentation, February 2013
Slide 1: Company presentation
Company presentation February 2013
Slide 2: Agenda
1. Executive Summary 2. Investment Strategy 3. Portfolio 4. Financials 5. Summary
Slide 3: Executive Summary
Scherzer & Co. AG February 2013 Executive Summary Page 3 Scherzer & Co. AG Scherzer & Co. AG is a Cologne, Germany-based investment holding company whose object is to pursue long-term capital appreciation for its shareholders through an investment strategy that is both safety-oriented and opportunis
Slide 4: Mission Statement
Scherzer & Co. AG February 2013 Scherzer & Co. AG Page 4 Mission Statement As mid-term target, to build an investment portfolio with equity financing of at least €100 million. To establish the company as one of the top quoted investment holding companies in the area of special situations and cor
Slide 5: Agenda
1. Executive Summary 2. Investment Strategy 3. Portfolio 4. Financials 5. Summary
Slide 6: The investment universe
Scherzer & Co. AG February 2013 Investment Strategy Page 6 The investment universe We primarily analyze investments in regions under German jurisdiction. We believe that most market valuations are different. But due to human irrationality, valuations are occasionally incorrent , creating investment
Slide 7: The selection process
Scherzer & Co. AG February 2013 Investment Strategy Page 7 The selection process Qualitative factors Notifications Management Barriers to market entry Corporate philosophy Market growth Competitive advantages Investment proposal Research Quantitative factors: Balance sheet strength Mar
Slide 8: Safety and opportunity
Scherzer & Co. AG February 2013 Investment Strategy Page 8 Safety and opportunity Risk-reduced capital appreciation while at the same time seizing upon interesting capital market opportunities: Safety: Opportunity: Investments with a Investments in sustainable „natural floor“ models with appropr
Slide 9: Example: Opportunity – GK Software AG
Scherzer & Co. AG February 2013 Investment Strategy Page 9 Example: Opportunity Business model: GK Software AG 60,00 EUR GK Software AG is a leading technological software partner for the retail industry with an extensive range of solutions for stores 55,00 EUR and company headquarters. Its custom
Slide 10: Example: Safe investment – Generali Deutschland
Scherzer & Co. AG February 2013 Investment Strategy Page 10 Example: Safe investment Business model: Generali Deutschland Hld. AG 95,00 EUR Generali Deutschland Holding is the management holding company of Germany’s 90,00 EUR second-largest primary insurance group. The holding company houses a ran
Slide 11: Example: Safe investment – IBS AG
Scherzer & Co. AG February 2013 Investment Strategy Page 11 Example: Safe investment Business mode: IBS excell.collab.manufact. AG IBS AG is one of the leading providers of 9,50 EUR quality, production and compliance management services. 8,50 EUR 7,50 EUR 6,50 EUR 5,50 EUR Investment case: 4,50 EU
Slide 12: Example: Opportunity – Easy Software AG
Scherzer & Co. AG February 2013 Investment Strategy Page 12 Example: Opportunity Business model: Easy Software AG With over 11,000 customer solutions, 5,50 EUR EASY SOFTWARE AG is one of the leading developers and suppliers of multi-platform 5,00 EUR electronic archiving, document management and e
Slide 13: Agenda
1. Executive Summary 2. Investment Strategy 3. Portfolio 4. Financials 5. Summary
Slide 14: The largest equity positions
Scherzer & Co. AG February 2013 Portfolio Page 14 The 10 largest equity positions* 1. Generali Deutschland Holding AG WKN 840 002 **8,05 % Safety 2. GK Software AG WKN 757 142 7,62 % Opport. 3. IBS excell.collab.manufact. AG WKN 622 840 6,35 % Safety 4. InVision AG WKN 585 969 5,28 % Opport. 5. Biot
Slide 15: Portfolio News
Scherzer & Co. AG February 2013 Portfolio Page 15 News After the Korian Group refused to apply an acceptance threshold on its public tender offer worth EUR 2.50 per share, the investment was extended once again. At the current time, the Korian Group already holds 77.6% of share capital. Structural
Slide 16: Subsequent improvement volume 2013
Scherzer & Co. AG February 2013 Portfolio Page 16 Subsequent improvement volume 2013 An interesting corollary of investments in takeover bid/squeeze-out stocks are the successive, significant volumes of subsequent improvement rights (additional settlement claims). They represent potential claims a
Slide 17: Selected project completions
Scherzer & Co. AG February 2013 Portfolio Page 17 Selected project completions hotel.de AG Disposed in December 2012 Andreae-Noris Zahn AG Blockdeal in June 2012 Pixelpark AG Disposed in March 2012 Repower Systems S.E. Squeeze-out completed in October 2011 buch.de internetstores AG Blockde
Slide 18: Agenda
1. Executive Summary 2. Investment Strategy 3. Portfolio 4. Financials 5. Summary
Slide 19: Capital development
Scherzer & Co. AG February 2013 Financials Page 19 Capital development Public limited company founded in 1910: Articles of association created as Porzellanfabrik Zeh, Scherzer und Co. AG. Capital increases between 2005 and 2007: Increase in share capital through four separate capital increases f
Slide 20: Balance sheet figures
Scherzer & Co. AG February 2013 Financials Page 20 Balance sheet figures 2012* 2011 Securities classified as EUR 15,876 15,620 non-current assets ‘000 Securities classified as EUR 30,770 27,707 current assets ‘000 EUR Total assets 49,985 44,417 ‘000 EUR Shareholders`equity 37,652 30,615 ‘000 EUR Sub
Slide 21: Income statement
Scherzer & Co. AG February 2013 Financials Page 21 Income statement 2012* 2011 EUR Profit/loss on ordinary activities 4,185 - 2,813 ‘000 EUR Net income/loss for the year 3,908 - 2,769 ‘000 Earnings per share EUR 0,13 - 0,10 * Preliminary result
Slide 22: Income statement
Scherzer & Co. AG February 2013 Financials Page 22 Income statement 2012* 2011 EUR Realized gains/losses 3,995 2,907 ‘000 EUR Other operating income 2,297 886 ‘000 EUR Dividend income 1,056 1,334 ‘000 EUR Other interest and similar income 425 589 ‘000 * Preliminary result
Slide 23: Income statement
Scherzer & Co. AG February 2013 Financials Page 23 Income statement 2012* 2011 EUR Wages and salaries 313 330 ‘000 EUR Write-downs 6 5 ‘000 EUR Other operating expenses 590 437 ‘000 Write-downs to fair value at EUR 2.181 7.115 reporting date ‘000 EUR Interest and similar expenses 477 621 ‘000 EUR Ta
Slide 24: Share price and NAV development
Scherzer & Co. AG February 2013 Financials Page 24 Share price and NAV development 2013 2012 2011 EUR Market capitalisation 35,694 33,533 25,750 ‘000 Peak/low in EUR EUR 1.21/ 1.10 1.15/ 0.89 1.3440/ 0.9030 Closing value EUR 1.21 1.1200 0.9460 Net asset value in 2012: The present value of portfolio
Slide 25: Comparison: NAV / Share price
Scherzer & Co. AG February 2013 Financials Page 25 Comparison: NAV*/ Share price 1,50 EUR 1,40 EUR 1,30 EUR 1,20 EUR share price NAV 1,10 EUR 1,00 EUR 0,90 EUR -5,0% Discount -15,0% -25,0% * The present value of portfolio positions after considering company liabilities (subsequent improvement rights
Slide 26: Agenda
1. Executive Summary 2. Investment Strategy 3. Portfolio 4. Financials 5. Summary
Slide 27: Listing
Scherzer & Co. AG February 2013 Summary Page 27 Listing Stock exchange: Frankfurt Stock Exchange Entry Standard Over-the-Counter Market at the Berlin, Düsseldorf and Stuttgart Exchanges, Xetra Ticker symbol: PZS Reuters: PZSG.DE (Xetra), PZSG.F (Frankfurt), PZSG.D (Düsseldorf), PZSG.BE (Berlin
Slide 28: Management and Supervisory Board
Scherzer & Co. AG February 2013 Summary Page 28 Management and Supervisory Board Dr. Georg Issels Managing Director Scherzer & Co. AG, since 2002 Managing Director RM Rheiner Management AG, since 2008 Hans Peter Neuroth Managing Director Scherzer & Co. AG, since 2013 Managing Director RM Rheiner Man
Slide 29: Contact and financial calendar
Scherzer & Co. AG February 2013 Summary Page 29 Contact and financial calendar Scherzer & Co. Aktiengesellschaft Supervisory Board March 18, 2013 Meeting Friesenstraße 50, 50670 Köln Annual General June 03, 2013 Meeting Telefon: +49 221 - 8 20 32 0 Telefax: +49 221 - 8 20 32 30 Supervisory Board Jun
Slide 30: Disclaimer
Scherzer & Co. AG February 2013 Summary Page 30 Disclaimer This presentation contains statements about future developments as well as information derived from sources considered to be reliable by Scherzer & Co. AG. All statements in this presentation (including opinions, estimates, and assumptions)