Scherzer & Co. AG · XETR:PZS
Scherzer & — Scherzer & Co. Aktiengesellschaft — Investor Presentation (March 2011)
34 slides from Scherzer &'s investor presentation, Mar 24, 2011
Slide 1: Company presentation
Company presentation Scherzer & Co. Aktiengesellschaft As of March 24, 2011
Slide 2: Agenda
1. Executive Overview Summary 2. Positioning 3. Strategy / Safety 4. Strategy / Opportunity 5. Significant Individual Positions 6. Financials 7. Summary March 24, 2011, © Scherzer & Co. Aktiengesellschaft,
Slide 3: Executive Summary
Executive Summary 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 opportunistic. From safety-oriented aspects investments are underta
Slide 4: Mission Statement
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 corporate actions. To position the company as a relevant partner
Slide 5: Management and Supervisory Board
Management and Supervisory Board Dr. Georg Issels Managing Director, Scherzer & Co. AG, since 2002. Managing Director, RM Rheiner Management AG, since 2008. Dr. Hanno Marquardt Lawyer, Chairman Partner in the law firm Schmitz Knoth Rechtsanwälte, Bonn, Cologne, Berlin; Rolf Hauschildt Investor, Depu
Slide 6: Agenda: Positioning
1. Executive Summary Positioning 2. Positioning 3. Strategy / Safety 4. Strategy / Opportunity 5. Significant Individual Positions 6. Financials 7. Summary March 24, 2011, © Scherzer & Co. Aktiengesellschaft,
Slide 7: Positioning: Concentration on two strategies
Positioning: Concentration on two strategies Safety Opportunity Network through: through: • investments with a •high-growth and “natural floor” sustainable business models •special balance sheet and earnings quality •special situations • value investments •capital measures • dividend stocks •corpora
Slide 8: Agenda: Strategy / Safety
1. Executive Summary 2. Positioning 3. Strategy Strategy // Safety Safety 4. Strategy / Opportunity 5. Significant Individual Positions 6. Financials 7. Summary March 24, 2011, © Scherzer & Co. Aktiengesellschaft,
Slide 9: Investment Strategy
Investment Strategy Safety through... ... investments in companies with a “natural floor” (cash offers or expected cash offers). ... special balance sheet quality: net cash position, little/no debt, share price (significantly) below book value. ... strong and/or strategic principal shareholder. ...
Slide 10: Selected Individual Positions (Safety-Oriented)
Selected Individual Positions (Safety-Oriented) Andreae-Noris Zahn AG Sector: Commerce, Security code WKN 504 700, takeover in process buch.de Sector: e-Commerce, internetstores AG Security code WKN 520 460, Cash value / takeover candidate Generali Deutschland Sector: Insurance, Holding AG Security
Slide 11: Agenda: Strategy / Opportunity
1. Executive Summary 2. Positioning 3. Strategy / Safety 4. Strategy Strategy // Opportunity Opportunity 5. Significant Individual Positions 6. Financials 7. Summary March 24, 2011, © Scherzer & Co. Aktiengesellschaft,
Slide 12: Investment Strategy
Investment Strategy Opportunities through... ... investments in sustainable business models with appropriate growth potential. ... special situations. ... seizing upon opportunity potential presented by capital measures (restructurings, recapitalisations, growth finance). ... participating in corpor
Slide 13: Selected Individual Positions (Opportunistic)
Selected Individual Positions (Opportunistic) Dr. Hönle AG Sector: Printing Industry Security code 515 710, High cash flow Biotest AG Sector: Biotechnology Security code WKN 522 720, Special situation / development pipeline Stada Arzneimittel AG Sector: Pharma Security code WKN 725 180, Corporate Ac
Slide 14: Agenda: Significant Individual Positions
1. Executive Summary 2. Positioning 3. Strategy / Safety 4. Strategy / Opportunity 5. Significant Significant Individual Individual Positions Positions 6. Financials 7. Summary March 24, 2011, © Scherzer & Co. Aktiengesellschaft,
Slide 15: The Largest Equity Positions
The 10 Largest Equity Positions (in order of market capitalisation based on share prices as of March 24, 2011) WKN: 520 460 buch.de internetstores AG Safety WKN: 840 002 Generali Deutschland Holding AG Safety WKN: 522 720 Biotest AG, Ord. Opport. WKN: 725 180 Stada Arzneimittel AG Opport. WKN: 515 7
Slide 16: Investment by Sector as of 24.03.2011
Investment by Sector as of 24.03.2011 Industry Internet 4% Real Estate Other Softw are 17% 4% 9% Insurance 5% Telco consumer goods Investment comp. 5% Corporate bonds Pharma Biotech 5% Consumer goods Software Pharma/Biotech Insurance Internet 12% 16% Industry Telco Real Estate Corporate bonds Invest
Slide 17: Subsequent Improvement Volume
Subsequent Improvement Volume 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 arising from court arbitration awards sought in the wake o
Slide 18: Initial results of appraisal rights proceedings
Initial results of appraisal rights proceedings: In October 2010, Scherzer & Co. AG was awarded a supplementary cash payment of approximately EUR 137,000 in the appraisal rights proceedings following the merger of T-Online International AG into Deutsche Telekom AG. The entitlement to rectification o
Slide 19: Selected Project Completions
Selected Project Completions Bayer Schering Pharma AG: Squeeze-out completed in September 2008. Kässbohrer Geländefahrzeug AG: Tendered under company agreement. Kölnische Rückversicherungs - Gesellschaft AG: Squeeze-out completed in February 2009. Ersol AG: Squeeze-out completed in September 2009. A
Slide 20: Agenda: Financials
1. Executive Summary 2. Positioning 3. Strategy / Safety 4. Strategy / Opportunity 5. Significant Individual Positions 6. Financials Financials 7. Summary March 24, 2011, © Scherzer & Co. Aktiengesellschaft,
Slide 21: Development of Capital
Development of Capital 1880 / 1910 Founded in 1880, articles of incorporation adopted in 1910 as Porzellanfabrik Zeh, Scherzer & Co. AG. August 2002 Capital converted to euro and no-par-value shares, subscribed capital (SC): € 883,750.00, divided into 883,750 shares. June 2005 Capital increase 13-fo
Slide 22: Balance Sheet Figures as of December 2010
Balance Sheet Figures as of 31 December 2010 FY 2010 FY 2009 Securities classified as non-current assets € 20.53m € 20.55m Securities classified as current assets € 27,98m € 19.73m Total assets € 49,72m € 40.89m Shareholders‘ equity € 33,38m € 29.45m Subscribed capital € 27,22m € 27.22m Bank liabili
Slide 23: Key P&L Figures as of December 31, 2010
Key P&L Figures as of December 31, 2010 FY 2010 FY 2009 Profit/loss on ordinary activities € 4,03m € 6.00m Net income/loss for the year € 3,93m € 5.37m March 24, 2011, © Scherzer & Co. Aktiengesellschaft,
Slide 24: FY 2010 FY 2009
FY 2010 FY 2009 Realised gains/losses € 3,13m € 1.19m Dividend income € 1,19m € 0.54m Other operating income € 2,87m € 6.45m Write-downs to fair value at reporting date € 2,00m € 1.15m Other operating expenses € 0,55m € 0.53m Earnings before interest and tax (EBIT) € 4,32m € 6.27m Net interest incom
Slide 25: Company News
Company News In March, Scherzer & Co. AG sold its investment in SAF Simulation, Analysis and Forecasting AG (“SAF”) to the majority stockholder SAP AG, Walldorf, at great profit. The sale was part of a larger transaction during which SAP AG acquired a total of 1,228,000 SAF stocks, therefore increas
Slide 26: Share Performance in 2011
Share Performance in 2011 High / low in 2010 € 1.2390 / € 0.8000 Market capitalisation on March 24, 2011 € 34.30m Share price on March 24, 2011 € 1.26 March 24, 2011, © Scherzer & Co. Aktiengesellschaft,
Slide 27: March 24, 2011, © Scherzer & Co. Aktiengesellschaft,
March 24, 2011, © Scherzer & Co. Aktiengesellschaft,
Slide 28: Agenda: Summary
1. Executive Summary 2. Positioning 3. Strategy / Safety 4. Strategy / Opportunity 5. Significant Individual Positions 6. Financials 8. Summary 7. March 24, 2011, © Scherzer & Co. Aktiengesellschaft,
Slide 29: Key Investment Highlights
Key Investment Highlights Balanced risk mix reduces the portfolio’s volatility and lowers the correlation to the total market. Opportunistic investment approach allows interesting returns. Including special situations in the investment approach leads to higher income. Administrative costs minimised
Slide 30: Listing
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), PSZG.F (Frankfurt), PZSG.D (Düsseldorf) PZSG.BE (Berlin), PZSG.SG (Stuttgart). Bloomberg: PZS Research: Solv
Slide 31: Financial Calendar
Financial Calendar March 24, 2011 Supervisory Board Meeting May 30, 2011 Supervisory Board Meeting May 30, 2011 Annual General Meeting September 30, 2011 Supervisory Board Meeting December 2, 2011 Supervisory Board Meeting March 24, 2011, © Scherzer & Co. Aktiengesellschaft,
Slide 32: Contact Details
Contact Details Registered Office: Cologne, Germany Commercial Register: Cologne District Court, Reg. No. HRB 56235 Company Address: Friesenstrasse 50, 50670 Köln Phone: + 49 (0)221 820 32-0 Fax: + 49 (0)221 820 32-30 E-email: info@scherzer-ag.de Website: www.scherzer-ag.de March 24, 2011, © Scherze
Slide 33: Disclaimer
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) which are not historical facts, such as the futu
Slide 34: Disclaimer
Disclaimer Scherzer AG reserves the right to make changes or additions to the information provided here without prior notice. Furthermore, attention is drawn to the fact that possibly the presentation may not contain all the information of Scherzer & Co. AG, or it may be reproduced incompletely or i
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