Slide 1: Investor Presentation
Investor Presentation m:access Conference 05 July 2023 Blue Cap AG
Slide 2: Blue Cap at a glance
Blue Cap at a glance: Listed Private Equity company with investment focus on German-speaking SMEs Buy 8 €348m Transform Portfolio companies, 2022 group revenue Sell primarily control investments (+30% yoy) Founded in 8.6% 5 2022 adjusted EBITDA margin acquisitions in last 2 years 2006 including thre
Slide 3: Agenda
Agenda 01_ Investment Highlights 02_ Financial Performance 03_ Outlook
Slide 4: Investment Highlights
Investment 01_ Highlights
Slide 5: Unique opportunity to invest in German SME companies
Investment Highlights Unique opportunity to invest in German SME companies 01_ Proven and unique business model 02_ Diversified portfolio of SMEs 03_ Track record for value growth 04_ Substantial earnings growth 05_ Attractive dividend yield 06_ Strong value creation potential Blue Cap AG _ Investor
Slide 6: Proven and unique business model – Private Equity business model as publicly listed entity
01_ Proven and unique business model – Private Equity business model as publicly listed entity BUY TRANSFORM SELL ▪ Investment situations, among Active management in the dimensions ▪ Active sales process: others: best-owner approach People & Culture Succession Balance sheet ▪ Passive sales process:
Slide 7: The new Blue Cap Transformation Radar
01_ The new Blue Cap Transformation Radar ▪ We newly established structured processes of value creation initiatives for our portfolio companies ▪ Core of our transformation competence and value enhancement expertise: ▪ People & Culture ▪ Balance Sheet ▪ Margin ▪ Growth ▪ Additional value creation dr
Slide 8: Differentiation to other listed investment companies
01_ Differentiation to other listed investment companies “Best Owner” approach Buy, Buy,Turnaround, Sell Turnaround, Sell ▪ We keep our portfolio companies as long as we are the “Best Owner”, and value creation is still possible with Blue Cap as main shareholder ▪ When our full potential is realized
Slide 9: Diversified portfolio allows participation in different sectors and economic cycles
02_ Diversified portfolio allows our shareholders to participate in different sectors and economic cycles Portfolio of Net Asset Value share by segment (*) ▪ 8 companies with headquarters in Germany ▪ More than 1,000 employees 1% ▪ Four major segments represent the value of the group 16% 44% 17% 25%
Slide 10: Plastics segment
02_ Plastics segment Plastics ▪ Manufactures lightweight plastic boards from recycled plastic primarily for the logistic and automotive industry ▪ Value drivers: ▪ Growth: expansion US business Invest: 2019 / 100% ▪ Technology: process automatization Revenue*: € 67.3 mn ▪ ESG: circular economy busin
Slide 11: Adhesives & Coatings segment
02_ Adhesives & Coatings segment Adhesives & Coatings ▪ Niche supplier of adhesive products for different industries ▪ Value drivers: ▪ Growth: strengthen export and international business ▪ Technology: focus on innovations and cooperations Invest: 2009 / 100% ▪ People & Culture: strengthen manageme
Slide 12: Business Services segment
02_ Business Services segment Business Services ▪ Electronic product and systems distributor with a special focus on value-add through technical consulting and development expertise ▪ Value drivers: ▪ Growth + Margin: profitable growth in the areas of system solutions and design-in products ▪ People
Slide 13: Others and non-consolidated activity
02_ Others and non-consolidated activity Others ▪ Manufactures inline measurement systems using optical lasers ▪ Value drivers: ▪ Growth: expansion based on product competence and scalability through customer growth Invest: 2014 / 90% ▪ Business Model: scaling niche competence through products Reven
Slide 14: Track record for value growth – high return on invested equity capital targeted
03_ Track record for value growth – high return on invested equity capital targeted 2018 – 2023 2011 – 2022 2016 – 2021 Plastics Metal Technology Buyer: Management buy-out to Production Technology Buyer: Bauer-Walser AG CEO and COO/CIO Buyer: Merten Group (Austria) (Germany) Actual market value Actu
Slide 15: Substantial earnings growth: 2022 financial figures confirm positive effects from transformation
04_ Substantial earnings growth: 2022 financial figures confirm positive effects from transformation Growth Rates We have built a stronger group during the last 3 years 2019-2022 ▪ Since end of 2019 strong growth in all key metrics Revenue despite Covid-19 impacts and economic turbulences +54% ▪ Ris
Slide 16: Attractive dividend yield: dividend increase to EUR 0.90 per share
05_ Attractive dividend yield: dividend increase to EUR 0.90 per share, choice between cash and scrip dividend Dividend per share and dividend yield Stable and sustainable dividend EUR and % ▪ Another slight increase in the base dividend 4.0% 4.0% 3.7% 3.3% 4.0% Attractive dividend yield 1.00 ▪ Cont
Slide 17: Strong value creation potential
06_ Strong value creation potential Net Asset Value as of 31 December 2022 EUR m – sum of the parts 160.8 -2.6 26.6 40.6 NAV per share 25.8 70.4 36.60 Euro Plastics Adhesives Business Services Medical Net Debt Indicative & Coatings Holding / Real Group NAV Estate / Others HY 2022 Blue Cap AG _ Inves
Slide 18: Financial Performance
Financial 02_ Performance
Slide 19: Operational development in Q1 2023 in line with expectations
Operational development in Q1 2023 in line with expectations but below extraordinary Q1 2022 Revenue Adjusted EBITDA and adj. EBITDA margin EUR m EUR m and % CAGR 11% CAGR 9% 89.6 9.6% 82.7 8.3% 64.7 6.7% 56.2 8.2 6.3% 5.7 4.4 4.8 2020 (3M) 2021 (3M) 2022 (3M) 2023 (3M) 2020 (3M) 2021 (3M) 2022 (3M)
Slide 20: NWC stabilizing on slightly lower level compared to Q1/22
NWC stabilizing on slightly lower level compared to Q1/22 due to implementation of measures last year Net working capital* Cash conversion cycle EUR m and in % of total output (LTM) days 31 Mar 2023 18% 65.0 31 Mar 2023 85 +2% -3% 31 Dec 2022 18% 63.5 31 Dec 2022 88 -17% -20% 30 June 2022 24% 76.7 3
Slide 21: Equity ratio and leverage continue to be comfortable
Equity ratio and leverage continue to be comfortable Equity and equity ratio Net debt and leverage ratio EUR m and in % of total assets EUR m and in years Net debt/adj. EBITDA* 2.8 2.6 2.4 2023 (Mar) 37% 109.2 79.9 73.4 71.7 2022 (Dec) 37% 109.4 2022 (Mar) 36% 112.2 2022 (Mar) 2022 (Dec) 2023 (Mar)
Slide 22: Outlook
03_ Outlook
Slide 23: Outlook 2023: guidance adjusted after Uniplast exit
Outlook 2023: guidance adjusted after Uniplast exit Focus on extensive work for medium-term increases in value ▪ Increased focus on active and stringent portfolio management and transformation ▪ A large number of measures have already been initiated, and more will follow ▪ Guidance for the rest of t
Slide 24: NAV per share target of 55 Euro until 2025
NAV per share target of 55 Euro until 2025 Essential value drivers Net Asset Value target of EUR 55 per share 1 55.0 Growth: Growth initiatives and medium- term economic recovery 4 3 2 Margin: Active cost and price 36.6 2 management 1 23.0 3 Strong focus on cash flow enables consistent de-leveraging
Slide 25: Questions and Answers
5 BLUE CAP oa and Answers
Slide 26: Thank you for your attention!
Thank you for your attention!
Slide 27: Financial calendar and contact details
Financial calendar and contact details Date Event Location 05 July 2023 m:access Conference Investment Companies Munich End of July Publication of preliminary financials for H1 2023 Publication August 2023 Publication Half Year Report 2023 Publication 23-24 August 2023 10th Hamburg Investor Day – HI
Slide 28: Appendix
Appendix
Slide 29: Blue Cap on the stock market
Blue Cap on the stock market Reference data Positive recommendations by Analysts ▪ ISIN/WKN: DE 00A0JM2M1 / A0JM2M ▪ Ticker: B7E, B7E.DE (Reuters), B7E:GR (Bloomberg) Analyst Date Rating Target Price ▪ Share Capital: 4,396,290.00 Euro / 4,396,290 pcs M.M. Warburg 11.05.2023 Buy 40.00 € ▪ Market Segm
Slide 30: Disclaimer
Disclaimer By accessing this document, you acknowledge the restrictions on use set out Insofar as the information contained in this document is based on statements herein. The information contained in this document regarding Blue Cap AG made by third parties, we would like to point out that no warra