Scherzer & Co. AG · XETR:PZS
Scherzer & — Investor Presentation (April 2015)
31 slides from Scherzer &'s investor presentation, April 2015
Slide 1: Company presentation April 2015
Company presentation April 2015
Slide 2: Agenda
1. Executive Summary 2. Investments 3. Portfolio 4. Financials 5. Summary
Slide 3: Executive Summary
Executive Summary Scherzer & Co. AG April 2015 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 investments that are both safety-oriented and opportunistic. From saf
Slide 4: Mission Statement
Scherzer & Co. AG Scherzer & Co. AG April 2015 Page 4 Mission Statement As mid-term target, to build an investment portfolio with equity financing of at least EUR 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. Investments 3. Portfolio 4. Financials 5. Summary
Slide 6: Investment universe
Investments Scherzer & Co. AG April 2015 Page 6 Investment universe We primarily analyse investment in regions under German jurisdiction. We believe that most market valuations are different. But due to human irrationality, valuations are occasionally incorrect, creating investment opportunities on
Slide 7: Process of selection
Investments Scherzer & Co. AG April 2015 Page 7 Process of selection Qualitative factors: News Management Entry barriers Corporate philosophy Market growth Investment proposal Competitive advantages Research Quantitative factors: Balance sheet strength Margins Cash flow Safety P/E
Slide 8: Safety & Opportunity
Investments Scherzer & Co. AG April 2015 Page 8 Safety & Opportunity Risk-reduced capital appreciation while the same time seizing upon interesting capital market opportunities Safety Opportunity Investments with a natural „Floor“ Investments in sustainable business models with appropriate growt
Slide 9: Opportunity: Biotest AG
Investments Scherzer & Co. AG April 2015 Page 9 Opportunity Biotest AG 110 EUR Biotest is a provider of pharmaceutical and biotherapeutic medications. In the plasma-protein segment, Biotest develops and 100 EUR markets active agents produced on the basis of human blood 90 EUR plasma. In the biothera
Slide 10: Safety: Homag Group AG
Investments Scherzer & Co. AG April 2015 Page 10 Safety Homag Group AG The Homag Group is worldwide the leading manufacturer of machinery 35 EUR and plants for the forest products industry. Homag Group has a presence in more thann 100 countries in the business sectors of 30 EUR machinery and cells,
Slide 11: Safety: DMG Mori Seiki AG
Investments Scherzer & Co. AG April 2015 Page 11 Safety DMG Mori Seiki AG 35 EUR The DMG Mori Seiki Group (formerly Gildemeister AG) is a leading worldwide manufacturer of machine tools and provides innovative 30 EUR services for the entire life cycle of the machinery. With more than 7,000 emplooyee
Slide 12: Safety: MAN SE
Investments Scherzer & Co. AG April 2015 Page 12 Safety MAN SE The MAN Group is one of Europe‘s leading utility vehicle, motor 100 EUR and machine tool companies with annual sales of about EUR 14.3 billion and employs about 55,900 people worldwide. MAN is a producer of lorries, busses, diesel engine
Slide 13: Opportunity: Francotyp-Postalia Holding AG
Investments Scherzer & Co. AG April 2015 Page 13 Opportunity Francotyp-Postalia Holding AG 5,00 EUR Francotyp-Postalia is the first multi-channel provider for letter 4,50 EUR communication. With 11 subsidiaries it supplies all products and services for physical and electronic letter communication. P
Slide 14: Safety: Fair Value REIT-AG
Investments Scherzer & Co. AG April 2015 Page 14 Safety Fair Value REIT-AG 9,00 EUR Fair Value REIT-AG is a real estate investment trust focusing on ownership and management of commercial real estate in German 8,00 EUR regional centres. Fair Value REIT-AG, according to preliminary figures, raised
Slide 15: Agenda
1. Executive Summary 2. Investments 3. Portfolio 4. Financials 5. Summary
Slide 16: Largest equity positions
Portfolio Scherzer & Co. AG April 2015 Page 16 10 largest equity positions* 1. MAN SE, common stocks WKN 593 700 ** 8,57 % Safety 2. W&W Wüstenrot und Württ. AG ¹ WKN 805 100 6,87 % Opportunity 3. GK Software AG ¹ WKN 757 142 6,55 % Opportunity 4. Biotest AG, common stocks ¹ WKN 522 720 6,48 % Oppor
Slide 17: Portfolio News
Portfolio Scherzer & Co. AG April 2015 Page 17 News In March 2015 Scherzer & Co AG acquired a share of 0.33% of the registered capital in W&W Wüstenrot und Württembergische AG. In connection with the voluntary cash offer of W&W, the holdings in shares in Württembergische Lebensversicherung AG we
Slide 18: Subsequent improvement volume
Portfolio Scherzer & Co. AG April 2015 Page 18 Subsequent improvement volume An interesting corollary od investments in takeover bid/squeeze-out stocks are the successive, significant volumes of subsequent improvement rights (additional settlement claims). They represent potential claims arising fro
Slide 19: Selected project completions
Portfolio Scherzer & Co. AG April 2015 Page 19 Selected projekt completions Colonia Real Estate AG Disposed in January 2015 WMF AG Disposed in September 2014 IBS excell.collab.manufact. AG Disposed in January 2014 Pironet NDH AG Disposed in September & December 2013 Generali Deutschland Holding AG D
Slide 20: Agenda
1. Executive Summary 2. Investments 3. Portfolio 4. Financials 5. Summary
Slide 21: Balance sheet figures
Financials Scherzer & Co. AG April 2015 Page 21 Balance sheet figures 31/12/2014 31/12/2013 Securities classified as non-current EUR 24,205 21,051 assets ´000 Securities classified as non-current EUR 46,731 47,801 assets ´000 EUR Total assets 71,973 69,942 ´000 EUR Shareholders´ equity 47,403 43,627
Slide 22: Income statement
Financials Scherzer & Co. AG April 2015 Page 22 Income statement 01/01-31/12/14 01/01/-31/12/13 EUR Profit on ordinary activities 3,900 6,552 ´000 EUR Net income 3,776 5,975 ´000 Earnings per share EUR 0.13 0.20 Dividend recommendation EUR 0.05 -
Slide 23: Income statement
Financials Scherzer & Co. AG April 2015 Page 23 Income statement 01/01/-31/12./14 01/01/-31/12/13 EUR Realized gains 10,910 8,842 ´000 EUR Realized losses 3,559 1,679 ´000 EUR Other operating expenses 98 976 ´000 EUR Dividend income 1,622 937 ´000 EUR Other interest and similar income 142 243 ´000
Slide 24: Income statement
Financials Scherzer & Co. AG April 2015 Page 24 Income statement 01/01/-31/12/14 01/01/-31/12/13 EUR Wages and salaries 532 430 ´000 EUR Write-downs 7 6 ´000 EUR Other operating expenses 448 416 ´000 Write-downs to fair value at reporting EUR 3,822 1,441 date ´000 EUR Interest and similar expenses 4
Slide 25: Share / NAV performance
Financials Scherzer & Co. AG April 2015 Page 25 Share / NAV performance 2015 2014 2013 2012 Market capitalisation EUR 49,102 44,910 42,784 33,533 (31/03/2015) ´000 Peak / low EUR 1.66/ 1.45 1.82/ 1.40 1.49/ 1.10 1.15/ 0.89 Closing value EUR 1.64 1.50 1.4290 1.1200 (31/03/2015) Share performance +9.3
Slide 26: Share / NAV performance
Financials Scherzer & Co. AG April 2015 Page 26 Share / NAV performance 2,00 EUR 1,90 EUR 1,80 EUR 1,70 EUR 1,60 EUR 1,50 EUR Closing value 1,40 EUR Net Asset Value 1,30 EUR 1,20 EUR 1,10 EUR 1,00 EUR 0,90 EUR -5,0% Discount -15,0% -25,0% Net Asset Value (NAV): The present value of portfolio positio
Slide 27: Agenda
1. Executive Summary 2. Investments 3. Portfolio 4. Financials 5. Summary
Slide 28: Listing
Summary Scherzer & Co. AG April 2015 Page 28 Listing Subscribed capital: EUR 29,940,000.00, divided into 29,940,000 no-par value shares Stock exchange: Frankfurt Stock Exchange Entry Standard, OTC Market Berlin, Düsseldorf and Stuttgart Exchanges, Xetra, Tradegate Ticker symbol: PZS Reuters: PZSG.DE
Slide 29: Management and Supervisory Board
Summary Scherzer & Co. AG April 2015 Page 29 Management Organizational bodies Dr. Georg Issels Managing Director of Scherzer & Co. AG, since 2002 Managing Director of RM Rheiner Management AG, since 2008 Hans Peter Neuroth Managing Director of Scherzer & Co. AG, since 2013 Managing Director of RM Rh
Slide 30: Contact / Financial calendar
Summary Scherzer & Co. AG April 2015 Page 30 Contact / Financial calendar Scherzer & Co. Aktiengesellschaft Friesenstraße 50, Financial calendar 2015: 50670 Köln, Germany 09. March 2015: Supervisory Board Meeting Phone: +49 221 - 8 20 32 0 Fax: +49 221 - 8 20 32 30 18. May 2015: Annual General Meeti
Slide 31: Disclaimer
Summary Scherzer & Co. AG April 2015 Page 31 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) whi