Blue Cap Ag · XETR:B7E
Blue Cap — Warburg Conference 2022
39 slides from Blue Cap's conference presentation, Feb 15, 2022
Slide 1: Investor Presentation
Investor Presentation Warburg Conference 15 -16 February 2022 Blue Cap AG
Slide 2: Agenda
Agenda 01_ Overview 02_ Business Performance 03_ Financial Performance 04_ Appendix
Slide 3: 01_ Overview
01_ Overview
Slide 4: Blue Cap at a Glance
Blue Cap at a Glance Listed Private Equity company BUY, TRANSFORM, SELL and with investment focus on Best Owner Approach: we are German-speaking SME an active owner with a limited, companies with clear potential but flexible holding period for active transformation Portfolio of 8 companies with more
Slide 5: High Value Diversification across Sectors
High Value Diversification across Sectors Plastics 37 % Adhesives & Coatings 36 % Invest: 2018 / 100% Invest: 2009 / 100% Revenue: € 50 mn Revenue: € 31 mn Invest: 2021 / 71% Invest: 2016 / 100% Revenue: € 35 mn Revenue: € 55 mn Invest: 2019 / 100% Revenue: € 51 mn Electronics (recently acquired) Me
Slide 6: Our Focus: Niche SMEs with a Healthy Core Business and Significant Potential for Development
Our Focus: Niche SMEs with a Healthy Core Business and Significant Potential for Development Investment Investment Situations Criteria Succession Revenue from EUR 30 to 80 mn Equity between Headquarters Carve-out EUR 5 and 25 mn DACH Potential for growth Growth challenges and operational improvement
Slide 7: BUY: Active Market Screening to Realize 1-2 Acquisitions Every Year plus Add-On Acquisitions
BUY: Active Market Screening to Realize 1-2 Acquisitions Every Year plus Add-On Acquisitions Annual Deal Flow Direct M&A Contacts Advisors Investment Banks 20% Initial approach ~ 200 37,5% Detailed analysis ~40 Identification of value Due diligence creation levers and 30% ~15 transformation potentia
Slide 8: TRANSFORM: Active and Strategic Support
TRANSFORM: Active and Strategic Support Boost growth Encourage sustainability Launch initiatives Reduce portfolio risks Drive digitalization Relieve balance sheets Develop & implement individual strategies and autonomous management Blue Cap AG _ Investor Presentation 8
Slide 9: SELL: Realising the Value Created
SELL: Realising the Value Created “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 we actively look for t
Slide 10: SELL: Business Model is Confirmed by Our Exits
SELL: Business Model is Confirmed by Our Exits Production Technology Metal Technology Medical Technology Medical Technology Adhesive Technology ▪ Investment: 2011 ▪ Investment: 2016 ▪ Investment: 2014 ▪ Investment: 2012 ▪ Investment: 2009 ▪ Exit: 2022 ▪ Exit: 2021 ▪ Exit: 2020 ▪ Exit: 2018 ▪ Exit: 2
Slide 11: 02_ Business Performance
Business 02_ Performance
Slide 12: Milestones 2021/2022 Continued Extensive Portfolio Transformation
Milestones 2021/2022 Continued Extensive Portfolio Transformation ▪ Increased presence in capital markets and intensified Capital investor relations, including a new website Markets ▪ New annual report with increased information and more transparency ▪ Capital increase by 10% in August 2021 EMPOWERI
Slide 13: HY-LINE: A Specialist for Complex Electronic Components
HY-LINE: A Specialist for Complex Electronic Components Value Chain Concept phase Pre-series Procurement Shipping Distribution Design-in phase Delivery phase ▪ Established value-added (development, 1-2 yrs.) (over model life-time, 5-15 yrs.) distributor that acts as a full- service provider for elec
Slide 14: HY-LINE: Equity Story and Various Value Creation Opportunities
HY-LINE: Equity Story and Various Value Creation Opportunities End-Market Trends Show a Favorable Strong order rebound in 2021 and still Long-Term Market Environment ongoing ▪ Health care Book/Bill Backlog ▪ Smart home in EUR mn ▪ Internet of things (IoT) 100 FY20 FY21 ▪ Wireless communication (5G)
Slide 15: ESG: Embedded into all elements of our Buy, Transform & Sell Business Model
ESG: Embedded into all elements of our Buy, Transform & Sell Business Model BUY TRANSFORM SELL 1. Integration into investment 1. Improved sustainability 1. Ensuring sustainable ongoing process and due diligence e.g. by reducing carbon footprint or development enhancing products with Consideration of
Slide 16: Sustainability at Blue Cap: Our Roadmap to Anchor an ESG Strategy at Group Level
Sustainability at Blue Cap: Our Roadmap to Anchor an ESG Strategy at Group Level 2020 ✓ 2021 2022 2023ff ▪ ESG project: kick off at Blue ▪ Dedicated ESG chapter ▪ Publication of first ESG ▪ Achievement of rateability ✓ Cap holding in annual report 2020 report (DNK basis (2)) ▪ Enhanced access to ESG
Slide 17: Financial Performance
bh BLUE CAP Financial ‘Performance
Slide 18: Revenue, EBITDA and EBIT Show Very High Annual Growth Rates
Revenue, EBITDA and EBIT Show Very High Annual Growth Rates Revenue Adjusted EBITDA Adjusted EBIT EUR m EUR m EUR m ~27 CAGR ~50% 28 CAGR (1) ~33% CAGR (1) ~14% 290-310 26 ~24 24 8.9 265-270 22 225.7 233.0 20 18 17.6 6.8 176.0 16 14.3 14 12 10 8.6 3.3 8 6 4 2 0 (1) 2018 2019 2020 2021e 2022e 2018 20
Slide 19: NAV: Substantial Portfolio Value with Growth Potential
NAV: Substantial Portfolio Value with Growth Potential Net Asset Value as of 30 June 2021 Development EUR mn 155.2 EUR mn -1.9 9.2 +12% 29.1 Indic. 155.2 118.8 NAV per 138.5 share (*) € 38.82 Plastics Technology 56.9 Coating Technology 42.8 Adhesive Technologie Metal Technology 12.5 Production Techn
Slide 20: Attractive Dividend Policy
Attractive Dividend Policy Dividend per Share Stable Dividend EUR Special Dividend ▪ Blue Cap AG targets a stable base dividend over the Base Dividend cycle 1.00 1.00 Increases ▪ Over time with a growing portfolio base dividend shall 0.25 increase 0.75 0.75 ▪ Special dividends from successful exits
Slide 21: Blue Cap on the Stock Market: Strong Upward Trend of the Share Price
Blue Cap on the Stock Market: Strong Upward Trend of the Share Price 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 (last cap
Slide 22: Outlook: We Have Ambitious Targets
Outlook: We Have Ambitious Targets Further Strengthen the Portfolio Structure Short Term Goals ▪ Short term financial goal for 2022: Sales of Successful organic development EUR 290 – 310 mn and EBITDA (adj.) margin at lower end of guidance of 8.5 – 9.5 % Growth by acquiring new companies ▪ Net debt/
Slide 23: Contact
Contact Tobias Hoffmann-Becking Board Member M&A / Capital Markets hoffmann-becking@blue-cap.de +49 89 288909-10 Blue Cap AG Ludwigstraße 11 office@blue-cap.de 80539 München www.blue-cap.de
Slide 24: 04_ Appendix
04_ Appendix
Slide 25: Experienced Management Team with Complementary Skills
Experienced Management Team with Complementary Skills Tobias Hoffmann-Becking Ulrich Blessing Matthias Kosch Chief Investment Officer Chief Operating Officer Chief Financial Officer Main Responsibilities Main Responsibilities Main Responsibilities ▪ M&A Business ▪ Portfolio Management ▪ Finance and
Slide 26: 9M 2021: Strong Growth despite Supply-Chain Issues on Procurement Markets
9M 2021: Strong Growth despite Supply-Chain Issues on Procurement Markets Performance in First Nine Months 2021 Robust Financials due to Diversification ▪ Sales increased mainly due to acquisitions. Increase of 190.2 EBITDA and EBIT margin (adj.) to 8.2% (9M 2020: 6.5%) Revenue (€ mn) +10% and 4.0%
Slide 27: Fiscal Year 2020 - Overview
Fiscal Year 2020 - Overview Good Business Performance in Covid Year EUR mn 2020 2019 Δ in % Earnings and Cash Flow Figures ▪ The forecast for FY 2020 was adjusted in March 2020 due 233.0 225.7 3.2 Sales to economic restrictions caused by Covid-19: sales of EUR 17.6 14.3 22.9 215-222 mn and adj. EBIT
Slide 28: Fiscal Year 2020 - Sector Performance (1/2)
Fiscal Year 2020 - Sector Performance (1/2) Revenue by Sectors Employees by Sectors EUR mn including trainees 101 Plastics Technology Metal Technology Others 73 Production Technology 1% 4% 6% 55 Coating Technology 62 Adhesive Technology 12% 31 Adhesive Technology 36 11 52% Plastics Production Techno
Slide 29: Fiscal Year 2020 - Sector Performance (2/2)
Fiscal Year 2020 - Sector Performance (2/2) EBITDA adj. by Sectors EBIT adj. by Sectors EUR mn EUR mn 9.5 3.5 Plastics Technology Plastics Technology 1.7 -1.9 4.9 2.8 Coating Technology Coating Technology 5.8 3.8 2.8 1.7 Adhesive Technology Adhesive Technology 3.1 1.9 -1.9 -2.4 Production Technology
Slide 30: Neschen Coating GmbH
Neschen Coating GmbH Headquarters Bückeburg, Lower Saxony Review 2020 Managing Director Kai Tittgemeyer, ▪ Decline in activity due to lock downs (closed Andreas Mertens retail, reduced trade fairs and events) Neschen Coating GmbH is a leading ▪ Increased activities in “Industrial Coatings” and inter
Slide 31: Uniplast Knauer GmbH & Co. KG
Uniplast Knauer GmbH & Co. KG Headquarters Dettingen an der Erms, Review 2020 Baden-Württemberg ▪ Increased home consumption and stockpiling Managing Director Andreas Doster in Q1 Uniplast develops and manufactures plastic ▪ Reduced hotel and gastronomy business packaging for the fast-moving consume
Slide 32: con-pearl GmbH
con-pearl GmbH Headquarters Geismar, Thuringia Review 2020 Managing Director Stefan Hoedt, ▪ Weakness in automotive industry Ulrich Blessing ▪ Very strong performance in logistics/e- con-pearl manufactures lightweight plastic commerce since summer boards and products for the packaging Revenue 2020 5
Slide 33: Planatol GmbH
Planatol GmbH Headquarters Rohrdorf-Thansau, Review 2020 Bavaria ▪ Slow down in industrial production due to Managing Director Hans Mühlhauser, Covid-19 Planatol is a global supplier of adhesives, Valentino Di Candido ▪ Improvement of the situation in Q3, but still adhesive applications and applicat
Slide 34: H+E Group
H+E Group Headquarters Ittlingen, Baden- Review 2020 Württemberg ▪ Weakness in automotive industry Managing Director Philipp Bentzinger, ▪ Market recovery started in Q3 H+E is a plastics expert with core Mike Liphardt competence in the development and Revenue 2020 34.7 mn EUR production of gas injec
Slide 35: nokra Optische Prüftechnik und Automation GmbH
nokra Optische Prüftechnik und Automation GmbH Headquarters Baesweiler, North Rhine- Review 2020 Westphalia ▪ Exposure to Covid-19 weakened industries: Managing Director Günter Lauven plant closures, decrease of CapEx driven orders nokra manufactures inline measurement systems using optical lasers w
Slide 36: Gämmerler GmbH
Gämmerler GmbH Sold in Feb 2022 Headquarters Geretsried-Gelting, Review 2020 Bavaria ▪ Weakness of printing industry was enhanced by Managing Director Eckhardt Hörner-Marass Covid-19 Gämmerler GmbH has specialized in the ▪ Significant reduction in new orders development, construction and assembly of
Slide 37: Carl Schaefer Gold- und Silberscheideanstalt GmbH
Carl Schaefer Gold- und Silberscheideanstalt GmbH Sold in Nov 2021 Headquarters Pforzheim, Baden- Review 2020 Württemberg ▪ Strong increase in business volume and gold Managing Director Ulrich Blessing price Carl Schaefer operates as a gold and silver refinery in the field of precious metal Revenue
Slide 38: Financial Calendar and Contact Details
Financial Calendar and Contact Details Date Event Location 15-16 February 2022 M.M.Warburg Investor Conference virtual April 2022 Annual Report 2021 Publication 03-04 May 2022 33rd Munich Capital Market Conference Hybrid Event 23-25 May 2022 Equity Forum Spring Conference Frankfurt / Main June 2022
Slide 39: 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