Blue Cap Ag · XETR:B7E
Blue Cap — 33rd Munich Capital Market Conference (May 2022)
40 slides from Blue Cap's conference presentation, May 4, 2022
Slide 1: Investor Presentation
Investor Presentation 33rd Munich Capital Market Conference May 4th 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 9 companies with more
Slide 5: Highly Diversified Portfolio of Nine Companies from Different Sectors
Blue Cap has a Highly Diversified Portfolio of Nine Companies from Different Sectors Plastics 40 % Adhesives & Coatings 20 % Invest: 2018 / 100% Invest: 2009 / 100% Revenue: € 50 mn Revenue: € 36 mn Invest: 2021 / 71% Invest: 2016 / 100% Revenue: € 33 mn Revenue: € 52 mn Business Services 8 % Invest
Slide 6: Our Focus: Niche SMEs with a Healthy Core Business
Our Focus: Niche SMEs with a Healthy Core Business and Significant Potential for Development Investment Investment situations criteria Revenue from EUR 30 to 80 mn Succession Equity between Headquarters EUR 5 and 25 mn DACH Carve-Out Potential for growth Growth challenges and and operational improve
Slide 7: BUY: Active Market Screening for 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: Intensive M&A Activities on Buy and Sell Side
Intensive M&A Activities on Buy and Sell Side Have Strengthened Our Portfolio Three platform acquisitions increase Two exits confirm our business model the diversification of our portfolio and optimize our portfolio Invest: 2021 Ownership Stake: 71% Segment: Plastics Invest: 2011 - Buyer: Merten Gro
Slide 13: Transline: Digital Business Model With Proprietary Platform TBlue
Transline: Digital Business Model With Proprietary Technology Platform “TBlue” 1 2 TBlue offers its customers several Automatic quotation based on project interfaces for the automatic transfer of word count and translation memory word source files and orders count 2. Offer generation 3 7 1. Data 3.
Slide 14: Transline: Fragmented Market With Strong Growth
Transline: Fragmented Market With Strong Growth and Attractive Company With Leading Technology A fragmented & growing market ... … and attractive investment highlights Global market volume Strategic focus on growing end markets, e.g., medtec, 2020 pharma, eCommerce, software Brand new technology for
Slide 15: 03_ Financial Performance
Financial 03_ Performance
Slide 16: Revenue and EBITDA Show Very High Annual Growth Rates
Revenue and EBITDA Show Very High Annual Growth Rates over the Past Years Revenue Adjusted EBITDA and adj. EBITDA margin EUR m EUR m and % CAGR (1) ~16% CAGR (1) ~37% 305-325 9-10% 9.1% 267.3 7.6% 225.7 233.0 28-32 6.4% 24.6 176.0 4.8% 17.6 14.3 8.6 2018 2019 2020 2021 2022e 2018 2019 2020 2021 2022
Slide 17: NAV: Substantial Portfolio Value with Growth Potential
NAV: Substantial Portfolio Value with Growth Potential Net Asset Value as of December 31, 2021 EUR mn 172.8 22.0 -1.9 Indic. NAV per 33.4 share 119.3 2.3 14.0 € 39.30 34.5 Others Business Services 68.5 Adhesives & Coatings Plastics NAV Business Segments NAV Minority Interest Net Debt Holding Real Es
Slide 18: 3M 2022: Good start into 2022
3M 2022: Good start into 2022 Performance in first three months 2022 Robust financials due to diversification ▪ Sales increased mainly due to acquisitions and positive 82.7 development in plastics segment. Increase of adjusted Revenue (€ mn) +48% EBITDA and adjusted EBIT margin to 9.6% (PY: 8.1%) 55
Slide 19: Attractive Dividend Policy
Attractive Dividend Policy: Increase of proposed base dividend to allow shareholders to participate in the growing portfolio Dividend per share EUR Proposition to Annual General Meeting: 0.85 1.00 1.00 Euro per share for FY 2021 ▪ This corresponds to an increase of the base dividend by 0.25 0.85 13%
Slide 20: Outlook: We Have Ambitious Targets
Outlook: We Have Ambitious Targets Short Term Goals Further Strengthen the Portfolio Structure ▪ Short term financial goal for 2022: Sales of EUR 305-325 mn and EBITDA (adj.) margin of 9-10%, which is subject to Russia-Ukraine impact Successful organic development ▪ Net debt/EBITDA adj. ≤ 3.5 (1) Gr
Slide 21: 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 22: 04_ Appendix
04_ Appendix
Slide 23: Overview FY 2021: Double-Digit Growth Rates
Overview FY 2021: Double-Digit Growth Rates of Revenues and Adjusted EBITDA Supply chain challenges throughout the EUR m 2021 2020 Δ in % portfolio Group profit and cash flow Economic environment was highly impacted by massive Revenue 267.3 233 14.7 issues on global procurement markets ▪ rapid and s
Slide 24: Fiscal Year 2021 – Segments Performance (1/2)
Fiscal Year 2021 – Segments Performance (1/2) Revenue by Segments Employees by Segments EUR mn including trainees Business Others 136 Services Plastics +35% 6% 101 3% Adhesives & 88 +4% Coatings 85 Adhesives & Coatings 32% Business 18 Services 0 59% Plastics 26 Others (1) -45% 47 2021 2020 (1) The s
Slide 25: Fiscal Year 2021 – Segments Performance (2/2)
Fiscal Year 2021 – Segments Performance (2/2) EBITDA adj. by Segments EBIT adj. by Segments EUR mn EUR mn 17,3 8,6 Plastics +82% Plastics +146% 9,5 3,5 Adhesives & 6,9 Adhesives & 3,3 -10% -27% Coatings 7,7 Coatings 4,5 Business 1,1 Business 0,9 Services 0,0 Services 0,0 -0,6 -1,6 Others(1) Others +
Slide 26: 3M 2022 – Segments Performance
3M 2022 – Segments Performance Revenue by segments Adjusted EBITDA by segments EUR m EUR m 42 5.5 Plastics +45% Plastics +57% 29 3.5 23 1.3 Adhesives & Coatings +10% Adhesives & Coatings -24% 21 1.7 17 1.5 Business Services Business Services 0 0.0 1 0.0 Others -87% Others 6 3M 2022 -0.5 3M 2022 3M 2
Slide 27: The Blue Cap Investment Story
The Blue Cap Investment Story Our Shareholders Invest in … … a unique Buy, Transform & Sell business … a diversified portfolio of German SME model with an active owner companies ▪ Structured M&A process and top sector know how secure ▪ Diversification due to a range of developments from access to at
Slide 28: 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 (last capital M.M. Warburg 08.03.2022 Buy 43,00 €
Slide 29: ESG: Embedded into all elements of our 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 30: Sustainability at Blue Cap: Roadmap for ESG Strategy
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 31: con-pearl GmbH
con-pearl GmbH Headquarters Geismar, Thuringia Review 2021 Managing Directors Stefan Hoedt, ▪ con-pearl benefited from profitable high- Ulrich Blessing volume orders in logistic segment con-pearl manufactures lightweight plastic ▪ Weakness in automotive industry boards and products for the packaging
Slide 32: H+E Group
H+E Group Headquarters Ittlingen, Baden- Review 2021 Württemberg ▪ H+E was mainly influenced by chip shortage Managing Director Philipp Bentzinger, due to its high concentration on the automotive H+E is a plastics expert with core Mike Liphardt industry competence in the development and ▪ Shortage o
Slide 33: Uniplast Knauer GmbH & Co. KG
Uniplast Knauer GmbH & Co. KG Headquarters Dettingen an der Erms, Review 2021 Baden-Württemberg ▪ Uniplast was able to pass on increases in raw Managing Director Andreas Doster material prices to customers, which had a Uniplast develops and manufactures plastic positive effect on the margin achieved
Slide 34: Planatol GmbH
Planatol GmbH Headquarters Rohrdorf-Thansau, Review 2021 Bavaria ▪ Planatol was able to ensure its good supply Managing Director Hans Mühlhauser capability thanks to forward-looking measures Planatol is a global supplier of adhesives, to build up inventory levels adhesive applications and applicatio
Slide 35: Neschen Coating GmbH
Neschen Coating GmbH Headquarters Bückeburg, Lower Saxony Review 2021 Managing Directors Kai Tittgemeyer, ▪ Further reduced order volume in the area of Andreas Mertens, products for trade fairs and other graphic Neschen Coating GmbH is a leading applications Nils Honscha international company for se
Slide 36: HY-LINE Group
HY-LINE Group Headquarters Unterhaching, Bavaria Review 2021 Managing Directors Guido Brüning, ▪ HY-LINE was extremely impacted by the Martin Dibold, turbulences of the supply chains → component The HY-LINE Group has its origins in the shortages and extended delivery times Sven Holfert, distribution
Slide 37: Transline Group
Transline Group Headquarters Reutlingen, Baden- Equity Story and Outlook Württemberg ▪ Strategic focus on growing end markets, e.g., Managing Directors Dr Wolfgang Sturz, medtec, pharma, eCommerce, software Transline is one of the large German Katja Schabert ▪ Brand new technology forms the basis fo
Slide 38: nokra Optische Prüftechnik und Automation GmbH
nokra Optische Prüftechnik und Automation GmbH Headquarters Baesweiler, North Rhine- Review 2021 Westphalia ▪ Major project delays and postponements Managing Director Günter Lauven ▪ Sales development was very volatile nokra manufactures inline measurement ▪ But strong order intake was recorded in t
Slide 39: Financial Calendar and Contact Details
Financial Calendar and Contact Details Date Event Location 04 May 2022 33rd Munich Capital Market Conference Hybrid Event 23-25 May 2022 Equity Forum Spring Conference Frankfurt / Main 01 June 2022 Quirin Champions Conference virtual June 2022 Annual General Meeting 2022 tba 13 July 2022 m:access Co
Slide 40: 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
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