Scherzer & Co. AG · XETR:PZS
Scherzer & — Investor Presentation (April 2014)
31 slides from Scherzer &'s investor presentation, April 2014
Slide 1: Company Presentation April 2014
Company Presentation April 2014
Slide 2: Agenda
1. Executive Summary 2. Investments 3. Portfolio 4. Financials 5. Summary
Slide 3: Executive Summary: Scherzer & Co. AG
Scherzer & Co. AG April 2014 Executive Summary 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 April 2014 Scherzer & Co. AG 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 corpora
Slide 5: Investments
1. Executive Summary 2. Investments 3. Portfolio 4. Financials 5. Summary
Slide 6: Investment universe
Scherzer & Co. AG April 2014 Investments 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: Selection process
Scherzer & Co. AG April 2014 Investments Page 7 Selection process Qualitative factors Notifications Management Barriers to market entry Corporate philosophy Market growth Investment proposal Competitive advantages Research Quantitative factors: Balance sheet strength Margins Cash flow Safety P/E & P
Slide 8: Safety and Opportunity
Scherzer & Co. AG April 2014 Investments Page 8 Safety and 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 models with appropriate growth potent
Slide 9: Example: Opportunity – Tipp24 SE
Scherzer & Co. AG April 2014 Investments Page 9 Example: Opportunity Tipp 24 SE Business model: WKN: TPP 024 Tipp24 SE holds equity interests in a number of companies in the UK and Spain which enable Sector: Internet lottery participation in lottery-based games via the Internet. Market capitalisatio
Slide 10: Example: Safety – WMF AG
Scherzer & Co. AG April 2014 Investments Page 10 Example: Safety WMF AG Business model: WKN: 780 303 preferred stocks WMF maintains state-of-the-art manufacturing sites for cutleries, cookware, tableware, knifeware and coffee Sector: Tableware machines. The company founded in 1853 is a supplier of M
Slide 11: Example: Opportunity – GK Software AG
Scherzer & Co. AG April 2014 Investments Page 11 Example: Opportunity GK Software AG Business model: WKN: 757 142 GK Software AG is a technologically leading software partner to retail with extensive solutions for branches Sector: Software and central corporate sites. Well-known customers like Marke
Slide 12: Example: Safety – MAN SE
Scherzer & Co. AG April 2014 Investments Page 12 Example: Safety Business model: MAN SE The MAN Group is one of Europe's leading commercial WKN: 593 700 common stocks vehicle, engine and mechanical engineering companies, generating annual revenue of around EUR 15.8 billion Sector: Automotive industr
Slide 13: Example: Opportunity – Francotyp-Postalia Holding AG
Scherzer & Co. AG April 2014 Investments Page 13 Example: Opportunity Francotyp-Postalia Holding AG Business model: WKN: FPH 900 Francotyp-Postalia is an expert in communication by letter. With 11 subsidiaries and more than 80 retailers Sector: Industry the company is present in all of the most impo
Slide 14: Portfolio
1. Executive Summary 2. Investments 3. Portfolio 4. Financials 5. Summary
Slide 15: The 10 largest equity positions
Scherzer & Co. AG April 2014 Portfolio Page 15 The 10 largest equity positions* 1. Generali Deutschland Holding AG WKN 840 002 **10.82 % Safety 2. GK Software AG ¹ WKN 757 142 7.65 % Opportunity 3. MAN SE common stocks WKN 593 700 7.30 % Safety 4. Allerthal-Werke AG ¹ WKN 503 420 4.82 % Safety 5. Ti
Slide 16: Portfolio News
Scherzer & Co. AG April 2014 Portfolio Page 16 News At the beginning of March, the squeeze-out at GBW AG has been entered into the company register. In connection with that transaction, Scherzer & Co. AG was able to register incoming funds of about EUR 2 million and was able to generate a correspond
Slide 17: Subsequent improvement volume
Scherzer & Co. AG April 2014 Portfolio Page 17 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 fro
Slide 18: Selected project completions
Scherzer & Co. AG April 2014 Portfolio Page 18 Selected project completions IBS excell.collab.manufact. AG Disposed in January 2014 Pironet NDH AG Disposed in September 2013 Generali Deutschland Holding AG Disposed in July 2013 hotel.de AG Disposed in December 2012 Andreae-Noris Zahn AG Blockdeal in
Slide 19: Financials
1. Executive Summary 2. Investments 3. Portfolio 4. Financials 5. Summary
Slide 20: Capital development
Scherzer & Co. AG April 2014 Financials Page 20 Capital development Public limited company founded in 1910: Articles of association created as Porzellanfabrik Zeh, Scherzer und Co. AG. Capital increases between 2005 and 2007: Increase in share capital through four separate capital increases from EUR
Slide 21: Balance sheet figures
Scherzer & Co. AG April 2014 Financials Page 21 Balance sheet figures 31/12/13 31/12/12 Securities classified as EUR 21,199 15,876 non-current assets '000 Securities classified as EUR 47,801 30,770 current assets '000 EUR Total assets 69,942 49,985 '000 EUR Shareholders' equity 43,627 37,652 '000 EU
Slide 22: Income statement
Scherzer & Co. AG April 2014 Financials Page 22 Income statement 01/01-31/12/13 01/01-31/12/12 EUR Profit/ loss on ordinary activities 6,552 4,185 '000 EUR Net income/ loss for the year 5,975 3,908 '000 Earnings per share EUR 0.20 0.13
Slide 23: Income statement
Scherzer & Co. AG April 2014 Financials Page 23 Income statement 01/01-31/12/13 01/01-31/12/12 EUR Realized gains 8,842 6,308 '000 EUR Realized losses 1,679 2,262 '000 EUR Other operating gains 1,424 2,297 '000 EUR Dividend income 785 1,056 '000 EUR Other interest and similar income 173 425 '000
Slide 24: Income statement
Scherzer & Co. AG April 2014 Financials Page 24 Income statement 01/01-31/12/13 01/01-31/12/12 EUR Wages and salaries 430 313 '000 EUR Write-downs 6 6 '000 EUR Other operating expenses 416 590 '000 Write-downs to fair value at EUR 1,441 2,181 reporting date '000 EUR Interest and similar expenses 451
Slide 25: Share/NAV performance
Scherzer & Co. AG April 2014 Financials Page 25 Share/ NAV performance 2014 2013 2012 EUR Market capitalisation 49,102 42,784 33,533 '000 Peak/ low EUR 1.681/ 1.43 1.49/ 1.10 1.15/ 0.89 Closing value (03/31/2014) EUR 1.64 1.4290 1.1200 Share performance (03/31/2014) 14.77% 27.59% 18.39% NAV performa
Slide 26: Share/NAV performance
Scherzer & Co. AG April 2014 Financials Page 26 Share/ NAV performance 2,00 EUR 1,90 EUR 1,80 EUR 1,70 EUR 1,60 EUR 1,50 EUR 1,40 EUR Closing value 1,30 EUR Net Asset Value 1,20 EUR 1,10 EUR 1,00 EUR 0,90 EUR -5,0% Discount -15,0% -25,0% Net Asset Value: The present value of portfolio positions afte
Slide 27: Summary
1. Executive Summary 2. Investments 3. Portfolio 4. Financials 5. Summary
Slide 28: Listing
Scherzer & Co. AG April 2014 Summary Page 28 Listing Exchange: Frankfurt Stock Exchange Entry Standard OTC Market at the Berlin, Düsseldorf and Stuttgart Exchanges, Xetra Ticker symbol: PZS Reuters: PZSG.DE (Xetra), PZSG.F (Frankfurt), PZSG.D (Düsseldorf), PZSG.BE (Berlin), PZSG.SG (Stuttgart) Bloom
Slide 29: Management/Supervisory Board
Scherzer & Co. AG April 2014 Summary Page 29 Management/ Supervisory Board Management Dr. Georg Issels Managing Director Scherzer & Co. AG since 2002 Managing Director RM Rheiner Management AG since 2008 Hans Peter Neuroth Managing Director Scherzer & Co. AG since 2013 Managing Director RM Rheiner M
Slide 30: Contact/Financial Calendar
Scherzer & Co. AG April 2014 Summary Page 30 Contact/ Financial Calendar Scherzer & Co. Aktiengesellschaft Phone: +49 221 - 8 20 32 0 Friesenstraße 50 Telefax: +49 221 - 8 20 32 30 50670 Köln info@scherzer-ag.de www.scherzer-ag.de Commercial Register: Cologne District Court Reg.No. HRB 56235 12/02-1
Slide 31: Disclaimer
Scherzer & Co. AG April 2014 Summary 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