Scherzer & Co. AG · XETR:PZS

Scherzer & — Investor Presentation (October 2013)

31 slides from Scherzer &'s investor presentation, October 2013

  1. Slide 1: Company presentation October 2013

    Company presentation October 2013

  2. Slide 2: Agenda

    1. Executive Summary 2. Investment Strategy 3. Portfolio 4. Financials 5. Summary

  3. Slide 3: Executive Summary

    Scherzer & Co. AG October 2013 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 an investment strategy that is both safety-oriented and opportunist

  4. Slide 4: Mission Statement

    Scherzer & Co. AG October 2013 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 c

  5. Slide 5: Agenda

    1. Executive Summary 2. Investment Strategy 3. Portfolio 4. Financials 5. Summary

  6. Slide 6: The investment universe

    Scherzer & Co. AG October 2013 Investment Strategy Page 6 The 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 opp

  7. Slide 7: The selection process

    Scherzer & Co. AG October 2013 Investment Strategy Page 7 The selection process Qualitative factors Notifications  Management  Barriers to market entry  Corporate philosophy  Market growth  Competitive advantages Investment proposal Research Quantitative factors:  Balance sheet strength  Marg

  8. Slide 8: Safety and Opportunity

    Scherzer & Co. AG October 2013 Investment Strategy 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

  9. Slide 9: Example: Opportunity - Tipp24 SE

    Scherzer & Co. AG October 2013 Investment Strategy Page 9 Example: Opportunity Tipp 24 SE Business model: WKN: 784 714  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 c

  10. Slide 10: Example: Safety - WMF AG

    Scherzer & Co. AG October 2013 Investment Strategy Page 10 Example: Safety Business model: WMF AG (preferred stocks) WMF maintains state-of-the-art manufacturing sites for WKN: 780 303 cutleries, cookware, tableware, knifeware and coffee machines. The company founded in 1853 is a supplier of Sector:

  11. Slide 11: Example: Safety - IBS AG

    Scherzer & Co. AG October 2013 Investment Strategy Page 11 Example: Safety IBS excell.collab.manufact. AG Business model: WKN: 622 840  IBS AG is a leading supplier of cross-company quality, production and compliance management solutions. Sector: Software Market capitalisation: EUR 82 million (10/3

  12. Slide 12: Example: Opportunity - Easy Software AG

    Scherzer & Co. AG October 2013 Investment Strategy Page 12 Example: Opportunity Easy Software AG Business model: WKN: 563 400  With over 11,000 customer solutions, EASY SOFTWARE AG is one of the leading Sector: Software developers and suppliers of multi-platform electronic Market capitalisation: EU

  13. Slide 13: Example: Safety - MAN SE

    Scherzer & Co. AG October 2013 Investment Strategy Page 13 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 Sector: Automotive industry companies, generating annual revenue of around E

  14. Slide 14: Agenda

    1. Executive Summary 2. Investment Strategy 3. Portfolio 4. Financials 5. Summary

  15. Slide 15: The largest equity positions

    Scherzer & Co. AG October 2013 Portfolio Page 15 The 10 largest equity positions* 1. Generali Deutschland Holding AG WKN 840 002 **8,56 % Safety 2. MAN SE, Stämme WKN 593 700 7,91 % Safety 3. IBS excell.collab.manufact. AG WKN 622 840 5,59 % Safety 4. Allerthal-Werke AG ¹ WKN 503 420 5,23 % Safety 5

  16. Slide 16: News

    Scherzer & Co. AG October 2013 Portfolio Page 16 News  On 18 October, Assicurazioni Generali S.p.A. announced that cash compensation in the amount of EUR 107.77 would be paid as part of the squeeze-out of Generali Deutschland Holding AG. The corresponding squeeze-out resolution shall be adopted at

  17. Slide 17: Subsequent improvement volume

    Scherzer & Co. AG October 2013 Portfolio Page 17 Susequent 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

  18. Slide 18: Selected project completions

    Scherzer & Co. AG October 2013 Portfolio Page 18 Selected project completions  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 June 2012  Pixelpark AG Disposed in March 20

  19. Slide 19: Agenda

    1. Executive Summary 2. Investmentstrategie 3. Portfolio 4. Financials 5. Summary

  20. Slide 20: Capital development

    Scherzer & Co. AG October 2013 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 fr

  21. Slide 21: Balance sheet figures

    Scherzer & Co. AG October 2013 Financials Page 21 Balance sheet figures 06/30/13 12/31/12 Securities classified as EUR 16,731 15,876 non-current assets '000 Securities classified as EUR 39,346 30,770 current assets '000 EUR Total assets 57,155 49,985 '000 EUR Shareholders' equity 38,376 37,652 '000

  22. Slide 22: Income statement

    Scherzer & Co. AG October 2013 Financials Page 22 Income statement 06/30/13 12/31/12 EUR Profit/ loss on ordinary activities 881 4,185 '000 EUR Net income/ loss for the year 724 3,908 '000 Earnings per share EUR - 0,13

  23. Slide 23: Income statement

    Scherzer & Co. AG October 2013 Financials Page 23 Income statement 06/30/13 12/31/12 EUR Realized gains/ losses 1,715 3,995 '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

  24. Slide 24: Income statement

    Scherzer & Co. AG October 2013 Financials Page 24 Income statement 06/30/13 12/31/12 EUR Wages and salaries 205 313 '000 EUR Write-downs 0 6 '000 EUR Other operating expenses 216 590 '000 Write-downs to fair value at EUR 2,502 2,181 reporting date '000 EUR Interest and similar expenses 281 477 '000

  25. Slide 25: Share price/ NAV development

    Scherzer & Co. AG October 2013 Financials Page 25 Share price/ NAV development 2013 2012 2011 EUR Market capitalisation 40,389 33,533 25,750 '000 Peak/ low EUR 1.399/ 1.10 1.15/ 0.89 1.34/ 0.90 Closing value EUR 1.39 1.1200 0.9460 Net Asset Value 2012: The present value of portfolio positions after

  26. Slide 26: Share price/ NAV development

    Scherzer & Co. AG October 2013 Financials Page 26 Share price/ NAV development 1,70 EUR 1,60 EUR 1,50 EUR 1,40 EUR 1,30 EUR Closing value 1,20 EUR Net Asset Value 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 after considering compa

  27. Slide 27: Agenda

    1. Executive Summary 2. Investment Strategy 3. Portfolio 4. Financials 5. Summary

  28. Slide 28: Listing

    Scherzer & Co. AG October 2013 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

  29. Slide 29: Management/ Supervisory Board

    Scherzer & Co. AG October 2013 Summary Page 29 Management/ Supervisory Board Dr. Georg Issels Managing Director Scherzer & Co. AG since 2002 Management Managing Director RM Rheiner Management AG since 2008 Hans Peter Neuroth Managing Director Scherzer & Co. AG since 2013 Managing Director RM Rheiner

  30. Slide 30: Contact/ Financial Calendar

    Scherzer & Co. AG October 2013 Summary Page 30 Contact/ Financial Calendar Scherzer & Co. Aktiengesellschaft Telefon: +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  1

  31. Slide 31: Disclaimer

    Scherzer & Co. AG October 2013 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) w

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