Scherzer & Co. AG · XETR:PZS
Scherzer & — Scherzer & Co. Aktiengesellschaft — Investor Presentation (April 2011)
34 slides from Scherzer &'s investor presentation, Apr 29, 2011
Slide 1: Company presentation Scherzer & Co. Aktiengesellschaft
Company presentation Scherzer & Co. Aktiengesellschaft As of April 29, 2011
Slide 2: Agenda
1. Executive Overview Summary 2. Positioning 3. Strategy / Safety 4. Strategy / Opportunity 5. Significant Individual Positions 6. Financials 7. Summary April 30, 2011, © Scherzer & Co. Aktiengesellschaft,
Slide 3: Executive Summary
Executive Summary 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 opportunistic. From safety-oriented safety oriented aspects investm
Slide 4: Mission Statement
Mission Statement As mid-term A id t target, t t to t build b ild an investment i t t portfolio tf li with ith equity it financing fi i off att least l t €100 million To establish the company as one of the top quoted investment holding companies in the area of special situations and corporate ac
Slide 5: Management and Supervisory Board
Management and Supervisory Board Dr. Georgg Issels Managing g g Director,, Scherzer & Co. AG,, since 2002. Managing Director, RM Rheiner Management AG, since 2008. Dr. Hanno Marquardt Lawyer, Chairman Partner in the law firm Schmitz Knoth Rechtsanwälte, Bonn, Cologne, Berlin; Rolf Hauschildt Investo
Slide 6: Positioning
1. Executive Summary Positioning 2. Positioning 3. Strategy / Safety 4. Strategy / Opportunity 5. Significant Individual Positions 6. Financials 7. Summary April 30, 2011, © Scherzer & Co. Aktiengesellschaft,
Slide 7: Positioning: Concentration on two strategies
Positioning: Concentration on two strategies Safety Opportunity Network through: through: • investments with a •high-growth and “natural floor” sustainable business models •special balance sheet and earnings quality •special situations • value investments •capital measures • dividend stocks •corpora
Slide 8: Strategy / Safety
1. Executive Summary 2. Positioning 3. Strategy Strategy // Safety Safety 4. Strategy / Opportunity 5. Significant Individual Positions 6. Financials 7. Summary April 30, 2011, © Scherzer & Co. Aktiengesellschaft,
Slide 9: Investment Strategy
Investment Strategy Safety through... ... investments in companies with a “natural floor” (cash offers or expected cash offers). ... special balance sheet quality: net cash position, little/no debt, share price (significantly) below book value. ... strong and/or strategic principal shareholder. ...
Slide 10: Selected Individual Positions (Safety-Oriented)
Selected Individual Positions (Safety (Safety-Oriented) Oriented) Andreae-Noris Andreae Noris Zahn AG Sector: Commerce Commerce, Security code WKN 504 700, takeover in process Kizoo AG Sector: Investment Company, Security code WKN CMB T11, Cash value Generali Deutschland Sector: Insurance, H l
Slide 11: Strategy / Opportunity
1. Executive Summary 2. Positioning 3. Strategy / Safety 4. Strategy Strategy // Opportunity Opportunity 5. Significant Individual Positions 6. Financials 7. Summary April 30, 2011, © Scherzer & Co. Aktiengesellschaft,
Slide 12: Investment Strategy
Investment Strategy Opportunities through... ... investments in sustainable business models with appropriate growth potential. ... special situations. ... seizing upon opportunity potential presented by capital measures (restructurings, recapitalisations, growth finance). ... participating in corpor
Slide 13: Selected Individual Positions (Opportunistic)
Selected Individual Positions (Opportunistic) Dr Hönle AG Dr. Sector: Printing Industry Security code 515 710, High cash flow Biotest AG Sector: Biotechnology Security code WKN 522 720, Special situation / development pipeline Stada Arzneimittel AG Sector: Pharma Security code WKN 725 180, Cor
Slide 14: Significant Individual Positions
1. Executive Summary 2. Positioning 3. Strategy / Safety 4. Strategy / Opportunity 5. Significant Significant Individual Individual Positions Positions 6. Financials 7. Summary April 30, 2011, © Scherzer & Co. Aktiengesellschaft,
Slide 15: The 10 Largest Equity Positions
The 10 Largest Equity Positions (in order of market capitalisation based on share prices as of April 29, 29 2011) WKN: 840 002 Generali Deutschland Holding AG Safety WKN: 522 720 Biotest AG, Ord. Opport Opport.. WKN: 725 180 Stada Arzneimittel AG Opport. Opport. WKN: 515 710 Dr Hönle AG Dr.
Slide 16: Investment by Sector as of 29.04.2011
Investment by Sector as of 29.04.2011 29 04 2011 Industry Softw are Media 6% Real Estate Other 5% 3% 6% Insurance 8% Automobil Telco 3% Pharma Investment comp. 7% Corporate bonds Pharma/Biotech Biotech 13% Media Software Insurance Automobil 16% Industry Telco T l Real Estate Corporate bonds Investme
Slide 17: Subsequent Improvement Volume
Subsequent Improvement Volume An interesting corollary of investments in takeover bid/squeeze-out stocks are the successive, i significant i ifi t volumes l off subsequent b t improvement i t rights i ht (additional ( dditi l settlement claims). They represent potential claims arising from court
Slide 18: Initial results of appraisal rights proceedings
Initial results of appraisal rights proceedings: In October 2010, Scherzer & Co. AG was awarded a supplementary cash payment of approximately i t l EUR 137 137,000 000 iin th the appraisal i l rights i ht proceedings di following f ll i theth merger of T-Online International AG into Deutsche Telek
Slide 19: Selected Project Completions
Selected Project Completions Kässbohrer Geländefahrzeug AG: Tendered under company agreement. Kölnische Rückversicherungs - Gesellschaft AG: Squeeze-out completed in February 2009. Ersol AG: Squeeze-out completed in September 2009. Altana AG: Tendered under public tender offer. D&S Europe
Slide 20: Financials
1. Executive Summary 2. Positioning 3. Strategy / Safety 4. Strategy / Opportunity 5. Significant Individual Positions 6. Financials Financials 7. Summary April 30, 2011, © Scherzer & Co. Aktiengesellschaft,
Slide 21: Development of Capital
Development of Capital 1880 / 1910 Founded in 1880, articles of incorporation adopted in 1910 as Porzellanfabrik Zeh, Scherzer & Co. AG. August 2002 Capital converted to euro and no-par-value shares, subscribed capital (SC): € 883,750.00, 883 750 00 divided into 883,750 883 750 shares. June 20
Slide 22: Balance Sheet Figures as of 31 December 2010
Balance Sheet Figures as of 31 December 2010 FY 2010 FY 2009 Securities classified as non-current assets € 20.53m € 20.55m Securities classified as current assets € 27,98m € 19.73m Total assets € 49,72m , € 40.89m Shareholders‘ equity € 33,38m € 29.45m Subscribed capital € 27,22m 27 22m € 27.22m 27
Slide 23: Key P&L Figures as of December 31, 2010
Key P&L Figures as of December 31, 31 2010 FY 2010 FY 2009 Profit/loss on ordinary activities € 4,03m € 6.00m Net income/loss for the year € 3,93m € 5.37m April 30, 2011, © Scherzer & Co. Aktiengesellschaft,
Slide 24: FY 2010 FY 2009
FY 2010 FY 2009 R li d gains/losses Realised i /l € 3,13m 3 13 € 1.19m 1 19 Dividend income € 1,19m € 0.54m Other operating income € 2,87m € 6.45m Write-downs to fair value at reporting date € 2,00m € 1.15m Other operating expenses € 0,55m € 0.53m Earnings before interest and tax (EBIT) € 4,32m € 6.
Slide 25: Company News
Company News In March, Scherzer & Co. AG sold its investment in SAF Simulation, Analysis and Forecasting AG (“SAF”) to the majority stockholder SAP AG, Walldorf, at great profit. The sale was part of a larger transaction during which SAP AG acquired a total of 1,228,000 SAF stocks,, therefore incr
Slide 26: Share Performance in 2011
Share Performance in 2011 High / low in 2010/11 € 1.3400 / € 0.8000 M ket capitalisation Market it li ti on April A il 29, 29 2011 € 34.30m 34 30m Sh price Share i on April A il 29, 29 2011 € 1.26 1 26 April 30, 2011, © Scherzer & Co. Aktiengesellschaft,
Slide 27: April 30, 2011, © Scherzer & Co. Aktiengesellschaft,
April 30, 2011, © Scherzer & Co. Aktiengesellschaft,
Slide 28: Summary
1. Executive Summary 2. Positioning 3. Strategy / Safety 4. Strategy / Opportunity 5. Significant Individual Positions 6. Financials 8. Summary 7. April 30, 2011, © Scherzer & Co. Aktiengesellschaft,
Slide 29: Key Investment Highlights
Key Investment Highlights Balanced risk mix reduces the portfolio’s volatility and lowers the correlation to the total market. Opportunistic investment approach allows interesting returns. Including special situations in the investment approach leads to higher income. income Administrative c
Slide 30: Listing
Listing Stock Exchange: Frankfurt Stock Exchange Entry Standard, Over-the-Counter Market at the Berlin, Düsseldorf and Stuttgart Exchanges, g , Xetra. Ticker Symbol: PZS Reuters: PZSG.DE (Xetra), PSZG.F (Frankfurt), PZSG.D (Düsseldorf) PZSG BE (Berlin), PZSG.BE (B li ) PZSG PZSG.SG SG (St (Stu
Slide 31: Financial Calendar
Financial Calendar March 24, 2011 Supervisory Board Meeting May 30, 2011 Supervisory Board Meeting May 30, 2011 Annual General Meeting September 30, 2011 Supervisory Board Meeting December 2, 2011 Supervisory Board Meeting April 30, 2011, © Scherzer & Co. Aktiengesellschaft,
Slide 32: Contact Details
Contact Details Registered Office: Cologne, Germany Commercial Register: Cologne District Court, Reg. No. HRB 56235 Company Address: Friesenstrasse 50, 50670 Köln Phone: Ph + 49 (0)221 820 32 32-00 Fax: + 49 (0)221 820 32-30 E-email: info@scherzer-ag.de Website: www.scherzer-ag.de Apri
Slide 33: Disclaimer
Disclaimer This presentation contains statements about future developments as well as i f information ti derived d i d from f sources considered id d tot be b reliable li bl by b Scherzer S h & Co. C AG. AG All statements in this presentation (including opinions, estimates, and assumptions) which ar
Slide 34: Disclaimer
Disclaimer Scherzer AG reserves the right to make changes or additions to the information provided here without prior notice. notice Furthermore, Furthermore attention is drawn to the fact that possibly the presentation may not contain all the information of Scherzer & Co. AG, or it may be reproduce
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