Scherzer & Co. AG · XETR:PZS
Scherzer & — Scherzer & Co. Aktiengesellschaft — Investor Presentation (November 2010)
34 slides from Scherzer &'s investor presentation, Nov 30, 2010
Slide 1: Company presentation Scherzer & Co. Aktiengesellschaft
Company presentation Scherzer & Co. Aktiengesellschaft As of November 30, 2010
Slide 2: Agenda: Executive Summary
1. Executive Overview Summary 2. Positioning 3. Strategy / Safety 4. Strategy / Opportunity 5. Significant Individual Positions 6. Financials 7. Summary November 30, 2010, © 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: Agenda: Positioning
1. Executive Summary Positioning 2. Positioning 3. Strategy / Safety 4. Strategy / Opportunity 5. Significant Individual Positions 6. Financials 7. Summary November 30, 2010, © 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: Agenda: Strategy / Safety
1. Executive Summary 2. Positioning 3. Strategy Strategy // Safety Safety 4. Strategy / Opportunity 5. Significant Individual Positions 6. Financials 7. Summary November 30, 2010, © Scherzer & Co. Aktiengesellschaft,
Slide 9: Investment Strategy: Safety
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) SAF Simulation Simulation, Sector: Software, Software Analysis and Forecasting AG Security code WKN AOJ D78, Cash value / takeover in process buch.de Sector: e-Commerce, internetstores AG Security code WKN 520 460, Cash value / ta
Slide 11: Agenda: Strategy / Opportunity
1. Executive Summary 2. Positioning 3. Strategy / Safety 4. Strategy Strategy // Opportunity Opportunity 5. Significant Individual Positions 6. Financials 7. Summary November 30, 2010, © Scherzer & Co. Aktiengesellschaft,
Slide 12: Investment Strategy: Opportunities
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) freenet AG Sector: Telecommunications Security code WKN A0E AMM, Corporate action / high cash flow Biotest AG Sector: Biotechnology Security code WKN 522 720, Special situation / development pipeline Xingg AG Sector: Internet Security code WKN XNG
Slide 14: Agenda: 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 November 30, 2010, © Scherzer & Co. Aktiengesellschaft,
Slide 15: The Largest Equity Positions
The 10 Largest Equity Positions (in order of market capitalisation based on share prices as of November 30, 30 2010) WKN: 520 460 buch.de internetstores AG Safety WKN: 522 720 Biotest AG, Ord. Opport. WKN: 840 002 Generali Deutschland Holding AG Safety WKN: A0EAMM freenet AG Opport Opport.
Slide 16: Investment by Sector as of 30.11.2010
Investment by Sector as of 30.11.2010 30 11 2010 Industry Internet 5% Sof tw are Reall E R Estate t t 19% 6% 6% Insurance consumer goods Telco 6% Investment comp. Finance 6% Corporate bonds Pharma / Biotech Consumer goods Insurance Software Pharma/Biotech 13% Internet 11% Telco I d t Industry Corpor
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: Selected Project Completions
Selected Project Completions Bank Austria AG: Squeeze-out completed in August 2008. Bayerische HypoVereinsbank AG: Squeeze-out completed in September 2008. Bayer Schering Pharma AG: Squeeze-out completed in September 2008. Kässbohrer Geländefahrzeug AG: Tendered under company agreement. Kö
Slide 19: Agenda: Financials
1. Executive Summary 2. Positioning 3. Strategy / Safety 4. Strategy / Opportunity 5. Significant Individual Positions 6. Financials Financials 7. Summary November 30, 2010, © Scherzer & Co. Aktiengesellschaft,
Slide 20: 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 21: Balance Sheet Figures as of December 2009
Balance Sheet Figures as of 31 December 2009 FY 2009 FY 2008 Securities classified as non-current assets € 20.55m € 23.25m Securities classified as current assets € 19.73m € 11.84m Total assets € 40.89m € 37.61m Shareholders‘ equity € 29.45m € 24.08m Subscribed capital € 27.22m 27 22m € 27.22m 27 22
Slide 22: Key P&L Figures as of December 31, 2009
Key P&L Figures as of December 31, 31 2009 FY 2009 FY 2008 Profit/loss on ordinary activities € 6.00m € - 19.89m Net income/loss for the year € 5.37m € - 19.90m November 30, 2010, © Scherzer & Co. Aktiengesellschaft,
Slide 23: FY 2009 FY 2008 P&L details
FY 2009 FY 2008 R li d gains/losses Realised i /l € 1.19m 1 19 € -3.07m 3 07 Dividend income € 0.54m € 2.00m Other operating income € 6.45m € 1.49m Write-downs to fair value at reporting date € 1.15m € 18.60m Other operating expenses € 0.53m € 0.46m Earnings before interest and tax (EBIT) € 6.27m €
Slide 24: Key P&L Figures as of June 30, 2010
Key P&L Figures as of June 30, 2010 1H FY 2010 1H FY 2009 1H FY 2008 Realised gains/losses € 0.65m € -0.52m € 3.03m Dividend income € 1.01m € 0.43m € 1.80m Other operating income, € 1.69m € 3.76m € 0.36m thereof: Commercial accounting write-ups € 1.33m € 3.51m € 0.00m Write-downs to fair value at re
Slide 25: Events after 1st Half of 2010
Events after 1st Half of 2010 Investment in Kizoo AG sold at a gain of € 0.42m, investment in Jungheinrich AG sold at a gain of € 0.25m. Biotest position added to after profit warning on 14 July 2010. Corporate bonds in a total volume of € 6m, including, among others, Alcatel Lucent, Constanti
Slide 26: Share Performance in 2010
Share Performance in 2010 High / low in 2010 € 1.20 / € 0.92 M ket capitalisation Market it li ti on November N e be 30, 30 2010 € 29.94m 29 94m Sh price Share i on November N b 30, 30 2010 € 1.10 1 10 November 30, 2010, © Scherzer & Co. Aktiengesellschaft,
Slide 27: November 30, 2010, © Scherzer & Co. Aktiengesellschaft,
November 30, 2010, © Scherzer & Co. Aktiengesellschaft,
Slide 28: Agenda: Summary
1. Executive Summary 2. Positioning 3. Strategy / Safety 4. Strategy / Opportunity 5. Significant Individual Positions 6. Financials 8. Summary 7. November 30, 2010, © 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, Xetra. Ticker Symbol: PZS Reuters: PZSG.DE PZSG DE (Xetra), (Xetra) PSZG.F PSZG F (Frankfurt), (Frankfurt) PZSG PZSG.D D (Düsseldorf) PZSG.BE (Berlin), PZ
Slide 31: Financial Calendar
Financial Calendar February 4, 2010 Close Brothers Seydler Bank AG, Small & Mid Cap Conference 2010 March 8, 8 2010 Supervisory Board Meeting May 17, 2010 Supervisory Board Meeting M 17 May 17, 2010 A Annual l General G l Meeting M ti July 29, 2010 Interim Report as of 30.06.2010 September 24, 2010
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 Nove
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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