Scherzer & Co. AG · XETR:PZS
Scherzer & — Scherzer & Co. Aktiengesellschaft — Investor Presentation (December 2010)
35 slides from Scherzer &'s investor presentation, Dec 31, 2010
Slide 1: Company presentation Scherzer & Co. Aktiengesellschaft
Company presentation Scherzer & Co. Aktiengesellschaft As of December 31, 2010
Slide 2: Agenda
1. Executive Overview Summary 2. Positioning 3. Strategy / Safety 4. Strategy / Opportunity 5. Significant Individual Positions 6. Financials 7. Summary December 31, 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 aspects investments are underta
Slide 4: Mission Statement
Mission Statement As mid-term target, to build an investment portfolio with equity financing of at least €100 million To establish the company as one of the top quoted investment holding companies in the area of special situations and corporate actions. To position the company as a relevant partner
Slide 5: Management and Supervisory Board
Management and Supervisory Board Dr. Georg Issels Managing 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 Investor, Depu
Slide 6: Agenda: Positioning
1. Executive Summary Positioning 2. Positioning 3. Strategy / Safety 4. Strategy / Opportunity 5. Significant Individual Positions 6. Financials 7. Summary December 31, 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 December 31, 2010, © 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-Oriented) SAF Simulation, Sector: 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 / takeover candidate Generali Deutschland Sect
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 December 31, 2010, © 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) 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 Xing AG Sector: Internet Security code WKN XNG 888, Ca
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 December 31, 2010, © 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 December 31, 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. WKN: 515 710 Dr. Hö
Slide 16: Investment by Sector as of 31.12.2010
Investment by Sector as of 31.12.2010 Softw are Internet Industry 6% 18% 4% Real Estate consumer goods 6% Insurance 3% Finance Telco 2% Investment comp. Corporate bonds Logistics Pharma / Biotech 3% Consumer goods Pharma/Biotech Software 13% Insurance Internet 15% Industry Telco Real Estate Corporat
Slide 17: Subsequent Improvement Volume
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 from court arbitration awards sought in the wake o
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 EUR 137,000 in the appraisal rights proceedings following the merger of T-Online International AG into Deutsche Telekom AG. The entitlement to rectification o
Slide 19: 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. Kölnische Rü
Slide 20: Agenda: Financials
1. Executive Summary 2. Positioning 3. Strategy / Safety 4. Strategy / Opportunity 5. Significant Individual Positions 6. Financials Financials 7. Summary December 31, 2010, © 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, divided into 883,750 shares. June 2005 Capital increase 13-fo
Slide 22: 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 Bank liabili
Slide 23: Key P&L Figures as of December 31, 2009
Key P&L Figures as of December 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 December 31, 2010, © Scherzer & Co. Aktiengesellschaft,
Slide 24: FY 2009 FY 2008
FY 2009 FY 2008 Realised gains/losses € 1.19m € -3.07m 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 € -18.83m Net interest i
Slide 25: 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 26: 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, Conti-Gummi (8.5% /2015 and 7.5
Slide 27: Share Performance in 2010
Share Performance in 2010 High / low in 2010 € 1.2390 / € 0.8000 Market capitalisation on December 31, 2010 € 32.88m Share price on December 31, 2010 € 1.2080 December 31, 2010, © Scherzer & Co. Aktiengesellschaft,
Slide 28: December 31, 2010, © Scherzer & Co. Aktiengesellschaft,
December 31, 2010, © Scherzer & Co. Aktiengesellschaft,
Slide 29: Agenda: Summary
1. Executive Summary 2. Positioning 3. Strategy / Safety 4. Strategy / Opportunity 5. Significant Individual Positions 6. Financials 8. Summary 7. December 31, 2010, © Scherzer & Co. Aktiengesellschaft,
Slide 30: 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. Administrative costs minimised
Slide 31: 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 (Xetra), PSZG.F (Frankfurt), PZSG.D (Düsseldorf) PZSG.BE (Berlin), PZSG.SG (Stuttgart). Bloomberg: PZS Research: Solv
Slide 32: Financial Calendar
Financial Calendar March 24, 2011 Supervisory Board Meeting May 30, 2011 Supervisory Board Meeting May 30, 2011 Annual General Meeting September 24, 2011 Supervisory Board Meeting December 2, 2011 Supervisory Board Meeting December 31, 2010, © Scherzer & Co. Aktiengesellschaft,
Slide 33: Contact Details
Contact Details Registered Office: Cologne, Germany Commercial Register: Cologne District Court, Reg. No. HRB 56235 Company Address: Friesenstrasse 50, 50670 Köln Phone: + 49 (0)221 820 32-0 Fax: + 49 (0)221 820 32-30 E-email: info@scherzer-ag.de Website: www.scherzer-ag.de December 31, 2010, © Sche
Slide 34: Disclaimer
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) which are not historical facts, such as the futu
Slide 35: Disclaimer
Disclaimer Scherzer AG reserves the right to make changes or additions to the information provided here without prior notice. 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 reproduced incompletely or i
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