Blue Cap Ag · XETR:B7E
Blue Cap — m:access Fachkonferenz Beteiligungsgesellschaften 2021
37 slides from Blue Cap's conference presentation, Jul 14, 2021
Slide 1: Investor Presentation
Investor Presentation m:access Fachkonferenz Beteiligungsgesellschaften 14 July 2021 Blue Cap AG
Slide 2: Agenda
Agenda 01_ Overview 02_ Business Performance 03_ Financial Performance FY 2020 04_ Appendix
Slide 3: 01_ Overview
01_ Overview
Slide 4: Blue Cap at a Glance
Blue Cap at a Glance Holding Company with 9 portfolio companies investment focus on German- across six sectors speaking SME companies with clear potential for active transformation Primarily control investments Sales of EUR 233 mn Our business model and EBITDA adj. of BUY, TRANSFORM, EUR 17.6 mn in
Slide 5: High Value Diversification across Sectors
High Value Diversification across Sectors Coating Technology Medical Invest: 2016 / 100% Technology Revenue: € 55 mn Employees: 263 28% Invest: 2006 / 42% Revenue: € 31 mn Employees: 93 17% Plastics Technology Invest: 2019 / 100% 27% Revenue: € 51 mn Employees: 286 Production Technology Invest: 2014
Slide 6: Experienced Management Team with Complementary Skills
Experienced Management Team with Complementary Skills Tobias Hoffmann-Becking Ulrich Blessing Matthias Kosch Chief Investment Officer Chief Operating Officer Chief Financial Officer Main Responsibilities Main Responsibilities Main Responsibilities ▪ M&A Business ▪ Portfolio Management ▪ Finance and
Slide 7: Our Focus: Companies with Core Business in Production, Distribution or Services of Industrial Goods
Our Focus: Companies with Core Business in Production, Distribution or Services of Industrial Goods Investment Investment Situations Criteria Succession Revenue from EUR 30 to 80 mn Equity between Headquarters Carve-out EUR 5 and 25 mn DACH Potential for growth Growth challenges and operational impr
Slide 8: BUY: Active Market Screening to Realize 1-2 Acquisitions Every Year plus Add-On Acquisitions
BUY: Active Market Screening to Realize 1-2 Acquisitions Every Year plus Add-On Acquisitions Annual Deal Flow Direct M&A Contacts Advisors Investment Banks 20% Initial approach ~ 200 37,5% Detailed analysis ~40 Identification of value Due diligence creation levers and 30% ~15 transformation potentia
Slide 9: TRANSFORM: Active and Strategic Support
TRANSFORM: Active and Strategic Support Boost growth Encourage sustainability Launch initiatives Reduce portfolio risks Drive digitalization Relieve balance sheets Develop & implement individual strategies and autonomous management Blue Cap AG _ Investor Presentation 9
Slide 10: SELL: Realising the Value Created
SELL: Realising the Value Created “Best Owner” Approach Buy, Buy,Turnaround, Sell Turnaround, Sell ▪ We keep our portfolio companies as long as we are the “Best Owner”, and value creation is still possible with Blue Cap as main shareholder ▪ When our full potential is realized we actively look for t
Slide 11: SELL: Business Model is Confirmed by Our Exits
SELL: Business Model is Confirmed by Our Exits em-tec WISAP Biolink Medical Technology Medical Technology Adhesive Technology ▪ Investment: 2014 ▪ Investment: 2012 ▪ Investment: 2009 ▪ Exit: 2020 ▪ Exit: 2018 ▪ Exit: 2017 ▪ Buyer: Dover Corp. (Illinois, USA) ▪ Buyer: Aouha (Shanghai, China) ▪ Buyer:
Slide 12: 02_ Business Performance
Business 02_ Performance
Slide 13: Milestones 2020/2021 Extensive Portfolio Transformation
Milestones 2020/2021 Extensive Portfolio Transformation Capital ▪ Increased presence in capital markets and intensified investor relations Markets ▪ New annual report with increased information and more transparancey ▪ Insolvency of SMB-David in June 2020 Legacies ▪ Reorganisation of Gämmerler ▪ Sal
Slide 14: Hero: Attractive New Acquisition with Significant Value Potential
Hero: Attractive New Acquisition with Significant Value Potential Valuation EV/EBITDA Operational Development Multiples 8,0x ▪ The group is a plastics Sinsheim expert with core competence in the development and production of gas injection molding and injection molded 3,0x 2015 2016 2017 2018 2019 ▪
Slide 15: Recyplast: Add-on with Attractive Synergies and Development Potential
Recyplast: Add-on with Attractive Synergies and Development Potential Global Recycling Trend Strategic Fit for con-pearl +7 pp ▪ Purchase of all material assets of 31% 32% 32% 29% 31% Recyplast GmbH out of the 25% insolvency proceedings from Hillscheid Fischer GmbH ▪ Recyplast is a plastic recycling
Slide 16: Active Reshaping of Portfolio in order to Significantly Increase Underlying Earnings
Active Reshaping of Portfolio in order to Significantly Increase Underlying Earnings Sale of em-tec GmbH in March 2020 Net cash proceeds: + EUR 24 mn Effect on Group EBITDA: EUR -1.3 mn Reinvestment in the business Amount invested in EUR mn ▪ Acquisition Hero ~ 11 ▪ Acquisition Recyplast ~4 ▪ Insolv
Slide 17: 03_ Financial Performance
Financial 03_ Performance
Slide 18: Fiscal Year 2020 - Strong performance despite Covid Challenges
Fiscal Year 2020 - Strong performance despite Covid Challenges Revenue Adj. EBITDA (lS) and adj. EBIT (rS) with Margins (adj.) In EUR mn In EUR mn and as ratio of total output (adj.) Margins (adj.) 7.6 3.8 2020 233 8 6.4 425 15 3.0 6 17.6 320 4.4 14.3 8.9 10 2019 226 +15% 15 1.7 6.8 CAGR 4 2 8.6 10
Slide 19: Solid Start into 2021
Solid Start into 2021 Performance in Q1 2021 Lower Sales, Higher Profitability In EUR mn ▪ Sales were lower compared to PY (-14%). This is mainly due to the ongoing pandemic (“third wave”) and a change 55.9 in the scope of consolidation. Revenue 64.7 ▪ Neschen and Carl Schaefer are affected by the o
Slide 20: NAV Increased by 9% despite Covid-19 Effects
NAV Increased by 9 % despite Covid-19 Effects Net Asset Value In EUR mn 153.9 11.9 9.9 +9% yoy Indicative NAV per 26.1 share 106.0 141,2 € 38.58 42.9 Indicative Coating Technology NAV per share € 35.48 Plastics Technology 42.3 Adhesive Technologie Metal Technology 11.9 Production Technology 5.6 3.2
Slide 21: Attractive Dividend Policy
Attractive Dividend Policy Dividend per Share and Dividend Yield(1) Stable Dividend In EUR and in % ▪ Blue Cap AG targets a stable base dividend over the cycle 4.7% 4.5% 5.6% 1.00 Increases ▪ Over time with a growing portfolio dividend shall 0.25 increase 0.75 0.75 ▪ Special dividends from successfu
Slide 22: Outlook: We Have Ambitious Targets
Outlook: We Have Ambitious Targets Further Strengthen the Portfolio Structure Short Term Goals ▪ Short term financial goal for 2021: Sales of Successful organic development EUR 255-265 mn and EBITDA (adj.) margin of 8-9% Growth by acquiring new companies ▪ Net debt/EBITDA adj. ≤ 2.75 Inorganic growt
Slide 23: Contact
Contact Tobias Hoffmann-Becking Board Member M&A / Capital Markets hoffmann-becking@blue-cap.de +49 89 288909-10 Blue Cap AG Ludwigstraße 11 office@blue-cap.de 80539 München www.blue-cap.de
Slide 24: 04_ Appendix
04_ Appendix
Slide 25: Financial Calendar
Financial Calendar Date Event Location 14 July 2021 m:access Fachkonferenz Beteiligungsgesellschaften Virtual August 2021 Half Year Results 2021 Publication 06 – 07 September 2021 Equity Forum Fall Conference Virtual 22 – 24 November 2021 Deutsches Eigenkapitalforum Virtual Blue Cap AG _ Investor Pr
Slide 26: Blue Cap on the Stock Market: Strong Recovery after Slump in March 2020
Blue Cap on the Stock Market: Strong Recovery after Slump in March 2020 Reference Data Positive Recommendations by Analysts ▪ ISIN/WKN: DE 00A0JM2M1 / A0J M2M Target ▪ Ticker: B7E Institution Date Rating Price ▪ Share Capital: 3,996,628.00 Euro / 3,996,628 pcs M.M. Warburg 18.05.2021 Buy 41.00 € ▪ M
Slide 27: Fiscal Year 2020 - Overview
Fiscal Year 2020 - Overview Good Business Performance in Covid Year In EUR mn 2020 2019 Δ in % Earnings and Cash Flow Figures ▪ The forecast for FY 2020 was adjusted in March 2020 due 233.0 225.7 3.2 Sales to economic restrictions caused by Covid-19: sales of EUR 17.6 14.3 22.9 215-222 mn and adj. E
Slide 28: Fiscal Year 2020 - Sector Performance
Fiscal Year 2020 - Sector Performance Revenue by Sectors Employees by sectors In EUR mn including trainees Metal Technology Others Plastics Technology 101 Production Technology 73 4% 55 6% Coating Technology 62 Adhesive Technology 1% 31 12% Adhesive Technology 36 Production Technology 11 52% Plastic
Slide 29: Neschen Coating GmbH
Neschen Coating GmbH Headquarters Bückeburg, Lower Saxony Review 2020 Managing Director Kai Tittgemeyer, ▪ Decline in activity due to lock downs (closed Andreas Mertens retail, reduced trade fairs and events) Neschen Coating GmbH is a leading ▪ Increased activities in “Industrial Coatings” and inter
Slide 30: Uniplast Knauer GmbH & Co. KG
Uniplast Knauer GmbH & Co. KG Headquarters Dettingen an der Erms, Review 2020 Baden-Württemberg ▪ Increased home consumption and stockpiling Managing Director Andreas Doster in Q1 Uniplast develops and manufactures plastic ▪ Reduced hotel and gastronomy business packaging for the fast-moving consume
Slide 31: con-pearl GmbH
con-pearl GmbH Headquarters Geismar, Thuringia Review 2020 Managing Director Stefan Hoedt, ▪ Weakness in automotive industry Ulrich Blessing ▪ Very strong performance in logistics/e- con-pearl manufactures lightweight plastic commerce since summer boards and products for the packaging Revenue 2020 5
Slide 32: Planatol GmbH
Planatol GmbH Headquarters Rohrdorf-Thansau, Review 2020 Bavaria ▪ Slow down in industrial production due to Managing Director Hans Mühlhauser, Covid-19 Planatol is a global supplier of adhesives, Valentino Di Candido ▪ Improvement of the situation in Q3, but still adhesive applications and applicat
Slide 33: Hero GmbH
Hero GmbH Headquarters Ittlingen, Baden- Review 2020 Württemberg ▪ Weakness in automotive industry Managing Director Philipp Bentzinger, ▪ Market recovery started in Q3 Hero is a plastics expert with core Mike Liphardt competence in the development and Revenue 2020 34.7 mn EUR production of gas inje
Slide 34: nokra Optische Prüftechnik und Automation GmbH
nokra Optische Prüftechnik und Automation GmbH Headquarters Baesweiler, North Rhine- Review 2020 Westphalia ▪ Exposure to Covid-19 weakened industries: Managing Director Günter Lauven plant closures, decrease of CapEx driven orders nokra manufactures inline measurement systems using optical lasers w
Slide 35: Gämmerler GmbH
Gämmerler GmbH Headquarters Geretsried-Gelting, Review 2020 Bavaria ▪ Weakness of printing industry was enhanced by Managing Director Eckhardt Hörner-Marass Covid-19 Gämmerler GmbH has specialized in the ▪ Significant reduction in new orders development, construction and assembly of Revenue 2020 7 m
Slide 36: Carl Schaefer Gold- und Silberscheideanstalt GmbH
Carl Schaefer Gold- und Silberscheideanstalt GmbH Headquarters Pforzheim, Baden- Review 2020 Württemberg ▪ Strong increase in business volume and gold Managing Director Ulrich Blessing price Carl Schaefer operates as a gold and silver refinery in the field of precious metal Revenue 2020 31.8 mn EUR
Slide 37: Disclaimer
Disclaimer By accessing this document, you acknowledge the restrictions on use set out Insofar as the information contained in this document is based on statements herein. The information contained in this document regarding Blue Cap AG made by third parties, we would like to point out that no warra
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