Blue Cap Ag · XETR:B7E
Blue Cap — German Equity Forum 2021
40 slides from Blue Cap's conference presentation, Nov 23, 2021
Slide 1: Investor Presentation
Investor Presentation German Equity Forum 22 – 24 November 2021 Blue Cap AG
Slide 2: Agenda
Agenda 01_ Overview 02_ Business Performance 03_ Financial Performance 04_ Appendix
Slide 3: 01_ Overview
01_ Overview
Slide 4: Blue Cap at a Glance
Blue Cap at a Glance Listed Private Equity company BUY, TRANSFORM, SELL and with investment focus on Best Owner Approach: we are German-speaking SME an active owner with a limited, companies with clear potential but flexible holding period for active transformation Portfolio of 9 companies with more
Slide 5: High Value Diversification across Sectors
High Value Diversification across Sectors Plastics 37 % Adhesives & Coatings 36 % Invest: 2018 / 100% Invest: 2009 / 100% Revenue: € 50 mn Revenue: € 31 mn Invest: 2021 / 71% Invest: 2016 / 100% Revenue: € 35 mn Revenue: € 55 mn Invest: 2019 / 100% Revenue: € 51 mn Electronics (recently acquired) Me
Slide 6: 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 7: 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 8: 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 8
Slide 9: 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 10: SELL: Business Model is Confirmed by Our Exits
SELL: Business Model is Confirmed by Our Exits em-tec WISAP Medical Technology Medical Technology ▪ Investment: 2014 ▪ Investment: 2012 ▪ Exit: 2020 ▪ Exit: 2018 ▪ Buyer: Dover Corp. (Illinois, USA) ▪ Buyer: Aouha (Shanghai, China) ▪ Actual market value achieved as % of NAV ~ 177% ▪ Actual market va
Slide 11: 02_ Business Performance
Business 02_ Performance
Slide 12: Milestones 2021: Continued Extensive Portfolio Transformation
Milestones 2021 Continued Extensive Portfolio Transformation ▪ Increased presence in capital markets and intensified Capital investor relations Markets ▪ New annual report with increased information and more transparency ▪ Capital increase by 10% in August 2021 EMPOWERING ▪ Acquisitions of Hero and
Slide 13: 03_ Financial Performance
bh BLUE CAP Financial ‘Performance
Slide 14: Revenue and EBITDA Show Double-Digit Annual Growth Rates
Revenue and EBITDA Show Double-Digit Annual Growth Rates Revenue EBITDA adj. and Margin EBIT adj. and Margin EUR m EUR m and % EUR m and % ~8.0% CAGR +10% 22 7.6% 811 4.5 255-260 20 10 3.8% 4.0 7 233.0 6.4% 17.6 8.9 225.7 18 9 3.5 16 68 6.8 14.3 2.9% 3.0 176.0 14 4.8% 57 12 6 2.5 4 10 5 2.0 8.6 1.7%
Slide 15: 9M 2021: Strong Growth despite Supply-Chain Issues on Procurement Markets
9M 2021: Strong Growth despite Supply-Chain Issues on Procurement Markets Performance in First Nine Months 2021 Robust Financials due to Diversification ▪ Sales increased mainly due to acquisitions. Increase of 190.2 EBITDA and EBIT margin (adj.) to 8.2% (9M 2020: 6.5%) Revenue (€ mn) +10% and 4.0%
Slide 16: NAV: Substantial Portfolio Value with Growth Potential
NAV: Substantial Portfolio Value with Growth Potential Net Asset Value as of 30 June 2021 Development EUR mn 155.2 EUR mn -1.9 9.2 +12% 29.1 Indic. 155.2 NAV per 118.8 share (*) 138.5 € 38.82 Plastics Technology 56.9 Coating Technology 42.8 Adhesive Technologie Metal Technology 12.5 Production Techn
Slide 17: Attractive Dividend Policy
Attractive Dividend Policy Dividend per Share Stable Dividend EUR Special Dividend ▪ Blue Cap AG targets a stable base dividend over the Base Dividend cycle 1.00 1.00 Increases ▪ Over time with a growing portfolio base dividend shall 0.25 increase 0.75 0.75 ▪ Special dividends from successful exits
Slide 18: 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 – 260 mn and EBITDA (adj.) margin at lower end of guidance of 8 – 9 % Growth by acquiring new companies ▪ Net debt/EBIT
Slide 19: 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 20: 04_ Appendix
04_ Appendix
Slide 21: Financial Calendar 2021 / 2022
Financial Calendar 2021 / 2022 Date Event Location 22 – 24 November 2021 Deutsches Eigenkapitalforum Virtual April 2022 Annual Report 2021 Publication June 2022 Annual General Meeting 2022 tba Blue Cap AG _ Investor Presentation 21
Slide 22: 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 23: Blue Cap on the Stock Market: Fast Recovery after Covid-19 and Strong Upward Trend
Blue Cap on the Stock Market: Fast Recovery after Covid-19 and Strong Upward Trend in 2021 Reference Data Positive Recommendations by Analysts ▪ ISIN/WKN: DE 00A0JM2M1 / A0JM2M ▪ Ticker: B7E, B7E.DE (Reuters), B7E:GR (Bloomberg) Analyst Date Rating Target Price Download ▪ Share Capital: 4,396,290.00
Slide 24: Fiscal Year 2020 - Overview
Fiscal Year 2020 - Overview Good Business Performance in Covid Year 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. EBIT
Slide 25: Fiscal Year 2020 - Sector Performance (1/2)
Fiscal Year 2020 - Sector Performance (1/2) Revenue by Sectors Employees by Sectors EUR mn including trainees 101 Plastics Technology Metal Technology Others 73 Production Technology 1% 4% 6% 55 Coating Technology 62 Adhesive Technology 12% 31 Adhesive Technology 36 11 52% Plastics Production Techno
Slide 26: Fiscal Year 2020 - Sector Performance (2/2)
Fiscal Year 2020 - Sector Performance (2/2) EBITDA adj. by Sectors EBIT adj. by Sectors EUR mn EUR mn 9.5 3.5 Plastics Technology Plastics Technology 1.7 -1.9 4.9 2.8 Coating Technology Coating Technology 5.8 3.8 2.8 1.7 Adhesive Technology Adhesive Technology 3.1 1.9 -1.9 -2.4 Production Technology
Slide 27: Sustainability at Blue Cap: Our Roadmap to Anchor an ESG Strategy at Group Level
Sustainability at Blue Cap: Our Roadmap to Anchor an ESG Strategy at Group Level 2020 ✓ 2021 2022 2023ff ▪ ESG project: kick off at Blue ▪ Dedicated ESG chapter ▪ Publication of first ESG ▪ ESG rating ✓ Cap holding in annual report 2020 report (DNK basis (2)) ▪ ESG linked „Green Financing“ ▪ Sensiti
Slide 28: HY-LINE: A Specialist for Complex Electronic Components
HY-LINE: A Specialist for Complex Electronic Components Value Chain Concept phase Pre-series Procurement Shipping Distribution Design-in phase Delivery phase ▪ Established value-added (development, 1-2 yrs.) (over model life-time, 5-15 yrs.) distributor that acts as a full- service provider for elec
Slide 29: HY-LINE: End-Market Trends Show a Favorable Long-Term Market Environment
HY-LINE: End-Market Trends Show a Favorable Long-Term Market Environment Overview of Selected Market Trends and Growth Drivers Driver Description Rele- Past Future vance impact impact Health care ▪ The market has been steadily increasing in the past and this trend is expected to continue in the futu
Slide 30: HY-LINE: Long-Term Growth Trend Intact, Rebound in Orders after Cyclical Decline
HY-LINE: Long-Term Growth Trend Intact, Rebound in Orders after Cyclical Decline Distribution of Electronic Components Incoming Orders and Sales per Quarter EUR bn EUR bn +62,2% Order intake Sales 1.239 +21,7% 833 822 764 682 709 711 617 628 631 Q1/2020 Q2/2020 Q3/2020 Q4/2020 Q1/2021 The industry s
Slide 31: HY-LINE: Attractive Financial Profile and Various Value Creation Opportunities
HY-LINE: Attractive Financial Profile and Various Value Creation Opportunities Order Backlog Development Value Creation Opportunities ▪ Continued transformation to increase value add and share of own products 162% 170% 142% 153% 135% 119% 100% ▪ Rebound in demand (ongoing) Jan 21 Feb 21 March 21 Apr
Slide 32: 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 33: 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 34: 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 35: 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 36: 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 37: 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 38: 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 39: Carl Schaefer Gold- und Silberscheideanstalt GmbH
Carl Schaefer Gold- und Silberscheideanstalt GmbH Sold in Nov 2021 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
Slide 40: 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