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GESCO AG German Equity Forum 2020

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GESCO AG German Equity Forum 2020

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GESCO AG German Equity Forum 2020

  1. 1. 16 – 18 November 2020 German Equity Forum 16 – 18 November 2020 German Equity Forum
  2. 2. GESCO AG – Equity Forum 16 - 18 November 2020 GESCO Intro 2 from the technology-driven German „Mittelstand“ Hidden Champions … in one share
  3. 3. GESCO AG – Equity Forum 16 - 18 November 20203 Overview Strategy NEXT LEVEL Excellence Programmes GESCO on the stock market Appendix Business model 0 1 0 2 0 3 M & A 0 4 Current financial year 2020 0 5 0 6 0 7
  4. 4. GESCO AG – Equity Forum 16 - 18 November 2020 01 Business model
  5. 5. GESCO AG – Equity Forum 16 - 18 November 2020 GESCO – The Industrial Group ▌18 operating subsidiaries, growing internationallly, under the roof of GESCO AG ▌ Flexible, operationally independent companies that benefit from being part of a strong group ▌ Innovative technology „Made in Germany“ for global markets GESCO Group GESCO AG ▌ Acquisition and development of industrial SMEs on a long-term basis, ▌ Majority acquisitions, generally 100 %, mostly as succession arrangements ▌ Managers can acquire stake of up to 20 % in their company  Hidden Champions des technologie- getriebenen deutschen Mittelstands in einer Aktie 5 01 Business model Industrial SMEs including market and technology leaders Long-term investor and safe haven for succession solutions Hidden Champions from the „Mittelstand“ in one share
  6. 6. GESCO AG – Equity Forum 16 - 18 November 2020 GESCO – The Industrial Group 01 Geschäftsmodell  Hidden Champions des technologie- getriebenen deutschen Mittelstands in einer Aktie 6 01 Business model Technologies Production process Dynamically growing markets, high degree of innovation, Robotics and automation solutions in machine and plant construction Health & Infrastructure Stable markets, relatively resilient to economic cycle Modules, components and perishable goods Ressource Consolidating markets, focus on niches and customer service Customised preparation of primary materials, loading equipment for gases and liquids Tools and moulds, components, parts etc. for vehicle industry Currently strategic shifts, market development unclear and challenging Mobility end-market oriented segments
  7. 7. GESCO AG – Equity Forum 16 - 18 November 2020 02 Strategy NEXT LEVEL
  8. 8. GESCO AG – Equity Forum 16 - 18 November 2020 GESCO – the Vision 8 02 Strategy NEXT LEVEL ▌ All companies are Hidden Champions or well on track to becoming Hidden Champions ▌ Well-balanced, robust and resilient portfolio with three core holdings and basic holdings of substantial size ▌ Strong corporate culture, attracting employees, offering them room for development, resulting in High Performance teams ▌ Well established Excellence Programmes an attractive goal
  9. 9. GESCO AG – Equity Forum 16 - 18 November 2020 The strategy 9 02 Strategy NEXT LEVEL a holistic concept EN TX P O R T F O L I O A R C H I T E C T U R E H I D D E N C H A M P I O N S M & A | Buy bigger companies | Stronger focus on add - ons | Optimise processes | Intensify direct approach PROGRAMMES CANVAS - Business Model | MAPEX | OPEX | LEADEX | E TX N HOLDING Analyse the portfolio Encourage visions to achieve next levels Strengthen corporate culture and team spirit Add skills in terms of methods and know-how
  10. 10. GESCO AG – Equity Forum 16 - 18 November 2020 03 Excellence Programmes
  11. 11. GESCO AG – Equity Forum 16 - 18 November 2020 Market and Product Excellence MAPEX Analysis of customer segments, product offerings, customer channels and relationships. New ideas for product portfolio and market position Expand market shares, tackle new market segments, develop product innovations Leadership Excellence LEADEX Sharpen leadership skills in a dynamic environment, support attractivity as employer Promote and develop executives, strengthen corporate culture OPEX Operational Excellence Analysis of the value added processes, in particular the parameters quality, lead time and delivery performance as well as cost structures Increase efficiency and margins CANVAS Business model analysis Upstream workshops for a holistic analysis of the respective business model Create a common understanding in the management team, identify development potentials 11 03 Excellence Programmes systematic and adjusted process The elements
  12. 12. GESCO AG – Equity Forum 16 - 18 November 2020 The targets 12 03 Excellence Programmes clearly measurable Operational Excellence Market and Product Excellence 9 – 12 months lead time before effectiveness 3 % p. a. 3 % p. a. Sales per employee grows by Sales grows above market by Target margin 8–10% p. a. EBIT 12 – 24 months lead time before effectiveness Throughout the economic cyle
  13. 13. GESCO AG – Equity Forum 16 - 18 November 2020 Our schedule - where do we stand?  GESCO auf die nächste Ebene entwickeln 13 03 Excellence Programmes … Hidden Champions are being created APR HUBL Sommer & Strassburger DÖMER MAE Group FRANK Group Pickhardt & Gerlach Group Dörrenberg Group C.F.K. Paul Beier Modell Technik AstroPlast Georg Kesel Group VWH MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR MAY JUN 2019 SVT JUL AUG SEP OCT NOV DEC 2020 Franz Funke Haseke Setter Group OPEX analysis OPEX implementation OPEX analysis OPEX implementationOPEX analysis MAPEX analysis MAPEX implementation MAPEX analysis MAPEX implementation MAPEX analysis MAPEX implementation MAPEX analysis OPEX implementation MAPEX analysis
  14. 14. GESCO AG – Equity Forum 16 - 18 November 2020 04 M&A further
  15. 15. GESCO AG – Equity Forum 16 - 18 November 202015 04 M & A Readjusted directed towards target portfolio Network still generates good dealflow Direct approach selected targets based on own market analysis Target profile Sales of € 20 mn € to € 100 mn for direct investments Add - ons with strategic added value for existing companies from € 5 mn sales GESCO Always looking for Hidden Champions
  16. 16. GESCO AG – Equity Forum 16 - 18 November 2020 Produktionsprozess Ressourcen Gesundheit und Infrastruktur Mobilität IST 16 04 M & A Portfolio Architecture balanced and resilient Target 3 core holding with different end markets several basic holdings with substantial sales and earnings contribution
  17. 17. GESCO AG – Equity Forum 16 - 18 November 2020 05 Financial year 2020
  18. 18. GESCO AG – Equity Forum 16 - 18 November 2020 NEXT LEVEL: making the portfolio more robust and successful we have strengthened the M&A team in recent months we improved the financial conditions for transactions we currently have some projects in the pipeline  We are making the portfolio more robust NEXT LEVEL: driving forward the Excellence programmes despite Corona-related limitations: we have developed all the companies, carried out a number of programmes and launched several concrete projects which are now being implemented 2020: the „Big Picture“ 18 05 Financial year 2020 GESCO copes with the crisis and strengthens the Group Operational business: getting through the crisis safely and solidly. declining sales and earnings non-cash impairment write-downs of €13.5m in Q2 lead to negative Group income in full year but operationally (before impairment write-downs) at least break even  We strengthen the companies sustainably  GESCO copes with the crisis
  19. 19. GESCO AG – Equity Forum 16 - 18 November 2020 Status after first nine months 19 05 Financial year 2020 Corona impact German economy German government`s GDP forecast for 2020 as a whole: -5.5 % change in GDP to previous quarter: Q2: -9.8 % Q3: +8.2 % Investment goods industry VDMA expects 17 % decline of production in 2020 Automotive situation already difficult due to shifts in technology, exacerbated by pandemic sales recover in Q3, mainly due to high demand from China GESCO Group: mainly Corona-related weak phase Companies in all segments recorded temporary/punctual restrictions due to Corona (plant closures at customers, travel restrictions, etc.) GESCO Group: partly structural problems triggered by the upheaval in automotive industry, intensified by Corona relates to the entire Mobility Technology segment in Production Process Technology machinery and plant manufacturers with high automotive exposure affected GESCO Group: particularly good development Setter (world market leader paper sticks) Sommer & Strassburger (process technology for pharmaceuticals, water, chemicals, etc.) SVT (loading arms for gases and liquids, including LNG)
  20. 20. GESCO AG – Equity Forum 16 - 18 November 2020 Nine month period: key figures 20 Q1-Q3 2020 Q1-Q3 2019 adjusted change Order intake / € million 354.2 437.2 -19.0% Group sales / € million 363.0 438.6 -17.2% EBITDA / € million 27.1 43.3 -37.4% Impairment losses / € million -13.5 0 --- EBIT / € million -5.8 23.6 --- earnings before tax / € million -7.8 21.2 --- Group result after minority interest / € million -12.2 12.5 --- Earnings per share acc to IFRS / € -1.12 1.15 --- Employees / No. at reporting date 2,611 2,734 -4.5% Cash flow from ongoing business activity 37.5 21.2 +77,0% Significant decline in demand from automotive and investment goods sectors Corona as triggering event for impairment tests during the year; losses refer to companies from Mobility Technology segment Staff decrease mainly in Production Process Technology and Mobility Technology, slight increase at Setter 05 Financial year 2020 – first nine months (01.01.-30.09.2020) Particularly strong decline in Production Process Technology and Mobility Technology Key figures influenced by the effects of the pandemic
  21. 21. GESCO AG – Equity Forum 16 - 18 November 202021 Order intake 41.0 66.0 Sales 46.5 65.4 EBIT -2.4 4.6 Order intake 168.1 217.7 Sales 167.6 210.2 EBIT 8.1 17.3 Order intake 120.3 119.4 Sales 117.4 118.4 EBIT 10.8 10.5 Order intake 24.9 34.1 Sales 32.0 44.9 EBIT -2.8 0,7 05 Financial year 2020 – first nine months (01.01.-30.09.2020) Corona burdens already weak demand Resource Technology Health & Infrastructure Technology Mobility Technology Production process Technology Significant reluctance to invest in automotive sector; EBIT positive in Q3, negative in full nine month period Corona burdens already weak development; production of big tools especially effected; the situation remains tense Stable development despite Corona impact; ongoing positive trend for paper sticks Demand for tool steal suffers from weakness in investment goods industry; strip steel business stable; loading technology with strong increase in sales Q1-Q3 2020 Q1-Q3 2019 adjusted Nine month period: segment development (€ million)
  22. 22. GESCO AG – Equity Forum 16 - 18 November 2020 Expectations may change significantly at short notice in light of the dynamic development of the Corona pandemic Group outlook 22 (Outlook before M & A / changes to scope of consolidation) FY 2020 (12 months) as at 18.06.2020 FY 2020 (12 months) as at 03.08.2020 abbrev. FY 2019 (9 months) Group sales / € million 540 > 450 439,6 Group net result after minority interest before impairment losses / € million 8 ≥ 0 12,4 Group net result after minority interest i ncluding impairment losses / € million 8 ≥ -13,5 12,4 05 Financial year 2020 A difficult year, but manageable Outlook confirmed after first nine months
  23. 23. GESCO AG – Equity Forum 16 - 18 November 2020 Segment outlook for the full year 23 Ressource Technology Health & Infrastructure Technology Mobility Technology Production Process Technology 05 Financial year 2020 Corona exacerbates the economic downturn Declining sales in mechanical and plant engineering, margins under pressure; growth in stainless steel processing; slightly negative segment EBIT for full year expected Environment deteriorates further, sales decline, losses increase, negative segment EBIT in the full year expected Overall stable development; sales for full year expected stable, EBIT slightly higher than previous year’s level Tool steel with decline in sales and earnings, strip steel stable, margin improvement in loading technology SALES EBIT SALES EBIT SALES EBIT SALES EBIT
  24. 24. GESCO AG – Equity Forum 16 - 18 November 2020 06 GESCO on the stock market
  25. 25. GESCO AG – Equity Forum 16 - 18 November 2020 GESCO share 25 GESCO AG (incl. dividend) vs. SDAX 01.01.2020 10.11.2020 SDAX GESCO AG 100% 06 GESCO on the stock market SDAX as benchmark
  26. 26. GESCO AG – Equity Forum 16 - 18 November 2020 Dividend 26 06 GESCO on the stock market Dividend policy OLD Distribution ratio approx. 40 % of Group net income after minority interest Dividend policy NEW • 20 % to 60 % of Group net income after minority interest • Higher flexibility, especially with regard to the implementation of the M&A strategy of NEXT LEVEL • In phases of strong earnings and cash flows distributions significantly above recent level Dividend for 2019 • Due to the Corona crisis, application of the new policy was brought forward • Dividend of € 0.23 / share corresponds to lower end of range • AGM took place on 18.06.2020 as virtual AGM as scheduled • AGM approved the proposed dividend Higher flexibility
  27. 27. GESCO AG – Equity Forum 16 - 18 November 2020 Shareholder structure 27 14.2 % Stefan Heimöller 71,0 % Freefloat (acc. to definition of Deutsche Börse) approx. 32.35 % other private investors approx. 32.35 % other institutional investors 3.0 % LGT Capital Partners Ltd. 3.3 % Baden-Württembergische Versorgungsanstalt für Ärzte, Zahnärzte und Tierärzte 14.8 % Investmentaktiengesellschaft für langfristige Investoren TGV 06 GESCO on the stock market Stable shareholder structure
  28. 28. GESCO AG – Equity Forum 16 - 18 November 2020 07 Appendix
  29. 29. GESCO AG – Equity Forum 16 - 18 November 2020 GESCO – group overview  Hidden Champions des technologie- getriebenen deutschen Mittelstands in einer Aktie 29 Company Sales 2019 €‘000 Staff as at 31.12.2019 GESCO AG Shareholding MAE Group 37,875 218 100% Sommer & Strassburger GmbH & Co. KG 20,753 144 100% VWH GmbH 16,977 129 80% Georg Kesel Group 12,596 60 90% C.F.K. CNC-Fertigungstechnik Kriftel GmbH 7,177 60 80% Dörrenberg Group 204,862 527 90% SVT GmbH 44,768 177 100% Pickhardt & Gerlach Group 31,268 45 100% Setter Group 50,435 180 100% Frank Group 37,434 336 90% Franz Funke Zerspanungstechnik GmbH & Co. KG 20,285 95 100% Hubl GmbH 16,356 118 80% Haseke GmbH & Co. KG 14,404 81 80% AstroPlast Kunststofftechnik GmbH & Co. KG 13,550 90 100% Werkzeugbau Laichingen Group 21,469 173 100% Dömer GmbH & Co. KG Stanz- und Umformtechnologie 17,286 96 100% Modell Technik Formenbau GmbH 10,356 107 100% Paul Beier GmbH & Co. KG 8,548 63 100% Resource Technology Health & Infrastructure Technology Mobility Technology Production Process Technology 07 Appendix
  30. 30. GESCO AG – Equity Forum 16 - 18 November 2020 Facts and Figures 30 Stock markets Xetra; Frankfurt (regulated market); Berlin, Düsseldorf, Hamburg/Hannover, München, Stuttgart (open market) Sec. identification number A1K020 ISIN DE000A1K0201 IPO 24.03.1998 End of financial year 31 December Designated sponsors M.M. Warburg & CO, Pareto Securities AS Share capital 10,839,499 € Shares 10,839,499 71.0 % Freefloat Founded 1989 07 Appendix
  31. 31. GESCO AG – Equity Forum 16 - 18 November 2020 Financial Calender 31 27 April 2021 Annual Accounts Press Conference / Analysts‘ Meeting May 2021 Q1 figures 30 June 2021 Annual General Meeting 2020 2021 07 Appendix 16 Nov. 2020 Q3 figures 16-18 Nov. 2020 Equity Forum 8 Dec. 2020 Münchner Kapitalmarkt Konferenz August 2021 H1 figures November 2021 Q3 figures
  32. 32. GESCO AG Investor Relations Johannisberg 7 42103 Wuppertal Germany Phone +49 202 24820-18 Fax +49 202 24820-49 info@gesco.de www.gesco.de 32 Shareholder contact 07 Appendix

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