DGAP-News: Scherzer & Co. AG / Key word(s): Half Year Results/Half
Year Results
Scherzer & Co. AG: Half Year Results 30.06.2012
18.07.2012 / 15:02
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Successful H1 2012 for Scherzer & Co. AG
Scherzer & Co. AG closed the first half of 2012 with a positive result.
Earnings before interest and taxes (EBIT) amounted to EUR 1.83 million (EUR
1.98 million) and earnings before taxes (EBT) came to EUR 1.92 million (EUR
2.07 million).
EUR 3.06 million in profit was generated from equities, which accounted for
the lion's share of the H1 result. Earnings from option writer's positions
amounted to EUR 0.44 million and earnings from dividends to EUR 1.03
million in the first half of the year. This was offset by write-downs of
EUR 2.54 million that were due to the balance sheet date. Interest totaled
EUR 0.1 million and operating expenses came to EUR 0.47 million.
On July 18, 2012, the Company's 10 largest equity positions are (in order
of equity value on July 18): hotel.de AG, Generali Deutschland Holding AG,
GK Software AG, IBS AG, Biotest AG, InVision Software AG, Highlight
Communications AG, W&W Wüstenrot & Württembergische AG, Rhön-Klinikum AG
and Exceet Group SE. They represent around 56% of the total portfolio.
At the end of the first half of 2012, Scherzer & Co. AG had rights to
additional payments (additional compensation entitlements) corresponding to
a total delivery volume of EUR 74.2 million or a delivery volume of EUR
2.73 per equity. These are potential claims resulting from evaluation
proceedings (Spruchstellenverfahren) following structural measures
implemented by stock corporations. None of the rights to additional
payments are recognized in the balance sheet and therefore are accounted
for at 0 in the Company's books.
Based on an equity price of approximately EUR 1.01, the Scherzer & Co. AG
share is traded around 21% below the value of the portfolio positions at
July 18, 2012 (rights to additional payments are not taken into account in
the portfolio valuation), taking into consideration the Company's
liabilities.
Management continues to expect a volatile market environment in full year
2012. Continuing insecurities in the Eurozone, combined with worries about
the global economy, still make it impossible to prepare a precise earnings
forecast for the current fiscal year. The Management of Scherzer & Co. AG
has positioned the Company in a number of promising investments, which it
closely monitors and adjusts if necessary.
The Executive Board
About Scherzer & Co. AG:
Scherzer & Co. AG is an investment firm with headquarters in Cologne. Its
objective is to grow the assets of its stockholders in the long term by
implementing a security- and opportunity-driven investment strategy. The
aim is to establish the Company as one of the leading listed investment
firms in the special cases and corporate action sectors.
Investments are made in settlement amounts and value equities for which the
stock market price appears to have a secure floor, with security being the
paramount factor. Price stabilizers could be a 'natural floor' in the case
of announced or ongoing structural measures or an excellent balance sheet
total and earnings in the value equities sector.
Investments are also made in companies with an increased potential for
opportunities at a calculable risk. The main focus is on selected
high-growth companies with sustainable business models. The Company also
analyzes the market for special cases, which provide attractive
opportunity/risk profiles for the most varied of reasons. In addition, the
Company is always keen to take on promising capital measures or
replacements.
Cologne, July 18, 2012
If you have any further questions, please contact:
Dr. Georg Issels
CEO of Scherzer & Co. AG
Friesenstr. 50, 50670 Cologne, Germany
Phone: +49 (0)221 82032-15
Fax: +49 (0)221 82032-30
E-mail: georg.issels@scherzer-ag.de
Internet: www.scherzer-ag.de
End of Corporate News
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Language: English
Company: Scherzer & Co. AG
FriesenstraÃe 50
50670 Köln
Germany
Phone: +49 (0)221-820 32-0
Fax: +49 (0)221-820 32-30
E-mail: info@scherzer-ag.de
Internet: www.scherzer-ag.de
ISIN: DE0006942808
WKN: 694280
Listed: Freiverkehr in Berlin, Düsseldorf, Stuttgart; Entry
Standard in Frankfurt
End of News DGAP News-Service
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178345 18.07.2012
DGAP-News: Scherzer & Co. AG: Half Year Results 30.06.2012
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