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GESCO SE
Press & analyst
conference on
financial results
Financial year 2023 | Düsseldorf, 11 April 2024
... in one share, that is GESCO
Technology-driven SMEs
Hidden champions
Slogan
GESCO
SE
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I 3 anchor & 12 underlying investments
I Business model expertise
I Methodological expertise
I ESG - Sustainability
GESCO SE
I Inorganic growth
I Buy & Build Programme
I Portfolio roadmap
I Direct approaches &
Expand network
M & A
Portfolio - Architecture
The strategy
NEXT LEVEL
Excellence Programmes
Hidden - Champions
I CANVAS
I MAPEX
I OPEX
I LEADEX
I DIGITEX
GESCO
SE
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MATTERHORN - THE PROJECT
GESCO
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Business model
Development
Market & Product
Excellence
Operational
Excellence
Leadership
Excellence
Digital
Excellence
Excellence Programmes
The alignment
03
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6
KESEL
7
Future Food
+24.2%
Sales since 2018
+20.5%
Result since 2018
+18.3%
Efficiency since 2018
World market leader position in milling machines
strengthened by new modular system
New product Grinding machine band saw opens up new
food market with 5 out of 8 top customers
Newly developed modular system reduces Time-to-market
by 60% thanks to common parts strategy
Productivity +50% compared to the competition for the
grinding of band saw blades with new patented process
Alignment:
In future also the No. 1
for grinding machines!
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INEX - solutions
8
your Future - our Passion
+49.7%
Sales since 2018
+60.5%
Result since 2018
+22.6%
Efficiency since 2018
Focus on plant engineering for Healthcare, Semiconductor,
Energy & Environmental, Food & Beverage
First series orders received for power-to-liquid systems for
the production of e-fuels and e-kerosene
Positioning as a strategic partner for semiconductor
customers through clean room assembly
Foundation of INEX-solutions Inc. in the USA and ASME
certification for the USA offer further growth
Alignment:
INEX-solutions offers excellence in
stainless steel plant engineering!
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PICKHARDT &
GERLACH
9
SMART into the future
+72%
Sales since 2018
+31%
Result since 2018
+39%
Efficiency since 2018
Expansion of copper coatings – aim to become world
market leader in copper too
Investment in new copper line realised in 2023 – capacity
doubled with state-of-the-art technology
Alignment:
Transferring our market strength in
Europe to the USA!
Copper brake line tape for e-mobility –
We increase your safety
USA sales share from 0 to 10% since 2018 – focus on
further expansion of market share
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SVT
10
Focus: Hydrogen
+60%
Sales since 2018
+99%
Result since 2018
+39%
Efficiency since 2018
Realisation of an innovative, patented new modular
product system – launch in 2024
Supporting the energy transition, solutions for hydrogen
and carbon capture & storage
Expansion of international activities with additional
locations for expanded Sales & Service – China in 2024
Expansion of production capacities in best-cost country
Alignment:
Become the world market leader in
ship shippers for all liquids !
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SETTER
11
Sustainability for the global market!
+120%
Sales since 2018
+74%
Result since 2018
+35%
Efficiency since 2018
Internationalisation with proximity to customers - new plants
in Germany and the USA, expansion in Mexico in 2023
Responsibility for the future with a clear alternative to
plastic: 2023 > 28,000 tonnes of plastic replaced by paper
Innovations create new products and diversification - strong
growth for lollipops, flavoured sticks and stirrers
We are the technological benchmark: Continuous
expansion & increased efficiency with our own machines
Alignment:
Continue to be No. 1 through
consistent portfolio and production
expansion!
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The financial year
2023
04
12
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j
j
Various media
outlets provide
information on the
weak economic
situation in Germany
Economic growth
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IMF, World Economic Outlook
Status: January 2024
VDMA
20,9
IMF: World Economic Outlook, January2024 Update
Overview of the World Economic Outlook Projections
(Percent change, unless noted otherwise)
Estimate
2023 2024 2025
World Output 3,1 3,1 3,2
Advanced Economies 1,6 1,5 1,8
United States 2,5 2,1 1,7
Euro Area 0,5 0,9 1,7
Germany –0,3 0,5 1,6
Projections
VDMA
Produktionsleistung
Maschinen- und Anlagenbau
2023 -1,0%
1. HJ 2,5%
3. Quartal -1,7%
4. Quartal -5,4%
2024 Prognose -4,0%
137.2
146.9 130.0
2021 2022 2023
Sales slightly below previous year
Sales - 3.7%
Q4
560.7
million €
Different influences:
• Increase in sales MAE
and svt
• Price effects at
Dörrenberg
• Sales abroad increased
to 53.5
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16.9
8.6
9.8
2021 2022 2023
EBIT Q4: positive effect
due to other earnings
EBIT before impairment losses
EBIT -17.1%
• Material ratio
improved
• Personnel costs
increased due to
salary increases and
acquisitions
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7.3% | € 41.0 million
Q4
5.1 million Impairment
losses in Q4
EBIT
EBIT -27.4%
• Material ratio
improved
• Personnel costs
increased due to
salary increases and
acquisitions
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6.4% | € 35.9 million
Q4
16.9
8.6
4.7
2021 2022 2023
11.7
7.5
6.1
2021 2022 2023
Significant effects
• Interest expense
increased by
€ 2.2 million
• Adjusted tax rate at
28.3%
• Minority interests
reduced by
€ 1.2 million
Consolidated net income before impairments after minority
interests
25.6 million €
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Q4
Effects from impairments
• Impairment losses
€ -5.1 million
• Deferred taxes
€ +0.4 million
• Tax rate at 32.6%
Consolidated net income after minority interests
20.9 million €
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Q4
11.7
7.5
1.3
2021 2022 2023
Health &
Infrastructure
Technology
Resources
technology
Process
technology
2022 2023 2022 2023
2022 2023
Pleasing result despite low Order book
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Incoming orders
in € million
Sales
in € million
EBIT
in € million
121.8
93.3 105.1
13.9 12.0 11.2%
107.6
EBIT
%
Health &
Infrastructure
Technology
Resources
technology
2022 2023 2022 2023
2022 2023
Process
technology
svt with record result, price effects at Doerrenberg
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Incoming orders
in € million
Sales
in € million
EBIT
in € million
317.9 321.8 330.0 321.0
34.9
28.1
8.8%
EBIT
%
Health &
Infrastructure
Technology
2022 2023
Resources
technology
2022 2023 2022 2023
Process
technology
AstroPlast and Funke reduce results
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Incoming orders
in € million
Sales
in € million
EBIT
in € million
149.1
127.7
147.2
132.2
11.9 9.5
7.1%
EBIT
%
Health &
Infrastructure
Technology
2022 2023
Resources
technology
2022 2023 2022 2023
2022 2023
2022 2023 2022 2023
Process
technology
2022 2023 2022 2023
2022 2023
Solid result despite different influences
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Incoming orders
in € million
Sales
in € million
EBIT
in € million
121.8
93.3 105.1
13.9 12.0 11.2%
107.6
317.9 321.8 330.0 321.0
34.9
28.1
8.8%
149.1
127.7
147.2
132.2
11.9 9.5
7.1%
EBIT
%
Financial Performance 2023
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Equity ratio increased again
Equity ratio Net debt ratio WOC ratio
59,2%
58.0%
1,2
0.9
37,6%
35.6%
Equity capital Balance sheet total EBITDA Net debt WOC Sales
Previous
year:
13 million € to shareholders
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Dividend and share buyback Distribution to shareholders in € million
62% of consolidated net earnings after minority interests
2022
2023
10.8
13.0
+20%
Dividend:
• 0.40 € per piece
• 2.4% yield
Share buyback:
• Public offer
• from 04/11/24 to 04/25/24
• at 17.80 €
• up to 500,000 shares (4.61% of share capital)
• Volume: € 8,900,000
GESCO SHARE
GESCO
SE
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ISIN DE000A1K0201
WKN A1K020
Ticker symbol GSC1
Share capital (11.04.2024) 10,839,499 €
Number of shares (11.04.2024) 10,839,499
Initial public offering 03/24/1998
Transparency standard Prime Standard
Share price (10/04/2024) 17.70 €
Market capitalisation (10.04.2024) 191.9 million €
Free float (10.04.2024) 85.8%
Research/Coverage
GSC Research
(Buy: € 37.50)
Pareto Securities
(Buy: 29.00 €)
SMC Research
(Buy: € 42.70)
Consensus: Buy: € 36.40
Indices
CDAX
overall index
Prime
All Shares
Prime
Industrial
Prime
Industrial
Diversified
Classic
All Share
Free float
(as defined by Deutsche
Börse)
85,8
Investmentaktiengesellschaft für
langfristige Investoren TGV
18.5%
Baden-
Württembergische
Versorgungsanstalt
für Ärzte,
Zahnärzte und
Tierärzte
3.3%
Institutional investors
31.8%
Private investors
32.2%
Stefan Heimöller
14.2%
Outlook 2024
05
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Cautious outlook for 2024
IMF forecasts global economic growth of 3.1% for 2024, 2.1% for the USA
the USA by 2.1%, other industrialised countries by 1.3% and for Germany by 0.5%
IfO economic forecast for GDP in Germany +0.2%
The German government's Council of Economic Experts
GDP growth of 0.7% for 2024. However, cut expected in May.
The VDMA expects a global decline of 4% in the mechanical
and plant engineering by 4%.
10% drop in mechanical engineering orders in February according to VDMA
Decline in inflation: forecast at 2.3% for 2024
Inflation stood at 2.5% in February (lowest value since June 2021)
Interest rates remain at a high level
Outlook fraught with
uncertainty
IMF sees risk from
geopolitical
tensions,
particularly in the
Middle East
Moderate increase expected for 2024
GESCO
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Sales in € million Consolidated net earnings
after Minority interests in € million
Outlook 2024 - before acquisitions
*before impairments
2024
2023 2024
570 - 590
2023
25.6*
26 - 28
560.7
20.9
Thank you
very much!
30

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GESCO SE Press and Analyst Conference on Financial Results 2024

  • 1. GESCO SE Press & analyst conference on financial results Financial year 2023 | Düsseldorf, 11 April 2024
  • 2. ... in one share, that is GESCO Technology-driven SMEs Hidden champions Slogan GESCO SE - NEXT LEVEL Going Global | Annual Press and Analyst Conference 2024 2
  • 3. I 3 anchor & 12 underlying investments I Business model expertise I Methodological expertise I ESG - Sustainability GESCO SE I Inorganic growth I Buy & Build Programme I Portfolio roadmap I Direct approaches & Expand network M & A Portfolio - Architecture The strategy NEXT LEVEL Excellence Programmes Hidden - Champions I CANVAS I MAPEX I OPEX I LEADEX I DIGITEX GESCO SE - NEXT LEVEL Going Global | Annual Press and Analyst Conference 2024 3
  • 5. GESCO SE - NEXT LEVEL Going Global | Annual Press and Analyst Conference 2024 5 Business model Development Market & Product Excellence Operational Excellence Leadership Excellence Digital Excellence Excellence Programmes
  • 7. KESEL 7 Future Food +24.2% Sales since 2018 +20.5% Result since 2018 +18.3% Efficiency since 2018 World market leader position in milling machines strengthened by new modular system New product Grinding machine band saw opens up new food market with 5 out of 8 top customers Newly developed modular system reduces Time-to-market by 60% thanks to common parts strategy Productivity +50% compared to the competition for the grinding of band saw blades with new patented process Alignment: In future also the No. 1 for grinding machines! GESCO SE - NEXT LEVEL Going Global | Annual Press and Analyst Conference 2024
  • 8. INEX - solutions 8 your Future - our Passion +49.7% Sales since 2018 +60.5% Result since 2018 +22.6% Efficiency since 2018 Focus on plant engineering for Healthcare, Semiconductor, Energy & Environmental, Food & Beverage First series orders received for power-to-liquid systems for the production of e-fuels and e-kerosene Positioning as a strategic partner for semiconductor customers through clean room assembly Foundation of INEX-solutions Inc. in the USA and ASME certification for the USA offer further growth Alignment: INEX-solutions offers excellence in stainless steel plant engineering! GESCO SE - NEXT LEVEL Going Global | Annual Press and Analyst Conference 2024
  • 9. PICKHARDT & GERLACH 9 SMART into the future +72% Sales since 2018 +31% Result since 2018 +39% Efficiency since 2018 Expansion of copper coatings – aim to become world market leader in copper too Investment in new copper line realised in 2023 – capacity doubled with state-of-the-art technology Alignment: Transferring our market strength in Europe to the USA! Copper brake line tape for e-mobility – We increase your safety USA sales share from 0 to 10% since 2018 – focus on further expansion of market share GESCO SE - NEXT LEVEL Going Global | Annual Press and Analyst Conference 2024
  • 10. SVT 10 Focus: Hydrogen +60% Sales since 2018 +99% Result since 2018 +39% Efficiency since 2018 Realisation of an innovative, patented new modular product system – launch in 2024 Supporting the energy transition, solutions for hydrogen and carbon capture & storage Expansion of international activities with additional locations for expanded Sales & Service – China in 2024 Expansion of production capacities in best-cost country Alignment: Become the world market leader in ship shippers for all liquids ! GESCO SE - NEXT LEVEL Going Global | Annual Press and Analyst Conference 2024
  • 11. SETTER 11 Sustainability for the global market! +120% Sales since 2018 +74% Result since 2018 +35% Efficiency since 2018 Internationalisation with proximity to customers - new plants in Germany and the USA, expansion in Mexico in 2023 Responsibility for the future with a clear alternative to plastic: 2023 > 28,000 tonnes of plastic replaced by paper Innovations create new products and diversification - strong growth for lollipops, flavoured sticks and stirrers We are the technological benchmark: Continuous expansion & increased efficiency with our own machines Alignment: Continue to be No. 1 through consistent portfolio and production expansion! GESCO SE - NEXT LEVEL Going Global | Annual Press and Analyst Conference 2024
  • 14. Economic growth GESCO SE - NEXT LEVEL Going Global | Annual Press and Analyst Conference 2024 14 IMF, World Economic Outlook Status: January 2024 VDMA 20,9 IMF: World Economic Outlook, January2024 Update Overview of the World Economic Outlook Projections (Percent change, unless noted otherwise) Estimate 2023 2024 2025 World Output 3,1 3,1 3,2 Advanced Economies 1,6 1,5 1,8 United States 2,5 2,1 1,7 Euro Area 0,5 0,9 1,7 Germany –0,3 0,5 1,6 Projections VDMA Produktionsleistung Maschinen- und Anlagenbau 2023 -1,0% 1. HJ 2,5% 3. Quartal -1,7% 4. Quartal -5,4% 2024 Prognose -4,0%
  • 15. 137.2 146.9 130.0 2021 2022 2023 Sales slightly below previous year Sales - 3.7% Q4 560.7 million € Different influences: • Increase in sales MAE and svt • Price effects at Dörrenberg • Sales abroad increased to 53.5 GESCO SE - NEXT LEVEL Going Global | Annual Press and Analyst Conference 2024 15
  • 16. 16.9 8.6 9.8 2021 2022 2023 EBIT Q4: positive effect due to other earnings EBIT before impairment losses EBIT -17.1% • Material ratio improved • Personnel costs increased due to salary increases and acquisitions GESCO SE - NEXT LEVEL Going Global | Annual Press and Analyst Conference 2024 16 7.3% | € 41.0 million Q4
  • 17. 5.1 million Impairment losses in Q4 EBIT EBIT -27.4% • Material ratio improved • Personnel costs increased due to salary increases and acquisitions GESCO SE - NEXT LEVEL Going Global | Annual Press and Analyst Conference 2024 17 6.4% | € 35.9 million Q4 16.9 8.6 4.7 2021 2022 2023
  • 18. 11.7 7.5 6.1 2021 2022 2023 Significant effects • Interest expense increased by € 2.2 million • Adjusted tax rate at 28.3% • Minority interests reduced by € 1.2 million Consolidated net income before impairments after minority interests 25.6 million € GESCO SE - NEXT LEVEL Going Global | Annual Press and Analyst Conference 2024 18 Q4
  • 19. Effects from impairments • Impairment losses € -5.1 million • Deferred taxes € +0.4 million • Tax rate at 32.6% Consolidated net income after minority interests 20.9 million € GESCO SE - NEXT LEVEL Going Global | Annual Press and Analyst Conference 2024 19 Q4 11.7 7.5 1.3 2021 2022 2023
  • 20. Health & Infrastructure Technology Resources technology Process technology 2022 2023 2022 2023 2022 2023 Pleasing result despite low Order book GESCO SE - NEXT LEVEL Going Global | Annual Press and Analyst Conference 2024 20 Incoming orders in € million Sales in € million EBIT in € million 121.8 93.3 105.1 13.9 12.0 11.2% 107.6 EBIT %
  • 21. Health & Infrastructure Technology Resources technology 2022 2023 2022 2023 2022 2023 Process technology svt with record result, price effects at Doerrenberg GESCO SE - NEXT LEVEL Going Global | Annual Press and Analyst Conference 2024 21 Incoming orders in € million Sales in € million EBIT in € million 317.9 321.8 330.0 321.0 34.9 28.1 8.8% EBIT %
  • 22. Health & Infrastructure Technology 2022 2023 Resources technology 2022 2023 2022 2023 Process technology AstroPlast and Funke reduce results GESCO SE - NEXT LEVEL Going Global | Annual Press and Analyst Conference 2024 22 Incoming orders in € million Sales in € million EBIT in € million 149.1 127.7 147.2 132.2 11.9 9.5 7.1% EBIT %
  • 23. Health & Infrastructure Technology 2022 2023 Resources technology 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 Process technology 2022 2023 2022 2023 2022 2023 Solid result despite different influences GESCO SE - NEXT LEVEL Going Global | Annual Press and Analyst Conference 2024 23 Incoming orders in € million Sales in € million EBIT in € million 121.8 93.3 105.1 13.9 12.0 11.2% 107.6 317.9 321.8 330.0 321.0 34.9 28.1 8.8% 149.1 127.7 147.2 132.2 11.9 9.5 7.1% EBIT %
  • 24. Financial Performance 2023 GESCO SE - NEXT LEVEL Going Global | Annual Press and Analyst Conference 2024 24 Equity ratio increased again Equity ratio Net debt ratio WOC ratio 59,2% 58.0% 1,2 0.9 37,6% 35.6% Equity capital Balance sheet total EBITDA Net debt WOC Sales Previous year:
  • 25. 13 million € to shareholders GESCO SE - NEXT LEVEL Going Global | Annual Press and Analyst Conference 2024 25 Dividend and share buyback Distribution to shareholders in € million 62% of consolidated net earnings after minority interests 2022 2023 10.8 13.0 +20% Dividend: • 0.40 € per piece • 2.4% yield Share buyback: • Public offer • from 04/11/24 to 04/25/24 • at 17.80 € • up to 500,000 shares (4.61% of share capital) • Volume: € 8,900,000
  • 26. GESCO SHARE GESCO SE - NEXT LEVEL Going Global | Annual Press and Analyst Conference 2024 26 ISIN DE000A1K0201 WKN A1K020 Ticker symbol GSC1 Share capital (11.04.2024) 10,839,499 € Number of shares (11.04.2024) 10,839,499 Initial public offering 03/24/1998 Transparency standard Prime Standard Share price (10/04/2024) 17.70 € Market capitalisation (10.04.2024) 191.9 million € Free float (10.04.2024) 85.8% Research/Coverage GSC Research (Buy: € 37.50) Pareto Securities (Buy: 29.00 €) SMC Research (Buy: € 42.70) Consensus: Buy: € 36.40 Indices CDAX overall index Prime All Shares Prime Industrial Prime Industrial Diversified Classic All Share Free float (as defined by Deutsche Börse) 85,8 Investmentaktiengesellschaft für langfristige Investoren TGV 18.5% Baden- Württembergische Versorgungsanstalt für Ärzte, Zahnärzte und Tierärzte 3.3% Institutional investors 31.8% Private investors 32.2% Stefan Heimöller 14.2%
  • 28. GESCO SE - NEXT LEVEL Going Global | Annual Press and Analyst Conference 2024 28 Cautious outlook for 2024 IMF forecasts global economic growth of 3.1% for 2024, 2.1% for the USA the USA by 2.1%, other industrialised countries by 1.3% and for Germany by 0.5% IfO economic forecast for GDP in Germany +0.2% The German government's Council of Economic Experts GDP growth of 0.7% for 2024. However, cut expected in May. The VDMA expects a global decline of 4% in the mechanical and plant engineering by 4%. 10% drop in mechanical engineering orders in February according to VDMA Decline in inflation: forecast at 2.3% for 2024 Inflation stood at 2.5% in February (lowest value since June 2021) Interest rates remain at a high level Outlook fraught with uncertainty IMF sees risk from geopolitical tensions, particularly in the Middle East
  • 29. Moderate increase expected for 2024 GESCO SE - NEXT LEVEL Going Global | Annual Press and Analyst Conference 2024 29 Sales in € million Consolidated net earnings after Minority interests in € million Outlook 2024 - before acquisitions *before impairments 2024 2023 2024 570 - 590 2023 25.6* 26 - 28 560.7 20.9