Investor presentationFinancial and market performance 4Q 2011
Advertising market landscape
Quarterly ad spend performanceAdvertising expenditure in 2011
yoy % change
-20%
-15%
-10%
-5%
0%
5%
10%
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
--5.55.5%%
--114.04.0%%--113.3.5%5%
--8.08.0%%
00%%
+6+6..5%5%
++8.8.5%5%
+4+4.0.0%%
++2.52.5%%
++6.6.5%5%
++2.02.0%%
7.7
1.6
7.8
1.7
2.2
2.3
-1
0
1
2
3
4
5
6
7
8
2010 1Q11 2Q11 3Q11 4Q11 2011
--4.04.0%%
4%
2%
2.5%
6.5%
1.5%4.5%
PLN million, yoy % change
Source: ad spend estimates by: Agora (press based on Kantar Media and Agora’s monitoring, radio based on Kantar Media), Starlink (TV, cinema, Internet – comprise revenues from e-mail marketing, display, search engine marketing and affiliate marketing), IGRZ (outdoor);
-2-
Radio7%
Magazines11%
Dailies8%
Cinema1.5%
Internet15.5%
Television49.5%
Outdoor7.5%
Outdoor7%
Television51.5%
Internet15%
Cinema1.5%
Dailies7%
Magazines11%
Radio7%
Advertising market landscape cont.Quarterly performance of advertising market segments Performance of advertising market segments in 4Q11
-32%
-24%
-16%
-8%
0%
8%
16%
24%
32%
40%
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
Internet Television¹ Magazines RadioOutdoor Dailies Cinema
-3-
Advertising market structure
4Q11PLN 2.3 billion
4%
0pp
2pp
1pp
0pp
0.5pp
0pp
0.5pp
Source: ad spend estimates by: Agora (press based on Kantar Media and Agora’s monitoring, radio based on Kantar Media), Starlink (TV, cinema, Internet – comprise revenues from e-mail marketing, display, search engine marketing and affiliate marketing), IGRZ (outdoor);¹ Data, for 1Q09 -4Q11, according to new methodology of TV ad market measurement (by media house Starlink), comprise standard TV advertising and sponsoring revenues. The estimates for previous reporting periods have not been adjusted adequately therefore they are not fully comparable.
-6.5%-7.5%
-17.5%
-7%-4%
11.5%13%
-20%
-16%
-12%
-8%
-4%
0%
4%
8%
12%
16%
Dailies Radio Magazines Outdoor TV Internet Cinema
1.5%
0.5pp
2pp
1.5pp
0pp
0.5pp
0pp
0.5pp
2011PLN 7.8 billion
yoy
% c
hang
e
yoy pp change
yoy
% c
hang
e
Advertising market estimates for 2012Advertising market performance Advertising market estimates for 2012
-4-
(17)-(14)%
(9)-(6)%
3-6%
0-3%0-3%
9-12%
0-3%0-3%
-20%
-16%
-12%
-8%
-4%
0%
4%
8%
12%
16%
20%
24%
Total ad market
television internet magazines dailies outdoor radio cinema
4.5%
-10.5%
11.5%
15.0%13.5%
1.5%
FORECAST0 - 3%
-20%
-16%
-12%
-8%
-4%
0%
4%
8%
12%
16%
20%
24%
2006 2007 2008 2009 2010 2011 2012
yoy
% c
hang
e
yoy
% c
hang
e
Source: 4Q 2011: ad spend estimates by: Agora (press based on Kantar Media and Agora’s monitoring, radio based on Kantar Media), Starlink (TV, cinema, Internet – comprise revenues from e-mail marketing, display, search engine marketing and affiliate marketing), IGRZ (outdoor); 2012 – Agora’s own estimates.
Financial performance of the Agora Group
-5-
Source: consolidated financial statements according to IFRS, 4Q11;¹ excluding non-cash cost of share-based payments;2 one-offs include impairment loss on selected press titles in the Magazine segment and tangible fixed assets in one of the cinemas in Helios network;3 revenue from ticket sales for 2010 and 2011 is not comparable data as the ticket sales for 2010 include only revenues from ticket sales generated from September to December 2010.
PLN million 4Q2011 yoy change 2011 yoy change
- external services 99.2 7.9% 355.4 24.1%
- D&A 22.5 - 92.8 12.6%
EBIT margin 2.2% (6.7pp) 4.2% (3.4pp)
Operating EBITDA margin1 9.2% (7.6pp) 12.5% (3.4pp)
Revenues, incl.: 335.9 (1.4%) 1234.6 10.6%
- advertising 191.1 (5.8%) 705.6 (1.4%)
- copy sales 50.1 (9.6%) 192.8 (7.7%)
- tickets sales3 42.0 26.5% 146.3 264.8%
- other 52.7 7.1% 189.9 24.9%
Operating cost, incl.: 328.5 5.8% 1182.7 14.6%
- raw materials, energy and consumables 66.5 0.6% 250.6 23.3%
- staff cost1 79.9 1.7% 312.6 10.4%
- non-cash expense relating toshare-based payments
0.9 (80.0%) 9.7 (6.7%)
- marketing & promotion 33.4 (16.3%) 115.1 (12.1%)
- one-offs2 14.3 - 14.3 -
EBIT 7.4 (75.6%) 51.9 (38.9%)
Operating EBITDA1 30.8 (46.2%) 154.4 (13.1%)
Net profit 9.7 (47.0%) 43.8 (39.1%)
The decrease in ad revenues caused by the drop of advertising expenditure in Poland in 4Q11 by almost 4% yoy.
The decrease caused mainly by lower copy sales revenues in the Newspapers and Magazines segments.
The growth results mainly from higher revenues from the sales of printing services to external clients and higher revenues from food & beverages sales in Helios cinema network.
The growth caused mainly by higher cost of film copies purchase in the cinemas composing Helios network.
Reduced advertising expenditure in majority of the Group’s segments.
Impairment loss on selected press titles in the Magazine segment and the tangible fixed assets in one of the cinemas composing the Helios network.
Verification of the value of put option, granted to the non-controlling shareholders of Helios S.A., by PLN 3.3 million influenced the Group’s net profit in 4Q11and in 2011.
Influence of one-offs on the Group’s financial results
EBIT Operating EBITDA1 Net profit2
-6-
Source: consolidated financial statements according to IFRS, 4Q11;¹ excluding non-cash cost of share-based payments.2 excluding the one-offs and verification of valuation of put option for non-controlling shareholders of Helios S.A.
51.9
84.9
7.4
30.3
66.2
21.7
0
20
40
60
80
100
120
140
160
180
4Q2010 4Q2011 2010 2011
177.6
154.4168.7
1
11 2010 2011
30.8
57.345.
0
20
40
60
80
100
120
140
160
180
4Q2010 4Q20
Financial resu
43.8
71.9
7
52.1
18.0
2011 2010 2011
9.18.3
0
20
40
60
80
100
120
140
160
180
4Q2010 4Q
lts of the Agora Group
Financial results of the Agora Group excluding one-offs
Segment performance: Newspapers(Gazeta Wyborcza, Metro, Special Projects, Printing Division)
-7-
Financial results¹
Source: financials: consolidated financial statements according to IFRS, 4Q11; ad spend in dailies: Agora, display advertising, 4Q11; ¹ incl. Gazeta Wyborcza, Metro, Special Projects, Printing Division; ² excluding allocations of general overhead cost of Agora S.A.;³ excluding non-cash cost of share-based payments and allocations of general overhead cost of Agora S.A.
Operating cost2, incl.: 134.3 (3.1%) 500.7 0.8%
- raw materials, energy and consumables and printing services
56.0 (0.4%) 206.5 5.4%
- staff cost excl. non-cash cost of share-based payments
33.7 1.8% 133.8 2.5%
- marketing & promotion 20.9 (17.1%) 69.1 (13.6%)
PLN million 4Q2011 yoy change 2011 yoy change
Revenues, incl.: 157.7 (9.0%) 594.5 (7.7%)
- advertising in Gazeta Wyborcza 66.6 (16.0%) 256.1 (16.3%)
- copy sales of Gazeta Wyborcza 34.0 (7.1%) 131.3 (10.1%)
EBIT² 23.4 (32.6%) 93.8 (36.4%)
EBIT margin² 14.8% (5.2pp) 15.8% (7.1pp)
Operating EBITDA³ 30.3 (29.7%) 127.1 (28.7%)
Operating EBITDA margin³ 19.2% (5.7pp) 21.4% (6.3pp)
The decrease caused by smaller number and impact of dual pricing offer and global trend of copy sales decline.
The decline in revenues caused mainly by limited expenditure in the recruitment, automotive and financial services categories.
Decrease caused by limited number of promotional campaigns and smaller number of book series in 4Q11.
0%
25%
50%
75%
100%
Jan'
09
Mar
'09
May
'09
Jul'0
9
Sep'
09
Nov
'09
Jan'
10
Mar
'10
May
'10
Jul'1
0
Sep'
10
Nov
'10
Jan'
11
Mar
'11
May
'11
Jul'1
1
Sep'
11
Nov
'11
Gazeta Fakt Super Express Rzeczpospolita Dziennik Dziennik Gazeta Prawna²
Super Express3.5%
Mecom (local)8.0%
Fakt9.0%
Other8.0%Polskapresse3
17.0%
Dziennik Gazeta Prawna4.0%
Gazeta W yborcza36.0%
Rzeczpospolita10.0%
Metro4.5%
Position of Gazeta Wyborcza in dailies segment%
sha
re in
cop
y sa
les
% share in copy sales of selected dailies¹
-8-
Source: copy sales: ZKDP, total paid circulation, Jan09 – Dec11, comparison; financials: consolidated financial statements IFRS, 4Q11; readership: Polskie Badania Czytelnictwa, execution MillwardBrown SMG/KRC,Oct-Dec 11, N=12 083, CCS indicator (weekly readership), elaboration Agora S.A.; ad spend in dailies Agora, estimates, display advertising;
¹ comparison of major dailies only; ² the title appeared on the market on September 14, 2009 from the merger of Gazeta Prawna and Dziennik. Previous copy sales data based on copy sales of Gazeta Prawna. The copy sales of Dziennik Gazeta Prawna
in the period Sep 14-30 amounted to 126 thou. copies;3 in July 2011 PolskaPresse purchased remaining 75% stake in Dziennik Polski.
13.4%
6.1%
5.6%
3.9%
2.5%
12.1%
0% 4% 8% 12% 16%
Dziennik Gazeta Prawna
Rzeczpospolita
Super Express
Metro
Fakt
Gazeta Wyborcza
% reach
4.0 million
3.7 million
no. of readers
0.8 million
1.7 million
1.2 million
Weekly readership reach in 4Q11
(till Sept.11, 09 Gazeta Prawna)
1.8 million
yoy % and pp change
0pp
1pp
0.5pp
Dailies ad spend structure in 4Q11¹
1pp
4Q11PLN 0.16 billion
17.5%
0.5pp
0.5pp
0pp
1pp
0.5pp
Development of offer
28.3 %27%
30.431.4
0
10
20
30
40
2010 2011
8.58.7
0
5
10
15
20
4Q10 4Q11
11.220.6
048
12162024
4Q10 4Q11
16.0%
3.0%
4.0%
0% 5% 10% 15% 20%
Warsaw
local
national
Metro and Special Projects
Metro ad market share in 4Q11
-9-
Source: financials: consolidated financial statements according to IFRS, 4Q11; ad expenditure in dailies: Agora’s estimates, display advertising; ¹ excluding non-cash cost of share-based payments and allocations of general overhead cost of Agora S.A.;² excluding allocations of general overhead cost of Agora S.A.;³ books and books with CDs and DVDs.
% share
PLN
mill
ion
Statistics
Financial results Financial results
MetroMetro Special ProjectsSpecial Projects
PLN
mill
ion yoy % change
(excl. Warsaw) 4.5%(total)
yoy % change
3.2%
1.0pp
0.5pp
1.5pp 1pp
4Q11 2011
1 7Series
30 59One-off publications
31 66Total:
Copies sold (million)³ 0.4 1.6
2.3%
2.20.3
0
1
2
3
4Q10 4Q11
49.458.7
0102030405060
2010 2011
1.61.5
0
1
2
3
2010 2011
Revenues
EBIT2
45.6%
15.8%
EBIT2
Revenues
633.3%6.6%
2.02.00
1
2
3
4
5
4Q10 4Q11
0%4.74.0
0123456
2010 2011
Operating EBITDA1 Operating EBITDA1
Revenues Revenues
17.5%
51.9%59.4%61.3%65.1%
69.9%
0%
30%
60%
90%
Onet.pl group Wirtualna Polska- Orange group
Gazeta.pl group Interia.pl group o2.pl group
-10-
Reach of websites of selected Internet publishers (December‘11)4
Financial results¹
Segment performance: Internet %
reac
h
no.of real usersyoy % change
yoy pp change
Source: financials: consolidated financial statements according to IFRS, 4Q11; Internet ad spend: Starlink (display, search engine marketing, e-mail marketing and affiliate marketing); ¹ Internet division, Agora Ukraine, AdTaily, Trader.com (Polska) including print revenues, Sport4People (since November 2011); ² excluding allocations of general overhead cost of Agora S.A.;³ excluding non-cash cost of share-based payments and allocations of general overhead cost of Agora S.A.;4 Megapanel PBI/Gemius, reach, real users, page views of websites of the selected Internet publishers December 2010, December 2011;
1.7%
13.4
mln
12.4
mln
11.7
mln
11.4
mln
9.9 m
ln
2.6%
0.4%
2.7%
0.2%
1.6pp2.9pp 1.1pp 2.4pp 3.8pp
PLN million 4Q2011 yoy change 2011 yoy change
Revenues, incl.: 32.6 4.2% 114.0 12.0%- display ads 25.3 11.5% 82.7 18.3%- ad sales in verticals 5.7 (6.6%) 24.3 4.3%
Operating cost2, incl.: 29.2 2.5% 107.7 10.9%
- staff cost excl. non-cash cost ofshare-based payments 12.2 7.0% 48.4 11.3%
- marketing & promotion 5.4 (23.9%) 18.7 (6.0%)
EBIT² 3.4 21.4% 6.3 34.0%
EBIT margin² 10.4% 1.5pp 5.5% 0.9pp
Operating EBITDA³ 4.7 2.2% 12.8 7.6%
Operating EBITDA margin³ 14.4% (0.3pp) 11.2% (0.5pp)
Development of offer
4%
11.5% 11.5%
8.5%
0%
5%
10%
15%
20%
Internet ad market AGORA
yoy
% c
hang
e
Dynamics of ad expenditure in Internet in 4Q11
Display, e-mail
marketing, vortals
Display & e-mail
marketing
Display &e-mail
marketing
TOTAL(display, search
engine marketing, e-mail marketing
and affiliate marketing)
AMS32%
AMS ad market share3
-11-
Financial results
Segment performance: Outdoor
4pp
Source: financials: consolidated financial statements according to IFRS, 4Q11; ad expenditure in outdoor: IGRZ;¹ excluding non-cash cost of share-based payments;² excluding cross-promotion of Agora’s other media on AMS panels if such promotion was executed without prior reservation;3 IGRZ: ad expenditure in outdoor.
4Q116.5%
yoy % and pp changePLN million 4Q2011 yoy change 2011 yoy change
Revenues, incl.: 49.0 1.4% 175.0 6.6%- advertising2 48.3 1.0% 171.5 6.1%
Operating cost, incl.: 43.0 3.9% 160.0 0.7%- execution of campaigns 8.1 - 27.8 1.8%- maintenance cost 18.9 (2.6%) 73.9 0.5%- staff cost excl. non-cash
cost of share based payments 4.7 (4.1%) 19.7 5.3%
- D&A 4.6 (8.0%) 18.3 (14.1%)- marketing & promotion 2.0 42.9% 5.4 (10.0%)
EBIT 6.0 (13.0%) 15.0 188.5%EBIT margin 12.2% (2.1pp) 8.6% 5.4pp
Operating EBITDA¹ 10.7 (12.3%) 34.1 24.9%Operating EBITDA margin¹ 21.8% (3.5pp) 19.5% 2.9pp
Growth of cost due to promotion of the first software to measure effectiveness of outdoor advertising campaigns.
Growth of advertising revenues despite the drop of advertising expenditure in outdoor by over 6.5% yoy in 4q11.
Structure of outdoor advertising according to categories in 4Q113 Development of offer
AMS30%4pp
20110.5%
cosmetics3.5%
other26.0%
serv ices6.0%
finance/marketing6.0%
automotiv e4.0%
telecommunication
12.5%
food6.5%
entertaiment, culture11.5%
sales24.0%
4Q201118.7%
26.2%
28.2%
21.8%
% share, yoy % change
57.8%
7.7%
32.4%
7.6%
60.6%
Ad spend structure in monthlies in 4Q11
Financial results
Segment performance: Magazines
Edipresse5.8%
Bauer25.1%
Other15.4%
Murator6.5%
Burda Media Polska 7.5%
Marquard9.9%
Agora10.4%
Ringier Axel Springer
5.0%
Gruner+Jahr14.4%
4Q11
yoy pp change
9pp1.1pp
0.4pp
3.2pp
2pp
0.5pp0.8pp
1.5pp
0.6pp
Stable readership position in selected magazine segments (Jan-Dec’11)
0.8%
1.2%
2.6%
3.2%
3.4%
4.6%
5.5%
12.4%
0% 6% 12% 18% 24%
Hot
InStyle
Elle
Joy
Cosmopolitan
Glamour
Av anti
Twój Styl
women luxurious
0.7%
2.0%
2.8%
3.0%
3.3%
9.0%
0% 5% 10% 15%
ElleDecoration
DobreWnętrze
M j akmieszkanie
Dom &Wnętrze
Moj eMieszkanie
Cztery Kąty
interior home design
2.4%
6.4%
6.4%
6.9%
7.5%
8.2%
9.8%
0% 5% 10% 15%
NajMagazyn
DobreRady
ŚwiatKobiety
Olivia
Kobieta iŻycie
PoradnikDomowy
Claudia
lifestyle
% reach % reach % reach
PLN million 4Q2011 yoy change 2011 yoy change
Revenues, incl.: 18.9 (8.3%) 75.3 (9.9%)- copy sales 8.4 (9.7%) 31.7 (15.5%)- advertising 10.2 (8.9%) 42.8 (6.1%)
Operating cost1, incl.: 28.2 64.9% 73.4 8.4%- raw materials, energy and
consumables 7.2 9.1% 26.6 1.9%
- staff cost excl. non-cash cost of share-based payments
4.3 2.4% 17.3 3.0%
- marketing & promotion 4.3 (6.5%) 13.2 (25.0%)
- One-off3 11.2 - 11.2 -
EBIT¹ (9.3) - 1.9 (88.1%)EBIT margin¹ (49.2%) (66.2pp) 2.5% (16.5pp)
Operating EBITDA² (9.3) - 2.4 (85.6%)Operating EBITDA margin² (49.2%) (67.6pp) 3.2% (16.8pp)
Result of reduction of cover prices of selected magazines and lower number of copies sold.
Influence of impairment loss of PLN 11.2 million on selected magazine titles.
Reduction in number of advertising campaigns andgadgets.
Influence of one-off on the segment’s financial results
2.4
-9.3
13.6
1.9
-10
-5
0
5
10
15
4Q2011 2011
Financial results of the segment
Financial results of the segment excl. one-off
Increase caused by higher exchange rate of EUR/PLN.
1.9
-9.3
13.1
1.9
-10
-5
0
5
10
15
4Q2011 2011
EBIT1 Operating EBITDA2
PLN
, mill
ion
Source: financials: consolidated financial statements according to IFRS, 4Q11; monthlies ad market: monitoring of Kantar Media based on rate card data, 128 titles in Oct-Dec 2010 and 129 in Oct-Dec 2011, excl. specialist titles; readership: Polskie Badania Czytelnictwa, execution MillwardBrown SMG/KRC, Jan-Dec 11, N=48 757, target group: all; CCS indicator (weekly readership), elaboration Agora S.A., comparison; ¹ excluding allocations of general overhead cost of Agora S.A.; ² excluding non-cash cost of share-based payments and allocations of general overhead cost of Agora S.A.;3 one-off – an impairment loss on selected magazine titles.
-12-
7.2%5.5%
0%
2%
4%
6%
8%
TOK FM Music stations
Radio ad market structure in 4Q11
-13-
Segment performance: Radio
Eurozet18.5%
other8.0%
Polish Radio11.5%
Agora13.0%
Time group16.5%
RMF group32.5%
Share of audience in cities of broadcasting (4Q11)
1.5pp
1.5pp
% s
hare
7.5%
yoy pp change
4Q11PLN 0.15 billion
yoy % and pp change
Financial results¹
0.5pp
1pp
Development of offer
PLN million 4Q2011 yoy change 2011 yoy change
Revenues, incl.: 24.1 (3.6%) 86.1 11.0%- ad revenues 23.5 (2.5%) 84.5 11.5%
Operating cost, incl.: 22.9 3.2% 82.7 11.9%
- staff cost excl. non-cash cost of share-based payments
6.3 (3.1%) 25.0 2.0%
- promotion & marketing 3.9 (20.4%) 16.6 (2.9%)
EBIT 1.2 (57.1%) 3.4 (8.1%)EBIT margin 5.0% (6.2pp) 3.9% (0.9pp)
Operating EBITDA² 1.9 (47.2%) 6.5 (5.8%)Operating EBITDA margin² 7.9% (6.5pp) 7.5% (1.4pp)
2.0pp
1.5pp
0.4pp
Decrease of ad revenue by 2.5%yoy while total radio advertising expenditure decreased by almost 7.5%yoy.
0.1pp
Results mainly from higher cost of time purchase in third party radio stations (brokerage services).
Source: financials: consolidated financial statements according to IFRS, 4Q11; ad market: Agora based on Kantar Media, Agora’s share incl. TOK FM, excl. brokerage, incl. cross-promotion of Agora’s other media in GRA’s radio stations if such promotion was executed without prior reservation; Radio Track, MillwardBrown SMG/KRC, cities of broadcasting, weekdays; Music stations, 15+, Oct-Dec 2010: N= 10 450; 2011: N=10 477; TOK FM, 15+ Oct-Dec N=7 729; 2011: N=7 755; ¹ local radio stations (incl. TOK FM); ² excluding non-cash cost of share-based payments.
Segment performance: CinemaNumber of tickets sold in the Helios cinemasFinancial results
4Q2011PLN million yoy change
3D - 36.5%
2D - 63.5%
-14-
60.2 30.6%
2011
Revenues, incl.:26.5%42.0
203.9- tickets2
16.0%11.6146.3
- food & beverages66.7%25.0%19.8%
5.0%
3.0%
17.5%
147.6%4.0pp
62.3%3.2pp
4.042.1
- advertising
55.011.7
Operating cost, incl.: 30.2
188.5- external services
6.3105.7
- raw materials, energy and consumables
6.9
24.6- staff cost excl. non-cash cost of
share-based payments
4.7
25.0
- D&A
5.2
18.0
EBIT8.6%
15.4EBIT margin
9.9
7.6%
Operating EBITDA¹16.4%
33.4Operating EBITDA margin¹ 16.4%
Share of tickets for 3-D movies in Helios network of cinemas in 4Q11
Source: financials: consolidated financial statements according to IFRS, 4Q11; ¹ As far as the Helios group is concerned EBITDA and operating EBITDA ratios are equal as in the period referred to in the table there was not any non-cash cost of share-based payments incurred;2 revenue from ticket sales for 2010 and 2011 is not comparable data as the ticket sales for 2010 include only revenues from ticket sales generated from September to December 2010.
8.37.6
1.9 2.4
0
1
2
3
4
5
6
7
8
9
4Q10 4Q11 2010 2011
mill
ion
ticke
ts
Average net price of tickets in the Helios cinemas
yoy % change
17.6217.25
0
5
10
15
20
4Q11 2011
PLN
+ 0.5+ 0.5%%
yoy % change
3D - 27%
2D - 73%yoy pp change
0pp
4Q11
+ 8.7+ 8.7%%
-- 2.02.0%%
1pp
2011
+ 26.0+ 26.0%%
The Group’s main objectives in 2012
Adapting the Group’s mode of operation and structure to the market situation and changes taking place in media;
Intensification of actions strengthening the synergies among different segments from the Group’s portfolio as well as actions taking advantage of Internet to develop new forms and scope of activities in the so – called traditional media segments;
Intense growth of both Internet segment and widely understood Internet in the Agora Group;
Development in the cinema business by opening new cinemas;
Increasing the scale of the Group’s operations, also, through further acquisitions strengthening the Group’s position and/or diversifying the sources of the Group’s revenues.
-15-
This presentation has been prepared by Agora SA (the "Company"). The data and information contained on the individual slides do not show a complete or coherent financial analysis, nor present the commercial offer of the Company and serve for information purposes only. A detailed description of the business and financial affairs of Agora SA is presented on www.agora.pl website. All data therein are based on sources which the Company regards as credible. The Company reserves the right to amend data and information at any time, without prior notice. This presentation was not verified by an independent auditor.
This presentation may contain slides containing statements related to the future. Such statements cannot be interpreted as forecasts or other assurances in respect of future Company's financial results. The expectations of the Company's management are based on their knowledge, experience and individual views and are dependent on many factors which may cause that the actual results may differ from statements contained in this document. The Company recommends that professional investment advice is sought in case any investment in the Company's securities is considered.
-16-