half year presentation 2013 · 2018-03-15 · convergent media planning, buying and reporting 15...

Half Year Presentation 2013 August 21st, 2013 / Klaus Kappeler, CEO & Stephan Bergamin, CFO

© 2013 Goldbach Group 2

Change: Online and TV will be the Winners

For Print losses are expected

Trend Survey *Verband SCHWEIZER MEDIEN August 2013

Source: Flashextra August 2013 / Trend Survey Verband SCHWEIZER MEDIEN

26

3 1

24

19

8

2

35

31

15

4

8

31

45

8

4

14

24

46

3 2 7

39

Internet TV Radio Press

+10% and more +5 to +10%

+1 to +5% unchanged

-1 to -5% -5 to and more

Development of Ad Spendings per Media


/ April: Jens Alder – New President of the Board of Directors of

Goldbach Group AG

/ June: Launch of by Goldbach Media (Switzerland)

/ July: Spin-off

Launch of and by Goldbach Media (CH)

New organisation structure – Focus on regions (as of July 1st, 2013)

Additional offices – Seestrasse 353, 8038 Zurich Wollishofen

Milestones 2013

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http://www.google.ch/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=XO466ayIcYO6DM&tbnid=n9TiB3gHX4tbXM:&ved=0CAUQjRw&url=http://mydriver-blog.de/presse/n-tv-sixt-mach-taxis-konkurrenz&ei=YUoLUpXFMsTrPMeWgcAK&bvm=bv.50723672,d.Yms&psig=AFQjCNGbWGOohn4960zejW0cHvliS2Xwjg&ust=1376558024653219


The Company Structure

Online

Display / Search / Mobile / Performance

Marketing / Social Media / Websites , Shops and Portals /

Site Representation / Internet TV and Video

Offline

TV / Radio / Digital out of home /

Video / Teletext

Countries

Business Lines

Offerings

Switzerland

Austria

Croatia

Slovenia

Serbia

Czech Republic

Romania

Russia

Competence

Centres & Strategic

Functions

International Sales Office London:

Switzerland

Austria

Romania

Switzerland

Germany

Austria

Poland

Russia

Slovenia

IP TV/VIDEO PERFORMANCE


The international Setup of Goldbach Group

Offline:

Goldbach Media

(TV, Video and Digital out of Home)

swiss radioworld

(Radio)

Online:

Goldbach Audience

Goldbach Interactive

Goldbach Mobile

Switzerland

Offline:

Goldbach Media

(TV, Video and Digital out of Home)

Online:

Goldbach Audience


Austria

Online:

Goldbach Interactive (Search)

Germany

DACH

Online:

Goldbach Audience

Croatia

Online:

Goldbach Audience

Serbia

Online:

Goldbach Audience

Renderspace

Slovenia

Adriatic EAST

Online:


(incl. Audience)

Russia

Offline:

Goldbach Media (TV/Radio)

Online:

Goldbach Audience

Romania

Online:

Goldbach Audience


Poland

Online:

Goldbach Czech Republic

Czech Republic

Headcounts in June 2013:

Total 546

Switzerland 268 (49%)


Total Ad Market flat - Goldbach strong Growth

Source: Mediafocus (gross)

Swiss Advertising Market by Segment 1st HY 2013

Product

lines

Goldbach

Group net

in %

Goldbach

CH net

in %

Market

CH gross

in %

Total 5.6 4.4 0.3

TV 5.4 5.7 5.1

Radio -10.4 -11.0 1.8

DooH 54.4 62.4 -11.1

Internet 11.6 9.2 5.8

in M

io.

CH

F

Source: Goldbach and Mediafocus

2'111 1'935

2'160 1'995

2'353 2'362

0

500

1'000

1'500

2'000

2'500

HY2008

HY2009

HY2010

HY2011

HY2012

HY2013

out of Home

Internet

Radio

TV/Teletext

Print

Total

7 © 2013 Goldbach Group

Business Line Media Goldbach Group

/ TV is growing by 5.4% despite lack of TV-data

in 1st semester.

/ Radio declined by 10%.

/ Profitability remains at high level.

/ Revenue growth in all Business Lines

/ Operating performance (EBIT adjusted by one-time

impacts) increased by 18.6%.

Net Revenues and EBIT Compared to Previous Year (1/2) in TCHF

-

50'000

100'000

150'000

200'000

250'000

HY 2012 HY 2013

208'892 220'533

Net Revenues

+5.6%

-

2'000

4'000

6'000

8'000

10'000

12'000

14'000

16'000

HY2012

HY2013

HY2012

HY2013

13'939 13'008 11'804 13'994

EBIT

-6.7%

+18.6%

adjusted 1) IFRS

-

20'000

40'000

60'000

80'000

100'000

120'000

140'000

160'000

180'000

HY 2012 HY 2013

165'630 170'868

Net Revenues

+3.2%

-

2'000

4'000

6'000

8'000

10'000

12'000

14'000

16'000

18'000

HY 2012 HY 2013

16'664 16'985

EBIT

+1.9%

1) One time impacts 2013: Start-up investment Wilmaa Digital World (Corp. / Other)

One time impacts 2012: Proceeds from termination of software agreement (Business Line Audience)

8 © 2013 Goldbach Group

Business Line Interactive Business Line Audience

/ Increased revenues mainly due to growing

business in Adriatic and DACH.

/ Profitability still impacted by investments in

growth and restructuring.

/ Online Video on a strong growth path (+36%)

/ Online Display recovered

/ Increased operating performance compared to prior

year.

Net Revenues and EBIT Compared to Previous Year (2/2) in TCHF

-

500

1'000

1'500

2'000

2'500

3'000

HY2012

HY2013

HY2012

HY2013

2'605 1'134 470 1'134

EBIT

-56.5%

+141%

IFRS

-

5'000

10'000

15'000

20'000

25'000

30'000

HY 2012 HY 2013

27'693 28'351

Net Revenues

+2.4%

-

5'000

10'000

15'000

20'000

25'000

HY 2012 HY 2013

18'493 23'147

Net Revenues

+25.2%

-

20

40

60

80

100

120

140

160

180

200

HY 2012 HY 2013

169 182

EBIT

+7.7%

adjusted 1)

1) One time impacts 2012: Proceeds from termination of software agreement (Business Line Audience)

0%

5%

10%

15%

20%

25%

30%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

TV Market (% of total ad market)

Online Market

Share (% of

total ad market)1

DE

RU

AT

CH

PL

CZ

Slo.

Rom.

Cro.

Serb.

Goldbach is Assessing its Market Presence and the

Further Expansion of its TV/Online-Video Position

Comment: Online Market in left chart incl. all services, such as search, display, performance

Source: ZenithOptimedia, Booz & Company

Bubble Size: Ad market [Gross, €, 2011]

0%

5%

10%

15%

20%

25%

30%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

1

TV Market (% of total ad market)

Russia

Germany

Switzerland Romania

Serbia

Czech Republic

Slovenia

Croatia

Poland

Austria

Online vs. TV Ad Market Share 2011/2014, in % of Total Market

TV-dominated Cross-media

Dig

ital

Tra

ditio

nal

TV Online

Goldbach Presence Today

and Check of Future Potential

Country

Bubble Size: Ad market [Gross, €, 2014]

9

Video

© 2013 Goldbach Group

DE

RU

AT

CH

PL

CZ

Slo.

Rom.

Cro.

Serb.

TV Online

Goldbach

Presence August 2012

Country

>> Megatrend Video

• Market & Results

• Convergence TV + Online

• Multiscreen Usage around the Clock & Living Room

More Video Usage means more Video Advertising

Sources:

- PWC May 2013

- Goldbach Estimates Swiss Video Market and GVN Development

- Special report NET-Metrix-Streaming (peple as of 14 years), Total Swizterland, Daily OR nearly daily OR several times per week OR approx. once per week OR several times per month

- KommTech 2012, German part of Switzerland , Daily OR nearly daily OR several times per week OR approx. once per week OR less than once a week

0

5

10

15

20

25

30

35

40

45

50

2011 2012 2013 2014 2015

Online Video advertising revenues p.a. Net in Mio. CHF 2011 – 2015f

Global & Swiss Market Development

CAGR ‘12-‘15

Total +23%

Goldbach +24% 15

21

27

32.5

39

/ Video advertising is the fastest growing advertising format woldwide

/ Television and video content consumption extends across all screens

/ 60% of smartphone users consume online video on their mobile devices

/ Swiss Video Market growth and pricing pressure with launch of YouTube Switzerland in 2013

Launch

other offers

2'711

3'597

4'764

6'234

7'882

0

1'000

2'000

3'000

4'000

5'000

6'000

7'000

8'000

9'000

2011 2012 2013 2014 2015

Online Video advertising revenues p.a. Net in Mio. CHF 2011 – 2015f

CAGR ‘12-‘15

Total +30%



Fast Growing Video and Mobile Advertising Sales (1/2)

-20%

+12%

+4%

+16%

-9%

-22%

+167%

-25%

+107

% -34%

An

nu

al

Gro

wth

Rate

s i

n %

+36%

+6%

(6 - 9%)

(4 - 6%)

(25 - 30%)

(10 - 15%)

Goldbach Group (Online)

(Year-end Guidance, March 2013)

Goldbach Video

Markets

Switzerland

Austria

Croatia

Slovenia

Czech Republic

Poland

Romania

Source: Goldbach Group & Estimates


Source: Goldbach Group & Estimates


(40 - 50%)

(20 - 25%)

(5 - 8%)

(7 - 11%)

Strong Growth in Video and Mobile Advertising Sales (2/2) Goldbach Switzerland (Online)

-27%

+9%

+13%

-19%

+14%

-5%

+461%

-14%

+27% -19%

An

nu

al

Gro

wth

Rate

s i

n %

+35%

+4%

(40 - 50%)

(20 - 25%)

(5 - 8%)

(7 - 11%)


Fast Progress with the Goldbach Video Network Switzerland


Launch February 2012 Status August 2013 +30 Premium Brands +40 Premium Brands

+40 Mio. Video Views/month +48 Mio. Video Views/month

No. 1 Video Network No. 1 Video Network

Extract new Premium Brands:

+33%

+20%

Video Views per month (August 2013)

Staila media

Seven One

48 Mio.

18 Mio.

2 Mio.

24 Mio.

Ad webster Source: Goldbach Video Network Sales Documentation

Screen KPIs Planning Buying / Delivery Reporting

TV

VIDEO

TV + Online

Online

Convergent Media Planning, Buying and Reporting

15

Establishing comparable performance indicators

Media-

wizard GRP

Contacts

OTS

Net

Reach

Media

Pro

Media

Pro

Wilmaa

Media

Pro

GVN

eGRP

Calcu-

lator

CTR

Ad

Imps

Unique

Clients DFP6

Media-

wizard

GVN

eGRP

TAO

Net

Reach

Freq.

Capping

Contacts

OTS

NET-

Metrix

Adternity

TAO

Display

Video

Search Display

Video

Mobile


TAO

Social

Media

Display

Video

Search

TV

Convergent Online Ad Delivery through Data Survey

17

Reach TV Users with Online Advertising via nugg.ad Technology

Benefits:

New Context

New Format

Benefits:

No TV overkill

New Target Groups

(selectable per TV Channel and TV time-slot incl. Internet TV / combinable with age)

User that watch

TV frequently

Ad delivery via Interest Based Advertsing (nugg.ad). © 2013 Goldbach Group

Video

Spot

User that watch

TV rarely Video

Spot

Web Mobile CTV/Smart TV

(Living Room)

Video Views/month 2’100’000 450’000 500’000

Multiscreen Usage around the Clock Exclusive Partnership with Smartclip (CH + AT)

Sofa


Living Room

18

http://www.google.ch/url?sa=i&rct=j&q=philipps+logo+tv&source=images&cd=&cad=rja&docid=FTGM4l-HAFbHAM&tbnid=2ijXZ7k3-JhN4M:&ved=0CAUQjRw&url=http://bizbuzz.djournal.com/2013/01/02/philips-celebrates-new-equipment-today/philipslogo/&ei=TCLVUcbJEMbFPLXYgbAM&bvm=bv.48705608,d.bGE&psig=AFQjCNH49AZBiWDFsSxMpy49nVI5Tl5qQQ&ust=1373008803217809

>> Competence Center

becomes

Radio Usage declining however Goldbach Revenues grow

21

0

20

40

60

80

100

120

140

2009 2010 2011 2012 2013* (halfyear)

Total Radio usage Time in minutes

15+

15-24

15-19

Sources:

- Mediapulse Radiopanel, CH-Total 2009-2013 (First half), usage time, Radio total.

- Netto overall: pwc Swiss Entertainment and Media Outlook. Netto Revenue GBR: Media Pro

/ Since 2009, time spent listening to radio is continuously declining. Looking at teenagers, radio has

lost almost 25 % of usage time in 4 years (from 82 to 62 minutes per day)

/ While radio’s overall market share was stable, Goldbach managed to grow it’s revenues continuously

CAGR ‘08-‘12

Total -0.0%

Goldbach +14.5%

0

20

40

60

80

100

120

140

160

2007 2008 2009 2010 2011 2012

FM Radio advertising revenues p.a. Net in Mio. CHF 2008 – 2012

139 134

138 139 141 144


Web Radio Usage and Reach impressive and ahead of

Advertising Market Development

22

0

20

40

60

80

100

120

140

160

2009 2010 2011 2012 2013

Web Radio vs. Total Radio usage time in minutes

Radio Total Web (mobile)Web (at home) Web (at work)

0

1'000

2'000

3'000

4'000

5'000

6'000

7'000

2009 2010 2011 2012 2013

Web Radio vs. Total Radio net reach

Radio Total Web (mobile)Web (at home) Web (at work)

16.3

20

26

29

32 34.2

0

5

10

15

20

25

30

35

40

2012 2013 2014 2015 2016 2017

Web Radio revenue prognosis Net in Mio. EUR 2012 – 2017 (GER)

Sources:

- Mediapulse Radiopanel, CH-Total 2009-2013 (First half), usage time/Listeners, Radio total

- Webradiomonitor 2013, Estimation SWR AG

/ Goldmedia Webradiomonitor estimates an annual growth of +16% for Web Radio advertising in Germany

(Radio claims 8% of advertising spendings)

/ Smartphones and Hardware are important touch points for content distribution

89.5% of Swiss use radio often in the car

“Tune In” is already available with a Mini. “Spotify” is integrated in future Ford and Volvo models

20 Mio. Samsung Galaxy S4 phones sold within 2 months. All offering Google Music Play

200 different devices already featuring “Tune In”: from Sonos to Smartphones to HiFi devices


From Radio to Audio Market How web based services enter the advertising market

23

Service name Service type Features / USP Business Model User basis

Tune In

(USA)

Aggregator; content

provider

70’000 radio stations, live sports (US), station

recommendation.

USP: Most exhaustive aggregator on countless devices.

Audio and Display

Advertising

40 Mio. monthly users in 230

countries (U.S.: 10 Mio.)

Radio.de

(GER)

Aggregator 10’000+ radio stations, web radios and podcasts.

USP: Most exhaustive aggregator DACH.

Display / Pre-Roll Advertising 5.1 Mio. monthly users

Spotify

(SWE)

Streaming /

Recommendation

18 Mio. Songs, cross-device availability,

USP: Time to market. Social media integration.

Advertising, Subscription. 24 Mio. active monthly users in

28 countries, 6 Mio. paying

subscribers

Pandora

(USA)

Music Streaming

Radio

«Radio» channels based on individual music

preferences.

USP: Vast user basis in the U.S.

Advertising, Subscription 65.6 Mio. active users (USA,

AUS, NZ), $767 Mio. revenue

2013

Shazam

(USA)

Music recognition Music and TV recognition. Second screen / cross screen

advertising.

USP: Huge mobile penetration (Top10 sold Apps.)

Advertising, Revenue Share.

350 Mio. users in 200

countries, 10 Mio. tags per day

iTunes Radio

(USA)

Music Streaming

Radio (Launch: Fall

2013)

«Radio» channels based on individual music preferences

USP: unmatched client connection via iTunes.

Advertising, Subscription,

Music sales

575 Mio. iTunes accounts

worldwide

Competition: From small, VC backed start-ups to OTTs such as

Google, MS or Apple: competition in the audio market is high, entry

barriers low

Services: Whether it’s music or radio, aggregators strive to create

revenue with a thin software layer, making content accessible in a

more convenient way

Business models: Even if services offer subscription based models

– aggressive market entries are advertising-backed

Display ads (example) on

“Tune In” can be booked

with a combined audio

advertising format.


Goldbach Initiatives in the Swiss Digital Audio Market

24

Protect, leverage and grow existing

usage and reach

Replace existing radio players on radio

station’s web pages with a multi-platform

capable (web, mobile), competitive

solution.

Goldbach Player inventory potential 2014:

3 Mio + stream starts / month

Shape the market, standardize

offerings and create revenue

One Adserver for 20+ radio stations,

centralized price definition, standardized

advertising formats.

Become a valuable partner

Leverage user basis and sales know-how

to partner with music streaming services

and hardware manufacturer such as

Samsung, Sonos, Spotify.

Forecast 2014

Swiss Digital Audio Market

CHF 2.6 Mio.

Goldbach Player Ad Inventory

CHF 1.2 Mio.


Sources: Goldbach Estimates (based on Webradiommonitor 2013 GER)

>> Financial Results Half Year 2013


Financial Highlights HY 2013

/ Growing Net Sales in all Business Line

- Media +3.2%

- Audience +2.4%

- Interactive +25.2%

/ EBIT stands at CHF 13m and declined by 6.7% compared to PY

/ Operating Performance (EBIT adjusted by one-time impacts) increased

by 18.6% compared to PY

/ Adjusted EBIT Margin increased from 5.7% to 6.3%

- Media: Remains high at 9.9% (PY 10.1%)

- Audience: Increases to 4.0% (PY 1.7%)

- Interactive: Stands at 0.8% (PY 0.9%)

/ Net Profit decreased by 25.0% compared to PY mainly due to one-time

impacts.

/ Equity Ratio stable at 32% (PY 32%)

HY 2012 HY 2013

IFRS - restated IFRS

Net Revenues 208'892 220'533 11'641 5.6%

Gross Profit 44'961 48'083 3'122 6.9%

Gross Margin 21.5% 21.8%

Operating Expenses 31'022 35'075 4'053 13.1%

OPEX (adjusted) 33'157 34'089 932 2.8%

EBIT 13'939 13'008 -931 -6.7%

EBIT - Margin 6.7% 5.9%

EBIT (adjusted) 11'804 13'994 2'190 18.6%

EBIT - Margin 5.7% 6.3%

Net Profit 3'503 2'624 -879 -25.1%

Net Profit - Margin 1.7% 1.2%

Net Profit (adjusted) 1'770 3'136 1'366 77.2%

Net Profit - Margin 0.8% 1.4%

AC 13 vs. AC 12

Deviation HY

27

Summary Financial Results HY 2013 Key figures Goldbach Group

1) One-time impacts 2013: Start-up investment Wilmaa Digital World (Corp. / Other)

One-time impacts 2012: Proceeds from termination of software agreement (Business Line Audience)

2) Prior Year restated due to first time adoption of IAS 19 (revised)

1)

1)

2)


1)

28

Growing Net Sales in all Business Lines Net Sales by Business Line

-50'000

-

50'000

100'000

150'000

200'000

250'000

Media Audience InteractiveCorporate /

ConsoTotal Group

HY 2012 165'630 27'693 18'493 -2'923 208'892

HY 2013 170'868 28'351 23'147 -1'832 220'533

in T

CH

F

3.2%

2.4%

25.2%

5.6%


29

Growing Video, Online Display and TV Business Net Sales by Productline & relative share

Gro

wth

Rate

:

-

50'000

100'000

150'000

200'000

250'000

HY 2012 HY 2013

Services 7'993 8'890

Media Other 8'249 10'537

Video 4'810 6'524

Online Display 23'479 24'997

Radio 23'603 21'154

TV (w/o TXT) 140'756 148'391

Other - 41

Total Net Revenues 208'892 220'533

Gro

wth

Rate

:

+ 5.4%

- 10.4%

+6.5%

+11.2%

+35.6% +27.7%

67% 11%

4% 2%

11%

4%

67% 10%

5%

3% 11%

4%


30

Gross Profit & Gross Margin

Improved Gross Profit and Gross Margin

-

10'000

20'000

30'000

40'000

50'000

60'000

HY 2012 HY 2013

Gross Profit 44'961 48'083

Gross Margin 21.5% 21.8%

in T

CH

F

6.9%


-40'000

-35'000

-30'000

-25'000

-20'000

-15'000

-10'000

-5'000

0

5'000

10'000

HY 2012 HY 2013 HY 2012 HY 2013

Other Opex -5'441 -5'444 -5'441 -5'236

Other Operating Income 4'155 1'035 984 1'035

Depr.,Amort. & Impairments -2'337 -1'412 -1'301 -1'401

IT & Communication -1'660 -2'055 -1'660 -1'767

Marketing & Research -3'708 -3'535 -3'708 -3'376

Personnel Expenses -22'032 -23'665 -22'032 -23'345

Total OPEX -31'022 -35'075 -33'157 -34'089

in T

CH

F

+13% +3%

1) 1)

adjusted

31

Operating Expenses

OPEX impacted by one-time impacts in 2012 and 2013



IFRS

32

EBITDA and EBIT

EBITDA EBIT



0

2'000

4'000

6'000

8'000

10'000

12'000

14'000

16'000

18'000

HY 2012 HY 2013 HY 2012 HY 2013

EBITDA16'275 14'420 13'104 15'406

EBITDA Margin(in % of Net Sales)

7.8% 6.5% 6.3% 7.0%

in T

CH

F

-11.4% +17.6%

IFRS adjusted

1) 1) -

2'000

4'000

6'000

8'000

10'000

12'000

14'000

16'000

HY 2012 HY 2013 HY 2012 HY 2013

EBIT 13'939 13'008 11'804 13'994

EBIT Margin(in % of Sales)

6.7% 5.9% 5.7% 6.3%

in T

CH

F

-6.7% +18.6%

IFRS adjusted

1) 1)

33

EBIT by Business Lines

Business Line Media Business Line Audience Business Line Interactive

-

2'000

4'000

6'000

8'000

10'000

12'000

14'000

16'000

18'000

HY2012

HY2013

EBIT 16'664 16'985


10.1% 9.9%

in T

CH

F

1.9%

1)

-

20

40

60

80

100

120

140

160

180

200

HY2012

HY2013

EBIT 169 182


0.9% 0.8%

in T

CH

F

7.7%

1)



-

500

1'000

1'500

2'000

2'500

3'000

HY2012

HY2013

HY2012

HY2013

EBIT 2'605 1'134 471 1'134


9.4% 4.0% 1.7% 4.0%

in T

CH

F

-56.5%

+140.8%

1) 1)

IFRS adjusted

HY

2012

34

Slightly increased Share in Online Business Net Revenues H

Y 2

013

Net Sales

Gross Profit

OPEX (excl. amortization)

EBIT

Key Figures – Relative Share by Business Line (adjusted)

Media Audience Interactive

Media Audience Interactive


1)


78%

12%

10%

64% 17%

19%

46%

23%

31%

93%

6% 1%

80%

11% 9%

66%

18%

16%

47%

27%

26%

96%

3% 1%

-13'000

-11'000

-9'000

-7'000

-5'000

-3'000

-1'000

1'000

HY 2012 HY 2013

Financial Result -366 -381

Income Taxes -3'656 -3'628

Non Controlling Interests -6'414 -6'375

Total -10'436 -10'384

in T

CH

F

1)

35

Financial Result, Taxes, NCI (IFRS)

Stable Cost Situation below EBIT



36

Net Profit, share of Goldbach Group shareholders

Net Profit decrease by 25% due to one-time Impacts



0

500

1'000

1'500

2'000

2'500

3'000

3'500

4'000

HY 2012 HY 2013 HY 2012 HY 2013

Net Profit 3'503 2'624 1'770 3'136

Net Profit Margin(in % of Sales)

1.7% 1.2% 0.8% 1.4%

in T

CH

F

-25.1%

+77.2%

1) 1)

IFRS adjusted

37

Reduced Balance Sheet due to Saisonality Balance Sheet


-

50'000

100'000

150'000

200'000

250'000

Dec 2012 June 2013 Dec 2012 June 2013

Equity 67'821 57'480

Non-current Liabilities 37'663 38'087

Current Liabilities 106'780 84'320

Cash & Cash Equivalents 84'333 53'277

Other Current Assets 76'773 76'455

Non-current Assets 51'158 50'155

Total 212'264 179'887 212'264 179'887

in T

CH

F

36%

40%

43%

30% 32%

18%

50%

32%

21%

47%

24% 28%

38

Stable Equity Ratio at 32.0% Equity, Equity Ratio

67.8

57.5

+9.0

-0.7 +0.2

-19.3

+0.4

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

EquityDec 12

Profit of theYear

CTA Change in NCI Dividends OtherMovements

EquityJune 13

in m

CH

F

Equity Ratio:

32.0%

Equity Ratio:

32.0%

1)



39

Cash Flow Statement

Reduced Cash Balance due to Dividend Payments


84.3

53.3 53.3

+5.8

-15.9

-1.6

-19.4

-0.0

0

10

20

30

40

50

60

70

80

90

100

Cash BalanceYE 2012

CF fromoperations

CF fromchanges in NCI

Investing CF Financing CF FX Difference Cash BalanceHY 2013

in M

io. C

HF

>> Outlook

Guidance March 2013

/ Advertising Markets

- Total Advertising Markets in Europe are stagnating in 2013

- Slow down of growth by eMedia

/ Outlook Goldbach Group

- Sustainable Development of Profitability (Group)

- Strong growth of Online Video and Mobile, Recovery of Classic Display (Audience)

- Focusing on Performance Business (Interactive)

- Check out further Markets to enter in the TV Business (Media)

Market Development and Outlook 2013.


Guidance August 2013

/ Single digit growth

/ Profitability increasing

http://www.google.ch/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=bqqm8VL-QBDbtM&tbnid=yfgkwhXDijpzwM:&ved=0CAUQjRw&url=http://de.123rf.com/photo_11513260_vector-hakchen-aufkleber.html&ei=CgkTUqD4FsOh0QWlu4CYDg&bvm=bv.50952593,d.ZG4&psig=AFQjCNEjw1cKR8meArjNUU21kTmUyCrXeQ&ust=1377065599187918






GOLDBACH GROUP AG

Seestrasse 39

8700 Küsnacht

www.goldbachgroup.com

Klaus Kappeler

[email protected]

Stephan Bergamin

[email protected]

43

Disclaimer.

Gro

wth

Rate

:

Gro

wth

Rate

:

+164%

+106%

+34% +2339%

+40%

+68%


All the opinions and forecasts contained in this presentation are expressed and

made exclusively by Goldbach Group. Opinions and forecasts are forward-looking

statements that use expressions such as "expect", "believe", "attempt", "estimate",

"intend", "assume", "try" and similar formulations. These statements express

Goldbach Group's intentions, views or current expectations and assumptions.

These forward looking statements are based on current plans, estimates and

forecasts made by Goldbach Group in good faith, but no claims are made for

their future accuracy. Forward-looking statements involve risks and uncertainties

that tend to be difficult to predict and that do not usually lie within Goldbach

Group's sphere of influence, or that of persons working with Goldbach Group.

It should be noted that actual events and consequences may differ from those

expressed or contained in the forward-looking statements, or turn out to be more

negative than expressly or implicitly assumed or described in this presentation.

This presentation does not constitute a recommendation to buy Goldbach Group

shares.

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