Ordentliche Generalversammlung der Goldbach …Agenda (1/2) 3 1. Begrüssung & Einleitung Bruno...

Ordentliche Generalversammlung der Goldbach Group AG Zürich-Küsnacht, 30. April 2013

2

Agenda (2/2)

© 2013 Goldbach Group

1. Begrüssung und Einleitung (Bruno Widmer)

Agenda (1/2)

3

1. Begrüssung & Einleitung Bruno Widmer, VR-Präsident

2. Genehmigung des Geschäftsberichts mit

Jahresbericht, Jahres- und Konzern-

rechnung 2012 sowie Kenntnisnahme von

den Berichten der Revisionsstelle

/ Kurzer Rückblick auf 2012 Bruno Widmer

/ Die Ereignisse im Überblick Klaus Kappeler, CEO

/ Das Finanzergebnis Stephan Bergamin, CFO

/ Ausblick 2013 Klaus Kappeler, CEO

3. Beschlussfassung über die Verwendung Bruno Widmer, VR-Präsident

des Bilanzgewinnes


4

4. Entlastung der Mitglieder des Verwaltungsrates und der übrigen

Geschäftsführungsorgane

5. Wahlen

5.1. Verwaltungsrat

5.2. Aktienrechtliche Revisionsstelle

6. Diverses

Agenda (2/2)


5

Einleitung


Einleitung (B. Widmer)

6

Agenda (2/2)


Begrüssung und Einleitung (Bruno Widmer)

2. Genehmigung des Geschäftsberichts kurzer Rückblick auf 2012 (Bruno Widmer)

8 © 2013 Goldbach Group

Meilensteine 2012

/ Februar: - Lancierung Goldbach Video Network

- Rebranding Goldbach Audience Romania SRL

/ Mai: - Zusammenarbeit mit Pristop Group und Übernahme

von der Digitalagentur Renderspace

/ Juni: - Erfolgreiche Inbetriebnahme von interaktiven

Features auf Wilmaa Inernet-TV (EM-Guide)

/ August: - Goldbach Interactive ist neu Mitglied des Branchen-

verbandes BSW (leading swiss agencies)

- Zusammenführung der Goldbach Media und

Goldbach Audience in Rumänien

/ September: - Lancierung Goldbach Mobile Network

- Gründung Goldbach Poland

/ Dezember: - Erweiterung der Multichannel Plattform TAO –

Kampagnen Reporting Tool

- Rebranding ARBOmedia Polska: Goldbach

Audience (Poland) Sp.z.o.o.

Rückblick 2012.

© 2013 Goldbach Group 9

/ Umsatz CHF 445 Mio.

- Goldbach Media +4.2% (währungsbereinigt +4.3%) - Goldbach Audience -17.4% (währungsbereinigt -15.9%) - Goldbach Interactive -3.0% (währungsbereinigt -2.0%)

/ EBIT-Wachstum: 6.9%

/ Internationaler Umsatzanteil: 11 %

Goldbach Group Performance seit IPO.


Quelle: Bloomberg, 26.04.2013

Entwicklung seit IPO

15. Juni 2007

Ausgabekurs CHF 42.-

Goldbach Group -52%

Offline Peers -27% (Havas, Publicis, WPP, Aegis,

PubliGroupe, Edipresse,

Tamedia, JC Decaux)

Online Peers -72% (AdLINK Internet Media, Ad

Pepper Media, ValueClick,

TradeDoubler)

SIX Media Index -42%

SPI -3%

Performance im Vergleich zu Peer-Gruppen & Benchmarks

5

10

15

20

25

30

35

40

45

50

55

60

Jun-0

7

Nov-0

7

Apr-

08

Sep

-08

Feb-0

9

Jul-0

9

Dec-

09

May

-10

Oct

-10

Mar

-11

Aug-1

1

Jan-

12

Jun-1

2

Nov-1

2

Apr-

13

Goldbach Group Offline Peers Online Peers SIX Media Index SPI

Erreichung der Ziele 2012.


/ Umsatzwachstum im einstelligen Bereich

/ Steigerung der Profitabilität

/ Steigerung des Gewinns

auf Vorjahresniveau

2. Genehmigung des Geschäftsberichts Die Ereignisse im Überblick (Klaus Kappeler)

Goldbach Group: Always Ahead of Media Trends.

13

Radio TV Internet Mobile Multiscreen


1983 2011 2005 2000 1993

Swiss Advertising Market by Segment (net).

Internet Exclusive Search and Classified!

14

Source: PWC, in CHF

Goldbach Market

Share 2012


617 693 735 729

138

139 141 144

8

10 14 24

139

183 205 179 902

1025

1095 1076

0

200

400

600

800

1000

1200

2009 2010 2011 2012e

in M

io. C

HF

18% 18% 19% 20%

4% 4% 4% 4% 4% 5% 5% 5%

18% 17% 17% 18%

57% 56% 55% 52%

2009 2010 2011 2012e

0%

20%

40%

60%

80%

100%

120%

in %

Ad - Market by Segment

3'746 Mio. 3'837 Mio. 3'604 Mio.

40% 60

%

33%

67%

11%

89%

27%

73%

TV

Rad

io

Digital

Ou

t of

Ho

me

Inte

rnet

(Disp

lay + V

ideo

)

3'520 Mio.

E-Advertising – Market by Segment

33 %

Advertising in Electronig Media with high Growth Potential.

15

/ E-Media much higher usage than

advertising allocation

/ Print media still with much higher

allocation of advertising

compared to actual usage

/ Ultimately advertising follows

usage i.e. the attention of the

consumer

/ New research and measurement

will strenghten advertising in

electronic media

Quelle: Mediapulse, Time Use Study 2011, ab 12 Jahren. Mediennutzung an Durchschnittstag Mo-Fr. TV Nutzung aus Mediapulse TV-Panel (12+); Nutzung von Privatradio CH und Ausland aus Radio-Panel (15+). Anmerkung: Internet umfasst alle Web-basierten Anwendungen von Email, Surfen, Chat, SMS, Telefon, Streaming, Lesen. // Werbedruck: Media Focus WizzAd, 2012 brutto Werbedruck in Mio. CHF.

0%

10%

20%

30%

40%

50%

60%

TV Privatradio Internet Print

Nu

r b

etr

ac

hte

te M

ed

ien

(d

.h. o

hn

e P

laka

t, K

ino e

tc.)

Anteil an Mediennutzung Anteil an Werbeausgaben


Media use Ad Spendings

M

edia

Potential within new Channels.


Commercialization line

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2011 2013 2015 2017

TV

Online Video

Mobile

Smart TV

Source: Goldbach Group & Estimates


Video Everywhere!

18

Online Video Consumption with big Advertising Potential.


Source: Net-Metrix Streaming Report 2012/2 and Mediapulse TV-Panel in percentage TV Total Jan.-Nov. 2012, Total Switzerland

0

10

20

30

40

50

60

70

80

14-29 30-39 40-49 50+

21.6

10.1 6.9

2.7

42.2

55.6

60.8

74.5

Video-Streaming

TV-Total

Da

ily N

et

Ra

ng

e in

%

age

/ High consumtion among

young target groups

/ Online video advertising

opens up market for online

classic brand advertising

/ Goldbach with unique

capability to provide televison

and online video reach

/ G4 mobile services will drive

more mobile video consumtion

19 © 2013 Goldbach Group 19

1 Video

+30 Brands

+40 Mio. Views

Multi Screen

20 © 2013 Goldbach Group 20

1 Video

+30 Brands

+40 Mio. Views

Multi Screen

More Video Usage Means More Video Advertising.

Sources:

- Goldbach Estimates Swiss Video Market and GVN Development and

- 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

21

0

5

10

15

20

25

30

35

40

45

50

2011 2012 2013 2014 2015

Swiss Market Development

CAGR

‘12-‘15

Total +20%

Goldbach +24%

15

21

26.1

30.7

36.2

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


/ Television and video content

consumption extends across all

screens

/ Video advertising is the fastest

growing advertising format

woldwide

/ 60 % of smartphone users

consume online video on their

mobile devices

/ Swiss Video Market growth with

http://www.google.ch/url?sa=i&source=images&cd=&cad=rja&docid=a5E647AlCvbqoM&tbnid=pTtIid7yCi44bM:&ved=0CAgQjRwwAA&url=http://www.srf.ch/wissen/digital/youtube-schweiz-ab-sofort-kann-s-geld-geben&ei=rHdlUZ-NGILX7AbaxYCoBA&psig=AFQjCNE8CMi0wILaaT-N7SYe1pYbzw6uaQ&ust=1365690668472661

20102011

2012e2013

Mobile

Video

Display and Online Other


-12%

7% to 11%

+71%

-25%

40%

to

50%

-1%

+63%

-6%

+56% +17%

An

nu

al

Gro

wth

Rate

s i

n %

20%

to

25%

5%

to

8%

Source: Goldbach Group & Estimates

Strong Growth of Online Video and Mobile – Recovery of

Classic Display.

Goldbach Switzerland (Online):

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

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

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


DE

RU

AT

CH

PL

CZ

Slo.

Rom.

Cro.

Serb.

TV Online

Goldbach

Presence August 2012

Country

DE

RU

AT

CH

PL

CZ

Slo.

Rom.

Cro.

Serb.

Goldbach Presence Today

and Check of Future Potential

Video

20102011

2012e2013

Radio

TV

24

Successful Entry into Romanian TV & Radio Segment.

Proof of Concept Romania:

+164%

+106%

30%

-

40%

+2339% +40%

40%

-

50%

An

nu

al

Gro

wth

Rate

s i

n %


+472%

+66%

40% to 50%

2010 2011 2012 2013

TV-

Channels

16 29 37 37

Radio

Stations

39 44 57 64

2. Genehmigung des Geschäftsberichts Das Finanzergebnis (Stephan Bergamin)

Financial Highlights 2012.

/ Stable Sales despite of challenging market environment

- Media +4.2% (currency adjusted +4.3%)

- Audience -17.4% (currency adjusted -15.9%)

- Interactive -3.0% (currency adjusted -2.0%)

/ EBIT Margin increase from 6.7% to 7.2%:

- Media: Increase from 10.1% to 10.5%

- Audience: Increase from 4.8% to 9.6%

- Interactive: Decrease from 5.9% to 2.1%

/ EBIT growth of 6.9% compared to PY

/ Net Profit increase by 51% compared to PY

/ Equity Ratio further increased from 31.4% to 32.8%

/ Strong operating Cash Flow: Increase to CHF 33.2m (PY CHF 29.0m)


Explanatory Comments.

/ Acquistion of Renderspace, Slovenia

- In April and May 2012 all Non Controlling Interests of subsidiaries in Slovenia and

Croatia were acquired resulting in a 100% ownership of all Adriatic companies by

Goldbach Group.

- At the end of June 2012 the Adriatic subholding company, Goldbach Adriatic, acquired

100% of Renderspace d.o.o., Ljubljana (Slovenia), a company operating in the

interactive business. At the same time 49% of Goldbach Adriatic were transferred to

the former owner of Renderspace d.o.o.. Goldbach Group now holds 51% of all

subsidiaries in the Adriatic region (Croatia, Slovenia and Serbia) including

Renderspace.


Key Figures – Reported Values (IFRS).

1) Figures relate to continuing operations in 2011

* Operating Expenses excluding Depreciation, Amortization and Impairments

** Includes Financial Result, Income Taxes and Non Controlling Interests

-100'000

-

100'000

200'000

300'000

400'000

500'000

Net Sales Gross Profit OPEX* EBITDA EBITOther

Expenses**Disc Ops

(Print)Net Income

YE 2011 446'030 99'044 -61'716 37'328 30'007 -21'384 -2'605 6'018

YE 2012 445'448 98'924 -63'267 35'657 32'088 -23'003 - 9'085

in T

CH

F

-0.1%

2.5%

-4.5% 6.9%

51.0%

-0.1%

7.6%

1)


Stable Net Sales in Challenging Market Environment.

Net Sales by Business Line

* Growth in Local Currency

-50'000

-

50'000

100'000

150'000

200'000

250'000

300'000

350'000

400'000

450'000

500'000

Media Audience InteractiveCorporate /

ConsoTotal Group

2011 337'724 75'173 39'135 -6'002 446'030

2012 351'882 62'124 37'968 -6'526 445'448

in T

CH

F

4.2%

-17.4%

-3.0%

-0.1%4.3%

-15.9%

-2.0%

0.3%

*

* *

*


-50'000

-

50'000

100'000

150'000

200'000

250'000

300'000

350'000

400'000

450'000

2011 2012

Interactive 39'135 37'968

Audience 75'173 62'124

Media Other 3'314 4'529

Radio 42'992 48'426

TV (w/o TXT) 291'390 298'775

Other & Consolidation -5'974 -6'374

Total Sales (Core Business) 446'030 445'448G

row

th R

ate

:

+ 2.5%

+ 12.6%

-17.4%

-3.0%

Growing Radio and TV Business.

Net Sales by Productline & Relative share of Total 3rd Sales by Productline

Gro

wth

Rate

:

67%11%

1%

12%

8%

65%10%1%

15%

9%


Gross Profit & Gross Margin

Stable Gross Profit and Gross Profit Margin.

-

10'000

20'000

30'000

40'000

50'000

60'000

70'000

80'000

90'000

100'000

2011 2012

Gross Profit 99'044 98'924

Gross Margin 22.2% 22.2%

in T

CH

F

-0.1%


Operating Expenses

Reduction of OPEX Compared to Prior Year.

-90'000

-80'000

-70'000

-60'000

-50'000

-40'000

-30'000

-20'000

-10'000

0

10'000

20'000

2011 2012

Other Opex -12'110 -12'027

Other Operating Income 6'989 5'184

Depr.,Amort. & Impairments -7'321 -3'569

IT & Communication -3'127 -3'454

Marketing & Research -7'172 -7'465

Personnel Expenses -46'296 -45'506

Total OPEX -69'037 -66'837

in T

CH

F

-3%


EBITDA and EBIT Reported Results (IFRS).

1) EBITDA 2011 includes a release of earn-out provisions in the amount of CHF 4.0 Mio.

EBITDA declined by -4.5% EBIT growth +6.9%

-

5'000

10'000

15'000

20'000

25'000

30'000

35'000

2011 2012

EBIT 30'007 32'088

EBIT Margin(in % of Sales)

6.7% 7.2%

in T

CH

F

EBIT Margin +0.5 percentage

points

6.9%

0

5'000

10'000

15'000

20'000

25'000

30'000

35'000

40'000

2011 2012

EBITDA37'328 35'657

EBITDA Margin(in % of Net Sales)

8.4% 8.0%

in T

CH

F

EBITDAMargin -0.4 percentage

points

-4.5%

1)


EBIT by Business Lines – Reported Results (IFRS).

Media:

EBIT growth +8.6%

Audience:

EBIT-margin doubled

Interactive:

International Roll-out

-

5'000

10'000

15'000

20'000

25'000

30'000

35'000

40'000

2011 2012

EBIT 33'987 36'896


10.1% 10.5%

in T

CH

F

8.6%

-

1'000

2'000

3'000

4'000

5'000

6'000

7'000

2011 2012

EBIT 3'578 5'985


4.8% 9.6%

in T

CH

F

67.3%

-

500

1'000

1'500

2'000

2'500

2011 2012

EBIT 2'326 806


5.9% 2.1%

in T

CH

F

-65.3%


2011

Solid Business Line Media – Increasing Profitability in Audience. 2012

Net Sales

Gross Profit

OPEX (excl. amortization)

EBIT

Key Figures – Relative Share by Business Line

Media Audience Interactive

Media Audience Interactive

80%

12%8%

65%

19%

16%

50%

21%

29%

84%

14%2%

76%

15%

9%

61%22%

17%

48%

25%

26%

85%

9%6%


Other Expenses, NCI, discontinued operations

Increase in Taxes and Non Controlling Interests.

1) In 2011 the remaining two print publishing companies were sold and therefore classified as discontinued operation.

-13'000

-11'000

-9'000

-7'000

-5'000

-3'000

-1'000

1'000

2011 2012

Financial Result -857 -495

Income Taxes -7'767 -8'403

Non Controlling Interests -12'760 -14'105

Net profit/(loss) f.disc.operations

-2'605 0

Total -23'990 -23'003

in T

CH

F

1)


Net Profit, share of Goldbach Group shareholders

Net Profit Increase by 51%.

6'018

9'085

0

1'000

2'000

3'000

4'000

5'000

6'000

7'000

8'000

9'000

10'000

2011 2012

in T

CH

F

51.0%


Balance Sheet: Strong Increase in Cash.

-

50'000

100'000

150'000

200'000

250'000

Dec 2011 Dec 2012 Dec 2011 Dec 2012

Equity 62'073 69'514

Non-current Liabilities 35'084 35'563

Current Liabilities 100'359 106'780

Cash & Cash Equivalents 74'359 84'333

Other Current Assets 75'972 76'773

Non-current Assets 47'185 50'750

Total 197'516 211'857 197'516 211'857

in T

CH

F

38%

38%

36%

40% 31%

18%

51%

33%

17%

50%

24% 24%


Equity Ratio up From 31.4% to 32.8%.

Equity, Equity Ratio

62.169.5

23.2

0.7 0.1

17.4

1.0

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

EquityDec 11

Profit of theYear

CTA Acquisition NCI

Dividends OtherMovements

EquityDec 12

in m

CH

F

Equity Ratio:31.4%

Equity Ratio:32.8%


Cash Flow Statement

Strong Operating Cash Flow.

74.4 84.3

33.2

-5.3

-18.0

0.0

0

20

40

60

80

100

120

Cash BalanceYE 2011

Operating CF Investing CF Financing CF FX Difference Cash BalanceYE 2012

in M

io.

CH

F


Continuous Growth of Dividend Payment. Dividend per Share

1.00

0.38

0.570.63

0.71 0.710.80

0.00

0.20

0.40

0.60

0.80

1.00

2007 2008 2009 2010 2011 2012 *

in C

HF

Special dividend Ordinary dividend

+50%

+11%+13%

+0%+13%

*) Proposal of Board of Directors


2. Genehmigung des Geschäftsberichts Ausblick 2013 (Klaus Kappeler)

/ 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.



2. Genehmigung des Geschäftsberichts mit Jahres-

bericht, Jahres- und Konzernrechnung 2012 sowie

Kenntnisnahme von den Berichten der Revisions-

stelle.

Der Verwaltungsrat beantragt, den Geschäftsbericht mit Jahresbericht,

Jahres- und Konzernrechnung für das Geschäftsjahr 2012 zu genehmigen.

C:/Event/GV/Praesenzmeldung.pps


3. Beschlussfassung über die Verwendung des

Bilanzgewinnes

Der Verwaltungsrat beantragt:

• Ausschüttung von CHF 0.80 pro Aktie aus den allgemeinen Reserven aus Kapitaleinlage

• Vortrag auf neue Rechnung TCHF 17 538

Herleitung:

Gewinnvortrag TCHF 16 956

Jahresgewinn TCHF 304

Auflösung allgemeine Reserve aus Kapitaleinlage TCHF 4 700

Veränderung Reserve für eigene Aktien TCHF 278

Total zur Verfügung der Generalversammlung TCHF 22 238

Gewinnverwendung:

(i) Ausschüttung von CHF 0.80 pro Aktie aus den

allgemeinen Reserven aus Kapitaleinlage TCHF 4 700

(ii) Vortrag auf neue Rechnung: TCHF 17 538

Total beantragte Gewinnverwendung TCHF 22 238

Total Ausschüttung TCHF 4 700

./.Anteil aus Reserven Kapitaleinlage TCHF (4 700)

Anteil übrige Reserven TCHF 0


4. Entlastung der Mitglieder des Verwaltungsrates

und der übrigen Geschäftsführungsorgane

Der Verwaltungsrat beantragt, den Mitgliedern des Verwaltungsrates und

den Geschäftsführungsorganen für ihre Tätigkeit im Geschäftsjahr 2012

Entlastung zu erteilen.

C:/Event/GV/Praesenzmeldung2.pps


5. Wahlen

5.1. Verwaltungsrat

Wiederwahl

Der Verwaltungsrat beantragt, folgende bisherigen Mitglieder des

Verwaltungsrates, für die statutarisch vorgesehene Amtsdauer von einem Jahr

als Mitglieder des Verwaltungsrates wieder zu wählen:

Dr. Beat Curti,

Peter A.C. Blum,

Dr. Patrick Eberle,

Ronald Sauser,

Michael Scheeren und

Joachim Schoss.

Neuwahl

Der Verwaltungsrat beantragt, Jens Alder für die statutarisch vorgesehene

Amtsdauer von einem Jahr als Mitglied des Verwaltungsrates zu wählen.


Der Verwaltungsrat beantragt, die Ernst & Young AG, Zürich, als

aktienrechtliche Revisionsstelle für eine Amtsdauer von einem Jahr zu wählen.


6. Diverses

GOLDBACH GROUP AG

Seestrasse 39

8700 Küsnacht

www.goldbachgroup.com

51

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.

Ordentliche Generalversammlung der Goldbach …Agenda (1/2) 3 1. Begrüssung & Einleitung Bruno...

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