year end closing 2011 - cdn.goldbach.com · quelle: netto werbeaufwand schweiz der stiftung...
TRANSCRIPT
Year End Closing 2011 March 6th, 2012 / Klaus Kappeler
Goldbach‘s Milestones 2011.
2
/ January: launch of new TV portfolio
/ February: launch of Wilmaa time machine
/ March launch of Radio Spot Auditor
/ April: launch of Swiss Live TV Network
/ June: launch of Wilmaa Radio plattform
launch of TAO agency tool
/ July: launch of Goldbach Interactive Austria
sale of an additional part of ARBOmedia’s print-business
launch of local TV network representation in Romania
launch of Wilmaa EPG (Electronic Pogramme Guide)
/ August: end of ARBOmedia Squeeze-out process
/ September: launch of Goldbach Interactive Poland
/ December: management-buy-out ARBOmedia Moscow
sale of last print-business in Romania
© 2012 Goldbach Group
3 © 2012 Goldbach Group
Continuing Strong net Revenue Growth.
1991 1997
1989 1992 1999
2000
2001
2002
2003
2004 2006
2005 2007
2008
2009
2010 1983
74.0 79.4 103.5
129.5
181.7
237.0
306.5
0.3 5.5 8.0
42.9
Sales
Radio + TV + Internet
327
2011
Goldbach Interactive
Austria
Poland
Czech Rep.
446
2012
Positioning of Goldbach’s Business Lines.
4
Creation
Production ONLINE &
MOBILE
PR
GAMES
OUT OF HOME
Strategy
Media
TV / RADIO Marketing of all
electronic,
interactive and
mobile media.
Full-service in the
field of digital
marketing
communication.
GO
LD
BA
CH
INT
ER
AC
TIV
E
GO
LD
BA
CH
AU
DIE
NC
E
© 2012 Goldbach Group
© 2012 Goldbach Group 5
The Business Line Goldbach Media expanded to Romania.
TV / Radio / Out-of-Home / Teletext
Countries
Business Line
Offerings
Switzerland
Austria
Romania
Competence Centres
Offerings by Goldbach MEDIA.
6 © 2012 Goldbach Group
© 2012 Goldbach Group 7
Goldbach Media: Launch of Biggest Romanian Local TV-
Network.
• Goldbach started
with the Business
Line Media in
Romania
• Launch of local
TV-Network with
30 stations
• Network of 36
private Radio
stations
© 2012 Goldbach Group 8
The Business Line Goldbach Audience in 2011.
Site representation / Network / Internet-TV & Video /
Mobile / Social Media Advertising
Countries
Business Line
Offerings
Switzerland
Austria
Poland (ARBOmedia)
Competence Centres
Desinvestments Management-buy-out in Moscow
Croatia
Slovenia
Czech Republic
© 2012 Goldbach Group 8
GOLDBACH
IP TV/VIDEO
Russland
Serbia
Romania
Offerings by Goldbach AUDIENCE.
9 © 2012 Goldbach Group
© 2012 Goldbach Group 10
The Business Line Goldbach Interactive expanded to Poland
and Austria.
Display Campaigns / Search / Mobile /
Social Media / Websites, Shops &
Portals
Countries
Business Line
Offerings
Switzerland
Germany
Russia
Austria
Poland
Competence Centres
Offerings by Goldbach INTERACTIVE.
11 © 2012 Goldbach Group
Summary Financial Results 2011 and Previous years.
© 2012 Goldbach Group 12
Core Business Result:
The Core Business Result excludes the Print Business in Romania (as it does not belong to the group‘s core operation) as well as positive and negative one-time
items above CHF 1m, mainly in connection with acquisitions and disposals of subsidiaries.
*Operating Expenses excluding Amortization, Depreciation and Impairment
2011 2010 2009
Net Revenue reported 446.0 329.4 318.0
core business 446.0 327.2 306.5
Gross Profit reported 99.0 78.6 76.3
core business 99.0 78.0 72.2
EBIT reported 30.0 23.3 11.8
core business 30.1 21.7 18.6
OPEX* reported -61.7 -49.5 -56.0
core business -65.7 -53.3 -50.1
13
/ Today, Business Line Media has fully
developed its position as market leader in
marketing for private TV channel in CH
/ The Business Line Media holds an out-
standing portfolio of marketing contracts
/ TV Business is resistant towards market and
economic volatility
Goldbach Group is Out Performing in 2011.
/ Continued strong shift from classic into
electronic media
+65.6%
+ 38.8%
vs
FY 2010
+ 36.3%
vs
FY 2010
+ 61.9%
vs
FY 2010
+ 62.2%
vs
FY 2010
14
/ Providing full service digital marketing
solutions to direct advertisiers and digital
agencies
/ International expansion on track. Market
entrance in Austria and Poland.
Goldbach Group Offers Full Digital Marketing Solutions.
/ Increased focus on margin - not revenue
/ Transition period with introduction of new
audience targeting technology and Video
network
/ Strong and profitable growth of Online-TV
products
-3.7 %
+32.3%
- 15.4%
vs
FY 2010
- 9.3%
vs
FY 2010
+ 4.1%
vs
FY 2010
+ 9.3%
vs
FY 2010
© 2012 Goldbach Group 15
Market Developments Switzerland and International
© 2012 Goldbach Group 16
Switzerland:
Advertising Market on the Level of 2006.
Quelle: Netto Werbeaufwand Schweiz der Stiftung Werbestatistik Schweiz (www.werbestatistik.ch). Semester Report Online 2011 von Media Focus für Internet. Interne Umsatzstatistiken von
Goldbach oder Schätzungen durch Goldbach für andere Medien im 2011.
in M
io.
CH
F
107 156 203 276 337 449 468 588 615 637 628 595
669 763 142 138 136 131 135 135
143 559
598 669 689 606
613 620
2299 2369
2487 2406
1915
2001 1913
3742 3921
4174 4169
3621
3902 3938
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
0
500
1'000
1'500
2'000
2'500
3'000
3'500
4'000
4'500
5'000
2005 2006 2007 2008 2009 2010 2011e
Print total Kino OOH Teletext Radio total TV total Internet total Total Werbemarkt inkl. Online
• Print still declining
• Outdoor Advertising
on the level of 2006
• Sustainable growth in
elecronic media
© 2012 Goldbach Group 17
Switzerland:
TV Wins More Than 2 % Market Share.
Quelle: Netto Werbeaufwand Schweiz der Stiftung Werbestatistik Schweiz (www.werbestatistik.ch). Semester Report Online 2011 von Media Focus für Internet. Interne Umsatzstatistiken von
Goldbach oder Schätzungen durch Goldbach für andere Medien im 2011.
2.9% 4.0% 4.9% 6.6% 9.3% 11.5% 11.9%
15.7% 15.7% 15.3% 15.1% 16.4%
17.1% 19.4% 3.8% 3.5% 3.3% 3.1% 3.7%
3.5% 3.6%
14.9% 15.3% 16.0% 16.5%
16.7% 15.7%
15.7%
61.4% 60.4% 59.6% 57.7% 52.9% 51.3% 48.6%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2005 2006 2007 2008 2009 2010 2011e
Print total OOH Kino Teletext Radio total TV total Internet total
• Market share
of electronic
media in-
creased by
56 % to 35 %
within six
years
• Continuous
TV-Market
growth in
the future
© 2012 Goldbach Group 18
Switzerland:
TV Advertising Market Triples Itself Due to Private Offerings. 115
127
141
150
175
178
192
203
220
220
227
241
296
318
315 388
422 493
531
494
482
488
529
545
560
581
565
542 615 7
04
115
127
141
150
175
178
192
203
220
220
227
241
315
339
343
416
450
540
577
546
527
533
570
588
615
637
628
595
669
763
0
100
200
300
400
500
600
700
800
900
19
82
19
83
19
84
19
85
19
86
19
87
19
88
19
89
19
90
19
91
19
92
19
93
19
94
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11e
TV Sponsoring
TV Spots
TV total
Quelle: Netto Werbeaufwand Schweiz der Stiftung Werbestatistik Schweiz (www.werbestatistik.ch). Semester Report Online 2011 von Media Focus für Internet. Interne Umsatzstatistiken von Goldbach oder
Schätzungen durch Goldbach für andere Medien im 2011.
© 2012 Goldbach Group 19
Quelle: Netto Werbeaufwand Schweiz der Stiftung Werbestatistik Schweiz (www.werbestatistik.ch). Semester Report Online 2011 von Media Focus für Internet. Interne Umsatzstatistiken von Goldbach oder
Schätzungen durch Goldbach für andere Medien im 2011.
Switzerland:
Continious Growth of Goldbach’s TV Market Share.
179 178 200 249
56 63 72
86
393 354 397 428
0%
20%
40%
60%
80%
100%
2008 2009 2010 2011e
SRG total CH-Private total Fenster total Anteil Goldbach total an TV total
• TV net revenue
Goldbach grew by
73 % to CHF 287 Mio.
(PY CHF 166 Mio.)
• organic growth
of TV net revenue
more than 20 %
© 2012 Goldbach Group 20
Quelle: Netto Werbeaufwand Schweiz der Stiftung Werbestatistik Schweiz (www.werbestatistik.ch). Semester Report Online 2011 von Media Focus für Internet. Interne Umsatzstatistiken von Goldbach oder
Schätzungen durch Goldbach für andere Medien im 2011.
Switzerland:
Goldbach Develops Swiss Radio Market.
• Radio market
grew by 6 %
• Goldbach net
revenue growth
of 26 % to
CHF 43 Mio.
(PY CHF 34 Mio.)
• Sponsoring/
Special Adver-
tising Formats
and national
Radio Adverti-
sing are the
drivers of growth
39 39 39 39 40 40 41 45 43 49
5 5 7 8 11 10 8 9 13 13
67 64 67 75 64 66 61 60 55 54
18 19 19 19 22 20 19 20 23 26
129 131 143
0
50
100
150
0%
20%
40%
60%
80%
100%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011e
Privatradio Sponsoring / Sowefo lokal Privatradio Spotwerbung lokal
SRG Radiosponsoring national Privatradio Sponsoring / Sowefo national
Privatradio Spotwerbung national
135
© 2012 Goldbach Group 21
Quelle: Netto Werbeaufwand Schweiz der Stiftung Werbestatistik Schweiz (www.werbestatistik.ch). Semester Report Online 2011 von Media Focus für Internet. Interne Umsatzstatistiken von Goldbach oder
Schätzungen durch Goldbach für andere Medien im 2011.
Switzerland:
Special Advertising Formats Become More Important in Radio.
• Sponsoring
and special
advertising
formats double
share of total
Radio adverti-
sing revenue to
28 %
• SRG Radios
generate a third
of the segment
85% 88% 86% 84% 82% 81% 80% 80% 75% 78% 78% 78% 73% 72%
0%
20%
40%
60%
80%
100%
0
50
100
150
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011e
Radio Sponsoring total Privatradio Spot total Radio total Goldbach Anteil am Radiomarkt
CH
F 1
14
Mio
.
CH
F 1
42
Mio
.
CH
F 1
43
Mio
.
15% 13%
14% 16% 19% 20%
20% 20%
25% 22% 22% 22% 27%
28%
85% 88% 86% 84% 82% 81% 80% 80% 75% 78% 78% 78% 73% 72%
© 2012 Goldbach Group 22
Switzerland:
Total Online Advertising Market Grew Lightly (net).
Quelle: Netto Werbeaufwand Schweiz der Stiftung Werbestatistik Schweiz (www.werbestatistik.ch). Semester Report Online 2011 von Media Focus für Internet. Interne Umsatzstatistiken von
Goldbach oder Schätzungen durch Goldbach für andere Medien im 2011.
in M
io.
CH
F
36 47 52 86
119 143 129 18
27 44
69
95
125 140
22 33
42
44
41
55 63
22
31
39
44
48
93 99
107
156
203
276
337
449 468
0
100
200
300
400
500
2005 2006 2007 2008 2009 2010 2011e
Affiliate Rubriken (Auto) Rubriken (Immo) Rubriken (Job)
Search Display Internet total
• Total online ad-
vertising market
grew by 4 %
only
• «Classifieds» are
the main growth
driver in this seg-
ment; plus 10 %
• Display decreased
by 10 %
© 2012 Goldbach Group 23
Switzerland:
Video will lead Display to Growth.
Quelle: Netto Werbeaufwand Schweiz der Stiftung Werbestatistik Schweiz (www.werbestatistik.ch). Semester Report Online 2011 von Media Focus für Internet. Interne Umsatzstatistiken von
Goldbach oder Schätzungen durch Goldbach für andere Medien im 2011.
Display split:
34% 33% 29% 34% 38% 34% 30%
17% 17% 22%
25% 28%
28% 30%
49% 49% 49% 41%
34% 38% 40%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2005 2006 2007 2008 2009 2010 2011e
Rubriken Search Display+Affiliate
11%
89%
Instream
Video
other Display/
Affiliate
advertising
© 2012 Goldbach Group 24
US Market Developments:
Three ad Formats Will get at Least 80 % of Online
Advertising; Video Fastest Growing.
Source: eMarketer January 2012
ad
sp
en
din
gs in
%.
48.0 46.9
24.1 20.5
6.3
15.0
0.0
10.0
20.0
30.0
40.0
50.0
60.0
2011 2012 2013 2014 2015 2016
Search Banners/Display Video
%
%
%
%
%
%
• Search/Display:
Spendings will
slip sligthly
• Video: Ad Spending
nearly doubles its
share from 7.9 % in
2012 to 15 % in 2016
25
Worldwide Media and Marketing Forecasts by Group M.
Global
US $
in m
Share
in %
Growth
in %
2010 468.1 100 6.5
2011 f
revised 491.2 100 4.9
2012f 522.2 100 6.3
TV 227.5 43.6 7.0
Radio 27.6 5.3 4.3
Display 36.0 n.a. 12.6
Interaction 98.2 18.8 15.8
Sources: GroupM 70-country world media & marketing forecasts, winter 2011, current prices. Interaction are combined figures of Internet display, Search paid, Mobile
advertising, video, viral, game. Online figures are not comparable due to change in survey.
Swiss Market
US $
in m
Share
in %
Growth
in %
4.9 100 9.9
5.1 100 4.7
5.3 100 3.7
1.6 30.7 6.0
0.2 3.7 1.7
n.a. n.a. n.a.
0.44 8.3 15.2
CEE
US $
in m
Share
in %
Growth
in %
17.7 100 13.0
20.3 100 14.3
22.0 100 8.8
11.7 53.1 9.0
0.9 4.2 3.3
0.76 n.a. 19.7
3.0 13.5 19.1
© 2012 Goldbach Group
© 2012 Goldbach Group 26
PWC: Market Developments
German and Austrian Advertising Market.
Source: PWC Global Entertainment & Media Outlook 2011 – 2015
0
1000
2000
3000
4000
5000
6000
7000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Wired internet advertising Newspaper publishing advertising
Radio advertising Television advertising
Eu
ro m
illio
ns.
Germany Austria
Eu
ro m
illio
ns.
0
100
200
300
400
500
600
700
800
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
© 2012 Goldbach Group 27
PWC: Market Developments
Romanian and Czech Republic Advertising Market.
Source: PWC Global Entertainment & Media Outlook 2011 – 2015
Eu
ro m
illio
ns.
Romania Czech Republic
Eu
ro m
illio
ns.
0
50
100
150
200
250
300
350
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Wired internet advertising Newspaper publishing advertising
Radio advertising Television advertising
0
100
200
300
400
500
600
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
© 2012 Goldbach Group 28
PWC: Market Developments
Russian and Polish Advertising Market.
Source: PWC Global Entertainment & Media Outlook 2011 – 2015
Eu
ro m
illio
ns.
Russia Poland
Eu
ro m
illio
ns.
0
200
400
600
800
1000
1200
1400
2006 2007 2008 2009 2010 2011 2012 2013 2014 20150
1000
2000
3000
4000
5000
6000
7000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Wired internet advertising Newspaper publishing advertising
Radio advertising Television advertising
Goldbach goes Multi Screen
© 2012 Goldbach Group 30
Goldbach «Bewegtbild» in any Channel - on any Screen.
TV / AdScreen Tablet Mobile PC
© 2012 Goldbach Group 31
3 Mio. Swiss Citizens are Using Internet Streaming in 2011. Streaming on Internet-TV-, Video- and News-Platforms
5178
1406
2700
2059
3072 59 %
27.1 %
52 %
40 %
100 %
Internet TV: The Media of „Digital Natives“
32
Source: KommTech Studie 2012, IGEM and PublicaData. Daten für Personen über 15 Jahren, CH-Total
User Intensity TV (f.e. Wilmaa, Zattoo etc.)
/ Already half of the young Swiss people are using Internet TV such as Wilmaa or Zattoo
/ Over 23 % of this target group are using Internet TV once a week at least
27
2 3 5
16
49
6 7
10
26 28
2 3 5
18
23
0 2
5
16
9
1 1 2
5
NutzungInternet-TV
Täglich oderfast täglich
Mehrmals proWoche
Ungefähreinmal pro
Woche
Weniger alseinmal pro
Woche
Personen ab 15 Jahren 15-24 25-44 45-64 65+
15
20
27
0%
10%
20%
30%
40%
50%
Nutzung Internet-TV imJahresvergleich
Ante
il alle
r B
efr
agte
n
2009 2010 2011
+34%
© 2012 Goldbach Group 33
The Goldbach Video Network ist THE Solution for
Modern, Cross Media Multi Screen Communication.
© 2012 Goldbach Group 34
The Premium Partners in the Goldbach Video Network.
+ 30 Premium-Partners:
40 Mio. Video Views
Multi Screen Reporting Goldbach Video Network
© 2012 Goldbach Group 35
Reporting für Swiss Premium Kampagnen (Beispiel)
© 2012 Goldbach Group 36
Financial Results 2011 March 6th, 2012 / Stephan Bergamin
© 2012 Goldbach Group 37
/ Strong Sales growth of +35.4% despite of negative currency impacts:
- Media +61.9% (currency adjusted +62.2%)
- Audience -15.4% (currency adjusted -9.3%)
- Interactive +4.1% (currency adjusted +9.4%)
/ EBIT Margin (Core Business) increase from 6.6% to 6.7%:
- Media: From 10.2% to 10.1%
- Audience: From 2.5% to 4.9%
- Interactive: From 8.5% to 5.9%
/ EBIT growth (Core Business) compared to PY of 38.4%:
- Media +59.9%
- Audience +62.0%
- Interactive -27.0%
Financial Highlights 2011
38
Goldbach Group Performance Since IPO.
Source: Bloomberg, 05.03.2012
Development since IPO
June 15th, 2007
Issue rate CHF 42.-
Goldbach Group -41.7%
Offline Peers -28.7% (Havas, Publicis, WPP, Aegis,
PubliGroupe, Edipresse,
Tamedia, JC Decaux)
Online Peers -72.5% (AdLINK Internet Media, Ad
Pepper Media, ValueClick,
TradeDoubler)
SWX Media Index -45.6%
SPI -25.7%
Goldbach Group compared to peer-groups & benchmarks
5
10
15
20
25
30
35
40
45
50
55
60
Jun-0
7
Sep
-07
Dec-
07
Mar
-08
Jun-0
8
Sep
-08
Dec-
08
Mar
-09
Jun-0
9
Sep
-09
Dec-
09
Mar
-10
Jun-1
0
Sep
-10
Dec-
10
Mar
-11
Jun-1
1
Sep
-11
Dec-
11
Mar
-12
Goldbach Group Offline Peers Online Peers SWX Media Index SPI
© 2012 Goldbach Group 39
Explanatory comments
/ Major Changes in Scope of Consolidation:
- After the completion of the squeeze-out procedure of ARBOmedia AG, Munich in
August 2011, Goldbach Group owns 100% of the company. Subsequently the shares of
ARBOmedia were delisted from the Stock Exchange in Frankfurt.
- In the second half-year 2011 the group sold the two remaining Romanian print
publishing companies Dunarea de Jos S.A. and Grupul de Presa Medianet S.A. With
the sale of these two companies, the disposal of the Print business in Romania is
completed.
/ Change in Presentation of Operating Segments:
- Since January 1, 2011 Goldbach Group reports in 3 Business Lines. The former Offline
Segment is renamed to Business Line Media. The former Online segment is divided
into the Business Lines Interactive and Audience. The prior year figures were adjusted
accordingly.
© 2012 Goldbach Group 40
Impact of one-time items in 2011 and 2010
1) Loss in relation to the sale of Print Business contains negative currency impact of CHF -1.6m
2) Figures relate to continuing operations in 2011
Core Business Result:
The Core Business Result excludes the Print Business in Romania (as it does not belong to the group‘s core operation) as well as positive and negative one-time
items above CHF 1m, mainly in connection with acquisition of ARBOmedia.
in CHFm2011
Reported
Disposal
Business 1)
one-time
items
acquisition
ARBOmedia
-2011 Core
Business
delta
in CHFm
delta
in %
delta
in CHFm
delta
in %
Net Sales 446.0 - - - 446.0 116.6 35.4% 118.8 36.3%
EBITDA 37.3 - 4.0 - 33.4 8.2 28.3% 8.6 34.9%
EBIT 30.0 - -0.1 - 30.1 6.7 28.8% 8.3 38.4%
Net Profit 6.0 -2.5 0.1 - 8.4 0.9 18.7% -0.5 -6.1%
in CHFm2010
Reported 2) Print
one-time
items
acquisition
ARBOmedia
EU decision
on German
Tax Law
2010 Core
Business
Net Sales 329.4 2.2 - - 327.2
EBITDA 29.1 -0.7 5.1 - 24.7
EBIT 23.3 -0.9 2.4 - 21.7
Net Profit 5.1 -1.6 2.2 -4.5 9.0
2011
2010
Core BusinessReported
© 2012 Goldbach Group 41
Key Figures – Reported Values
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 2010 1) 329,394 78,563 -49,471 29,092 23,293 -17,615 -607 5,071
YE 2011 446,030 99,044 -61,716 37,328 30,007 -21,384 -2,605 6,018
in T
CH
F
+26.1%
+24.8%
+28.3 % +28.8% +18.7%
+35.4%
+21.4%
© 2012 Goldbach Group 42
Double Digit Sales Growth – adverse FX impact
/ 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
2010 208,602 88,845 37,578 -5,631 329,394
2011 337,724 75,173 39,135 -6,002 446,030
in T
CH
F
+61.9%
-15.4%
+4.1%
+35.4%+62.2%*
-9.3%*
+9.4%*
+37.9%*
-50,000
-
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
2010 2011
Interactive 37,578 39,135
Audience 88,845 75,173
Adscreen, TXT & Other 3,768 3,342
Radio 34,142 42,992
TV 170,692 291,390
Other & Consolidation -5,631 -6,002
Total Sales 329,394 446,030
Gro
wth
Ra
te:
+ 71%
+ 26%
-15%
+4%
© 2012 Goldbach Group 43
Strong growth in TV and Radio
/ Net Sales by Productline & Relative share of Total 3rd Sales by
Productline
Gro
wth
Rate
:
Gro
wth
Rate
:
65%10%
1%
15%
9%
52%
11%1%
25%
11%
© 2012 Goldbach Group 44
/ Gross Profit & Gross Margin
Increase in Gross Profit of +26.1%
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
2010 2011
Gross Profit 78,563 99,044
Gross Margin 23.9% 22.2%
in T
CH
F
Gross Profit +26.1%
Gross Margin -1.7 percentage
points due to Business Line
Media
© 2012 Goldbach Group 45
/ Operating Expenses
OPEX increase of 24.9% vs Sales increase of 35.4%
-90,000
-80,000
-70,000
-60,000
-50,000
-40,000
-30,000
-20,000
-10,000
0
10,000
20,000
2010 2011
Other Opex -11,902 -12,110
Other Operating Income 9,405 6,989
Depr.,Amort. & Impairments -5,799 -7,321
IT & Communication -3,532 -3,127
Marketing & Research -5,698 -7,172
Personnel Expenses -37,744 -46,296
Total OPEX -55,270 -69,037
in T
CH
F
© 2012 Goldbach Group 46
EBITDA and EBIT Core Result
Core Business Result:
The Core Business Result excludes the sold Print Business in Romania (as it did not belong to the group‘s core operation) as well as positive and negative one-time
items above CHF 1m, mainly in connection with acquisitions and disposals of subsidiaries.
/ EBITDA growth +34.9%
/ EBIT growth +38.4%
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
2010 2011
EBITDA 24,718 33,351
EBITDA Margin (in % of Net Sales)
7.6% 7.5%
in T
CH
F
EBITDA Margin -0.1
percentage points
EBITDA+34.9%
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
2010 2011
EBIT 21,744 30,086
EBIT Margin (in % of Sales)
6.6% 6.7%
in T
CH
F
EBIT Margin +0.1 percentage points
EBIT+38.4%
© 2012 Goldbach Group 47
EBIT by Business Lines – Core Result
in T
CH
F
Core Business Result:
The Core Business Result excludes the sold Print Business in Romania (as it did not belong to the group‘s core operation) as well as positive and negative one-time
items above CHF 1m, mainly in connection with acquisitions and disposals of subsidiaries.
/ Media:
/ EBIT growth +60%
/ Audience:
/ EBIT-margin doubled
/ Interactive:
/ International Roll-out
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
2010 2011
EBIT 21,256 33,987
EBIT Margin 10.2% 10.1%
EBIT+59.9%
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2010 2011
EBIT 2,258 3,657
EBIT Margin 2.5% 4.9%
EBIT+62.0%
-
500
1,000
1,500
2,000
2,500
3,000
3,500
2010 2011
EBIT 3,185 2,326
EBIT Margin 8.5% 5.9%
EBIT-27.0%
2010
© 2012 Goldbach Group 48
Impact on key figures due to the strong growth in TV 2011
Net Sales
Gross Profit
OPEX (excl. amortization)
EBIT
/ Key Figures – Relative Share by Business Line (Core Result)
Media Audience Interactive
Media Audience Interactive
61%22%
17%
48%
25%
27%
85%
9%6%
64%
25%
11%
56%26%
18%
44%
34%
22%
80%
8%
12%
76%
15%
9%
-13,000
-11,000
-9,000
-7,000
-5,000
-3,000
-1,000
1,000
2010 2011
Financial Result -719 -857
Income Taxes -9,532 -7,767
Non Controlling Interests -7,364 -12,760
Net profit/(loss) f. disc.operations
-607 -2,605
Total -18,222 -23,989
in T
CH
F
© 2012 Goldbach Group 49
/ Other Expenses, NCI, discontinued operations
Sale of Print and increase in Non Controlling Interests
1) 2010: EU Decision on German Tax Law („Sanierungsklausel“) led to a one-time tax expense of TCHF 4‘492
2) In 2011 the remaining two print publishing companies were sold and therefore classified as discontinued operation. 2010 Figures were
adjusted accordingly. The 2011 figures includes Foreign Exchange Losses of CHF -1.6m previously recorded in Equity.
1)
2)
© 2012 Goldbach Group 50
/ Net Profit, share of Goldbach Group shareholders
Net Profit increase by 18.7%
5,071
6,018
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2010 2011
in T
CH
F
Net Profit
+18.7%
© 2012 Goldbach Group 51
Balance Sheet: Increased Equity
-
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000
Dec 2010 Dec 2011 Dec 2010 Dec 2011
Equity 57,171 62,073
Non-current Liabilities 42,064 35,084
Current Liabilities 99,349 100,359
Non-current Assets 59,050 47,185
Current Assets 139,534 150,331
Total 198,584 197,516 198,584 197,516
in T
CH
F
70%
30% 24 %
76%
50%
21%
29% 31%
18%
51%
© 2012 Goldbach Group 52
Equity ratio up from 28.8% to 31.4%
/ Equity, Equity Ratio
57.262.1
+18.8 -0.8 -2.0-12.2
+1.1
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
Equity Dec 10
Profit of the Year
CTA AcquisitionNCI
Dividends Other Movements
Equity Dec 11
in m
CH
F
Equity Ratio:28.8%
Equity Ratio:31.4%
0
20,000
40,000
60,000
80,000
100,000
120,000
Cash Balance YE 2010*
Operating CF Investing CF Financing CF FX Difference Cash Balance YE 2011
in T
CH
F
28'961-3'952 -17'702
-57374'359
67'625
© 2012 Goldbach Group 53
/ Cash Flow Statement
Strong Operating Cash Flow
* Adjusted for the discontinued operations
© 2012 Goldbach Group 54
/ Guidance: - Single-digit sales growth
- Increasing profitability and net profit
/ Depending on: - Macroeconmic development
- Development of FX-rates due to international exposure
Outlook.
GOLDBACH GROUP AG
Seestrasse 39
8700 Küsnacht
www.goldbachgroup.com
www.goldbachvideonetwork.com
Klaus Kappeler
Direkt +41 44 914 91 10
Stephan Bergamin
Direkt +41 44 914 91 30
© 2012 Goldbach Group 56
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 constitutes a recommendation to buy
Goldbach Group shares.
Disclaimer