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© 2012 Goldbach Group 1
Interim Report 2012 / Orientation August 21st, 2012 / Klaus Kappeler, CEO & Stephan Bergamin, CFO / Widder Hotel, Zurich
Goldbach‘s Milestones 2012 / First Half Year.
/ February: Launch of Goldbach Video Network
/ May: Growth in the Adriatic region through
acquisition of digital agency Renderspace
/ June: Successful operation of interactive features
on Wilmaa Internet TV during European
Championship (EM-Guide)
/ August: Contract for exclusive sale of Viacom online
video advertising inventory in Poland
© 2012 Goldbach Group 2
The International Setup of Goldbach Group.
Offline:
> Goldbach Media
(TV/Radio/Out-of-Home)
Online:
> Goldbach Audience
> Goldbach Interactive
> Goldbach Mobile
Switzerland
Offline:
> Goldbach Media (TV/Out-of-Home)
Online:
> Goldbach Audience
> Goldbach Interactive
Austria
Online:
> Goldbach Interactive (Search)
Germany
WEST
Online:
> Goldbach Audience
Croatia
Online:
> Goldbach Audience
Serbia
Online:
> Goldbach Audience
> Goldbach Interactive
(Renderspace)
Slovenia
Adriatic EAST
Online:
> Goldbach Interactive
Russia
Offline:
> Goldbach Media
(TV/Radio/Out-of-Home)
Online:
> Goldbach Audience
Romania
Online:
> ARBOmedia
> Goldbach Interactive
Poland
Online:
> Goldbach Audience
Czech Republic
© 2012 Goldbach Group 3
4 © 2011 Goldbach Group
Online
Display / Search / Mobile / InGame / Performance
Marketing / Social Media / Video
Offline
TV / Radio / Out-of-Home
Business Lines
Offerings
Competence
Centres & Strategic
Functions
IP TV/VIDEO
West
Adriatic
East (ARBO)
Co
un
trie
s
/ Switzerland / Austria
/ Romania
/ Switzerland / Austria / Germany
/ Croatia / Slovenia / Serbia
/ Poland / Czech Rep. / Romania / Russia
We are Goldbach!
Goldbach Interactive
Summary Financial Results HY 2012.
Mio CHF HY 2012 HY 2011 HY 2010
Net Revenue 208.9 209.8 152.3
Growth in % -0.4% +37.8% +9.2%
Gross Profit 45.0 48.4 34.0
Growth in % -7.0% +42.3% +9.9%
OPEX 28.8 32.3 25.5
Growth in % -10.7% +26.7% +1.4%
EBIT 13.8 14.5 7.1
Growth in % -4.8% +104.2% 17.0%
Net Profit 3.4 3.1 3.1
Growth in % +10.7% +0.7% +92.8%
© 2012 Goldbach Group 5
/ TV Business is resistant towards market and
economic volatility.
/ Business Line Media as the market leader
in marketing for private TV channel in CH
could further increase its market share.
/ Very strong development in Radio Business
in HY1/2012.
Net Revenue and EBIT Compared to Piror Year (1).
/ Net Revenue and EBIT slightly below prior
year.
+65.6%
HY2011
HY2012
Total Group 209'805 208'892
0
100'000
200'000
300'000
Net Revenues (in TCHF)
-0.4%
HY2011
HY2012
Total Group 14'487 13'799
0
5'000
10'000
15'000
EBIT (in TCHF)
-4.8%
Goldbach Group
HY2011
HY2012
Total Media 154'076 165'630
0
50'000
100'000
150'000
200'000
Net Revenues (in TCHF)
7.5%
HY2011
HY2012
Total Media 16'605 16'614
0
5'000
10'000
15'000
20'000
EBIT(in TCHF)
0.1%
Business Line Media
© 2012 Goldbach Group 6
/ Change of some customers in CH leads to
lower net revenue.
/ International expansion on track.
/ Substantial strategic investments lead to
lower EBIT.
Net Revenue and EBIT Compared to Piror Year (2).
/ Difficult market situation in Poland and CH
leads to significant lower net revenue (e.g.
direct marketing Facebook).
/ EBIT improvement due to cost savings,
margin improvement as well as one-time
impact.
+32.3%
HY2011
HY2012
TotalAudience
38'356 27'693
0
10'000
20'000
30'000
40'000
Net Revenues(in TCHF)
-27.8%
HY2011
HY2012
TotalAudience
1'598 2'612
0
1'000
2'000
3'000
4'000
EBIT(in TCHF)
63.5%
Business Line Audience
HY2011
HY2012
TotalInteractive
20'133 18'493
0
10'000
20'000
30'000
Net Revenues (in TCHF)
-8.1%
HY 2011 HY 2012
TotalInteractive
1'428 190
0
400
800
1'200
1'600
EBIT (in TCHF)
-86.7%
Business Line Interactive
© 2012 Goldbach Group 7
0
10
20
30
40
50
60
70
80
HY2011
HY2012
Online 69 59in
Mio
. CH
F
Gross Revenues CH - Market
-14.5%
0
2
4
6
8
10
12
14
16
18
HY2011
HY2012
Online 15.2 13.6
in M
io. C
HF
Net RevenuesGBA CH
-10.8%
HY 1 2012 vs. HY 1 2011
Goldbach Increases its Market Share in Switzerland.
Source: Monthly Media Focus Gross Revenues / Goldbach Group Net Revenues
© 2012 Goldbach Group 8
-30%
0%
30%
60%
0
60
120
180
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Online 18 16 19 29 36 47 52 86 119 160 135
growth in % -10.4% 20.2% 49.5% 25.2% 29.2% 10.9% 64.9% 38.5% 34.1% -15.4%
in M
io. C
HF
Gross Revenues CH-Market 2001 - 2011Gross Display Rev. CH- Market 2001 - 2011
Gross Revenues
Display Market CH
HY 1 2011 vs. HY 1 2012
Net Revenues
Display Goldbach CH
>> Focusing the Strategy.
9
Innovation Drives Audience Fragmentation Across Channels
and Continues to Change and to Shape the Ad Markets.
Explosive Appearance of New Marketing Channels
From … … To
Traditional Digital Marketing Channels
Greater
Audience
Fragmentation
Across
Channels and
Devices
1995 2012
Complexity
for Agency /
Advertisers
Complexity
for Media /
Publishers
© 2012 Goldbach Group 10
TV
Cinema
Radio
OOH
In-OTT
In-App
In-Game
Social
Mobile
Online Video
Affiliate
Display
Search
TV
Cinema
Radio
OOH
Digital / IP TV
x3
The right ad
For the right person
Through the right channel
On the right device
At the right time
At the right place
For the right interaction
At the right price
In This Context, Advertisers and Consumers are Both Looking
for Even Greater Advertising Relevance.
Today’s Advertisers and
Consumers both Want …
Advertisers Consumers
Advertising intermediaries enable relevance by leveraging technology
and convenience by simplifying the complex marketing environment
© 2012 Goldbach Group 11
Increasingly Professional Video is Consumed Online –
Introducing Interaction – Even on Classical “Connected TV”.
Daily TV Consumption Germany, in Min per User
Classical TV Set PC Video Mobile Handset
2020
48%
33%
-2%
5%
3%
-0,2%
2015
82%
11% 7% 250
79%
12%
9%
257
2002
99%
214
1%
2010
3% 1%
96%
230
Get 5% off for every order!
Interaction
Real-time voting
Informative or with
direct impact on
content
Social media integration
Private or public chats
with friends viewing
same show
Publication of posts on
own profile
Enriched content
Via overlay
Additional points of
view/ content – even
for live broadcasts
Targeted advertising
Display advertising
Possible combination
with apps for online
ordering
Connected TV
© 2012 Goldbach Group 12
Source: Komm Tech / PWC
TV Consumption Switzerland, % of Users
2009 2011
2% 8%
90%
7%
81%
12%
320%
63%
-2%
Forecast
As Online Video Usage Increases Across Platforms, Video
Ad Spend is the Strongest Growing Category.
Source: PwC Global Entertainment & Media Outlook, June 2011
Search +9%
Video +41%
Display +10%
2016f
5,284
63%
9%
28%
2015f
4,871
63%
8%
28%
2014f
4,446
64%
8%
28%
2013f
4,015
65%
6%
29%
2012f
3,587
66%
5%
29%
2011
3,203
68%
3%
29%
2010
2,864
68%
2%
30%
Online advertising revenues p.a. in mn. Euro, 2010-2016f
CAGR
‘10-‘16
© 2012 Goldbach Group 13
Germany
Forecast
2016f
785
56%
8%
36%
717
57%
8%
35%
2014f
650
59%
7%
34%
2013f
580
61%
6%
33%
2012f
526
62%
6%
33%
2011
489
63%
5%
32%
2010
461
65%
4%
31%
Search +7%
Video +22%
2015f
Display +12%
CAGR
‘10-‘16 Switzerland
Total +11% Total +8%
Forecast
In the Swiss market, Goldbach Launched its Video Network
and is Outpacing Competitors in In-Stream Video.
Source: Goldbach Group
© 2012 Goldbach Group 14
0
5
10
15
20
25
30
35
40
45
50
2011 2012 2013 2014 2015
CH
F n
et/
ne
t in
Mio
.
Swiss Market Development
CAGR
‘12-‘15
Total +20%
Goldbach +24%
15
21
26.1
30.7
36.2
0 20 40 60 80 100 120
Magazine
News-
paper
Internet
OOH
Radio
TV
Indeed, Video is the Most Valuable Inventory After Top
Premium Display – Preserving This “Premiumness” is Key.
Online Video CPM (Net3)
Professional Video Content
Pre Role CHF 70-80
Mid Role CHF 60-70
Post Role CHF 50-60
Run of Network
In-Stream ~CHF 30
Online CPM (Net3)
Top Swiss
Journalistic Sites
- Wallpaper
CHF 54
Top 20 Site
- Wallpaper Lvl 1 CHF 48
Top 20 Site
- Banner Lvl 2 CHF 24
Top 20 Site
- Banner Lvl 3 CHF 18
Video Format Ad
- large Size - CHF 54
Rich Media Ad
- mid size - CHF 48
Interstitials
- Video CHF 60
Online Ad Market for Video Sites in CH 2012
Online Ad Market Prices for Traditional Portals in CH 2012
Ad Pricing by Medium CH, 2009-2012, Average CPM & Range
(TargetGroup 15-49)
Source: Goldbach Audience (Switzerland) AG
TV and Online Video / Rich Media bundling
required to avoid CPM erosion – as happened
in Print-to-Online migration of ad budgets
CHF
© 2012 Goldbach Group 15
In Fact, TV & Premium Online Display ad Sales are Considered
by the Advanced US Market as a Natural Fit for the Future.
Source: Adap.TV State of Video Industry Report (US)
Role of TV and Digital Video Advertising
Survey among advertising professionals
TV 49%
Display 40%
Neither
11%
Video should be more aligned with … The advertising industry views
online video advertising as …
© 2012 Goldbach Group 16
33%
28%
Replacement
for TV 11%
Neither
10%
Complement
to TV 56%
62%
2011 2012
Importance of unified
TV and video metrics …
Less
28
51
8
13
Somewhat
Most
Very
Overall in Digital, the Ad Sales Market is Bifurcating Between
Solutions-Based and Automated Buying – Also for Rich Media.
Advertiser/ Agency
Source: Forrester, iab, Screen Digest, Google, Booz & Company analysis
1) / 2) Booz Projection: Based on reserved and unreserved ad impressions delivered through doubleclick Europe projected to IAB display revenue for Europe assuming a 10/1 reserved to unreserved ratio.
Online Display Ad Sales Bifurcation Europe
Media Owners
Media Owners
Media Owners
So
lutio
ns
Sales Houses People + Data
Real-time biddable
Media Supply
Sources
Au
tom
ate
d
Central Buying Platforms
Technology + Data
(Electronic “stock”
exchange for advertising – e.g. Google, Yahoo)
50-55% 70-90%
45-50% 10-30%
Volume1) Value2)
Share of
© 2012 Goldbach Group 17
Re
se
rve
d
Inve
nto
ry
Un
res
erv
ed
In
ve
nto
ry
Despite Lower Market Value, Automated Sales Sets the
Technology Standards Also for Solutions-Based Buying.
Traditionally,
advertisers have
focused on context
buys
With more advanced
targeting and tracking,
advertisers will
become more
focused on audience
buying in order to
increase precision of
reach
Using data to target
ads has become
must have
Looking ahead,
players will integrate
both online and
offline data for more
sophisticated data
analytics
Access to
proprietary data will
be a key
differentiator
With digital enabling
greater trackability,
advertisers are
increasingly focused
on performance
In the future, a clear
link between
advertising and
objectives will be
critical
Intermediaries that
are able to deliver
superior performance
will win out
Ad technology today
enables:
– Greater efficiency,
effectiveness and
transparency
– Improved formats and
campaign
performance
– Following consumers
and audiences along
the journey across
channels and devices
Most of today’s
inventory is standard
static display ad units
Players are
addressing technical
challenges and
adding other types of
inventory to their
platforms, including
rich media, video,
mobile, social, etc.
… Tech enabled … Cross-Media … Audience-
Focused … Data-Driven
… Performance-
Oriented
Source: Booz & Company analysis
© 2012 Goldbach Group 18
Interactive
Leveraging its Built-up Capabilities, Goldbach Will Further
Enhance its Position in Offline and Online Rich Media Ad Sales.
Premium Ad Sales House
for Rich Media Advertising
TV
Radio
DOOH
Display
Video
Mobile
Social
Performance
Creative
Data
Audience Media
Position in
Switzerland
Business
#1 #1 #4
Built-Up Capabilities Strategy: Focused Offering
Leveraging Capabilities
Tech
Technical
© 2012 Goldbach Group 19
TV & Radio
+
DOOH
+
Online Video
+
Online Rich Media
Inte
ractiv
e A
gency
Rich
Media Search
In Fact, it has Already Built up the Capabilities to Lead in
This Environment – Video Network Example …
… Tech enabled … Cross-Media … Audience-
Focused … Data-Driven
… Performance-
Oriented
Video
Plaza
Multiscreen
Ad
Delivery
+
Reporting
Websites &
Portals
Connected
TV
Internet TV Wilmaa, Zattoo,
Teleboy,
Swisscom
Mobile
Audience
Targeting
Youth
Women
Men
Interest
LoHaS
Cross-
Screen TV: GRP
Online:
Impression
Reach +
Frequency
2013: Combined TV +
Online Video
Measurement
Brand +
Direct
Response
Measurement +
Optimization
Within + Across
Channels
© 2012 Goldbach Group 20
… And is in Unique Position to be Leading Specialist in Multi-
Screen Video & Rich Media Display Campaign Delivery.
TV
PC
DOOH
E.g. Video
Couponing
TV Spot
30”/60”
Data
Sales
Consumer
Intelligence
Innovative
Video / Display AdTech
Infrastructure + Analytics
Mobile /
Apps
Social
Affiliate
Bra
nd
Ca
mp
aig
n
Pe
rfo
rma
nc
e C
am
pa
ign
Advertiser
Agency
360
DE
GR
EE
RIC
H M
ED
IA A
DV
ER
TIS
ING
OP
ER
AT
ION
Top Creative
Talent Top Tech
Talent
Video
Media
Partner
Goldbach’s Unique Role in Video and Rich Media Campaign Operations
SO
LU
TIO
N A
ND
O
PT
IMIZ
AT
ION
M
ED
IA S
OU
RC
ING
Other
Display Ad
Top TV and Online
Sales Force
© 2012 Goldbach Group 21
Advice
Other Media
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 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%
Online Market
Share (% of
total ad market)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
Country
• Markets remain
TV dominated
also in the
future
• Goldbach is
looking into
options to
expand its TV
presence
Bubble Size: Ad market [Gross, €, 2014]
© 2012 Goldbach Group 22
Recap.
Advertisers seeking greater advertising relevance and integrated
offerings in face of complexity
Digital media enhancing advertising potential – video key
experience and value driver
Digital ad sales market bifurcating between solutions-based and
automated – technology key
Leveraging capabilities in TV and Online Sales, Goldbach in
unique position in multi-screen video & display campaign delivery
Goldbach currently assessing its market presence and the further
expansion of its TV/Online position in all geographies
© 2012 Goldbach Group 23
>> Financial Results HY 2012 and Outlook
24
/ Net Sales on Prior Year level: -0.4% (curreny adjusted + 0.6%):
- Media +7.5% (currency adjusted +7.6%)
- Audience -27.8% (currency adjusted -24.2%)
- Interactive -8.1% (currency adjusted -5.5%)
/ EBIT sligthly down by -4.8% compared to PY
- Media +0.1%
- Audience +63.5%
- Interactive -86.7%
/ Net Profit increased by 11% compared to PY
Financial Highlights Half Year 2012.
© 2012 Goldbach Group 25
/ 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.
Change in Scope of Consolidation.
© 2012 Goldbach Group 26
Key Figures – Reported Values.
* Operating Expenses excluding Amortizations
** Includes Financial Result, Income Taxes, Non Controlling Interests and the discontinued operation result (in HY 2011: -724, in HY 2012: 0)
-50'000
-
50'000
100'000
150'000
200'000
250'000
Net Sales Gross Profit OPEX* EBITDA EBITOther
Expenses**Net Income
HY 2011 209'805 48'353 -32'271 16'082 14'487 -11'414 3'073
HY 2012 208'892 44'961 -28'826 16'135 13'799 -10'398 3'401
in T
CH
F
-7.0%
-10.7%
+0.3 % -4.8%+10.7%
-0.4%
-8.9 %
© 2012 Goldbach Group 27
Increased Media Sales Compensate for Lower Sales in
Audience and Interactive.
Net Sales by Business Line
* Growth in Local Currency
-50'000
-
50'000
100'000
150'000
200'000
250'000
Media Audience InteractiveCorp / Conso /
OtherTotal Group
HY 2011 154'075 38'356 20'133 -2'758 209'805
HY 2012 165'630 27'693 18'493 -2'923 208'892
in T
CH
F
+7.5%
-27.8%-8.1%
-0.4%+7.6%*
-24.1%*-5.5%*
+0.6%*
© 2012 Goldbach Group 28
Strong Growth in Radio and TV, Immense Growth in Video.
Net Sales by Productline & Relative share of Total 3rd Sales by Productline
-50'000
-
50'000
100'000
150'000
200'000
250'000
HY 2011 HY 2012
Interactive 20'133 18'493
Audience 38'356 27'693
Adscreen, TXT & Other 896 1'393
Radio 20'139 23'603
TV 133'041 140'634
Other & Consolidation -2'760 -2'924
Total Sales 209'805 208'892
Gro
wth
Rate
:
+ 6%
+ 17%
- 8%
- 28%
64%10%
0.4%
16%10%
68%11%
1%
11%9%
© 2012 Goldbach Group 29
Lower Gross Profit Margin due to Recently Acquired TV-
Portolio.
Gross Profit & Gross Margin
-
10'000
20'000
30'000
40'000
50'000
60'000
HY 2011 HY 2012
Gross Profit 48'353 44'961
Gross Margin 23.0% 21.5%
in T
CH
F
Gross Profit -7.0%
Gross Margin -1.5 percentage points
© 2012 Goldbach Group 30
Cost Reduction in Audience Compared to Higher Fix
Costs in Media.
Operating Expenses
-40'000
-35'000
-30'000
-25'000
-20'000
-15'000
-10'000
-5'000
0
5'000
10'000
HY 2011 HY 2012
Other Opex -6'210 -5'443
Other Operating Income 970 4'155
Depr. & Amort. & Impairments -1'595 -2'336
IT & Communication -1'500 -1'660
Marketing & Research -3'546 -3'708
Personnel Expenses -21'985 -22'171
Total OPEX incl. Amortizations -33'866 -31'162
in T
CH
F
© 2012 Goldbach Group 31
EBITDA and EBIT Goldbach Group.
EBITDA on Prior Year Level EBIT slightly below Prior Year (-4.8%)
-
2'000
4'000
6'000
8'000
10'000
12'000
14'000
16'000
18'000
HY 2011 HY 2012
EBITDA 16'082 16'135
EBITDA Margin(in % of Net Sales)
7.7% 7.7%
in T
CH
F
EBITDA Margin unchanged
EBITDA+0.3%
-
2'000
4'000
6'000
8'000
10'000
12'000
14'000
16'000
HY 2011 HY 2012
EBIT 14'487 13'799
EBIT Margin(in % of Sales)
6.9% 6.6%
EBIT Margin -0.3 percentage points
EBIT-4.8%
© 2012 Goldbach Group 32
EBIT by Business Lines.
Media:
EBIT on Prior Year Level
Audience:
EBIT increase due to cost
savings and one time impact
Interactive:
Difficult first 6 months,
ongoing international rollout
-
500
1,000
1,500
2,000
2,500
3,000
HY 2011
HY 2012
EBIT 1,598 2,612
EBIT Margin 4.2% 9.4%
EBIT+63.5%
-
200
400
600
800
1,000
1,200
1,400
1,600
HY 2011
HY 2012
EBIT 1,428 190
EBIT Margin 7.1% 1.0%
EBIT-86.7%
© 2012 Goldbach Group 33
Optimised Cost Structure Within the Business Line Audience.
Key Figures – Relative Share by Business Line
HY
2011
HY
2012
74%
16%
10%
Net Sales Gross Profit OPEX (excl. Amortization)
EBIT
58%24%
18%
42%
32%
26%
85%
8%7%
66%
18%
16%
51%
21%
28%
86%
13%1%
Media Audience Interactive
79%
12%
9%
© 2012 Goldbach Group 34
Lower Costs Between EBIT and Net Profit.
Other Expenses, NCI
-8'000
-7'000
-6'000
-5'000
-4'000
-3'000
-2'000
-1'000
0
HY 2011 HY 2012
Financial Result -390 -376
Income Taxes -3'875 -3'630
Non Controlling Interests -6'425 -6'392
Net profit/(loss) f.disc.operations
-724 0
Total -11'414 -10'398
in T
CH
F
© 2012 Goldbach Group 35
Double Digit Growth of the Net Income (+11%).
Net Profit, attributable to the Goldbach Group shareholders
3'0733'401
0
500
1'000
1'500
2'000
2'500
3'000
3'500
4'000
HY 2011 HY 2012
in T
CH
F
Net Profit +11%
© 2012 Goldbach Group 36
Lower Balance Sheet Due to Seasonality.
-
20'000
40'000
60'000
80'000
100'000
120'000
140'000
160'000
180'000
200'000
YE 2011 HY 2012 YE 2011 HY 2012
Equity 62'073 55'059
Non-current Liabilities 35'084 35'315
Current Liabilities 100'359 84'438
Non-current Assets 47'185 48'586
Current Assets 150'331 126'226
Total 197'516 174'812 197'516 174'812
in T
CH
F
© 2012 Goldbach Group 37
Balance Sheet
Equity Ratio of 31.5 %.
Equity, Equity Ratio
© 2012 Goldbach Group 38
62.1
+ 9.8 0 -17.3
- 0.6
+ 55.1
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
EquityDec 11
Profit for the period CTA Dividends Other Movements EquityJune 12
in m
CH
F
Positive Operating Cash Flow.
Cash Flow Statement
0
10'000
20'000
30'000
40'000
50'000
60'000
70'000
80'000
90'000
Cash BalanceYE 2011
Operating CF Investing CF Financing CF FX Difference Cash BalanceHY 2012
in T
CH
F
3'065 -1'928-18'218
-41 57'237
74'359
© 2012 Goldbach Group 39
/ Guidance:
- Sales on prior year level
- Increasing profitability and net profit growth
/ Depending on:
- Macroeconomic Development
- Development of FX-rates
Outlook.
© 2012 Goldbach Group 40
GOLDBACH GROUP AG
Seestrasse 39
8700 Küsnacht
www.goldbachgroup.com
Klaus Kappeler
klaus.kappeler@goldbachgroup.com
Stephan Bergamin
stephan.bergamin@goldbachgroup.com
© 2012 Goldbach Group 42
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.
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