Goldbach Group AG

EANS-Adhoc: Goldbach Group AG
Annual Result 2012

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annual result/annual report
05.03.2013


Ad hoc press release

Annual result 2012:
Goldbach Group with striking profit growth

Sales CHF 445 million - Profit CHF 9.1 million (+51%) - EBIT  CHF  32.1  million
(+6.9%) - Higher EBIT margin (7.2%) -Successful cost management -  Moving  image
advertising as sales driver - Dividend of  CHF  0.80  applied  for  -  Sustained
strengthening of profitability

Küsnacht, Switzerland, March 5th, 2013.  During  the  financial  year  2012  the
Goldbach Group achieved  CHF  445  million  in  sales  (previous  year  CHF  446
million), an EBIT of CHF 32.1 million (previous year CHF 30.0 million)  and  51%
higher profits of CHF 9.1 million (previous year CHF 6.0  million).  Despite  an
overall recessive  advertising  sector  and  with  subdued  sales  (-0.1%),  the
Goldbach Group - market leader in advertising logistics  for  the  marketing  of
private electronic, mobile and interactive media and  online  marketing  in  the
German-speaking countries, the Adriatic region and Eastern  Europe,  and  active
in these businesses in Russia - achieved a considerably improved EBIT margin  of
7.2% (previous year 6.7%) and 6.9% improvement in EBIT (CHF  32.1  million).  It
is proposed that the General Meeting approves a dividend of CHF  0.80  (previous
year CHF 0.71), which is an increase  of  12.7%.  Goldbach  intends  to  further
strengthen profitability in the course of the financial year in progress.

Thanks to systematic cost management and a higher gross margin, EBIT  growth  of
+67% in the Business Line Audience was particularly  pronounced;  the  costs  of
international investment  and  expansion,  and  of  conversion  to 
performance-oriented service in the Business Line Interactive, resulted in an 
EBIT  decline of 65%. On the other hand, the Business  Line  with  the 
strongest  sales,  the Business Line Media, achieved EBIT growth of 9%.

Goldbach Media with a high level of sustainable, profitable growth
With the marketing of private TV, radio and Digital out of Home  advertising  in
attractive points of sale, particularly in Switzerland but also in  Austria  and
Romania, in 2012 the Business Line Media remained on track for growth at a  high
level with a 4.2% increase, with sales of CHF 351.9 million (previous  year  CHF
337.7 million).

Despite the general recession  in  advertising  trends,  TV  (+2.5%)  and  radio
business (+12.6%) was encouraging on the whole,  and  the  market  position  was
further  strengthened.  Goldbach  Media  managed  to  further  add  to  its  new
customers, providing broad support to its customer  base.  In  Switzerland,  new
special-interest TV stations were  added  to  the  portfolio  for  the  year  in
progress.

The local-TV network  launched  two  years  ago  in  Romania  developed  into  a
national offering that currently comprises 37  stations.  The  40%  increase  in
advertising volume in 2012 points to the success of the expansion in the
moving-image strategy into Eastern Europe begun in 2011. Continuing development
in  the radio area was just as successful. With a range of 64 stations and sales
 growth in excess of 100%, Goldbach ranks among the leading providers in this
sector.

In Austria, it was particularly  the  Digital  out  of  home  network  that  was
expanded during the  year  under  report,  thanks  to  the  acquisition  of  new
clients; in Romania, the portfolio was rounded out  at  the  beginning  of  this
year with electronic outdoor advertising space.

The EBIT margin of the Business Line Media increased by 0.4  percentage  points,
to 10.5%; EBIT  growth  totals  9%.  In  2012  Goldbach  Media  contributed  84%
(previous year 85 %) to Group EBIT.

High EBIT growth for Goldbach Audience despite decline in sales
Goldbach integrates its offerings for online advertising in  its  Business  Line
Audience. Sales in Switzerland, Austria and the Adriatic  and  Eastern  European
region were lower again, at CHF 62.1 million (previous year  CHF  75.2  million)
or a decline of 17% (previous year -15%); still, the  decline  in  sales  slowed
considerably during the second semester, particularly in the  display  business.
The rigorous cost-management scheme that had already been introduced at the  end
of 2011, along with a foregoing of weak-margin mandates, played a major role  in
strengthening the Business Line Audience.

In addition, with the launch  of  the  Goldbach  Video  Network  in  Switzerland
during the first quarter of 2012 and the implementation currently under  way  in
the other  countries,  a  concerted  effort  was  made  to  market  moving-image
advertising. Video advertising already accounts for a 22%  Group-wide  share  of
overall Audience sales, and  the  trend  is  an  upward  one.  In  addition,  by
introducing the Goldbach Mobile Network during  the  second  semester,  Goldbach
made allowance for the rapid spread  of  smartphones  and  tablets  and  further
expanded its portfolio in mobile online media.  Business  here  is  expected  to
grow in the years to come,  in  keeping  with  worldwide  market  forecast,  and
further strengthen the display segment.

Goldbach Audience reported 67% EBIT growth, and the  EBIT  margin  increased  to
9.6% (previous year 4.8%), due in part to a positive  one-off  effect  (disposal
of licence agreement). Its share of total sales was  12%  (previous  year  15%);
the contribution to Group EBIT rose from 9% to 14%.

Goldbach  Interactive:  EBIT  encumbered   by   expansion   in   offerings   and
internationalisation Sales for the Business Line Interactive were CHF  38.0 
million  (previous  year CHF 39.1 million) in 2012,  declining  primarily  as  a
 result  of  changes  in mandate in  Switzerland  and  Germany  (-3.0%). 
Goldbach  Interactive  provided conceptual, design and  technological  offerings
 on  all  aspects  relating  to interactive communication solutions and
marketing  solutions  for  the  Internet
and mobile devices such as smartphones and tablets. The Business Line  comprises
competence centres devoted  to  Mobile,  Social  Media,  Performance  Campaigns,
Websites, Shops & Portals as well as  Search.  With  these  offerings,  Goldbach
covers the entire value chain between advertisers and  online  advertising,  not
just for classic digital advertising but  for  performance  marketing  as  well.
Demand  for  consulting  services  in  these  areas  is   increasing.   At   the
international level, it is becoming apparent  that  companies  are  increasingly
awarding multi-channel brand-management mandates, and that the trend is  towards
on- and offline services from a single source.

Goldbach Interactive is now active throughout the  German-speaking  region,  and
in Poland and Russia as well. The Group further expanded  its  services  in  the
Adriatic with its takeover of a majority share of  the  leading  digital  agency
Renderspace in Slovenia.

The EBIT of Goldbach Interactive was 65% lower on the year, particularly due  to
considerable investments in international expansion; the  EBIT  margin  fell  to
2.1% (previous year 5.9%). Its contribution to total EBIT was 2%.

Profit, equity ratio and dividend proposal
The Goldbach Group's profit according to IFRS rose by 51.0% in 2012 to  CHF  9.1
million (previous year CHF 6.0 million). The equity  ratio  increased  to  32.8%
(previous year 31.4%). Operative cash flow stands at CHF 33.2 million  (previous
year CHF 29.0 million). It is proposed  that  the  General  Meeting  approves  a
dividend of CHF 0.80 (previous year 0.71), which is an increase of 12.7%.

Outlook
Following successful implementation of organisational restructuring measures  in
Eastern Europe and the Adriatic, together with Group-wide cost  reductions,  the
Goldbach Group anticipates further strengthening  in  profitability  during  the
current 2013 financial year. In order to extend  the  Group's  position  in  the
moving-image  advertising  area,  market  entry  to  further  countries  by  the
Business Line Media is also under review during the current financial year.

'The transfer of advertising to the electronic media is not over yet,'  Goldbach
Group CEO Klaus Kappeler observes. 'Our offerings as a provider  of  advertising
logistics for all private electronic, interactive and mobile media are  entirely
in line with the international trend. The growing demand  for  advertising  with
moving images and for performance-oriented marketing confirms this  development.
With its network in the German-speaking, Eastern European and  Adriatic  region,
the Goldbach Group will be ready when the economy recovers and the markets  have
catching-up to do.'

To analysts, investors and media representatives:
You will find the Goldbach Group 2012 Annual Report on our website, at:
http://www.goldbachgroup.com/investor-relations-en/annual-reports/annual-report-2012


Further inquiry note:
Germaine Mueller
Tel.    +41 44 914 91 10
Mobile: +41 78 600 24 14
germaine.mueller@goldbachgroup.com

end of announcement                               euro adhoc 
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issuer:      Goldbach Group AG
             Seestrasse 39
             CH-8700 Küsnacht
phone:       +41 44 914 91 00
FAX:         +41 44 914 93 60
mail:     info@goldbachgroup.ch
WWW:      www.goldbachgroup.ch
sector:      Media
ISIN:        CH0004870942
indexes:     SPI, SPIEX
stockmarkets: Main Standard: SIX Swiss Exchange 
language:   English
 



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