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EANS-Adhoc: Goldbach Group AG
Annual Result 2012
-------------------------------------------------------------------------------- ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- 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 firstname.lastname@example.org end of announcement euro adhoc -------------------------------------------------------------------------------- issuer: Goldbach Group AG Seestrasse 39 CH-8700 Küsnacht phone: +41 44 914 91 00 FAX: +41 44 914 93 60 mail: email@example.com WWW: www.goldbachgroup.ch sector: Media ISIN: CH0004870942 indexes: SPI, SPIEX stockmarkets: Main Standard: SIX Swiss Exchange language: English