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Goldbach Group AG

EANS-Adhoc: Goldbach Media AG
Sustained profitable growth for Goldbach Media

  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.
6-month report
13.08.2010
Ad hoc press release
First half year result 2010:
Sustained profitable growth for Goldbach Media
Organic growth rate 8.5% - more than 16% increase in EBIT - profit 
growth by 92.8% - market share gain in the offline and online segment
- growth of online TV - development of network-centric online offers 
according to plan - very dynamic situation in Eastern Europe
Kusnacht, August 13th, 2010. The Goldbach Media Group, the leader in 
advertising marketing in private electronic, interactive and mobile 
media, increased its sales by 8.5% to CHF 151.2 million (prior year: 
CHF 139.4 million), its EBIT by 16.6% to CHF 7.1 million (prior year:
CHF 6.1 million) and profit by 92.8% to CHF 3.1 million (prior year 
CHF 1.6 million). Goldbach Media anticipates continued profitable 
growth in fiscal 2010 and a clear year-on-year increase in EBIT.
The offline and online divisions evidenced identical growth rates of 
8.5% each. The share in sales from the online division is 39% and the
offline share is 61%. 23% of net sales and 5% of EBIT are generated 
from international business. The influence of currency effects on 
sales and EBIT remains marginal, since developments in Poland and the
euro zone offset each other to a great extent. After the acquisition 
of additional 25% of the shares of an already consolidated Polish 
subsidiary and due to foreign currency effects, the equity ratio is 
34.1% (end of December 40.2%).
Dynamic growth with TV in the offline division In the offline 
division which markets private TV, radio, teletext and electronic 
advertising to attractive points of sale (AdScreen), particularly in 
Switzerland and Austria, Goldbach Media achieved an increase in net 
sales, + 8.5%, of CHF 93.2 million (prior year: CHF 85.9 million) in 
the first half of the year as compared to the same period in the 
previous year. The rise in sales originates overwhelmingly from the 
TV business (+ 11.3%), where Goldbach Media benefits from the 
continued shift of advertising to electronic media and at the same 
time has been in a position to expand its market share. On 15 July 
2010, SevenOne Media (Switzerland) AG announced that, from 2011 
onwards, it was expanding its long-term partnership with the Goldbach
Media subsidiary IP Multimedia (Switzerland) AG, which involves the 
marketing of ProSieben, to include the Swiss advertising windows of 
Sat. 1 and kabel eins. Sales of radio advertising were down slightly 
(-2.1%) with net sales of CHF 16.2 million (prior year: CHF 16.6 
million). EBIT in the offline division rose by 22% to CHF 7.3 million
(prior year: CHF 6.0 million). The contribution of the offline 
division to Group EBIT in the first half of the year is 77%.
Varied developments throughout the regions in the online division Net
sales in the online division grew in the first half of 2010 by 8.5% 
to CHF 58.4 million (prior year: CHF 53.8 million), but showed trends
in development that varied by region. The online division covers 
advertising logistics services for digital and interactive media, 
including online advertising on Internet TV and also network-centred 
performance marketing, which has been developed during the current 
year in close cooperation with the Adconion Group. While the markets 
in Eastern Europe grew with sales increases in the high 
double-digits, sales of display advertising in Switzerland and the 
Adriatic countries fell. Demand for performance marketing services on
the other hand rose. In Switzerland, a transition phase expected to 
last a year is occurring prior to the launch of network-centred 
performance marketing. In the Adriatic countries, the economic 
recovery is likely to be reflected in higher online advertising 
volumes only after a time lag.
Increase in online TV advertising During the first half of the year, 
sales of advertising for online TV rose noticeably in Switzerland. An
increasing number of Swiss are watching TV via their computers or 
their iPhone or iPad. The television and computer segments are 
growing together. As an interactive medium, online TV opens up 
additional marketing potential for Goldbach Media, also in the 
continuously developing sphere of performance marketing. The 
marketing know-how gained in Switzerland due to the holdings in the 
Internet TV Wilmaa should gradually also be applied in the area of 
international online business.
Growing demand for concepts and creation in online marketing The 
online segment consolidates Goldbach's conceptual, creative and 
technological concepts for digital and mobile media, as well as 
search engine marketing and marketing services for Internet 
advertising. The first half of 2010 saw a hike in the demand for 
creative services and technical implementation of online advertising,
provided by the Goldbach Media enterprise orange8 interactive AG. 
Goldbach Media facilitates the entry into online advertising for 
their customers, at the same time lengthening the value creation 
chain, with this range of services, which is currently offered only 
in Switzerland and Germany. Goldbach Media intends to expand the 
service range for conceptual and creative online advertising and 
performance marketing, together with the new range currently 
developed for network-centred performance marketing, in the medium 
term in additional country offices as well.
Planned introduction of network-centred offers for online marketing 
The training of employees in the online division concerning the 
structural change that is developing in the online advertising 
business by the marketing of network-centred advertising and 
marketing offers took place during the first half of the year as 
planned. In the Adriatic zone, the foundations for the planned 
integration of network-centred marketing models have been laid during
the first half of the year with the introduction of new ERP software;
this will occur in Eastern Europe during the second half of the year.
The migration of the relevant software is expected to be completed 
throughout the entire area of operations in 2011. Goldbach Media 
anticipates a significant impact on the value creation chain and the 
margins in online marketing from the development of the breakdown of 
the market into site-specific and network-centred advertising. 
Goldbach Media is already a leader in the site-specific marketing of 
performance marketing in the regions in which it is active. Due to 
the long-term strategic cooperation agreement entered into with the 
Adconion Group in November of 2009 and the exclusive use of the 
associated software, Goldbach Media can now offer its customers in 
Switzerland, Austria, the Adriatic countries and all of Eastern 
Europe additional network-centred products. Goldbach Media believes 
this will additionally reinforce its position as a leader in online 
marketing, as well as the marketing of online advertising via all 
interactive media such as the Internet, iPhone and iPad.
Outlook: Further profitable growth and clear year-on-year increase in
EBIT anticipated The sustained profitable growth and decrease in 
market volatility during the first half of 2010 confirm the 
expectations formulated in March of this year: For 2010, Goldbach 
Media anticipates a continuation of profitable growth but a slightly 
reduced EBIT growth rate in comparison with the first semester on the
whole. The expansion of network-centred online advertising in the 
current fiscal year should have a positive impact on margins as early
as fiscal 2011 after one-time start-up costs for training employees 
and the associated software migration.
"TV and radio are being received increasingly frequently online and 
via mobile media such as iPhones and iPads. This media conversion 
requires that marketers possess knowhow in both worlds - TV and 
online marketing" says Klaus Kappeler, CEO of Goldbach Media Group. 
"As specialized advertising logistics experts in the TV and online 
areas, Goldbach Media can benefit from the emerging fusion of media 
together with the new range of products for network-centred 
performance marketing. The offline and online marketing model, which 
has proved successful in Switzerland, is setting a trend for 
development throughout Eastern Europe."
end of announcement                               euro adhoc

Further inquiry note:

Paul Riesen, Germaine Müller
Tel. +41 44 914 91 00
Mobile: +41 79 688 24 74
germaine.mueller@goldbachmedia.com
paul.riesen@goldbachmedia.com

Branche: Media
ISIN: CH0004870942
WKN: 487094
Index: SPI, SPIEX
Börsen: SIX Swiss Exchange / Main Standard

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