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Ordentliche Generalversammlung der Goldbach Group AG Zürich-Küsnacht, 30. April 2013
2
Agenda (2/2)
© 2013 Goldbach Group
1. Begrüssung und Einleitung (Bruno Widmer)
Agenda (1/2)
3
1. Begrüssung & Einleitung Bruno Widmer, VR-Präsident
2. Genehmigung des Geschäftsberichts mit
Jahresbericht, Jahres- und Konzern-
rechnung 2012 sowie Kenntnisnahme von
den Berichten der Revisionsstelle
/ Kurzer Rückblick auf 2012 Bruno Widmer
/ Die Ereignisse im Überblick Klaus Kappeler, CEO
/ Das Finanzergebnis Stephan Bergamin, CFO
/ Ausblick 2013 Klaus Kappeler, CEO
3. Beschlussfassung über die Verwendung Bruno Widmer, VR-Präsident
des Bilanzgewinnes
© 2013 Goldbach Group
4
4. Entlastung der Mitglieder des Verwaltungsrates und der übrigen
Geschäftsführungsorgane
5. Wahlen
5.1. Verwaltungsrat
5.2. Aktienrechtliche Revisionsstelle
6. Diverses
Agenda (2/2)
© 2013 Goldbach Group
5
Einleitung
© 2013 Goldbach Group
Einleitung (B. Widmer)
6
Agenda (2/2)
© 2013 Goldbach Group
Begrüssung und Einleitung (Bruno Widmer)
2. Genehmigung des Geschäftsberichts kurzer Rückblick auf 2012 (Bruno Widmer)
8 © 2013 Goldbach Group
Meilensteine 2012
/ Februar: - Lancierung Goldbach Video Network
- Rebranding Goldbach Audience Romania SRL
/ Mai: - Zusammenarbeit mit Pristop Group und Übernahme
von der Digitalagentur Renderspace
/ Juni: - Erfolgreiche Inbetriebnahme von interaktiven
Features auf Wilmaa Inernet-TV (EM-Guide)
/ August: - Goldbach Interactive ist neu Mitglied des Branchen-
verbandes BSW (leading swiss agencies)
- Zusammenführung der Goldbach Media und
Goldbach Audience in Rumänien
/ September: - Lancierung Goldbach Mobile Network
- Gründung Goldbach Poland
/ Dezember: - Erweiterung der Multichannel Plattform TAO –
Kampagnen Reporting Tool
- Rebranding ARBOmedia Polska: Goldbach
Audience (Poland) Sp.z.o.o.
Rückblick 2012.
© 2013 Goldbach Group 9
/ Umsatz CHF 445 Mio.
- Goldbach Media +4.2% (währungsbereinigt +4.3%) - Goldbach Audience -17.4% (währungsbereinigt -15.9%) - Goldbach Interactive -3.0% (währungsbereinigt -2.0%)
/ EBIT-Wachstum: 6.9%
/ Internationaler Umsatzanteil: 11 %
Goldbach Group Performance seit IPO.
10 © 2013 Goldbach Group
Quelle: Bloomberg, 26.04.2013
Entwicklung seit IPO
15. Juni 2007
Ausgabekurs CHF 42.-
Goldbach Group -52%
Offline Peers -27% (Havas, Publicis, WPP, Aegis,
PubliGroupe, Edipresse,
Tamedia, JC Decaux)
Online Peers -72% (AdLINK Internet Media, Ad
Pepper Media, ValueClick,
TradeDoubler)
SIX Media Index -42%
SPI -3%
Performance im Vergleich zu Peer-Gruppen & Benchmarks
5
10
15
20
25
30
35
40
45
50
55
60
Jun-0
7
Nov-0
7
Apr-
08
Sep
-08
Feb-0
9
Jul-0
9
Dec-
09
May
-10
Oct
-10
Mar
-11
Aug-1
1
Jan-
12
Jun-1
2
Nov-1
2
Apr-
13
Goldbach Group Offline Peers Online Peers SIX Media Index SPI
Erreichung der Ziele 2012.
11 © 2013 Goldbach Group
/ Umsatzwachstum im einstelligen Bereich
/ Steigerung der Profitabilität
/ Steigerung des Gewinns
auf Vorjahresniveau
2. Genehmigung des Geschäftsberichts Die Ereignisse im Überblick (Klaus Kappeler)
Goldbach Group: Always Ahead of Media Trends.
13
Radio TV Internet Mobile Multiscreen
© 2013 Goldbach Group
1983 2011 2005 2000 1993
Swiss Advertising Market by Segment (net).
Internet Exclusive Search and Classified!
14
Source: PWC, in CHF
Goldbach Market
Share 2012
© 2013 Goldbach Group
617 693 735 729
138
139 141 144
8
10 14 24
139
183 205 179 902
1025
1095 1076
0
200
400
600
800
1000
1200
2009 2010 2011 2012e
in M
io. C
HF
18% 18% 19% 20%
4% 4% 4% 4% 4% 5% 5% 5%
18% 17% 17% 18%
57% 56% 55% 52%
2009 2010 2011 2012e
0%
20%
40%
60%
80%
100%
120%
in %
Ad - Market by Segment
3'746 Mio. 3'837 Mio. 3'604 Mio.
40% 60
%
33%
67%
11%
89%
27%
73%
TV
Rad
io
Digital
Ou
t of
Ho
me
Inte
rnet
(Disp
lay + V
ideo
)
3'520 Mio.
E-Advertising – Market by Segment
33 %
Advertising in Electronig Media with high Growth Potential.
15
/ E-Media much higher usage than
advertising allocation
/ Print media still with much higher
allocation of advertising
compared to actual usage
/ Ultimately advertising follows
usage i.e. the attention of the
consumer
/ New research and measurement
will strenghten advertising in
electronic media
Quelle: Mediapulse, Time Use Study 2011, ab 12 Jahren. Mediennutzung an Durchschnittstag Mo-Fr. TV Nutzung aus Mediapulse TV-Panel (12+); Nutzung von Privatradio CH und Ausland aus Radio-Panel (15+). Anmerkung: Internet umfasst alle Web-basierten Anwendungen von Email, Surfen, Chat, SMS, Telefon, Streaming, Lesen. // Werbedruck: Media Focus WizzAd, 2012 brutto Werbedruck in Mio. CHF.
0%
10%
20%
30%
40%
50%
60%
TV Privatradio Internet Print
Nu
r b
etr
ac
hte
te M
ed
ien
(d
.h. o
hn
e P
laka
t, K
ino e
tc.)
Anteil an Mediennutzung Anteil an Werbeausgaben
© 2013 Goldbach Group
Media use Ad Spendings
M
edia
Potential within new Channels.
16 © 2013 Goldbach Group
Commercialization line
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2011 2013 2015 2017
TV
Online Video
Mobile
Smart TV
Source: Goldbach Group & Estimates
17 © 2013 Goldbach Group
Video Everywhere!
18
Online Video Consumption with big Advertising Potential.
© 2013 Goldbach Group
Source: Net-Metrix Streaming Report 2012/2 and Mediapulse TV-Panel in percentage TV Total Jan.-Nov. 2012, Total Switzerland
0
10
20
30
40
50
60
70
80
14-29 30-39 40-49 50+
21.6
10.1 6.9
2.7
42.2
55.6
60.8
74.5
Video-Streaming
TV-Total
Da
ily N
et
Ra
ng
e in
%
age
/ High consumtion among
young target groups
/ Online video advertising
opens up market for online
classic brand advertising
/ Goldbach with unique
capability to provide televison
and online video reach
/ G4 mobile services will drive
more mobile video consumtion
19 © 2013 Goldbach Group 19
1 Video
+30 Brands
+40 Mio. Views
Multi Screen
20 © 2013 Goldbach Group 20
1 Video
+30 Brands
+40 Mio. Views
Multi Screen
More Video Usage Means More Video Advertising.
Sources:
- Goldbach Estimates Swiss Video Market and GVN Development and
- Special report NET-Metrix-Streaming (peple as of 14 years), Total Swizterland, Daily OR nearly daily OR several times per week OR approx. once per week OR several times per month
- KommTech 2012, German part of Switzerland , Daily OR nearly daily OR several times per week OR approx. once per week OR less than once a week
21
0
5
10
15
20
25
30
35
40
45
50
2011 2012 2013 2014 2015
Swiss Market Development
CAGR
‘12-‘15
Total +20%
Goldbach +24%
15
21
26.1
30.7
36.2
Online Video advertising revenues p.a. Net in Mio. CHF, 2011-2015f
© 2013 Goldbach Group
/ Television and video content
consumption extends across all
screens
/ Video advertising is the fastest
growing advertising format
woldwide
/ 60 % of smartphone users
consume online video on their
mobile devices
/ Swiss Video Market growth with
20102011
2012e2013
Mobile
Video
Display and Online Other
© 2013 Goldbach Group 22
-12%
7% to 11%
+71%
-25%
40%
to
50%
-1%
+63%
-6%
+56% +17%
An
nu
al
Gro
wth
Rate
s i
n %
20%
to
25%
5%
to
8%
Source: Goldbach Group & Estimates
Strong Growth of Online Video and Mobile – Recovery of
Classic Display.
Goldbach Switzerland (Online):
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
Goldbach is Assessing its Market Presence and the
Further Expansion of its TV/Online-Video 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%
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
Bubble Size: Ad market [Gross, €, 2014]
23 © 2013 Goldbach Group
DE
RU
AT
CH
PL
CZ
Slo.
Rom.
Cro.
Serb.
TV Online
Goldbach
Presence August 2012
Country
DE
RU
AT
CH
PL
CZ
Slo.
Rom.
Cro.
Serb.
Goldbach Presence Today
and Check of Future Potential
Video
20102011
2012e2013
Radio
TV
24
Successful Entry into Romanian TV & Radio Segment.
Proof of Concept Romania:
+164%
+106%
30%
-
40%
+2339% +40%
40%
-
50%
An
nu
al
Gro
wth
Rate
s i
n %
© 2013 Goldbach Group
+472%
+66%
40% to 50%
2010 2011 2012 2013
TV-
Channels
16 29 37 37
Radio
Stations
39 44 57 64
2. Genehmigung des Geschäftsberichts Das Finanzergebnis (Stephan Bergamin)
Financial Highlights 2012.
/ Stable Sales despite of challenging market environment
- Media +4.2% (currency adjusted +4.3%)
- Audience -17.4% (currency adjusted -15.9%)
- Interactive -3.0% (currency adjusted -2.0%)
/ EBIT Margin increase from 6.7% to 7.2%:
- Media: Increase from 10.1% to 10.5%
- Audience: Increase from 4.8% to 9.6%
- Interactive: Decrease from 5.9% to 2.1%
/ EBIT growth of 6.9% compared to PY
/ Net Profit increase by 51% compared to PY
/ Equity Ratio further increased from 31.4% to 32.8%
/ Strong operating Cash Flow: Increase to CHF 33.2m (PY CHF 29.0m)
© 2013 Goldbach Group 26
Explanatory Comments.
/ 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.
© 2013 Goldbach Group 27
Key Figures – Reported Values (IFRS).
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 2011 446'030 99'044 -61'716 37'328 30'007 -21'384 -2'605 6'018
YE 2012 445'448 98'924 -63'267 35'657 32'088 -23'003 - 9'085
in T
CH
F
-0.1%
2.5%
-4.5% 6.9%
51.0%
-0.1%
7.6%
1)
© 2013 Goldbach Group 28
Stable Net Sales in Challenging Market Environment.
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
2011 337'724 75'173 39'135 -6'002 446'030
2012 351'882 62'124 37'968 -6'526 445'448
in T
CH
F
4.2%
-17.4%
-3.0%
-0.1%4.3%
-15.9%
-2.0%
0.3%
*
* *
*
© 2013 Goldbach Group 29
-50'000
-
50'000
100'000
150'000
200'000
250'000
300'000
350'000
400'000
450'000
2011 2012
Interactive 39'135 37'968
Audience 75'173 62'124
Media Other 3'314 4'529
Radio 42'992 48'426
TV (w/o TXT) 291'390 298'775
Other & Consolidation -5'974 -6'374
Total Sales (Core Business) 446'030 445'448G
row
th R
ate
:
+ 2.5%
+ 12.6%
-17.4%
-3.0%
Growing Radio and TV Business.
Net Sales by Productline & Relative share of Total 3rd Sales by Productline
Gro
wth
Rate
:
67%11%
1%
12%
8%
65%10%1%
15%
9%
© 2013 Goldbach Group 30
Gross Profit & Gross Margin
Stable Gross Profit and Gross Profit Margin.
-
10'000
20'000
30'000
40'000
50'000
60'000
70'000
80'000
90'000
100'000
2011 2012
Gross Profit 99'044 98'924
Gross Margin 22.2% 22.2%
in T
CH
F
-0.1%
© 2013 Goldbach Group 31
Operating Expenses
Reduction of OPEX Compared to Prior Year.
-90'000
-80'000
-70'000
-60'000
-50'000
-40'000
-30'000
-20'000
-10'000
0
10'000
20'000
2011 2012
Other Opex -12'110 -12'027
Other Operating Income 6'989 5'184
Depr.,Amort. & Impairments -7'321 -3'569
IT & Communication -3'127 -3'454
Marketing & Research -7'172 -7'465
Personnel Expenses -46'296 -45'506
Total OPEX -69'037 -66'837
in T
CH
F
-3%
© 2013 Goldbach Group 32
EBITDA and EBIT Reported Results (IFRS).
1) EBITDA 2011 includes a release of earn-out provisions in the amount of CHF 4.0 Mio.
EBITDA declined by -4.5% EBIT growth +6.9%
-
5'000
10'000
15'000
20'000
25'000
30'000
35'000
2011 2012
EBIT 30'007 32'088
EBIT Margin(in % of Sales)
6.7% 7.2%
in T
CH
F
EBIT Margin +0.5 percentage
points
6.9%
0
5'000
10'000
15'000
20'000
25'000
30'000
35'000
40'000
2011 2012
EBITDA37'328 35'657
EBITDA Margin(in % of Net Sales)
8.4% 8.0%
in T
CH
F
EBITDAMargin -0.4 percentage
points
-4.5%
1)
© 2013 Goldbach Group 33
EBIT by Business Lines – Reported Results (IFRS).
Media:
EBIT growth +8.6%
Audience:
EBIT-margin doubled
Interactive:
International Roll-out
-
5'000
10'000
15'000
20'000
25'000
30'000
35'000
40'000
2011 2012
EBIT 33'987 36'896
EBIT Margin(in % of Sales)
10.1% 10.5%
in T
CH
F
8.6%
-
1'000
2'000
3'000
4'000
5'000
6'000
7'000
2011 2012
EBIT 3'578 5'985
EBIT Margin(in % of Sales)
4.8% 9.6%
in T
CH
F
67.3%
-
500
1'000
1'500
2'000
2'500
2011 2012
EBIT 2'326 806
EBIT Margin(in % of Sales)
5.9% 2.1%
in T
CH
F
-65.3%
© 2013 Goldbach Group 34
2011
Solid Business Line Media – Increasing Profitability in Audience. 2012
Net Sales
Gross Profit
OPEX (excl. amortization)
EBIT
Key Figures – Relative Share by Business Line
Media Audience Interactive
Media Audience Interactive
80%
12%8%
65%
19%
16%
50%
21%
29%
84%
14%2%
76%
15%
9%
61%22%
17%
48%
25%
26%
85%
9%6%
© 2013 Goldbach Group 35
Other Expenses, NCI, discontinued operations
Increase in Taxes and Non Controlling Interests.
1) In 2011 the remaining two print publishing companies were sold and therefore classified as discontinued operation.
-13'000
-11'000
-9'000
-7'000
-5'000
-3'000
-1'000
1'000
2011 2012
Financial Result -857 -495
Income Taxes -7'767 -8'403
Non Controlling Interests -12'760 -14'105
Net profit/(loss) f.disc.operations
-2'605 0
Total -23'990 -23'003
in T
CH
F
1)
© 2013 Goldbach Group 36
Net Profit, share of Goldbach Group shareholders
Net Profit Increase by 51%.
6'018
9'085
0
1'000
2'000
3'000
4'000
5'000
6'000
7'000
8'000
9'000
10'000
2011 2012
in T
CH
F
51.0%
© 2013 Goldbach Group 37
Balance Sheet: Strong Increase in Cash.
-
50'000
100'000
150'000
200'000
250'000
Dec 2011 Dec 2012 Dec 2011 Dec 2012
Equity 62'073 69'514
Non-current Liabilities 35'084 35'563
Current Liabilities 100'359 106'780
Cash & Cash Equivalents 74'359 84'333
Other Current Assets 75'972 76'773
Non-current Assets 47'185 50'750
Total 197'516 211'857 197'516 211'857
in T
CH
F
38%
38%
36%
40% 31%
18%
51%
33%
17%
50%
24% 24%
© 2013 Goldbach Group 38
Equity Ratio up From 31.4% to 32.8%.
Equity, Equity Ratio
62.169.5
23.2
0.7 0.1
17.4
1.0
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
EquityDec 11
Profit of theYear
CTA Acquisition NCI
Dividends OtherMovements
EquityDec 12
in m
CH
F
Equity Ratio:31.4%
Equity Ratio:32.8%
© 2013 Goldbach Group 39
Cash Flow Statement
Strong Operating Cash Flow.
74.4 84.3
33.2
-5.3
-18.0
0.0
0
20
40
60
80
100
120
Cash BalanceYE 2011
Operating CF Investing CF Financing CF FX Difference Cash BalanceYE 2012
in M
io.
CH
F
© 2013 Goldbach Group 40
Continuous Growth of Dividend Payment. Dividend per Share
1.00
0.38
0.570.63
0.71 0.710.80
0.00
0.20
0.40
0.60
0.80
1.00
2007 2008 2009 2010 2011 2012 *
in C
HF
Special dividend Ordinary dividend
+50%
+11%+13%
+0%+13%
*) Proposal of Board of Directors
© 2013 Goldbach Group 41
2. Genehmigung des Geschäftsberichts Ausblick 2013 (Klaus Kappeler)
/ Advertising Markets
- Total Advertising Markets in Europe are stagnating in 2013
- Slow down of growth by eMedia
/ Outlook Goldbach Group
- Sustainable Development of Profitability (Group)
- Strong growth of Online Video and Mobile, Recovery of Classic Display (Audience)
- Focusing on Performance Business (Interactive)
- Check out further Markets to enter in the TV Business (Media)
Market Development and Outlook 2013.
© 2013 Goldbach Group 43
© 2012 Goldbach Group 44
2. Genehmigung des Geschäftsberichts mit Jahres-
bericht, Jahres- und Konzernrechnung 2012 sowie
Kenntnisnahme von den Berichten der Revisions-
stelle.
Der Verwaltungsrat beantragt, den Geschäftsbericht mit Jahresbericht,
Jahres- und Konzernrechnung für das Geschäftsjahr 2012 zu genehmigen.
© 2013 Goldbach Group 45
3. Beschlussfassung über die Verwendung des
Bilanzgewinnes
Der Verwaltungsrat beantragt:
• Ausschüttung von CHF 0.80 pro Aktie aus den allgemeinen Reserven aus Kapitaleinlage
• Vortrag auf neue Rechnung TCHF 17 538
Herleitung:
Gewinnvortrag TCHF 16 956
Jahresgewinn TCHF 304
Auflösung allgemeine Reserve aus Kapitaleinlage TCHF 4 700
Veränderung Reserve für eigene Aktien TCHF 278
Total zur Verfügung der Generalversammlung TCHF 22 238
Gewinnverwendung:
(i) Ausschüttung von CHF 0.80 pro Aktie aus den
allgemeinen Reserven aus Kapitaleinlage TCHF 4 700
(ii) Vortrag auf neue Rechnung: TCHF 17 538
Total beantragte Gewinnverwendung TCHF 22 238
Total Ausschüttung TCHF 4 700
./.Anteil aus Reserven Kapitaleinlage TCHF (4 700)
Anteil übrige Reserven TCHF 0
© 2013 Goldbach Group 46
4. Entlastung der Mitglieder des Verwaltungsrates
und der übrigen Geschäftsführungsorgane
Der Verwaltungsrat beantragt, den Mitgliedern des Verwaltungsrates und
den Geschäftsführungsorganen für ihre Tätigkeit im Geschäftsjahr 2012
Entlastung zu erteilen.
© 2013 Goldbach Group 47
5. Wahlen
5.1. Verwaltungsrat
Wiederwahl
Der Verwaltungsrat beantragt, folgende bisherigen Mitglieder des
Verwaltungsrates, für die statutarisch vorgesehene Amtsdauer von einem Jahr
als Mitglieder des Verwaltungsrates wieder zu wählen:
Dr. Beat Curti,
Peter A.C. Blum,
Dr. Patrick Eberle,
Ronald Sauser,
Michael Scheeren und
Joachim Schoss.
Neuwahl
Der Verwaltungsrat beantragt, Jens Alder für die statutarisch vorgesehene
Amtsdauer von einem Jahr als Mitglied des Verwaltungsrates zu wählen.
5.2. Aktienrechtliche Revisionsstelle
Der Verwaltungsrat beantragt, die Ernst & Young AG, Zürich, als
aktienrechtliche Revisionsstelle für eine Amtsdauer von einem Jahr zu wählen.
© 2013 Goldbach Group 48
5. Wahlen
5.1. Verwaltungsrat
Wiederwahl
Der Verwaltungsrat beantragt, folgende bisherigen Mitglieder des
Verwaltungsrates, für die statutarisch vorgesehene Amtsdauer von einem Jahr
als Mitglieder des Verwaltungsrates wieder zu wählen:
Dr. Beat Curti,
Peter A.C. Blum,
Dr. Patrick Eberle,
Ronald Sauser,
Michael Scheeren und
Joachim Schoss.
Neuwahl
Der Verwaltungsrat beantragt, Jens Alder für die statutarisch vorgesehene
Amtsdauer von einem Jahr als Mitglied des Verwaltungsrates zu wählen.
5.2. Aktienrechtliche Revisionsstelle
Der Verwaltungsrat beantragt, die Ernst & Young AG, Zürich, als
aktienrechtliche Revisionsstelle für eine Amtsdauer von einem Jahr zu wählen.
© 2013 Goldbach Group 49
6. Diverses
GOLDBACH GROUP AG
Seestrasse 39
8700 Küsnacht
www.goldbachgroup.com
51
Disclaimer.
Gro
wth
Rate
:
Gro
wth
Rate
:
+164%
+106%
+34% +2339%
+40%
+68%
© 2013 Goldbach Group
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 constitute a recommendation to buy Goldbach Group
shares.