EANS-Adhoc: Goldbach Group AG / Powerful growth for the Goldbach Group

--------------------------------------------------------------------------------
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

12.08.2011

Ad hoc press release

Results for the first half of 2011:

Powerful growth for the Goldbach Group

Increase in turnover of 38% - 104% EBIT growth - boom in the TV and
radio business - currency effects weigh on online marketing - dynamic
growth in the interactive business - portfolio expansion to Eastern
Europe

Kusnacht, August 12th, 2011. Goldbach Group AG, the marketing leader
in the German-speaking region and in Eastern Europe for private
electronic, mobile and interactive media as well as online marketing,
increased turnover by 37.8% to CHF 210 million (prior year: CHF 152
million) in the first six months of 2011. After adjustment for
adverse foreign currency effects, the growth in turnover amounted to
40.4%. EBIT grew by 104% to CHF 14.5 million (prior year: CHF 7.1
million) and the net profit generated in the core business increased
by 27% to CHF 3.8 million. The disposal of the print division in
Romania, which did not belong to the core business, impacted the
result by CHF -0.7 million. Therefore, the net profit reported
according to IFRS was CHF 3.1 million (+1% in comparison to the prior
year). The Goldbach Group anticipates double-digit growth in turnover
and EBIT for the full year 2011, despite slowing growth momentum and
foreign exchange uncertainties, if the economic slowdown does not
strengthen.

The Goldbach Group has reported its results in three business lines
since 1 January 2011. The Media business line is comprised of the
former Offline segment, while the Audience and Interactive business
lines were previously combined in the Online segment.

The Media business line is growing solidly, also with its
long-standing portfolio Turnover in the Media business line, in which
the Goldbach Group combines the marketing of private TV, radio,
Teletext and electronic advertising at attractive points of sale
(out-of-home), primarily in Switzerland and Austria, grew powerfully
in the first half of 2011 by 65.3% (currency adjusted: 65.6%) with
sales amounting to CHF 154.1 million (prior year: CHF 93.2 million).
The growth in turnover was largely generated in the TV business
(+75.4%; prior year: +11.3%) and from sales of radio advertising
(+24.2%; prior year: -2.1%). The Media business line significantly
increased its mandates in 2010, which will impact sales and revenue
this year. A substantial share of the turnover growth resulted from
the long-standing Goldbach portfolio. The TV business profited from
the ongoing shifting of advertising spending to electronic media and
is booming in Switzerland. The radio advertising business has
recovered and may also grow in the second half of the year. The Media
business line is becoming active in Eastern Europe for the first time
with the founding and marketing of an association of local, private
TV stations in Romania. The Media business line contributed 74% to
the total turnover of the Goldbach Group in the first half of 2011
(prior year: 62%). The EBIT for the Media business line increased by
128% in the first half of the year and amounted to CHF 16.6 million
(prior year: CHF 7.3 million). Accordingly, the Media business line
contributed 85% of the Group EBIT (prior year: 77%). The EBIT margin
increased significantly to 10.8% (prior year: 7.8%).

Consistent margin strengthening in the Audience business line In the
Audience business line, which enables the targeted placement of
online advertising and novel offers for performance marketing,
turnover decreased in the first half of 2011 by 10.2% (currency
adjusted -3.7%). Total turnover was CHF 38.4 million (prior year: CHF
42.7 million). This was primarily a result of a declining market in
Switzerland, in which the Audience business line consequently opted
out of low-margin business and is promoting higher-margin network
marketing. Contact to the important customer group media agencies was
further deepened with the introduction of TAO, an online reporting
system for the current assessment of marketing success in digital
media. Wilmaa, the Swiss Internet television, in which Goldbach holds
a majority stake, is also part of the Audience business line, and has
developed rapidly and profitably in the first six months of 2011.
EBIT growth in the Audience business line amounted to 28%; EBIT was
CHF 1.6 million (prior year: CHF 1.3 million). The EBIT margin
increased by 4.2% (prior year: 2.9%). The Audience business in
Eastern Europe continues to be marked by great volatility, while the
South Adriatic markets have recovered slightly. In total, the
Audience business line contributed 16% (prior year: 28%) to the
overall turnover and 8% (prior year: 13%) to the Group's EBIT.

High demand for online marketing accelerates growth of the
Interactive business line Turnover in the Interactive business line,
in which Goldbach's conceptual, design and technological offers
pertaining to interactive communication and marketing solutions for
the Internet and mobile computer are bundled, increased by 26% and
when currency-adjusted, by 32.3% to CHF 20.1 million (prior year: CHF
16 million). With the high-margin offers of the Interactive business
line, Goldbach Group seeks to extend the value creation chain while
also deepening direct contact with advertising clients. Several weeks
ago, with the founding of Goldbach Interactive Austria, the
Interactive business line expanded its offer from Switzerland and
Germany to the entire German-speaking region. The Goldbach Mobile
competence centre, which is integrated in the Interactive business
line, grew powerfully in the first half of 2011 with its services and
application developments for iPhone, iPad and other smartphones. The
Social Media competence centre develops strategies and campaigns for
platforms such as Facebook and Twitter, creates content and manages
the dialogue with communities. Social Media also recorded strong
growth in the first half of 2011. The Interactive business line
contributed 10% (prior year: 10%) to the overall turnover of the
Goldbach Group; 7% to the Group EBIT (prior year: 10%). The EBIT
margin increased by 7.1% (prior year: 5.5%).

Thus, in the first half of 2011, 74% (prior year: 62%) of the overall
turnover was generated by the Media business line, 16% from the
Audience business line (prior year: 28%) and 10% from the Interactive
business line (prior year: 10%). Due to the strong growth of the
Media business line, particularly in Switzerland and the foreign
currency effects, the share of international business decreased to
14% in the first six months (prior year: 21%).

Sale of the print business and completion of the squeeze-out at
ARBOmedia At the end of June 2011, the Goldbach Group disposed a
further company of the print division, which was part of the
ARBOmedia acquisition and no longer belonged to the core business.
Sales negotiations are far advanced for the remaining newspaper
publisher in Romania. The deconsolidation of the two companies shall
take place in the second half of 2011. In addition, the General
Meeting of ARBOmedia approved the squeeze-out in June, with few votes
cast against it. With the listing in the commercial register at the
Munich District Court on 1 August 2011, Goldbach Ost GmbH took over
all the shares belonging to the minority shareholders in ARBOmedia
and thereby completed the squeeze-out procedure. Goldbach Group also
intends to delist ARBOmedia in the third quarter of this year.

Profit and equity ratio The net profit reported in the core business
amounted to CHF 3.8 million (prior year: CHF 3.0 million) and thereby
increased by 27% over the prior year period. The net profit reported
according to IFRS, will be impacted by CHF 0.7 million due to the
disposal of the print business, and thus amounts to CHF 3.1 million
and is slightly above the prior year's figure. As of the end of June
2011, the equity ratio amounted to 28.9% (as of 31 December 2010:
28.8%). CHF 7.3 million in operating cash flow was generated in the
first half of 2011 (prior year: CHF -3.2 million).

Outlook On the basis of the strong growth in the first half of the
year, the Goldbach Group confirms the prognosis made at the beginning
of the year for 2011, if the economy does not significantly cool
down. Despite a slowing of growth momentum and greater foreign
currency uncertainties, the Goldbach Group anticipates an annual
result showing double-digit growth in turnover and increase in EBIT.

According to Klaus Kappeler, CEO of the Goldbach Group, "with its
innovative and comprehensive service and product portfolio for
electronic media in Central and Eastern Europe, the Goldbach Group is
uniquely prepared to anticipate future market developments and to
cushion market volatility. Mobile and interactive communication is
steadily growing, while TV and video are becoming interactive. The
Goldbach Group has the capability to link the advertising industry
with the rapidly growing number of online consumers like no other
company."

To analysts, investors and media representatives: You can find the
half year result report 2011 of Goldbach Group on the following
website: http://www.goldbachgroup.com/investor-relations-en/half-year
-report-2011

Further Information:
Goldbach Group
Germaine Müller
Seestrasse 39
8700 Kusnacht
Switzerland
Phone +41 (44) 914 91 00
Mobile +41 (79) 688 24 74
Fax +41 (44) 914 93 60
www.goldbachgroup.com

Goldbach Group company profile Goldbach Group is the leading network
for electronic communications solutions as well as thelogistics
centre for advertising in private electronic, mobile and interactive
media such asTV, Internet TV, Radio, Out-of-Home, Online, In Game,
Social Media, Search Engine as well as Mobile Advertising. The
Goldbach Group is headquartered in Switzerland (Kusnacht-Zurich) and
is active inAustria, Germany as well as in Southeastern, Eastern
Europe and Russia.

Goldbach Group has been listed on the main market oft he SIX Swiss
Exchange since June 15th, 2007 (valor no. 487094, ISIN CH0004870942,
sympbol: GBMN). Further Information: www.goldbachgroup.com or
www.goldbach.com

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

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: info@goldbachgroup.ch
WWW: www.goldbachgroup.ch
sector: Media
ISIN: CH0004870942
indexes: SPI, SPIEX
stockmarkets: Main Standard: SIX Swiss Exchange
language: English