DGAP-Adhoc

Goldbach Group in transition: further consolidation of business activities - adjusted full-year results in line with forecasts - Seite 2

growth of the agency and has kept pace with expectations in the first half
of the year.

In Austria, where Goldbach Austria operates with Goldbach Media, Audience
and Interactive, the first half of the year saw positive sales growth in
all three business segments.

In addition to the existing performance marketing and search business of
Goldbach Interactive (Germany), the investigation into a market launch in
other sectors in Germany will be completed by the end of the year.

The EBIT generated in the DACH region was CHF 14.0 million (-22.4 %) in the
first half of the year.
Central and Eastern Europe region (CEE)
Due to the announced consolidation measures in Central and Eastern Europe,
i.e. the withdrawal from the Czech Republic and Russia, net sales dropped
44 % to CHF 5.3 million (previous year CHF 9.5 million). The EBIT is CHF
-0.7 million (previous year -0.3 million), although the withdrawal from
Russia represents a one-off effect.

In Poland, the Goldbach Group remains the market leader among independent
online marketers, although sales lag somewhat behind expectations. In the
context of the ongoing concentration of business activities, the group has
decided to pull out of the agency business (Goldbach Interactive) in
Poland.

Economic conditions in Romania remained difficult in the first half of 2014
and developed less positively than expected, which led to the Goldbach
Group's decision to pull out of the Romanian market as part of its ongoing
strategic process.

Adriatic region
In the first half of 2014, net sales in the Adriatic region dropped -
albeit on a low level - by 60.0 % to CHF 2.3 million (previous year CHF 5.7
million). This is mainly due to customer loss in the tourism sector, where
industry-related advertising spendings make a difference in the first half
of the year. The EBIT for the Adriatic region was CHF 0.03 million (-93.7
%).

In the current strategy process, stability measures will also be evaluated
for the Adriatic region by the end of the year.

Profit and equity ratio
The net profit is CHF 1.1 million (previous year CHF 2.6 million), which is
57.9 % below the same period of the previous year. By the end of June 2014,
the equity ratio was 22.9 % (end of December 2013: 24.4 %). The operative
cash flow generated in the first half of the year was CHF -1.3 million
(previous year CHF -10.2 million).

Outlook
In view of the difficult market environment, for the full year the Goldbach
Group expects adjusted net profits as forecasted in early 2014 - including