2 The GfK Group at a glance 2 GfK is one of the world s largest research companies, with more than 12,000 experts working to discover new insights into the way people live, think and shop, in over 100 markets, every day. GfK is constantly innovating and using the latest technologies and the smartest methodologies to give its clients the clearest understanding of the most important people in the world: their customers. In 2012, GfK s sales amounted to EUR 1.51 billion. in EUR million 1) 2. Quarter ) 2013 Change in % 1. Half Year ) 2013 Change in % Earnings situation Sales ,514.7 Gross income from sales EBITDA Adjusted operating income Margin in per cent 2) Operating income EBIT Other financial income / expenses Consolidated total income Basic earnings per share in EUR Adjusted earnings per share in EUR 3) Investment and finance Cash flow from operating activity Cash flow from investing activity Cash flow from financing activity Free cash flow after acquisitions, other investments and asset disposals ) Change as of in % ) Change as of in % Asset and capital position Total assets 1, , , , Equity Equity ratio in per cent Liquidity 4) Net debt 5) Employees No. of employees 12,678 12, % 12,028 12, Share of employees in the GfK companies outside Germany in per cent ) Rounded 2) Adjusted operating income in relation to sales 3) Consolidated total income attributable to equity holders of the parent plus highlighted items divided by the weighted average number of shares in the reporting period 4) Cash and cash equivalents plus securities and fixed-term deposits 5) Liabilities to banks plus pension obligations, liabilities under leases and other interest-bearing liabilities less cash and cash equivalents and securities and fixed-term deposits 6) Adjusted due to the retrospective application of IAS 19 (2011); cf. notes, section 2. Principles of consolidation and accounting policies
3 Business development at a glance of GfK Group 3 Sales in EUR million Adjusted operating income in EUR million Month Change Month Change % % % % 1-9 1, Earnings per share in EUR Cash flow from operating activity in EUR million Month Change Month Change % % % % Share of sectors in total sales in percent 1) 59.1 Consumer Experiences 40.5 Consumer Choices 0.4 Other Share of regions in total sales in percent 1) 40.8 Northern Europe 18.6 Southern & Western Europe 8.6 Central Eastern Europe/META 4.3 Latin America 17.5 North America 10.2 Asia and the Pacific ) Figures from the Management-Information System rounded 1) Figures from the Management-Information System rounded
4 The sectors at a glance 4 Consumer Experiences The Consumer Experiences sector concentrates on consumers attitudes, perceptions and behavior and answers the questions who is buying, why they are buying and how they are buying. These are explored though highly creative, robust and flexible methodologies. GfK is pioneering sophisticated new ways of understanding how people experience brands and services. In EUR million 2. Quarter Change in % 1. Half Year Change in % Sales Adjusted operating income Margin in per cent 1) Figures from the Management-Information System rounded 1) Adjusted operating income in relation to sales Consumer Choices The Consumer Choices sector investigates what s selling when and where. It focuses on the continuous assessment of market segments and trends by analyzing all major sales and information channels and media. In EUR million 2. Quarter Change in % 1. Half Year Change in % Sales Adjusted operating income Margin in per cent 1) Figures from the Management-Information System rounded 1) Adjusted operating income in relation to sales
5 contents 5 Letter to the shareholders 6 GfK share performance 7 Interim management report 8 1. General economic situation 9 2. Economic and financial development in the GfK Group 9 3. Cash flow and investment Assets and capital structure Trends in the sectors Regional trends Own the Future implementation of new corporate strategy is progressing Number of employees Research and development Organization and administration Changes in participations in the second quarter of Important events after the reporting date of 30 June Opportunity and risk position Outlook 16 Consolidated financial statements 17 Notes to the consolidated financial statements 26 Additional information 30
6 Letter to the shareholders 6 Following a modest start to the year in the first three months, GfK achieved significantly better results in the second quarter. The solid level of incoming orders in March had already signaled this upturn. In addition to a further, although moderate, increase in sales, we improved income in particular. Adjusted operating income in the second quarter reached 53.4 million, up 5.8 million compared to the previous year. It corresponds to a margin of 14.0%, outperforming the 12.7% achieved in the comparable period of the previous year. Halfway through the year we were thus able to more than halve the shortfall in profitability in comparison with the prior year. The cost-cutting measures had a positive impact on both the operating costs and on sales-related and general expenses. The proportion of these costs to total sales fell in comparison with the first quarter. This trend also led to a substantial increase in EBITDA, which went up from 55.7 million to 63.6 million in the second quarter. matthias hartmann Chief Executive Officer of GfK se Both of the sectors Consumer Experiences and Consumer Choices shared in this positive performance. As a consequence of the new matrix structure and the resulting pooling of technological and industry expertise, the Consumer Experiences sector is increasingly successful in winning international contracts. For example, we concluded agreement on a major tracking study for a telephone company in the US, which is based on our new digital platform. Another brand study was won in the US and six other countries in the health care segment. In addition to the cost-cutting measures, the key to the success of the Consumer Choices sector was primarily the major business segments of IT, telecoms and small domestic appliances. The automotive and lifestyle segments additionally saw double-digit growth rates. In the media segment, GfK took part in the bidding for several large contracts to track audience measurement outside Europe. Although there is fierce competition for these contracts, we believe that we have a good chance. This sector has grown considerably faster than in the first three months and its margin has increased. As a result we have come much closer to our goal of compensating for the modest first quarter and outperforming 2012 on a year-on-year basis. The market environment nevertheless remains challenging. Some countries are witnessing fluctuating developments within relatively short intervals of time. The market research industry itself is also changing. The challenge here is to provide new answers to the increasing digitalization. GfK is following this path, developing new solutions and will benefit from this trend. The analysis of data from the consumer use of mobile devices is an example of this. In the second quarter we gave the go-ahead for the market launch of our new products, Mobile and Location Insights. However, as we have indicated, this year s focus is on developing new business opportunities. In the Consumer Experiences sector we are placing emphasis on gaining more profitable business. In order to do so, we intend to enter into more large-scale multi-year tracking contracts with our clients. In the Consumer Choices sector we are setting three focal points: ongoing expansion of the business on the basis of the retail panel, new contracts to measure TV audience figures within Europe and beyond the continent, and new products to analyze data from the use of mobile devices. We expect up to 3% organic growth for this year. As in the last two years, this would mean that we are growing faster than the market. The margin is expected to be between 12.4% and 13%, again placing us in the top group of the world s largest market research firms. Over the medium term we intend to continue growing faster than the market, further adjust our portfolio of solutions and gain market share, especially in the new lines of business. We also intend to increase our margin gradually. In the short term we are therefore prioritizing the transformation of our business model in order to do so, as well as focusing on our processes of globalization and digitalization. This transformation is shouldered by our GfK colleagues around the world in addition to their daily work. The Management Board would like to express its thanks to our highly motivated employees who, together with us, are shaping a new and even better GfK. This commitment is very much appreciated. Sincerely yours, Matthias Hartmann
7 GfK share performance GfK share price performance from January 1, 2013, to June 30, ) in EUR January February March April May June 1) All values are indexed to the GfK share price, closing prices, in EUR GfK dax 30 Performance sdax Performance Dow Jones Euro Stoxx Media The opening price of GfK shares at the beginning of the year was By mid- February, the share price had climbed to a high of 45. Up to the publication date of the quarterly results in the middle of May, the shares performed parallel to the SDAX. Subsequently, the share price performance was weaker. This was after GfK reported modest business development in the first three months of 2013 and a rise in incoming orders. Since then, the share price has fluctuated around the 38 mark. The average trading volume for GfK shares was 11,789 per day in the first half of the year, with the trading volume in the second quarter of 2013 exceeding that of the first quarter by approximately 50%. On 17 May 2013, more than 200 shareholders and shareholder representatives (attendance rate of 81.4%) voted at the 5th Annual General Meeting of GfK SE. The resolutions were accepted by at least 99.6% of the votes. Hans Van Bylen, member of the Henkel Management AG Management Board, was elected as new Supervisory Board member, and shareholders voted in favor of a dividend of 0.65 per no-par share. The distribution rate in relation to consolidated total income was 36.9% compared with 26.9% in the previous year. The Management Board confirmed that it will also aim to deliver a dividend ratio of between 25% and 35% in the future. The higher distribution ratio achieved this year was attributable to non-recurring factors. Analyst rating as of Analyst rating as of Sell 6 Hold 6 Buy Sell 9 Hold 6 Buy As at 31 July 2013, the number of shares in free float stood at an unchanged 43.9%. At the same time, 0.02% of the shares were held by GfK s Management and Supervisory Boards, with 39.24% in institutional hands and 4.6% held by private investors. The majority of the shares in free float are held outside Germany almost 13% by institutional investors in the USA and 12% by investors in the UK. Other European shareholders (excluding Germany) hold just under 10%. GfK share 1) 2012 Q Q Number of shares No. 36,503 36,503 36,503 Market Capitalization EUR bn 1,409 1,436 1,424 High/Low EUR 41.00/ / /35.92 Close EUR Earnings per share EUR ) as of reporting dates
8 GfK posts sharp rise in second quarter income 8 Sales up 1.7% in organic terms to million, with organic growth totaling 2.8% in the second quarter of 2013 Second quarter adjusted operating income rises by 15.7% in organic terms, with half-year figure only slightly below the previous year s level Cash flow from operating activities increased to 30.7 million (previous year: 25.2 million) Outlook: organic growth of up to 3% and a margin between 12.4% and 13% expected for 2013 The GfK Group achieved sales growth of 1.2% to million in the first half of 2013 (same period in the previous year: million). This corresponds to organic growth of 1.7%, which was essentially achieved as a result of the 2.8% rise in the second quarter of Growth was primarily driven by the Consumer Choices sector, which generated organic growth of 3.8% for the first half of the year and of 5.2% in the second quarter of The regions Asia/Pacific, Latin America and Central Eastern Europe/META recorded double-digit growth in organic terms for the second quarter of the year. At 5.2%, Northern Europe, which recorded the highest sales overall, also achieved a strong organic growth rate. The weak business trend in South-western Europe was in line with expectations as was that of North America, although to a lesser extent. As a result of the strong income trend in the second quarter of 2013, a large part of the first quarter s shortfall was compensated. The margin was 14.0% in the second quarter of 2013 and 10.5% for the full half-year. Adjusted operating income for the first six months of 2013 was only 5.9% below the previous year s figure at 76.4 million. EBIT of 67.9 million almost matched the previous year s figure of 68.7 million. Consolidated total income was down by 3.1 million to 37.9 million. The trend in the second quarter of 2013 was also positive in respect of this figure. At the end of March, the gap compared with the previous year still amounted to 8.6 million in terms of EBIT and 5.5 million for consolidated total income. A significant reduction in working capital was achieved, with the cash flow from operating activities up by 5.5 million to 30.7 million in the first half of The order situation in the GfK Group remains satisfactory. At the end of June, a total of 79.4% of the annual sales required to achieve the forecast had already been posted or were in the order book. As the key performance indicator for the order book was changed from an invoicing based approach to a sales based approach, an exact comparison with the previous year s figure is not possible. However, the trend indicates that this measure has improved compared with the previous year. The previous year s invoicing based figure was 78.8%.
9 Interim management report 1. General economic situation As was already the case last year, global economic growth was not uniform in the first half of In Europe, the effects of the debt crisis had an adverse impact overall. The recession continued, in particular in southern Europe. Some northern European countries and most of the eastern European countries achieved positive growth rates. Despite government spending cuts, the USA also recorded slight growth. In South America and Asia, the trend remained positive, although growth was somewhat less dynamic here compared with previous years. However, in a number of countries including Argentina and Japan, this growth trend was associated with high inflation and marked devaluation of the local currency respectively Economic and financial development in the GfK Group In the first six months of 2013, GfK achieved a slight increase in sales year-on-year while operating income remained at an almost unchanged level. The trend in the second quarter of 2013 was pleasing and made up for much of the weaker income development in first three months of the year. Compared with the first half of 2012, sales were up by 1.2% in total to million. Organic growth amounted to 1.7 percentage points. Acquisitions pushed up sales by a further percentage point, whereas currency effects impacted negatively with 1.5 percentage points. Viewed in isolation, organic sales growth in the second quarter of 2013 totaled 2.8% while overall growth of 1.5% was achieved. Both sectors achieved sales growth. The Consumer Experiences sector achieved a slight increase of 0.5%, returning to a positive growth rate. In view of the higher number of orders recorded at the end of the first quarter and beginning of the second quarter, better utilization of human resources contributed to higher income. This 0.5% growth was equal to the organic growth rate, since growth from acquisitions was offset by currency effects. At 2.4%, growth in the Consumer Choices sector was considerably stronger than in Consumer Experiences. Currency effects had a negative impact of 1.5 percentage points. Organic growth in the first six months of 2013 amounted to 3.8% and in the second quarter to just over 5.2%. The sector s strong performance in Retail Tracking now provides a stable basis for the second half of GfK Group: key figures In EUR million (rounded) 2. Quarter ) 2. Quarter 2013 Change in % 1. Half Year ) 1. Half Year 2013 Change in % Sales EBITDA Adjusted operating income Margin in percent 1) Operating income EBIT Other financial income / expenses Consolidated total income Cash flow from operating activities Earnings per share in EUR Adjusted earnings per share in EUR 3) ) Adjusted operating income in relation to sales 2) Consolidated total income attributable to equity holders of the parent plus highlighted items divided by the weighted average number of shares in the reporting period 3) Adjusted due to the retrospective application of IAS 19 (2011); cf. notes, section 2. Principles of consolidation and accounting policies As a result of the revision of accounting requirements, an adjustment to various figures for the previous year was necessary in both the income statement and balance sheet. The reason for this was the amendment of the provisions in IAS 19 (2011), the retrospective application of which is mandatory in the accounting for financial years from 2013 onwards. An explanation of the amendment is provided in the notes to this report, along with reconciliation figures. In the coming years, the amendment of this standard will result in slightly increased allocations to pension provisions.
10 10 In EUR million Adjusted operating income 1) 1. Half Year 1. Half Year ) 2013 Operating income Write-ups and write-downs of additional assets identified on acquisitions Income and expenses in connection with share and asset deals Income and expenses in connection with reorganization and improvement projects Personnel expenses for share-based incentive payments Currency conversion differences Income and expenses related to one-off effects and other exceptional circumstances Total highlighted items Adjusted operating income ) rounded 2) Adjusted due to the retrospective application of IAS 19 (2011); cf. notes, section 2. Principles of consolidation and accounting policies Operating income of 67.2 million was virtually at the previous year s level (first half of 2012: 67.4 million). Adjusted operating income (hereinafter: income) totaled 76.4 million in the first six months of 2013, which represents a decrease of 5.9% on the same figure for the previous year ( 81.2 million). In the second quarter of 2013, income rose by 12.1%. Following a decline of 31.5% in the first quarter of 2013, this was a pleasing trend reversal. The development was mainly attributable to an increase in business, as well as further cost management measures introduced since the beginning of the year. In addition to the weak first quarter of 2013, the devaluation of several currencies that are important to GfK, including pound sterling as well as Latin American and Asian currencies, accounted for an adverse effect of 3.2 percentage points on income for the first half of the year. Net of these currency effects, the reduction in the first half of 2013 only amounted to 2.7%. The GfK Group margin was 10.5% after 11.3% in the first half of Viewed in isolation for the second quarter, the margin of 14.0% significantly exceeded the previous year s figure (12.7%). Like its competitors, the GfK Group uses adjusted operating income as a key performance indicator. The explanations regarding business performance using the adjusted operating income facilitate interpretation of the GfK Group s business development and enhance the informative value in comparison with other major companies operating in the market research sector. Adjusted operating income is determined by eliminating expenses and income items that distort the evaluation of operating earnings power from operating income. The balance of these expenses and income, which are referred to as highlighted items, was substantially reduced compared with the same period in the previous year. In the first six months of 2013, highlighted items totaled -9.2 million after million in the same period of the previous year. The most marked reduction in highlighted items occurred in terms of personnel expenses for share-based remuneration. This was due to the fact that only two of four tranches of the new program, which will exist concurrently once in place, were launched following a reorganization of long-term share-based remuneration for the senior management. At 67.9 million, EBIT almost matched the previous year s level ( 68.7 million). In the wake of a weak first quarter, the EBIT trend in the second quarter of 2013 was very positive. At the end of March, the gap on the previous year still amounted to 8.6 million. The same applies to EBITDA. At 95.9 million for the first half of 2013, the EBITDA figure was similar to the previous year s level of 96.9 million. The other financial result, which represents the balance of other financial income and other financial expenses, stood at million in the first six months of 2013 after -8.5 million in the first half of In the previous year, this figure included an amount of 2.6 million relating to the revaluation of a put option. The tax ratio rose slightly from 31.8% in the previous year to 32.9%. Earnings per share were down by 0.07 compared with the same period in the previous year and amounted to 0.89 Euro. As at 30 June 2013, the total number of GfK SE shares in circulation was 36,503,896 and unchanged compared with year-end To increase comparability with its peer group, GfK additionally publishes adjusted earnings per share. This is the consolidated total income attributable to the shareholders of the parent company plus highlighted items divided by the average number of shares in the reporting period. In the reporting period, adjusted earnings per share totaled 1.14 and therefore fell short of the previous year s figure of 1.33.
11 3. Cash flow and investment Cash flow from operating activities for the first six months of 2013 improved by 5.5 million to 30.7 million compared with the same period in the previous year. This was achieved through a considerable reduction in working capital of 17.4 million. 11 The cash outflow from investing activities was reduced by 55.3 million to 62.7 million as a result of fewer acquisitions and a lower volume invested in tangible assets. In the first half of 2013, an aggregated amount of 33.1 million was used for acquisitions whereas 79.9 million were invested in the same period of the previous year. The amount of 33.1 million was largely used to increase the shareholdings in media control GfK and GfK Etilize USA, which are now wholly-owned by GfK. Investments in tangible assets amounted to 9.8 million after 21.7 million in the first half of Only investments in intangible assets were 3.3 million higher than in the previous year, with a total of 20.0 million invested. Accordingly, the deficit in free cash flow after acquisitions, other investments and asset disposals was considerably reduced from million in same period of the previous year to million in the first six months of At the end of June 2013, GfK had cash and cash equivalents of 60.2 million (30 June 2012: 66.4 million). The unutilized credit lines amounted to million as at 30 June Assets and capital structure During the first six months of 2013, GfK SE s total assets rose marginally by 2.3 million to 1,882 million on the figure at year-end At the end of the first quarter, total assets were a little higher at 1,905 million in view of the temporary increase in cash and cash equivalents. Due to currency fluctuations, especially relating to the pound sterling, equity was slightly down. As at 30 June 2013, it amounted to 764 million (31 December 2012: 782 million). Accordingly, the equity ratio decreased by one percentage point to 40.6%. GfK SE s share was constant at 153 million. On 30 June 2013, net debt amounted to million. This represents an increase on year-end 2012 of 46.5 million. As at 30 June 2013, the ratio of modified net debt to EBITDA was 1.98 (30 June 2012: 1.76) and the ratio of EBITDA to modified interest expenses 9.22 (30 June 2012: 11.63). The covenants agreed with the banks were therefore comfortably met once again. Of the revolving credit facility amounting to 200 million, 185 million had been drawn as at 30 June A portion of the amount raised by issuing a loan note in the first quarter of 2013 was used to repay bank loans due in the short term. 5. Trends in the sectors GfK conducts its business activities in two sectors, Consumer Experiences and Consumer Choices. The Consumer Experiences sector deals with consumer habits, behavior, perceptions and attitudes and answers the who, why and how of consumption. GfK is developing pioneering and complex new procedures to deliver a profound understanding of how consumers experience brands and services. The Consumer Choices sector investigates what is bought by consumers, when and where. The main focus here is on continuous measurement of market volumes and trends. All the significant sales and information channels and media are included in the process of analysis. Structure of sales growth by sectors 1) Total 1.5% 0.5% 1.5% Consumer Experiences 0.5 % 1.5% 0.1% 3.8% Consumer Choices 2.4 % 1.2% 13.4% 0.0% Other 2) 14.6 % 1.5% 1.0% 1.7% Total 1.2 % 1) Figures from the Management-Information System rounded Currency Acquisitions Organic 2) Other division
12 12 Consumer Experiences 1) in EUR million Half Year 2013 Change in % Sales Adjusted operating income Margin in per cent 2) ) Figures from the Management-Information System rounded 2) Adjusted operating income in relation to sales Consumer Experiences: In the first half of 2013, the Consumer Experiences sector achieved a minor sales increase of 0.5% on the previous year s figure to million. Sales growth in organic terms also amounted to 0.5 percentage points, since acquisitions accounting for 1.5 percentage points and currency effects of -1.5 percentage points offset each other. The matrix structure introduced as part of the new corporate strategy and the resultant possibility of pooling technological and sector knowledge has been the basis for winning several major contracts. A leading US telecommunications provider has ordered a comprehensive tracking survey, and a global customer-satisfaction analysis in the business-to-business segment is being conducted on behalf of a supplier to the automotive industry. In the second quarter of 2013, income rose by 7.3% in organic terms. Consequently, this sector also reversed the very unsatisfactory trend of the first quarter. The like-for-like comparison of the first six months indicates a decrease in income compared with the previous year from 21.0 million to 16.3 million, which represents a reduction of 22.6%. In the second quarter of 2013, the margin of 6.2% was up on the previous year s figure of 5.8%. For the first six months of 2013, the margin of 3.8% fell somewhat short of the previous year s level (4.9%) as a result of the weak first quarter. Consumer Choices 1) in EUR million Half Year 2013 Change in % Sales Adjusted operating income Margin in per cent 2) ) Figures from the Management-Information System rounded 2) Adjusted operating income in relation to sales Consumer Choices: At 2.4 percentage points, growth in the Consumer Choices sector was again stronger than in the Consumer Experiences sector. Organic growth accounted for 3.8%, with a sharper rise of 5.2% recorded in the second quarter of Currency effects reduced sales for the first half of 2013 by 1.5 percentage points. With the exception of Southern and Western Europe, where the consequences of the ongoing recession are also increasingly felt in the sector s business, all regions contributed to sales growth. The positive trend was supported by all product groups. Growth was particularly robust in the major product categories IT, telecommunications and small domestic appliances (SDA). However, the relatively recent product categories automotive and lifestyle also achieved double-digit growth rates. Income of the Consumer Choices sector increased by 3.9% in the first half of 2013, and organically by as much as 7.2 percentage points. The margin of 22.5% slightly exceeded the previous year s figure of 22.2%. In line with expectations, the effect of delayed contracts, which was evident in the first quarter of the year, has meanwhile been compensated. Investments as part of implementing the new corporate strategy occurred along with further expenses for the current roll-out of products, namely Mobile and Location Insights. Other: Complementary to these two sectors is the Other category, which unites the central services that GfK provides for its subsidiary companies and other services unrelated to market research. In the first six months of 2013, sales generated by the Other category amounted to 2.5 million (previous year: 2.9 million). Of the costs incurred by the segment 6.3 million were not covered, compared with 3.7 million in the same period of the previous year.
13 Other 1) in EUR million Half Year 2013 Change in % Sales Adjusted operating income ) Figures from the Management-Information System rounded 6. Regional trends The GfK Group s network of subsidiaries covers over 100 countries. In geographic terms, business is divided into six regions: Northern Europe, Southern and Western Europe, Central Eastern Europe/META, Latin America, North America as well as Asia and the Pacific. In Northern Europe, the region with the highest sales volume, sales of the GfK companies were up 1.4% in the first six months of 2013 from million to million. Despite the continuing difficult environment, organic growth in sales of 5.2% was achieved in the second quarter of This trend also reflects the success of global business, as a large number of major global contracts are posted in this region and then processed via the worldwide GfK network. In many countries in the region Southern and Western Europe, including Greece, Portugal and France, the prevailing business climate was difficult, as was already the case in the previous year. This was also increasingly evident for GfK s business. The minor decrease in sales during the first three months of the year accelerated in the second quarter of 2013 and amounted to -4.2% for the half-year. In the Central Eastern Europe/Meta (Middle East, Turkey and Africa) region, GfK again recorded significant sales growth. The Group achieved a 12.9% increase in sales to 62.5 million in the first six months of In this region, the measures taken as part of implementing the new strategy impacted favorably. Particularly the larger countries in the region, such as Russia, contributed to growth with new global solutions based on a sharper focus on syndicated products and the Consumer Panel. In addition, the process of combining some smaller countries was launched to create a more efficient structure. The Latin America region also achieved significant growth in the second quarter of 2013, and of 5.6% in total for the first half of the year. However, currency effects had a considerable negative impact, mainly as a result of the high rate of inflation in Argentina. Organic growth amounted to an impressive 11.4%. In the North America region, the business trend was weaker with sales down 0.9 percentage points to million. An increase of 3.8 percentage points resulted from acquisitions while sales in organic terms decreased by 3.9 percentage points. The shares of the two sectors in regional business shifted slightly in favor of the Consumer Choices sector. This in turn had a positive impact on the margin. The GfK companies in Asia and the Pacific increased sales by 3.9% to 74.2 million. Organic growth of 10.2 percentage points was considerably stronger, although currency effects of -6.3 percentage points had the opposite effect. Structure of sales growth in the regions 1) Total 0.9% 0.2% 2.0% Northern Europe 1.4 % 4.2% Southern & Western Europe 4.2 % 1.5% 2.3% 12.1% Central Eastern Europe/META 12.9 % 5.9% 11.4% Latin America 5.6 % 3.9% 0.8% 3.8% North America 0.9 % 6.3% 10.2% Asia and the Pacific 3.9 % 1.5% 1.0% 1.7% Total 1.2 % 1) Figures from the Management-Information System rounded Currency Acquisitions Organic
14 14 Regions: sales growth 1) in EUR million Half Year 2013 Change in % Northern Europe Southern & Western Europe Central Eastern Europe/META Latin America North America Asia and the Pacific Total ) Figures from the Management-Information System rounded 7. Own the Future implementation of the new corporate strategy is progressing Since 1 January 2012, GfK has pursued its new strategy Own the Future. The aim of the strategy is to make global use of the numerous strengths existing within GfK for specific client groups and in various regions in the future. For this purpose, products are being harmonized and adapted for an increasingly networked digital world. A new organizational structure with global and regional responsibilities has been created to support shared utilization of existing data and resources as well as the transfer of expertise on various sectors, client groups and regions among GfK experts. In the first half of 2013, key areas of implementing the strategy included the continuing set-up of global centers to increase efficiency in the two business sectors in the future as well as in operations. Improvements in terms of operations within the Consumer Experiences sector, which cover data collection, processing and delivery, are particularly aimed at the two important aspects of scalability and speed. To achieve these, the existing platforms are to be standardized. The process has progressed to the extent that a global contract was signed with an IT company, which will develop two uniform applications based on the 16 existing software solutions. In addition, roll-out of the new global core products continued and the regional organizations have been aligned accordingly. Client platforms will also gradually be pooled. The pilot phase for introducing the standardized gfk connect customer portal was concluded and migration of the 700 existing customer platforms in total has started. The digital product platforms nurago and DRIVE System, an in-house development, were the prerequisites for securing major orders relating to the digital segment in the reporting period. The GfK Management Board had presented long-term sales and income targets in the context of the new Own the Future corporate strategy. By the end of 2015, the GfK Group s sales volume was expected to range between 1.9 billion and 2.0 billion, assuming that future acquisitions would account for a sales contribution of around 100 million in The target profit margin was stated as 15% to 16%. The forecast for organic growth was based on the assumption that market growth would continue at a high level of 5% p.a. on average, which GfK was to outperform in every year. In view of the considerable slowdown in market growth and the company s adapted acquisition strategy to focus on digital business, the management has decided to revise its original forecast. GfK still anticipates that it will achieve organic growth of 1 to 2 percentage points above market level and will therefore gain market shares. With regard to increasing the profit margin, a somewhat more moderate trend is now expected compared with the original target, since the new services like Mobile and Location Insights as well as new contracts in media business will only develop their full earnings potential later than previously expected while expenses and write-downs of IT investments will already impact on the margin at an earlier stage in parallel with the switch to digital business. The target profit margin for 2015 now ranges from 14% to 15%. GfK will continue to focus on long-term growth. High priority is given to the transformation of the business model, which has commenced and is geared to digitization and system-supported automation of business processes. The aim is to gradually increase digital and data-supported sales potential. On this basis, the Group s intention is for the Consumer Choices sector to expand more rapidly while the Consumer Experiences sector will essentially grow at a slower pace during the phase of transformation, given the planned portfolio alignment to include new business areas and digital products. This may produce greater volatility of quarterly results.
15 8. Number of employees The HR expansion was substantially curbed during the second quarter of As at 30 June 2013, the GfK Group had 12,910 employees, 232 more than at the end of 2012 and 29 more than at the end of the first quarter of A large number of new employees joined the Group as part of creating centralized services in line with the corporate strategy, especially the new coding centre in Bulgaria for the Consumer Choices sector. In addition, many ex-freelancers have been employed following legal changes and changes in the organizational structure. There was no increase in staff numbers resulting from the firsttime consolidation of companies in the reporting period. At the end of the second quarter of 2013, the Group employed 10,737 staff outside Germany and 2,173 in Germany. In the first six months of the current year, personnel expenses amounted to million (same period in the previous year: million). The personnel cost ratio, which expresses the ratio of personnel expenses to sales, increased from 45.8% to 46.8%. Alongside the above-mentioned employment of ex-freelancers, services in some countries have been insourced. These two factors mean that costs which were previously reported as services bought in are now stated under personnel expenses Research and development GfK Drive is a comprehensive technological platform GfK is developing for the integration of data, projects and products. Aims include increasing quality and efficiency, removing isolated data silos and significantly accelerating speed right up to real-time analysis. This will enable GfK s clients to carry out complex analysis and evaluation in real time, draw comparisons and use these to generate ideas. Continual fine-tuning of prototype analysis models will rapidly deliver new insights. To facilitate this, it was necessary to adopt a new and comprehensive data viewing approach which, for example, requires no predefinition of aggregation and diagrams. Big and deep data technology has made this development possible. GfK Drive also provides the implementation basis for new GfK products and has already been used successfully for some time, predominantly in large-scale surveys involving several countries that are conducted for Group clients. 10. Organization and administration The Group has embraced the challenges associated with globalization and set up an organizational structure that enables the local GfK companies to respond to market opportunities quickly and efficiently. GfK SE simultaneously acts as a holding company and operating unit. In Germany, the GfK Group network comprises the parent company, 14 consolidated associates and another associate as well as four non-consolidated affiliated companies. Worldwide, the GfK Group has 147 consolidated associates and 15 other associates, three participations and 34 non-consolidated affiliated companies. The Group headquarters is located in Nuremberg. 11. Changes in participations in the second quarter of 2013 GfK increased its stake in the American subsidiary GfK Etilize from 75% to 100% in April GfK Etilize has the world s biggest, most comprehensive electronic catalog of technical consumer goods. It provides product information for transactions within the e-commerce segment for a wide assortment of technical consumer goods. GfK Etilize s clients include some of the world s largest manufacturing organizations, wholesalers and retailers as well as operators of online shopping Websites, search engines and price comparison platforms. The company was already fully consolidated prior to this increase in the number of shares held. Changes in the GfK Network during the second quarter of 2013 Company Reason for investment Shareholding in % Sector GfK - Etilize Share increase from 75 to 100 Consumer Choices Sensemetric Acquisition 100 Consumer Experiences
16 16 In June 2013, Austrian company Sensemetric was acquired in full. The company has developed a digital crowdsourcing platform which enables it to conduct social media analysis in every country across the globe. This information will now be integrated into existing GfK data sources, such as the GfK Media Efficiency Panel. 12. Important events after the reporting date of 30 June 2013 GfK acquired 100% of the shares in Dutch company PCNData in July The acquisition of this company has given GfK access to leaflet and internet promotion data of Belgian and Dutch food retailers (FMCG). Combined with the existing consumer panel data and expertise of GfK consultants, GfK is able to offer clients advice on advertising and promotion efficiency and optimization. 13. Opportunity and risk position The risk position and opportunities of the GfK Group are described in the Group Management Report as at 31 December No material changes have occurred compared with the description and no risks have been identified that could jeopardize the continued existence of the Group. The GfK Group s risk position is impacted by the ongoing uncertainties relating to the economic environment. If the global economic situation should worsen significantly and severely affect the business of GfK clients, this could also impact on GfK. The GfK business model is subject to seasonally related fluctuations. Traditionally, sales and income trends are significantly better in the fourth quarter than the other quarters, given that the year-end business is highly relevant to GfK clients operations. Thanks to its global network as a full-service provider, the GfK Group is well-positioned. GfK meets new challenges in the market research industry with an innovative portfolio of products and services tailored to client requirements. 14. Outlook GfK expects global economic growth to remain sluggish in the course of this year, especially in the industrialized nations. In Southern and Western Europe, the recession is expected to continue. Any impetus is likely to be provided by the emerging markets, where GfK also remains on course for growth. In view of the positive trend in the second quarter of this year, the Management Board remains confident that GfK will once again outperform the market research industry in 2013 and be in a position to gain market shares. In 2013, GfK will make every effort in driving forward the optimization of the Group s structure and implementation of its strategy. This is likely to impact favorably on the future business trend. Provided that the economic situation will not worsen, GfK anticipates organic growth of up to 3% in 2013 (previous guidance: between 3% and 4%). Despite the scheduled expenses for developing new business, GfK aims to achieve a profit margin (adjusted operating income in relation to sales) of 12.4% to 13% (previous guidance: around 13%) in the current financial year. Following the subdued start to the year, the level of incoming orders has developed well since then. At the end of June, a total of 79.4% of the annual sales required to achieve the forecast had already been posted or were in the order book. As the key performance indicator for the order book was changed from an invoicing based approach to a sales based approach, an exact comparison with previous year s figure is not possible. However, the trend indicates that this measure has improved compared to the previous year. The previous year s invoicing based figure was 78.8%. *The outlook contains predictive statements on future developments, which are based on current management assessments. Words such as anticipate, assume, believe, estimate, expect, intend, could/might, planned, projected, should, likely and other such terms are statements of a predictive nature. Such predictive statements contain comments on the anticipated development sales proceeds and income for Such statements are subject to risks and uncertainties, for example, economic effects such as exchange rate fluctuations and changes in interest rates. Some uncertainties and other unforeseen factors which might affect ability to achieve targets are described under risk position in the Management Report. If these or other uncertainties and unforeseen factors arise or the assumptions on which the statements are based prove to be incorrect, actual results could materially differ from the results indicated or implied in these statements. We do not guarantee that our predictive statements will prove to be correct. The predictive statements contained herein are based on the current Group structure and are made on the basis of the facts on the day of publication of the present document. We do not intend nor accept any obligation to update predictive statements on an ongoing basis.
17 Consolidated income statement of GfK Group from April 1 to June 30, 2013 in EUR 000 (according to IFRS, not audited) 17 Q ) % of sales Q % of sales abs. % Sales 375, % 380, % 5, % Cost of sales 251, % 250, % 1, % Gross income from sales 123, % 130, % 7, % Selling and general administrative expenses 79, % 80, % % Other operating income 4, % 2, % 1, % Other operating expenses 7, % 3, % 3, % Operating income 2) 40, % 48, % 8, % Income from associates % % % Other income from participations % % % ebit 41, % 49, % 7, % Other financial income 3, % 6, % 3, % Other financial expenses 7, % 12, % 5, % Income from ongoing business activity 37, % 42, % 5, % Tax on income from ongoing business activity 10,412 13,740 3, % Consolidated total income 26, % 29, % 2, % Attributable to equity holders of the parent: 24, % 26, % 2, % Attributable to minority interests: 2, % 2, % % Consolidated total income 26, % 29, % 2, % Basic earnings per share (eur) % Diluted earnings per share (eur) % Adjusted earnings per share (eur) % For information: Personnel expenses 169, % 168, % 1, % Depreciation/amortization 14, % 14, % % ebitda 55, % 63, % 7, % 1) Adjusted due to the retrospective application of IAS 19 (2011); cf. notes, section 2. Principles of consolidation and accounting policies. 2) Reconciliation to internal management indicator adjusted operating income amounting to EUR 53,411 thousand (Q2 2012: 47,635 thousand) as indicated on page 10.
18 Consolidated income statement of GfK Group from January 1 to June 30, 2013 in EUR 000 (according to IFRS, not audited) 18 H ) % of sales H % of Change sales abs. % Sales 720, % 728, % 8, % Cost of sales 491, % 499, % 8, % Gross income from sales 228, % 229, % % Selling and general administrative expenses 157, % 161, % 4, % Other operating income 8, % 10, % 2, % Other operating expenses 12, % 11, % 1, % Operating income 2) 67, % 67, % % Income from associates 1, % % % Other income from participations % % % ebit 68, % 67, % % Other financial income 10, % 18, % 7, % Other financial expenses 18, % 29, % 10, % Income from ongoing business activity 60, % 56, % 3, % Tax on income from ongoing business activity 19,131 18, % Consolidated total income 41, % 37, % 3, % Attributable to equity holders of the parent: 34, % 32, % 2, % Attributable to minority interests: 6, % 5, % % Consolidated total income 41, % 37, % 3, % Basic earnings per share (eur) % Diluted earnings per share (eur) % Adjusted earnings per share (eur) % For information: Personnel expenses 330, % 340, % 10, % Depreciation/amortization 28, % 27, % % ebitda 96, % 95, % % 1) Adjusted due to the retrospective application of IAS 19 (2011); cf. notes, section 2. Principles of consolidation and accounting policies. 2) Reconciliation to internal management indicator adjusted operating income amounting to EUR 76,381 thousand (H1 2012: EUR 81,182 thousand) as indicated on page 10.
19 Consolidated cash flow statement from January 1 to June 30, 2013 in EUR 000 (according to IFRS, not audited) 19 H1 H ) 2013 Consolidated total income 41,050 37,928 Write-downs/write-ups of intangible assets 15,673 14,510 Write-downs/write-ups of tangible assets 12,512 13,427 Write-downs/write-ups of other financial assets Total write-downs/write-ups 28,186 28,428 Increase/decrease in inventories and trade receivables 31,719 23,412 Increase/decrease in trade payables and liabilities on orders in progress 10,260 30,470 Changes in other assets not attributable to investing or financing activity 12,240 6,293 Changes in other liabilities not attributable to investing or financing activity 18,263 35,335 Profit/loss from the disposal of non-current assets 1 40 Non-cash income from associates Increase/decrease in long-term provisions 2,921 1,414 Other non-cash income/expenses 376 2,953 Net interest income 9,577 9,685 Change in deferred taxes 822 1,128 Current income tax expense 19,954 19,983 Taxes paid 22,562 24,674 a) Cash flow from operating activity 25,241 30,722 Cash outflows for investments in intangible assets 16,646 19,972 Cash outflows for investments in tangible assets 21,740 9,809 Cash out-/inflows for acquisition of consolidated companies and other business units, net of cash acquired 79,859 33,068 Cash outflows for other financial assets Cash inflows from disposal of intangible assets Cash inflows from disposal of tangible assets Cash inflows from the sales of consolidated companies and other business units, net of cash disposed of 0 0 Cash inflows from disposal of other financial assets 86 2 b) Cash flow from investing activity 118,007 62,747 Cash inflows from equity contributions 0 0 Dividend payments to equity holders of parent 23,728 23,728 Dividend payments to minority interests and other equity transactions 4,093 3,922 Cash inflows from loans raised 158, ,615 Cash outflows for repayment of loans 63,350 83,781 Interest received Interest paid 14,388 16,032 c) Cash flow from financing activity 53,530 33,546 Changes in cash and cash equivalents (total of a), b) and c)) 39,236 1,521 Changes in cash and cash equivalents owing to exchange gains/losses and valuation 1,208 7,650 Cash and cash equivalents at the beginning of the period 105,869 66,376 Cash and cash equivalents at the end of the period 67,840 60,247 1) Adjusted due to the retrospective application of IAS 19 (2011); cf. notes, section 2. Principles of consolidation and accounting policies.
20 Calculation of net debt and free cash flow in EUR 000 (according to IFRS, not audited) 20 Calculation of net debt ) Liquid funds 66,376 60,247 Short-term securities and time deposits 1,466 1,097 Liquid funds, short-term securities and time deposits 67,842 61,344 Liabilities to banks 203, ,534 Pension obligations 64,509 58,753 Liabilities from finance leases Other interest-bearing liabilities 260, ,648 Interest-bearing liabilities 529, ,633 Net debt 461, ,289 Calculation of free cash flow ) Consolidated total income 41,050 37,928 Write-downs/write-ups of intangible assets 15,673 14,510 Write-downs/write-ups of tangible assets 12,512 13,427 Others 43,994 35,634 Cash flow from operating activity 25,241 30,722 Capital expenditure 30,581 29,781 Free cash flow before acquisitions, other investments and asset disposals 5, Acquisitions 79,859 33,104 Other financial investments 8, Asset disposals Free cash flow after acquisitions, other investments and asset disposals 92,766 32,025 1) Adjusted due to the retrospective application of IAS 19 (2011); cf. notes, section 2. Principles of consolidation and accounting policies.
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