Presentación escala
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Transcript of Presentación escala
January 2005
General Overview
2
1.-Current Business Portfolio
2.-Historical Data
INDEX:
3
GMAI Auctentia is a “global collectible auction house network” made up of a portfolio of prestigious brands and companies in the trade and collectibles auction sector (coins, stamps, art, etc.)
1. Current Business Portfolio (1)
1.1.- Definition of GMAI Auctentia
4
1999: GMAI Asia (Iatoz)
2001: Heinrich Köhler-Wisbadem (100%)
2002: Finarte España (100%)
2002: Corinphila (65%)
1997: GMAI
(10%) USA
GERMANY
SWITZERLAND
CHINA
USA
1998: Teletrade
USA
1999: Spectrum
USA
1993: Ivy & Mader
2000: North American Certified Trading
USA
First entry in GMAI capital
from Afinsa
1. Current Business Portfolio (2)
1.1.- GMAI Auctentia: Two parallel histories before the integration.
2003: GMAI acquires Auctentia´s subsidiaries
2001: Heinrich Köhler-Berlin (66%)
GERMANY
SPAIN
5
1. Current Business Portfolio (3)
1.1.- GMAI Auctentia: A similar history after integration.
2004 February: Nutmeg (Stamps)
(100%)USA
2004 February: Kingwoods (Coins)
(100%)
2004 February: Bowers&Merena (Coins)
(100%)
2004 February: Superior (Sport Cards)
(100%)
USA
USA
USA
USA
Hong-Kong
2004 June: H.R.Hammers (Stamps)
(100%)
2005 February: John Bull (Stamps)
(100%)
List of companies acquired after integration
6
AUSTRIA Summer 2001: Dorotheum
Fall 2001: SPINK
(former division of Chrisitie´s)
UNITED KINDOM
Auctentia: Other acquisitions processes not concluded
1. Current Business Portfolio (4)
1.1.- GMAI Auctentia: Two parallel histories before the integration.
7
1. Current Business Portfolio (5)
1.2.- Organisational Chart
Auctentia
Deustchland (100%)
H.Köhler Auktionhaus
(100%)
H.Köhler Berliner(66.67%)
H.Köhler Verwaltung (100%)
H.Köhler Briefmarkenhandel
(100%)
Auctentia
Subastas S.L. (100%)
GMAI Auctentia
Central de Compras S.L. (100%)
CORINPHILA Auktionen AG
(65%)
GMAI Auctentia
Europa
Greg Manning
NUTMEG Auctions, Inc (100%)
PHILATELIC
Swiss Company
American Company
German Company
Spanish Company
Hong Kong Company
Spectrum Numismatic
International, Inc100%
Superior Sports, LLC
(100%)
Kensington Ass. LLC
(100%)
NUMISMATIC & OTHERCalifornia
Teletrade, Inc (100%)
Kingswood Coin
Auctions LLC (100%)
Bowers & Merena Auctions,
LLC (100%)
Spectrum Collectible Serv.
LLC (100%)
NACT/Bowers & Merena
Galleries. LLC (100%)
Spectrum Numismatic
Auctions, Inc100%
Greg Manning Auctions Inc.
NASDAQ: GMAI
GMAI Auctentia
America
GMAI Auctentia
Europe S.L. (100%)
IVY & MADER, Inc (100%)
Greg Manning
Galleries, Inc (100%)
Greg Manning Auctions
(Trade Mark).
PHILATELICNew Jersey
John Bull - Hong Kong (100%)
HR HARMERS
(100%)
8
GMAI Auctentia: Auction companies in Spain
Auctentia Subastas, S.L.
CountryCompany
Spain and Portugal
Stamp auctions (core) and coin auctions
Activity % StakeFounded
inOther info
100% 1980
Trade mark of Auctentia Subastas, S.L.
Spain and Portugal
Advertising poster and cinema poster auctions
100% 2000
Trade mark of Auctentia Subastas currently operating with Sala Retiro (Caja Madrid)
Spain Art and antique auctions in Madrid
100% 1995
•Belongs to International Auctioneers with partners in 9 countries•Its clients include the most important museums in Spain
Joined GMAI in 2003
Joined GMAI in 2003
1. Current Business Portfolio (6)
1.2.- Operating subsidiaries: brief description
9
Heinrich Köhler Auktionshaus GmbH & Co. KG
CountryCompany
Germany: Wiesbadem
Leading auction house for classic philately in Germany
Activity % Stake Other info
100% 1913Acquired by Auctentia in 2001 and joined GMAI in 2003
Heinrich Köhler Berliner Briefmarken-Auktionen GmbH
Germany, Berlin
All manner of philatelic auctions, with a presence in Eastern Europe
66.6% 1991
Corinphila Auktionen AG
Switzer-land, Zurich
High level and prestigious stamp auctions for clients around the world
65% +
35% Call
option
(falls due
Jul.05)
1921
Founded in
GMAI Auctentia: Auction companies in Europe (philately)
Acquired by Auctentia in 2001 and joined GMAI in 2003
Acquired by Auctentia in 2002 and joined GMAI in 2003
Note: The rest of the companies in Germanyare holding companies.
1. Current Business Portfolio (7)
1.2.- Operating subsidiaries: brief description
10
Greg Manning Auctions Inc
CountryCompany
USA, New Jersey
Stamp auctions and supply contract with Afinsa
Activity % Stake Other info
Head of
Group 1966Listed on
Nasdaq
since 1994
IVY & Mader, Philatelic Auctions Inc
USA, New Jersey
High level stamp auctions
100%1970
(approx.)
Acquired by GMAI in 1993
Trade mark of Greg Manning Inc.
USA, New Jersey
Auctions of collectibles, especially mid-range philately
1966 100%
Founded in
GMAI Auctentia: Auction companies in USA (philately)
GM Nutmeg Auctions Inc.
USA, Connecticut
Stamp auctions1980
(approx.)100%
Acquired by GMAI in 2004(February)
1. Current Business Portfolio (8)
1.2.- Operating subsidiaries: brief description
HR Harmers
USA, New York
Stamp auctions 1918100% Acquired by GMAI in 2004(June)
11
Bowers & Merena Auctions LLC
CountryCompany
USA, California
High level stamps auctions, direct sales and publication of coin books
Activity % Stake Other info
100% 1953
Kingswood Coin Auctions LLC
USA, California
Mid-level coin auctions. Mainly distance sales.
100%
Founded in
GMAI Auctentia: Auction companies in USA (coins)
Acquired by GMAI in 2004(February)
Acquired by GMAI in 2004(February)
N.D.
1. Current Business Portfolio (9)
1.2.- Operating subsidiaries: brief description
12
Kensington
Ass.,LLC
CountryCompany
USA, California
Coins retailer, mainly via Internet
Activity % Stake Other info
100% 1987 Joined the
group in
2000
Spectrum Numismatic
Inc.
USA, California
Coins wholesaler
100%1980
(approx.)
Joined the group in 1999
Founded in
Teletrade Inc.
USA, California
Coin and sports card auctions via Internet and telephone
1980 (approx.)
Joined the group in 1998100%
GMAI Auctentia: Retail and wholesale companies USA (coins)
1. Current Business Portfolio (10)
1.2.- Operating subsidiaries: brief description
13
Superior Sports, LLC
CountryCompany
USA, Michigan
American sports memorabilia auctions
Activity % Stake Other info
100% 1970
GMAI Auctentia Central de Compras, S.L.
Spain, Madrid 100% 2003
Joint Venture
Hong Kong
Stamps auctions for Asia
2005
Manages the main stock of the group, acquisitions of new collections and the contract with Afinsa
Founded in
GMAI Auctentia: Other Companies
Acquired by GMAI in 2004(February)
Joined GMAI
in 2003
1. Current Business Portfolio (11)
1.2.- Operating subsidiaries: brief description
100% Acquired by GMAI in 2005(February)
14
1.-Current Business Portfolio
2.-Historical Data
INDEX:
15
114.122
96.48999.224
118.232
258.386
822
102.287
11.743 11.819
5.0428.811
14.519
61.491
29.366
2.823
-13.177-16.323
-3.668
-20.000
20.000
60.000
100.000
140.000
1999
2000
2001
2002
2003
2004
USD (thousands)Gross Sales Gross Profit Net Income
2. Historical Data (1)
2.1.- Sales, Gross profit & Net Income Evolution
Note: We understand “Gross Sales” to behammer price of the adjudicated lots plus selling price of own material
Pending close of December update
16
258.383
102.287114.122
96.489 99.224
118.232100.954
182.931
0
40.000
80.000
120.000
160.000
200.000
240.000
1999
2000
2001
2002
2003
2004 First Sem
.2004 Third Quarter
2004 FY
Performance of sales according to acquisitions & joint ventures
Note: We understand “Gross Sales” to behammer price of the adjudicated lots plus selling price of own material
2. Historical Data (2)
2.2.- Sales & acquired companies
Pending close of December update
17
87.034
58.64177.831
91.894104.328
24.930 28.853 21.685
18.500
14.125
15.192
12.239
23.397
151.176
4.781
9.70912.963
22 .656
9.154
2.879
74.078
21.538
2.941
3.4934.743 803
0
50.000
100.000
150.000
200.000
250.000
300.000
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Coins Stamps Other collectibles
58.459
34.156
22.60821.310
63.148
12.75211.691
6.144
77.484
55.663
62.333
76.61696.922
195.235
16.34420.655
16.959
17.560
24.803
8.721
0%
20%
40%
60%
80%
100%
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Auctions Sales inventory
Performance of sales by type of sale channels
Performance of sales (Gross Sales) per type of collectibles
Note: We understand “Gross Sales” to behammer price of the adjudicated lots plus selling price of own material
2. Historical Data (3)
2.3.- Sales classification
18
Stock performance
versus Nasdaq 100
(10 years, 31/01/065)
Stock performance
(10 years, 31/01/05)
5.93713.686 8.563 8.287
147.105
106.810
21.627 18.08028.662
306.000
326.810
0
50.000
100.000
150.000
200.000
250.000
300.000
350.000
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
31/01
/200
5
USD (thousands)
Performance of market
capitalisation
2. Historical Data (4)2.4.- Market Cap. & stock price evolution
19
2. Historical Data (5)
2.5.-Stock Price related to corporate facts & competitors
02468101214161820
Fecha
22/01/2003
13/02/2003
07/03/2003
31/03/2003
22/04/2003
14/05/2003
05/06/2003
27/06/2003
21/07/2003
12/08/2003
03/09/2003
25/09/2003
17/10/2003
10/11/2003
02/12/2003
24/12/2003
15/01/2004
06/02/2004
01/03/2004
23/03/2004
15/04/2004
07/05/2004
01/06/2004
24/06/2004
19/07/2004
10/08/2004
01/09/2004
24/09/2004
10/18/04
11/09/2004
12/02/2004
12/27/2004
01/19/2005
08/13/03Final Proxy St.
01/21/03Acquisition Contract
GMAI & Auctentia
07/01/03Fiscal Year
2004
09/08/03Efective Merger
02/03/04Record 2Q FY04
Second Rev.Guid.
12/16/03First RevisedGuidance for
FY04
Feb.04 Nutmeg Bowers & M.
Koingswood Superior Acqusitions
03/22/04Forecast Record
3Q FY04Third
Rev.Guid.
05/19/04Extension
Afinsa Contract
06/14/04H.R.HamerAcquisition
31/1/05GMAI
US$/Share: 11,53
2003 2004
Price (US$)
Share price (since Jan. 1st, 2003 to 1st of January, 2005)Share price (since Jan. 1st, 2003 to 1st of January, 2005)
Performance between Jan.2nd, 2003 and S
ept.8th, 2003: 290%
05/06/04Record 3Q
FY04
06/16/04Fourth
RevisedGuidance for FY04
06/28/04GMAI added
to Russell 2000 Index
Performance between Sept.8th, 2003 and
June 30th, 2004: 166,5
%
Share price (31/1/05)Share price (31/1/05)
GMAI: Greg Manning AuctionsCLCT: Collectors UniverseBID: SothebysSGI: Stanley Gibbons
Source: www.reuters.com
2005
20
2. Historical Data (6)
2.6.-Trading Volume
0
5.000.000
10.000.000
15.000.000
20.000.000
25.000.000
30.000.000
35.000.000
2003 2004
09/08/03Efective Merger
2004 First SemesterTotal trading volume: US$392 million
Average daily US$ 3,2 million
Trading volume* (from Jan.1st, 2003 to June 30th, 2004)Trading volume* (from Jan.1st, 2003 to June 30th, 2004)USD
* Calculated to daily close prices
3.792.278
501.390
2.244.388
32.348.304
5.23452.589900.000
0
20.216.790
0
5.000.000
10.000.000
15.000.000
20.000.000
25.000.000
30.000.000
35.000.000
Average Maximum Minimum
USD(Vol. x Close Price)
Sothebys GMAI Collector Univ
Average trading volume from July 1st 2003 to June 30th 2004 (US$Average trading volume from July 1st 2003 to June 30th 2004 (US$))
21
2. Historical Data (7)2.7.- Comparison with public competitors
1.142
327
11375 73 71
40 24 24 22 8
Sothebys
Greg
Manning
Collectors U.
Mallett
Antiques
Finarte
ART'E' (Arte
Spa)
S. Gibbons
Partridge
F.A.
Artemis Fine
Art
Gallery of
History Inc
artnet.com
Market capitalisation (01/31/05) (million $)Market capitalisation (01/31/05) (million $)
Market capitalisation (1/31/05) (million EUR)Market capitalisation (1/31/05) (million EUR)
Comparative Market Value of GMAI and other Spanish companies
Comparative Market Value of GMAI and other International collectibles companies
1.068
725
391
283251
225 205158
51
Sos cuetara
Aldeasa
Tele Pizza
Tubacex
GMAI
Pescanova
Tudor
Adolfo
Dominguez
Bodegas
Riojanas