2. INDEX:
1.-Current Business Portfolio
2.-Historical Data
2
3. 1. Current Business Portfolio (1)
1.1.- Definition of GMAI Auctentia
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.)
3
4. 1. Current Business Portfolio (2)
1.1.- GMAI Auctentia: Two parallel histories before the
integration.
2003: GMAI acquires
Auctentia´s subsidiaries
2002: Corinphila (65%) 2000: North American Certified Trading
SWITZERLAND USA
2002: Finarte España
(100%) 1999: Spectrum
SPAIN
USA
2001: Heinrich Köhler-
Wisbadem (100%)
GERMANY 1998: Teletrade
2001: Heinrich Köhler- USA
Berlin (66%)
GERMANY
1993: Ivy & Mader
1997: GMAI
USA
(10%) USA
1999: GMAI Asia (Iatoz)
CHINA
First entry in GMAI capital
4
from Afinsa
5. 1. Current Business Portfolio (3)
1.1.- GMAI Auctentia: A similar history after integration.
List of companies acquired after integration
2005 February: John Bull (Stamps)
(100%) Hong-Kong
2004 June: H.R.Hammers (Stamps)
(100%)
USA
2004 February: Superior (Sport Cards)
(100%) USA
2004 February: Bowers&Merena (Coins)
(100%)
USA
2004 February: Kingwoods (Coins)
(100%)
USA
2004 February: Nutmeg (Stamps)
(100%)
USA
5
6. 1. Current Business Portfolio (4)
1.1.- GMAI Auctentia: Two parallel histories before the
integration.
Auctentia: Other acquisitions processes not concluded
AUSTRIA Summer 2001: Dorotheum
UNITED
Fall 2001: SPINK
KINDOM
(former division of Chrisitie´s)
6
7. 1. Current Business Portfolio (5)
1.2.- Organisational Chart
Greg Manning Auctions Inc.
NASDAQ: GMAI
GMAI Auctentia GMAI Auctentia
Europa America
PHILATELIC PHILATELIC NUMISMATIC & OTHER
New Jersey California
CORINPHILA Auktionen AG Greg Manning Auctions Spectrum Numismatic
(65%) (Trade Mark). International, Inc100%
H.Köhler Briefmarkenhandel IVY & MADER, Inc (100%) Spectrum Numismatic
(100%) Auctions, Inc100%
Greg Manning
H.Köhler Auktionhaus
NUTMEG Auctions, Inc (100%) Teletrade, Inc (100%)
(100%)
HR HARMERS
Spectrum Collectible Serv.
H.Köhler Verwaltung (100%) (100%)
LLC (100%)
Greg Manning
Auctentia Kingswood Coin
Galleries, Inc (100%)
Deustchland (100%) Auctions LLC (100%)
Bowers & Merena Auctions,
H.Köhler Berliner(66.67%) John Bull - Hong Kong LLC (100%)
(100%)
Superior Sports, LLC
GMAI Auctentia (100%)
Central de Compras S.L. (100%) Spanish Company
German Company Kensington Ass. LLC
Auctentia (100%)
Subastas S.L. (100%) Swiss Company
American Company NACT/Bowers & Merena
GMAI Auctentia Galleries. 7 (100%)
LLC
Europe S.L. (100%) Hong Kong Company
8. 1. Current Business Portfolio (6)
1.2.- Operating subsidiaries: brief description
GMAI Auctentia: Auction companies in Spain
Founded
Company Country Activity % Stake Other info
in
Auctentia Spain and Stamp Joined GMAI
Subastas, S.L. Portugal auctions (core) 100% 1980 in 2003
and coin
auctions
Trade Advertising Joined GMAI
Spain and
mark of poster and 100% 2000 in 2003
Portugal
Auctentia cinema poster
Subastas, auctions
S.L.
Trade mark •Belongs to
of Auctentia International
Subastas Spain Art and antique Auctioneers with
currently auctions in 100% 1995 partners in 9
operating Madrid countries
with Sala •Its clients
Retiro (Caja include the most
Madrid) important
museums in
Spain 8
9. 1. Current Business Portfolio (7)
1.2.- Operating subsidiaries: brief description
GMAI Auctentia: Auction companies in Europe (philately)
Founded
Company Country Activity % Stake Other info
in
Heinrich Germany: Leading Acquired by
Köhler Wiesbadem auction house 100% 1913 Auctentia in
Auktionsha for classic 2001 and
us GmbH & philately in
joined GMAI
Co. KG Germany
in 2003
Heinrich
All manner of Acquired by
Köhler
Germany, philatelic Auctentia in
Berliner 66.6%
auctions, with 1991 2001 and
Briefmarken Berlin
a presence in joined GMAI
-Auktionen
Eastern in 2003
GmbH
Europe
Corinphila High level and Acquired by
Switzer- 65% +
Auktionen prestigious Auctentia in
land, 35% Call 1921 2002 and
AG stamp auctions
Zurich option joined GMAI
for clients
around the (falls due in 2003
world Jul.05)
9
Note: The rest of the companies in Germany
are holding companies.
10. 1. Current Business Portfolio (8)
1.2.- Operating subsidiaries: brief description
GMAI Auctentia: Auction companies in USA (philately)
Founded
Company Country Activity % Stake Other info
in
Greg USA, New Stamp Head of Listed on
Manning Jersey auctions and
Auctions Group 1966
supply contract Nasdaq
Inc with Afinsa since 1994
IVY & High level 1970 Acquired by
USA, New 100% GMAI in 1993
Mader, stamp (approx.)
Jersey
Philatelic auctions
Auctions Inc
Trade mark USA, New Auctions of
of Greg collectibles, 100% 1966
Jersey
Manning especially mid-
Inc. range philately
GM Stamp auctions Acquired by
Nutmeg USA, 1980
100% GMAI in 2004
Auctions Connecticut (approx.)
(February)
Inc.
HR USA, New Stamp auctions Acquired by
100% 1918
Harmers York GMAI in 2004
(June)
10
11. 1. Current Business Portfolio (9)
1.2.- Operating subsidiaries: brief description
GMAI Auctentia: Auction companies in USA (coins)
Founded
Company Country Activity % Stake in Other info
Acquired by
Bowers & High level
USA, GMAI in 2004
Merena stamps auctions, 100% 1953
California (February)
Auctions direct sales and
LLC publication of
coin books
Kingswood USA, Mid-level coin
Coin auctions. Acquired by
California 100% N.D.
Auctions Mainly distance GMAI in 2004
LLC sales. (February)
11
12. 1. Current Business Portfolio (10)
1.2.- Operating subsidiaries: brief description
GMAI Auctentia: Retail and wholesale companies USA (coins)
Founded
Company Country Activity % Stake Other info
in
Coins retailer,
Kensington USA, mainly via 1987 Joined the
Ass.,LLC California Internet 100%
group in
2000
Spectrum USA, Coins
1980 Joined the
Numismatic California wholesaler
100% (approx.) group in 1999
Inc.
Coin and sports
Teletrade USA, card auctions 1980 Joined the
California 100% (approx.) group in 1998
Inc. via Internet and
telephone
12
13. 1. Current Business Portfolio (11)
1.2.- Operating subsidiaries: brief description
GMAI Auctentia: Other Companies
Founded
Company Country Activity % Stake Other info
in
American sports Acquired by
Superior USA, memorabilia 100% 1970 GMAI in 2004
Sports, Michigan auctions (February)
LLC
GMAI Manages the main
Auctentia stock of the Joined GMAI
Spain,
Central de group, 100% 2003
Madrid in 2003
Compras, acquisitions of
S.L. new collections
and the contract
with Afinsa
Stamps
Joint Hong auctions for 100% Acquired by
Venture Kong 2005 GMAI in 2005
Asia
(February)
13
14. INDEX:
1.-Current Business Portfolio
2.-Historical Data
14
15. 2. Historical Data (1)
2.1.- Sales, Gross profit & Net Income Evolution
258.386
USD (thousands)
Gross Sales Gross Profit Net Income
140.000
118.232
114.122
102.287
99.224
96.489
100.000
61.491
60.000
29.366
20.000 11.743 11.819
14.519
8.811
5.042 2.823
822
-3.668
99
00
01
02
03
04
19
20
20
20
20
20
-13.177
-20.000 -16.323
Note: We understand “Gross Sales” to be
hammer price of the adjudicated lots
plus selling price of own material
Pending close of
December update 15
16. 2. Historical Data (2)
2.2.- Sales & acquired companies
Performance of sales according to acquisitions
& joint ventures
258.383
240.000
200.000 182.931
160.000
114.122 118.232
102.287 100.954
120.000 99.224
96.489
80.000
40.000
0
r
99
00
01
02
03
.
FY
e
m
rt
Se
19
20
20
20
20
04
ua
t
Q
20
rs
d
Fi
ir
Note: We understand “Gross Sales” to be
04
Th
hammer price of the adjudicated lots
20
04
plus selling price of own material
20
16
Pending close of December update
17. 2. Historical Data (3)
2.3.- Sales classification
300.000
2 .8 7 9
250.000
Performance of sales
200.000
151.176
(Gross Sales) per type
of collectibles
150.000
2 .9 4 1
12 .9 6 3
9 .7 0 9 23.397
100.000 14.125 9 .15 4
18.500 2 2 .6 5 6 12.239
15.192
104.328
50.000 87.034 77.831
91.894
4 .7 8 1 74.078
4 .7 4 3
3 .4 9 3 803 58.641
21.538 24.930 28.853 21.685
0 Note: We understand “Gross Sales” to be
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 hammer price of the adjudicated lots
plus selling price of own material
Coins Stamps Other collectibles
100%
6.144
8.721 11.691
80% 12.752
55.663
Performance of sales by 62.333
type of sale channels 60%
77.484 76.616
96.922
195.235
40%
16.344
17.560 20.655
16.959
58.459
20% 34.156
24.803 22.608 63.148
21.310
0%
1995 1996 1997 1998 1999 2000 2001 2002 17
2003 2004
Auctions Sales inventory