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Presentación escala

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Presentación de lo que era el Grupo Escala previo a la intervención de Afinsa

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Presentación escala

  1. 1. General Overview January 2005
  2. 2. INDEX: 1.-Current Business Portfolio 2.-Historical Data 2
  3. 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. 4. 1. Current Business Portfolio (2) 1.1.- GMAI Auctentia: Two parallel histories before theintegration.2003: GMAI acquiresAuctentia´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. 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. 6. 1. Current Business Portfolio (4) 1.1.- GMAI Auctentia: Two parallel histories before theintegration. Auctentia: Other acquisitions processes not concluded AUSTRIA Summer 2001: Dorotheum UNITED Fall 2001: SPINK KINDOM (former division of Chrisitie´s) 6
  7. 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. 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. 9. 1. Current Business Portfolio (7)1.2.- Operating subsidiaries: brief descriptionGMAI 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. 10. 1. Current Business Portfolio (8)1.2.- Operating subsidiaries: brief descriptionGMAI 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. 11. 1. Current Business Portfolio (9)1.2.- Operating subsidiaries: brief descriptionGMAI 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. 12. 1. Current Business Portfolio (10)1.2.- Operating subsidiaries: brief descriptionGMAI 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. 13. 1. Current Business Portfolio (11)1.2.- Operating subsidiaries: brief descriptionGMAI 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. 14. INDEX: 1.-Current Business Portfolio 2.-Historical Data 14
  15. 15. 2. Historical Data (1) 2.1.- Sales, Gross profit & Net Income Evolution 258.386USD (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 -16.323Note: We understand “Gross Sales” to behammer price of the adjudicated lotsplus selling price of own material Pending close of December update 15
  16. 16. 2. Historical Data (2) 2.2.- Sales & acquired companies Performance of sales according to acquisitions & joint ventures 258.383240.000200.000 182.931160.000 114.122 118.232 102.287 100.954120.000 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. 17. 2. Historical Data (3)2.3.- Sales classification300.000 2 .8 7 9250.000 Performance of sales200.000 151.176 (Gross Sales) per type of collectibles150.000 2 .9 4 1 12 .9 6 3 9 .7 0 9 23.397100.000 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
  18. 18. 2. Historical Data (4) USD 350.0002.4.- Market Cap. & stock (thousands) 306.000 326.810 300.000price evolution 250.000 200.000 Performance of market 147.105 150.000 capitalisation 106.810 100.000 Stock performance 50.000 28.662 21.627 18.080 versus Nasdaq 100 0 5.937 13.686 8.563 8.287 (10 years, 31/01/065) 5 6 7 8 9 0 1 2 3 4 5 9 9 9 9 9 0 0 0 0 0 0 9 9 9 9 9 0 0 0 0 0 0 1 1 1 1 1 2 2 2 2 2 2 / 01 / 1 3 Stock performance (10 years, 31/01/05) 18
  19. 19. 2. Historical Data (5) 2.5.-Stock Price related to corporate facts & competitors Share price (since Jan. 1st, 2003 to 1st of January, 2005) Feb.04 Nutmeg Bowers & M. 04: 166,5% ne 30th, 20 2003 and Ju Koingswood Superior Acqusitions t.8th, between Sep 06/16/04 Performance 06/28/04 31/1/05Price (US$) 03/22/04 Fourth GMAI added GMAI 09/08/03 Forecast Record Revised to Russell US$/Share: 20 Efective Merger 02/03/04 3Q FY04 Guidance 2000 Index 11,53 Record 2Q FY04 Third 18 for FY04 Second Rev.Guid. Rev.Guid. 16 08/13/03 01/21/03 07/01/03 14 Acquisition Contract Fiscal Year Final Proxy St. 12 GMAI & Auctentia 2004 2003: 290% 10 d Sept.8th, 8 n.2nd, 2003 an between Ja 05/06/04 Performance 05/19/04 6 12/16/03 Record 3Q 06/14/04 Extension First Revised FY04 H.R.Hamer 4 Afinsa Acquisition Guidance for Contract 2 FY04 0 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 2003 2004 2005 Share price (31/1/05) GMAI: Greg Manning Auctions CLCT: Collectors Universe BID: Sothebys SGI: Stanley Gibbons 19 Source: www.reuters.com
  20. 20. 2. Historical Data (6) 2.6.-Trading Volume USD Trading volume* (from Jan.1st, 2003 to June 30th, 2004) 35.000.000 30.000.000 09/08/03 Efective Merger * Calculated to daily close prices 2004 First Semester 25.000.000 Total trading volume: US$392 million Average daily US$ 3,2 million 20.000.000 15.000.000 10.000.000 5.000.000 0 2003 2004 Average trading volume from July 1st 2003 to June 30th 2004 (US$) (US$)USD(V ol. x Clos e Pr ice ) 35.000.000 32.348.304 30.000.000 25.000.000 20.216.790 20.000.000 15.000.000 10.000.000 5.000.000 3.792.278 2.244.388 900.000 501.390 52.589 5.234 0 0 20 Average Maximum Minimum Sothe bys GMAI Colle ctor Univ
  21. 21. 2. Historical Data (7)2.7.- Comparison with public competitors Market capitalisation (01/31/05) (million $) 1.142 Comparative Market Value of GMAI and other International collectibles companies 327 113 75 73 71 40 24 24 22 8 ARTE (Arte Antiques Artemis Fine Collectors U. artnet.com Sothebys Finarte S. Gibbons Partridge History Inc Manning Gallery of Mallett Greg F.A. Spa) Art Market capitalisation (1/31/05) (million EUR) 1.068 725Comparative Market Value of GMAIand other Spanish companies 391 283 251 225 205 158 51 GMAI Aldeasa Tudor Sos cuetara Tubacex Pescanova Bodegas Dominguez Riojanas Tele Pizza Adolfo 21

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