REPORT FOR THE FIRST NINE MONTHS 2013

amaranthgymnophoriaElectronics - Devices

Nov 15, 2013 (3 years and 5 months ago)

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REP OR T F OR T HE


F I R S T NI NE MONT HS 201 3
2
Report f or the f i rst ni ne months 2013
THE G
f
K GROUP AT A GLANCE
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 tech
-
nologies 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.
1) 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
in EUR million
1)

3. Quarter
2012
6)
2013
Change

in %
Q1 – Q3
2012
6)
2013
Change

in %
2012
Earnings situation
Sales
376.7
361.4
– 4.1
1,096.8
1,090.0
– 0.6
1,514.7
Gross income from sales
122.7
123.3
0.5
351.4
352.5
0.3
484.3
EBITDA
50.5
55.0
9.0
147.3
150.9
2.4
194.5
Adjusted operating income
44.3
49.9
12.5
125.5
126.3
0.6
187.8
Margin in per cent
2)
11.8
13.8
11.4
11.6
12.4
Operating income
36.0
40.2
11.7
103.4
107.4
3.9
129.7
EBIT
35.7
40.8
14.3
104.4
108.7
4.2
130.7
Other financial income / expenses
– 6.6
– 8.7
– 32
– 15.1
– 20.1
– 33.2
– 22.1
Consolidated total income
14.8
18.9
28.2
55.8
56.9
1.9
64.4
Basic earnings per share in EUR
0.34
0.43
26.5
1.30
1.32
1.5
1.44
Adjusted earnings per share in EUR
3)
0.58
0.69
19.0
1.91
1.83
– 4.2
3.03
Investment and finance
Cash flow from operating activity
48.1
92.8
92.8
73.4
123.5
68.3
115.0
Cash flow from investing activity
– 31.6
– 22.4
29.0
– 149.6
– 85.2
43.1
– 177.4
Cash flow from financing activity
– 18.1
– 47.9
164.6
35.4
– 14.4
– 140.6
22.8
Free cash flow after acquisitions, other

investments and asset disposals
32.0
72.3
125.9
26.7
73.3
174.7
52.6
31.12.2012
6)
30.09.2013
Change

as of 31.12. in %
30.09.2012
6)
30.09.2013
Change

as of 30.09. in %
Asset and capital position
Total assets
1,879.8
1,848.0
– 1.7
1,869.6
1,848.0
– 1.2
Equity
782.0
772.2
– 1.3
801.9
772.2
– 3.7
Equity ratio in per cent
41.6
41.8
42.9
41.8
Liquidity
4)
67.8
81.6
20.3
68.5
81.6
19.2
Net debt
5)
461.8
441.7
– 4.4
456.2
441.7
– 3.2
Employees
No. of employees
12,678
12,912
1.9%
12,392
12,912
4.2
Share of employees in the GfK companies

outside Germany in per cent
83.0
83.1
82.7
83.1
BUSINESS DEVELOPMENT AT A GLANCE

OF G
f
K GROUP
SALES IN EUR MILLION
Month Change


1-3

347.9

345.1


1-6

728.6


720.1


1-9

1,090.0


1,096.8


2012


2013
ADJUSTED OPERATING INCOME

IN EUR MILLION
Month Change


1-3

23.0


33.5


1-6

76.4


81.2


1-9

126.3


125.5


2012


2013
EARNINGS PER SHARE IN EUR
Month Change


1-3

0.17


0.30


1-6

0.89


0.96


1-9

1.32


1.30


2012


2013
CASH FLOW FROM OPERATING ACTIVITY

IN EUR MILLION
Month Change

1-3


9.5


1.0



1-6

30.7


25.2


1-9

123.5


73.4


2012


2013
+ 0.8 %
+ 1.2 %
– 0.6 %
– 31.5 %
– 5.9 %
+ 0.6 %
– 43.3 %
– 7.3 %
+ 1.5 %
+ 21.7 %
+ 68.3 %
+ 818.9 %
SHARE OF SECTORS IN TOTAL SALES

in percent
1)

58.5

Consumer

Experiences

41.2
Consumer Choices
0.3
Other

1
)
Figures from the Management-Information System – rounded
SHARE OF REGIONS IN TOTAL SALES

in percent
1)

40.5

Northern Europe

18.3

Southern &

Western Europe
8.5

Central Eastern

Europe/META

4.4

Latin America

17.7

North America

10.6

Asia and the Pacific

1
)
Figures from the Management-Information System – rounded
41.2
0.3
58.5
40.5
17.7
10.6
18.3
8.5
4.4
3
Report f or the f i rst ni ne months 2013
4
Report f or the f i rst ni ne months 2013
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.
CONSUMER EXPERIENCES
The Consumer Experiences sector deals with consumer habits, behavior, perceptions and attitudes and answers the who, why
and how of consumption. This research is based on flexible creative methods. GfK is developing pioneering new procedures
to deliver a profound understanding of how consumers experience brands and services.
THE SECTORS AT A GLANCE

In EUR million
3. Quarter
2012 2013
Change

in %
Q1 – Q3
2012 2013
Change

in %
Sales
221.5
206.3
– 6.9
650.4
637.2
– 2.0
Adjusted operating income
11.8
10.4
– 12.2
32.8
26.6
– 18.9
Margin in per cent
1)
5.3
5.0
5.0
4.2
Figures from the Management-Information System – rounded

1) Adjusted operating income in relation to sales

In EUR million
3. Quarter
2012 2013
Change

in %
Q1 – Q3
2012 2013
Change

in %
Sales
154.4
153.8
– 0.3
442.7
449.0
1.4
Adjusted operating income
35.3
40.9
15.8
99.3
107.3
8.1
Margin in per cent
1)
22.9
26.6
22.4
23.9
Figures from the Management-Information System – rounded

1) Adjusted operating income in relation to sales
CONTENTS
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 11
4. Assets and capital structure 11
5. Trends in the sectors 11
6. Regional trends 13
7. Own the Future – implementation of new corporate strategy is progressing 14
8. Number of employees 15
9. Research and development 15
10. Organization and administration 15
11. Changes in participations in the third quarter of 2013 15
12. Important events after the reporting date of 30 September 2013 16
13. Opportunity and risk position 16
14. Outlook 16
Consolidated financial statements 17
Notes to the consolidated financial statements 26
Additional information 30
5
Report f or the f i rst ni ne months 2013
6
Report f or the f i rst ni ne months 2013
LETTER TO THE SHAREHOLDERS
In the third quarter of this year, GfK continued the positive trend of the second quarter, with key indicators
exceeding the figures for the same period in the previous year.
The trend in the margin is satisfactory. At mid-year, it was still at 10.5% and 0.8% below the previous
year’s level. After the first nine months of the year, the margin now stands at 11.6% and has surpassed the
previous year’s figure of 11.4%. We are seeing the initial positive impact of cost-cutting measures we have
taken. The share of cost of sales has decreased since the first quarter of the year and now is lower than the
previous year’s level for the first time. This trend has also benefited EBITDA, which was up from €147.3
million to €150.9 million.
Up almost €50 million, or 68%, the cash flow trend was very positive. This means that €123.5 million from
operating activities are available to us for investments and to reduce debt.
The trend in the two sectors was not uniform. Growth in the Consumer Choices sector was positive once
again. Organic growth of 3.8% is a strong figure. The product categories in the Home, Health & Lifestyle
segment performed particularly well. Among digital products, the categories IT and telecommunications
recorded strong growth, in particular.
Income growth in the sector considerably exceeded sales growth. In the first nine months of 2013, it was up by 12.7% in organic terms,
despite further investment in the Startrack production platform, the roll-out of the two products Mobile and Location Insights as well as the
ongoing internationalization of the sector’s media business activities.
The performance of the Consumer Experiences sector fell short of our expectations. Sales and income were down on the corresponding fig
-
ures for the same period in the previous year. Further progress was made on introducing global digital products. In the third quarter of 2013,
first contracts were already won on the strength of the very first product launched on the basis of DRIVE, the digital platform presented in
the last quarterly report. The new product, GfK Echo, offers our clients a flexible solution for enhancing customer relationship management
by recording customer feedback in real time, processing it instantly and illustrating it in a user-friendly format. Expansion of the consum
-
er panels in future growth markets also continued. GfK acquired the first client contracts for the new panel set up in South Africa. Business
based on the consumer panel in Russia developed particularly positively.
Exchange rates impacted negatively on both sales and income. Excluding this effect, the growth rate in sales would have been 2.5% high
-
er and in income as much as 4.1% higher. The Japanese and Argentine currencies, in particular, were adversely affected by devaluation
during the reporting period. These countries are located in the two regions in which GfK traditionally achieves double-digit growth rates in
terms of gaining market shares. Based on its global business model, GfK is largely able to absorb such fluctuations by investing and report
-
ing revenue in the respective local currency.
We are now in the final quarter of the year. The level of incoming orders remains satisfactory, with 96% of the annual sales required to
achieve the forecast already posted or in the order book at the end of September. We are close to concluding several major media contracts.
Long and intense negotiations are not unusual when it comes to multi-year contracts for measuring TV ratings. These ratings are the indus
-
try’s currency and therefore provide the basis for spending on TV advertising. First-class measuring technology and a committed team
ensure our excellent starting position.
Today, our top priority at GfK is to focus on digital and global products. The starting point for achieving this is good. An equity ratio of almost
42% provides us with a sound financial basis, along with a team of talented and highly motivated employees who are committed to this new
direction. We all are confident that this is the right course. Initial findings of the recently concluded employee survey confirm this. All we
now need is the strength and willingness to pursue this route consistently. I have no doubt that we will succeed.

Sincerely yours,

MATTHI AS HARTMANN
MATTHIAS HARTMANN
CHIEF EXECUTIVE OFFICER

OF G
f
K SE
7
Report f or the f i rst ni ne months 2013
G
f
K SHARE PERFORMANCE
In the third quarter of 2013, the value of GfK shares went up 10%. The strong share price performance was in fact similar to
that of the S-Dax. Based on the nine-month period, the share price performance did not quite match that of the benchmark
index. However, the gap to the benchmark was significantly reduced. Since the end of September, temporary highs have been
recorded at a share price of €45.85.
The average trading volume for GfK shares was 10,837 per day in the first nine months of the year. In the course of this year
to date, the daily trading volume has been subject to considerable fluctuations. The lowest trading volume recorded across all
German stock exchanges was 825 shares (6 September 2013). On 31 May, the highest turnover was achieved with almost
213,000 shares traded. Similar to what has also been observed for other securities, trading in GfK shares is increasingly mov
-
ing away from Xetra trading to other trading platforms. In 2012, an average of 22% of all GfK share trades were processed
via Xetra. In contrast, this figure was down to just below 14% in the first nine months of 2013. Almost 83% of all trading now
takes place via various OTC platforms.
As at 30 September 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 pri
-
vate 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% of the shares
in free float.


AS OF 31.03.2013
1

Sell
6
Hold
6
Buy
ANALYST RATINGS

AS OF 30.06.2013
0

Sell
9
Hold
6
Buy


AS OF 30.09.2013
0

Sell
9
Hold
6
Buy
6
6
6
1
6
9
9
GfK-Aktie
1)

2012
Q1 2013
Q2 2013
Q3 2013
Anzahl Aktien
in thousands
36,503
36,503
36,503
36,503
Marktkapitalisierung
EUR bn
1,409
1,436
1,424
1,568
Höchst-/Tiefstkurs
EUR
41.00/30.06
45.06/38.50
43.50/35.92
43.70/36.63
Schlusskurs
EUR
38.59
39.35
39.00
42.95
unverwässertes Ergebnis je Aktie
EUR
1.44
0.17
0.72
0.43
1
)
Stichtagsbezogen
G
f
K SHARE PRICE PERFORMANCE FROM JANUARY 1, 2013, TO SEPTEMBER 30, 2013
1)
IN EUR
47









45









43









41









39









37









35









January
February
March
April
May
June
July
August
September
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
G
f
K ACHIEVES SIGNIFICANT INCREASE
IN INCOME AND CASH FLOW
n
Slight decrease in sales as a result of negative currency effects, with organic growth totaling around 1%
n
Adjusted operating income rises by 4.6% in organic terms to €126.3 million on the back of a strong third quarter
n
Cash flow from operating activities increased from €73.4 million to €123.5 million

The GfK Group achieved organic sales growth of 0.9% in the first nine months of 2013. However, currency effects of -2.5
percentage points resulting from the strong euro lowered overall growth to -0.6%. Total sales growth in organic terms
amounted to €1,090.0 million after €1,096.8 million in the same period of the previous year. The high-margin Consumer
Choices sector once again recorded a strong sales trend and achieved 3.8% of organic growth. Sales in the Consumer Expe
-
riences sector were down 1.1% in organic terms. The regions Asia/Pacific and Latin America recorded double-digit growth
rates in organic terms, although negative currency effects in both regions restricted overall growth. Sales in Northern Europe
corresponded to an organic growth rate of 0.3%. Business was weak in Southern and Western Europe and North America.
The income trend in the third quarter of the year was pleasing. Despite the significant adverse impact of currency effects,
adjusted operating income (AOI) increased by 12.5% for the quarter, and by 0.6 percent for the first nine months of the year,
to €126.3 million. As at 30 June 2013, this figure was 5.9% down on the corresponding figure for the previous year. An in
-
crease in the third quarter margin of 2.0 percentage points to 13.8% was achieved compared with the same quarter in the
previous year. For the first nine months of 2013, the margin was 11.6% and slightly up on the previous year’s level of 11.4%.
EBIT rose from €104.4 million in the same period of the previous year to €108.7 million in the first nine months of 2013.
Consolidated total income climbed €1.0 million to €56.9 million. In view of good working capital management, the cash flow
was considerably improved. Cash flow from operating activities totaled €123.5 million in the first nine months of 2013, which
represents an increase of €50.1 million on the same figure for the previous year.
The order situation in the GfK Group remains satisfactory. At the end of September, a total of 96.0% of the annual sales re
-
quired 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.
8
Report f or the f i rst ni ne months 2013
INTERIM MANAGEMENT REPORT
1. GENERAL ECONOMIC SITUATION
In the year to date, global economic developments have not been uniform. The recession continued, in particular in Southern
Europe, where the first signs of a recovery have not yet impacted favorably on the actual trend. Some Northern European
countries and most of the Eastern European countries achieved positive growth rates. In the USA, economic conditions im
-
proved slightly. The trend remained positive in South America and Asia, although growth in some countries, such as Argen
-
tina and Japan, was accompanied by a high rate of inflation and marked currency devaluation.

2. ECONOMIC AND FINANCIAL DEVELOPMENT IN THE G
f
K GROUP
In the first nine months of 2013, GfK achieved some organic growth in sales and the AOI. Currency effects had a marked
negative impact on SALES of -2.5 percentage points, which were slightly down by 0.6 percentage points to €1,090.0 million
compared with the first nine months of 2012. Organic growth amounted to 0.9%. Acquisitions contributed 1.0% to growth.
The organic growth rate in the high-margin Consumer Choices sector was 3.8%, whereas the rate was 1.1% in the Con
-
sumer Experiences sector. Currency effects impacted with -2.5 percentage points in both sectors. In total, sales in the Con
-
sumer Choices sector rose by 1.4% while sales in the Consumer Experiences sector decreased by 2.0%.
The income trend was pleasing overall.
Operating income
of €107.4 million was 3.9% up on the previous year’s level (first
nine months of 2012: €103.3 million). By comparison, operating income was slightly lower than the previous year’s figure as
at 30 June 2013.
Adjusted operating income
(hereinafter: AOI) totaled €126.3 million in the first nine months of 2013, which represents an
increase of 0.6%. At the end of the first half of the year, AOI was 5.9% below the figure for the same period in the previous
year. Currency effects – especially relating to the Japanese yen, the US dollar and pound sterling – had a marked negative
effect of -4.1%. In organic terms, AOI was up by 4.6% in the first nine months of this year. The third quarter contributed
decisively to this increase, with AOI up 17.3% in organic terms on the same quarter in the previous year as a result of the
strong trend in the Consumer Choices sector.
Following a revision of accounting requirements (IAS 19r), an adjustment to various figures for the previous year was neces
-
sary in both the income statement and balance sheet. An explanation of the amendment is provided in the notes to this report,
along with reconciliation figures.
Increased expenses resulting from the change in the valuation requirements for pension liabilities under IAS 19r were more
than compensated for on the basis of a switch from a defined benefit to a modified defined contribution plan in Switzerland.
9
Report f or the f i rst ni ne months 2013
G
f
K GROUP: KEY FIGURES

In EUR million (rounded)
3. Quarter 2012
3)

3. Quarter 2013

Change

in %
Q1 – Q3 2012
3)

Q1 – Q3 2013

Change

in %
Sales
376.7
361.4
– 4.1
1,096.8
1,090.0
– 0.6
EBITDA
50.5
55.0
9.0
147.3
150.9
2.4
Adjusted operating income
44.3
49.9
12.5
125.5
126.3
0.6
Margin in percent
1)
11.8
13.8
11.4
11.6
Operating income
36.0
40.2
11.7
103.4
107.4
3.9
EBIT
35.7
40.8
14.3
104.4
108.7
4.2
Other financial income / expenses
– 6.6
– 8.7
– 32.0
– 15.1
– 20.1
– 33.2
Consolidated total income
14.8
18.9
28.2
55.8
56.9
1.9
Cash flow from operating activities
48.1
92.8
92.8
73.4
123.5
68.3
Earnings per share in EUR
0.34
0.43
26.5
1.30
1.32
1.5
Adjusted earnings per share in EUR
3)
0.58
0.69
19.0
1.91
1.83
– 4.2
1) 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
The Consumer Choices sector achieved a rise in AOI based on organic growth of 12.7% to €107.3 million. At the same time,
the Consumer Experiences sector recorded a 17.5% decline in organic terms, with AOI amounting to €26.6 million.
The overall AOI increase was pleasing. It was achieved, despite the substantial devaluation of various currencies that are
important to GfK’s operations and which had a total adverse effect on AOI of -4.1 percentage points. The rise in income was
attributable to the strong trend in the Consumer Choices sector. The GfK Group
margin
was 11.6% after 11.4% in the first
nine months of 2012. Following a weaker start to the year, the positive trend in AOI during the third quarter of 2013 meant
that the figure for the previous year was exceeded overall.
Like its competitors, the GfK Group uses adjusted operating income (AOI) as a key performance indicator. The explanations
regarding business performance using AOI 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. AOI 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 nine months of 2013, highlighted items totaled €-18.9 million, after €-22.1
million in the same period of the previous year.
Personnel expenses for share-based remuneration were down by €1.8 million. 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. The total of non-operating compensation payments, which are
included in expenses from restructuring and improvement projects, was reduced from €3.5 million to €2.1 million. The bal
-
ance of write-ups and write-downs of additional assets on acquisitions was also down. The negative result from currency
translation improved by €2.7 million compared with the previous year.
The balance of income and expenses from non-recurring effects deteriorated by €4.6 million. This was essentially attributable
to an increase in provisions for penalties and consultancy fees in connection with irregularities uncovered last year at our
Turkish subsidiary. Provisions were increased by €5.1 million, of which €3.6 million are reported under highlighted items. A
further €0.5 million are included in the financial result (penalty interest) and the resultant tax liability increased by €1.0 mil
-
lion (expansion of the investigation to include tax on income).
EBIT
rose by 4.2% from €104.4 million in the same period of the previous year to €108.7 million.
EBITDA
, which at the end
of June was slightly below the previous year’s level, increased by 2.4% on the previous year to €150.9 million.
The
other financial result
, which represents the balance of other financial income and other financial expenses, stood at
€-20.1 million after €-15.1 million in the first nine months of 2012. In the previous year, this figure included an amount of
€2.5 million relating to the revaluation of a put option.
The
tax ratio
decreased slightly from 37.5% in the previous year to 35.8%. However, it was negatively impacted by approx.
2 percentage points as a result of the transfer to provisions for Turkey and associated expenses that are not deductible.
Earnings per share
rose by €0.02 compared with the same period in the previous year and amounted to €1.32. As at 30 Sep
-
tember 2013, the total number of GfK SE shares in circulation was 36,503,896 and unchanged compared with year-end 2012.

10
Report f or the f i rst ni ne months 2013
ADJUSTED OPERATING INCOME
1)

In EUR million
Q1 – Q3

2012
2)
Q1 – Q3

2013
Operating income
103.4
107.4
Write-ups and write-downs of additional assets identified on acquisitions
– 8.6
– 7.4
Income and expenses in connection with share and asset deals
– 1.0
– 0.2
Income and expenses in connection with reorganization and improvement projects
– 6.8
– 5.3
Personnel expenses for share-based incentive payments
– 3.2
– 1.5
Currency conversion differences
– 2.1
0.6
Income and expenses related to one-off effects and other exceptional circumstances
– 0.4
– 5.0
Total highlighted items
– 22.1
– 18.9
Adjusted operating income
125.5
126.3
1) rounded

2) Adjusted due to the retrospective application of IAS 19 (2011); cf. notes, section 2. Principles of consolidation and accounting policies
3. CASH FLOW AND INVESTMENT
The
Cash flow from operating activities
was considerably up. For the first nine months of 2013, a rise of 68.3% to €123.5
million was achieved on the same period in the previous year. The measures taken since the beginning of the year to improve
the working capital situation had a considerable, favorable impact here.
The cash outflow from
investing activities
was reduced by €64.4million to €85.2 million as a result of fewer acquisitions. In
the first nine months of 2013, an aggregated amount of €33.9 million was used for acquisitions, whereas €95.3 million were
invested in the same period of the previous year. Investment in intangible assets was increased by €12.9 million to €36.7
million. At the same time, investments in tangible assets were €17.1 million lower than in the same period of the previous
year, during which a substantial amount was invested in a building.
Accordingly, the
free cash flow after acquisitions, other investments and asset disposals
was considerably higher, up
from a deficit of €-76.2 million in the same period of the previous year to €38.3 million.
At the end of September 2013, GfK had
cash and cash equivalents
of €81.6 million (30 September 2012: €68.5 million). The
unutilized credit lines amounted to €266.8 million as at 30 September 2013.

4. ASSETS AND CAPITAL STRUCTURE
During the first nine months of 2013, GfK Group’s total assets decreased by €31.9 million to €1,848 million compared with
the figure at year-end 2012. This was mainly due to the revaluation of the euro, which impacted on various balance sheet
items including goodwill and other reserves. Financial liabilities shifted from current to non-current liabilities, as a loan note
was raised and bank loans were repaid at the same time. In addition, liabilities under option agreements were reduced, es
-
sentially following the exercise of the option on the remaining shares in media control® GfK International GmbH.
Equity was down by 1.3% in the first nine months of 2013, primarily as a result of the revaluation of the euro against the
pound sterling and US dollar. As at 30 September 2013, it amounted to €772 million (31 December 2012: €782 million,

30 June 2013: €764 million). Overall, the equity ratio was slightly up by 0.2 percentage points to 41.8%. GfK SE’s share
capital was constant at €153 million.
Net debt
amounted to €441.7 million at the end of September 2013. This represents a reduction of €20.1 million on year-end
2012.
As at 30 September 2013, the ratio of net debt to EBITDA was 2.23 (31 December 2012: 2.40) and the ratio of EBITDA to inter
-
est expenses 8.66 (31 December 2012: 9.43). The covenants agreed with the banks were comfortably met once again. The
revolving credit facility amounting to €200 million had not been drawn as at 30 September 2013 and is therefore still available
in full.

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. This research is based on flexible creative methods. GfK is developing pioneering new procedures
to deliver a profound understanding of how consumers experience brands and services.
11
Report f or the f i rst ni ne months 2013
STRUCTURE OF SALES GROWTH BY SECTORS
1)
Total

Consumer Experiences




– 2.0 %

Consumer Choices


1.4 %

Other
2)

0.5 %

Total



– 0.6 %
1) Figures from the Management-Information System – rounded



Currency


Acquisitions


Organic
2) Other division
– 2.5%
– 1.1%
1.6%
– 2.5%
0.0%
– 1.1%
1.6%
0.9%
1.0%
– 2.5%
0.1%
3.8%
The Consumer Choices sector investigates what is bought by consumers, when and where. The main focus here is on con
-
tinuous measurement of market volumes and trends. All the significant sales and information channels and media are in
-
cluded in the process of analysis.
Consumer Experiences:
In the first nine months of 2013, sales in the Consumer Experiences sector were 2.0% lower than
in the same period of the previous year. The figure was adversely affected by currency effects of -2.5 percentage points.
However, sales were also 1.1 percentage points down in organic terms. Acquisitions increased sales by 1.6 percentage points.
The business trend in this sector was unsatisfactory in North America, where contracts were postponed, and in Italy, owing
to the deterioration in economic conditions. Business in the Healthcare, Technology and Retail segments fell short of expec
-
tations.
Further progress was made on introducing global digital products. In the third quarter of 2013, first contracts were already
won on the strength of the very first product launched on the basis of DRIVE, the digital platform presented in the last quar
-
terly report. For example, GfK Echo is being used to record global customer feedback in real time on behalf of a pharmaceu
-
tical group, process it instantly and illustrate it in a user-friendly format.
Activities in Healthcare were expanded to include Asia, where the first major contract for a group with global operations was
awarded. Expansion of the consumer panels in future growth markets also continued. GfK acquired the first client contracts
for the new panel set up in South Africa. Business based on the consumer panel in Russia developed particularly positive.
The sector’s AOI remained below the previous year’s level. In the first nine months of 2013, it amounted to €26.6 million. The
like-for-like comparison of the first nine months indicates a decrease in AOI of 18.9% compared with previous year. This was
caused by the temporary under-utilization of capacity as a result of lower sales. At 4.2%, the margin was down on the figure
of 5.0% for the previous year.
Consumer Choices:
Development in the Consumer Choices sector was once again positive, at 1.4 percentage points. Or
-
ganic growth accounted for 3.8%, the same growth rate as at 30 June 2013. Currency effects reduced sales by 2.5 percentage
points.
With the exception of Asia and the Pacific, where the exchange rate of the Japanese yen impacted negatively, all of the regions
recorded sales growth compared with the previous year.
In the segment of Home, Health & Lifestyle, which contributes approximately 40% to sales in Retail Tracking (retail panel),
all product categories recorded sales growth. Within the segment, Digital Products, the categories IT and telecommunications
achieved an expansion in business. Mobile Insights, an innovative product for analyzing mobile internet traffic, is now being
rolled out in Germany and the UK. The service currently offered comprises recording online browsing information as well as
data on app usage.
12
Report f or the f i rst ni ne months 2013
CONSUMER EXPERIENCES
1)

in EUR million
2012
Q1 – Q3
2013
Change

in %
Sales
650.4
637.2
– 2.0
Adjusted operating income
32.8
26.6
– 18.9
Margin in per cent
2)
5.0
4.2
1) Figures from the Management-Information System – rounded

2) Adjusted operating income in relation to sales
CONSUMER CHOICES
1)

in EUR million
2012
Q1 – Q3
2013
Change

in %
Sales
442.7
449.0
1.4
Adjusted operating income
99.3
107.3
8.1
Margin in per cent
2)
22.4
23.9
1)
Figures from the Management-Information System
– rounded

2) Adjusted operating income in relation to sales
AOI of the Consumer Choices sector increased by 8.1% in the first three quarters of this year, and in organic terms by as
much as 12.7 percentage points to €107.3 million. Following a subdued start to the year, the rate of growth in income has
therefore accelerated in the sector. Irrespective of further investment as part of implementing the new corporate strategy and
the ongoing roll-out of the products Mobile and Location Insights, as well as the continuing internationalization of the sector’s
media business activities, the margin exceeded the figure for the previous year of 22.4% and amounted to 23.9%.
Other:
Complementary to the 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 nine months of 2013, sales generated by the Other category amounted to an unchanged €3.7 million. Of the costs
incurred by the segment €7.7 million were not covered, compared with €6.6 million in the same period of the previous year.

6. REGIONAL TRENDS
The GfK Group offers its products and services in over 100 countries via a network of subsidiaries. In geographic terms, busi
-
ness is divided into six regions: Northern Europe, Southern and Western Europe, Central Eastern Europe/META, Latin Amer
-
ica, North America as well as Asia and the Pacific.
In
Northern Europe
, the trend was somewhat more moderate after a very strong second quarter. In the first nine months of
this year, organic growth in sales in the region amounted to 0.3%. However, currency effects reduced overall growth to
-0.9%. Sales totaled €441.6 million after €445.8 million in the same period of the previous year.
In many countries in the region
Southern and Western Europe
, including Greece, Portugal and France, the prevailing busi
-
ness climate was difficult. This was also increasingly evident for GfK’s business. Although the decline in sales for the third
quarter was less marked than that recorded in the second quarter of 2013, it amounted to -4.3% in total.
Business in the
Central Eastern Europe/
META
(Middle East, Turkey and Africa) region developed positively, with a sales
increase of 6.9% to €92.6 million in the first nine months of 2013, despite negative currency effects. In several countries
within the region, the focus on syndicated products was evident. Business based on the consumer panel in Russia was
13
Report f or the f i rst ni ne months 2013
OTHER
1)

in EUR million
2012
Q1 – Q3
2013
Change

in %
Sales
3.7
3.7
0.5
Adjusted operating income
– 6.6
– 7.7
– 16.8
1)
Figures from the Management-Information System
– rounded
STRUCTURE OF SALES GROWTH IN THE REGIONS
1)
Total

Northern Europe

– 0.9 %

Southern & Western Europe

– 4.3 %

Central Eastern Europe/META



6.9 %

Latin America



5.4 %

North America

– 2.0 %

Asia and the Pacific

1.4 %

Total



– 0.6 %
1) Figures from the Management-Information System – rounded



Currency


Acquisitions


Organic
– 2.8%
2.2%
7.6%
14.7%
4.1%
– 3.6%
– 2.5%
1.0%
– 2.5%
0.9%
– 8.6%
10.0%
– 4.4%
0.1%
0.2%
0.3%
– 1.4%
– 9.3%

substantially boosted and the first contracts were awarded in South Africa for the newly established panel. In addition, the
pooling of back office functions created a more efficient structure in some of the region’s smaller countries.
The
Latin America
region also achieved significant growth, with growth in the third quarter exceeding the already strong
trend of the first half of the year to amount to 14.7% overall in organic terms. Despite marked currency effects of -9.3 percent
-
age points, overall growth of 5.4% was reported.
Conversely, the business trend in the
North America
region was weaker, with sales down 2.0% to €192.9 million. Although
acquisitions contributed growth of 4.1 percentage points, organic growth was down by 3.6 percentage points. The most sub
-
stantial sales losses were recorded in ad hoc business and here, in particular, in the segments Consumer Goods, Technology
and Retail. In contrast, the business trend was pleasing in the Media and Forecasting segments, both of which are based in
the Consumer Choices sector. However, the sector has made a lower contribution to sales in this region to date than at Group
level. Business at the companies acquired in recent years was also strong.
The GfK companies in
Asia and the Pacific
achieved sales of €115.0 million and at 10.0%, once again recorded a very pleas
-
ing growth rate in organic terms. However, considerable negative currency effects of 8.6 percentage points depressed overall
growth to 1.4%.

7. OWN THE FUTURE – IMPLEMENTATION OF THE NEW CORPORATE STRATEGY IS PROGRESSING
GfK has pursued its Own the Future strategy since 1 January 2012. The aim of the strategy is to make global use of strengths
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 responsi
-
bilities 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.
Key areas of implementing the strategy currently include the roll-out of financial systems, the introduction of a uniform sys
-
tem for measuring resource utilization in data collection and production, the roll-out of global and digital products, as well as
the ongoing upgrade of core IT systems. The set-up of a global marketing and communications unit has been completed.
At strategic level, the development of a data architecture to support the processing of consumer data has progressed further.
Priority in this process is given to measuring consumer behavior across various media, including TV, online and mobile.
In the Consumer Experiences sector, good progress was made on harmonizing the product range on the basis of a uniform
market presence. A standardized product management system has been established, which coordinates processes from initial
product idea to market launch and throughout all further phases of lifecycle management. With regard to the development of
new products, the specialist offshore service centers are increasingly used to achieve greater efficiency. In the Consumer
Choices sector, the relocation of coding activities to the centralized coding center in Bulgaria was accelerated.
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 business developments in the Consumer Experiences sector will be significantly more restrained
during the phase of transformation due to the planned portfolio alignment aimed at focusing on new business areas that de
-
liver higher margins and digital products. This may be reflected in more marked volatility in quarterly results during the phase
of transformation.
14
Report f or the f i rst ni ne months 2013
REGIONS: SALES GROWTH
1)

in EUR million
2012
Q1 – Q3
2013
Change

in %
Northern Europe
445.8
441.6
– 0.9
Southern & Western Europe
208.5
199.6
– 4.3
Central Eastern Europe/META
86.6
92.6
6.9
Latin America
45.6
48.1
5.4
North America
196.8
192.9
– 2.0
Asia and the Pacific
113.5
115.0
1.4
Total
1096.8
1090.0
– 0.6
1) Figures from the Management-Information System – rounded
For the years up to 2015, GfK expects to achieve organic growth that outperforms the market by 1 to 2 percentage points and
gain additional market share. The target AOI margin for 2015 is an increase to between 14% and 15%.

8. NUMBER OF EMPLOYEES
The HR expansion was not continued during the third quarter of 2013. As at 30 September 2013, the GfK Group had 12,912
employees, 234 more than at the end of 2012 but only two more than at the end of the first half of 2013. A large number of
new employees joined the Group in the first quarter as part of creating centralized services in line with the corporate strategy,
such as the new coding centre for the Consumer Choices sector. In addition, many ex-freelancers have been employed fol
-
lowing legal changes and changes in the organizational structure. A total of 13 employees contributed to the increase in staff
numbers as a result of companies being consolidated for the first time. At the end of the third quarter of 2013, the Group
employed 10,736 staff outside Germany and 2,176 in Germany. In the first nine months of the current year, personnel ex
-
penses amounted to €505.9 million (same period in the previous year: €500.3 million). The personnel cost ratio, which ex
-
presses the ratio of personnel expenses to sales, increased from 45.6% to 46.4%. Some costs which were previously re
-
ported as services bought in are now stated under personnel expenses.

9. RESEARCH AND DEVELOPMENT
GfK Echo, the first product to be launched on the basis of the DRIVE platform, is typical of GfK’s development of global digi
-
tal products. GfK Echo enables real-time recording of customer feedback, processing and illustrating it in a user-friendly
format.
The newly developed GfK Innovation Roadmap is a strategic innovation process, which provides organizational support
throughout the entire innovation process – from initial growth planning to market launch. To this end, market dynamics are
researched and market opportunities identified with a view to facilitating market penetration. Based on structured research
methods for the various stages of the innovation process, GfK delivers implementation-oriented growth planning, a pipeline
with convincing innovation campaigns and suggestions for action plans.
Sociolog.dx, GfK’s range of digital qualitative market research tools, has been expanded with an app. It considerably in
-
creases the willingness of respondents to participate in market research surveys and, unlike the traditional approach which is
purely based on questions, enables an interactive and entertaining exchange with respondents, which produces more in-
depth insights into consumer motivation.

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, which is headquartered in Nurem
-
berg, Germany, simultaneously acts as a holding company and operating unit. In Germany, the GfK Group network com
-
prises the parent company, 13 consolidated associates and another associate as well as four non-consolidated affiliated
companies. Worldwide, the GfK Group has 144 consolidated associates and 15 other associates, three participations and

33 non-consolidated affiliated companies. In the period under review, the organizational structure was streamlined. A total

of seven existing companies and two companies acquired during the period under review were merged with other Group
companies.

11. CHANGES IN PARTICIPATIONS IN THE THIRD QUARTER OF 2013
In July 2013, GfK acquired 100% of the shares in Dutch company PCNData. The acquisition of this company has given GfK
access to leaflet and online promotion data of Belgian and Dutch food retailers (FMCG). Combined with the existing con
-
sumer panel data and expertise of GfK consultants, GfK is able to offer clients advice on advertising and promotion efficiency
and their optimization.
15
Report f or the f i rst ni ne months 2013
CHANGES IN THE G
f
K NETWORK DURING THE THIRD QUARTER OF 2013

Company

Reason for investment

Shareholding in %


Sector

Country
PCNData
Acqquisition
100%
Consumer Experiences
Southern & Western Europe
12. IMPORTANT EVENTS AFTER THE REPORTING DATE OF 30 SEPTEMBER 2013
At the day of the publication of the quarterly results, GfK signed a memorandum of understanding with four of the leading TV
channels in Brazil for the introduction of a new TV audience measurement system and audience research. The agreement
worth more than USD 100 million is scheduled to be signed in the coming weeks and shall cover a term of five years.

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
2012. No material changes have occurred compared with the description provided there 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’ opera
-
tions.
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.
Although there increasingly are signs of an easing in the eurozone, the recession is expected to continue in Southern and
Western Europe. Any impetus is likely to be provided by the emerging markets, where GfK also remains on course for growth.
The level of incoming orders in the GfK Group is satisfactory. At the end of September, a total of 96.0% 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.
In the fourth quarter of 2013, GfK will continue to make every effort in driving forward the optimization of the Group’s struc
-
ture and implementation of its strategy. This will favorably impact on the business trend in the medium term. Provided that
the economic situation will not worsen, GfK still anticipates organic growth of up to 3% in 2013. Despite the scheduled ex
-
penses for developing new business, GfK aims to achieve an AOI margin (adjusted operating income, AOI, in relation to sales)
of between 12.4% and 13% in the current financial year.
*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 2010.
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 un
-
der “risk position” in the Management Report. If these or other uncertainties and unfore
-
seen factors arise or the assumptions on which the statements are based prove to be in
-
correct, 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.
16
Report f or the f i rst ni ne months 2013
17
Report f or the f i rst ni ne months 2013
CONSOLIDATED INCOME STATEMENT OF G
f
K GROUP
from April
1
to September
30
,
2013
in EUR ’
000
(according to IFRS, not audited)
Q3

2012
1)

% of

sales
Q3
2013
% of

sales

abs.

%
Sales
376,728
100.0%
361,408
100.0%
– 15,320
– 4.1%
Cost of sales
– 254,002
– 67.4%
– 238,113
– 65.9%
15,889
– 6.3%
Gross income from sales
122,726
32.6%
123,295
34.1%
569
0.5%
Selling and general administrative expenses
– 82,667
– 21.9%
– 78,038
– 21.6%
4,629
– 5.6%
Other operating income
3,008
0.8%
4,952
1.4%
1,944
64.6%
Other operating expenses
– 7,098
– 1.9%
– 10,016
– 2.8%
– 2,918
41.1%
Operating income
2)
35,969
9.5%
40,193
11.1%
4,224
11.7%
Income from associates
– 252
– 0.1%
610
0.2%
862
– 342.1%
Other income from participations
0
0.0%
4
0.0%
4

ebit
35,717
9.5%
40,807
11.3%
5,090
14.3%
Other financial income
3,099
0.8%
912
0.3%
– 2,187
– 70.6%
Other financial expenses
– 9,708
– 2.6%
– 9,637
– 2.7%
71
– 0.7%
Income from ongoing business activity
29,108
7.7%
32,082
8.9%
2,974
10.2%
Tax on income from ongoing business activity
– 14,340
– 13,153
1,187
– 8.3%
CONSOLIDATED TOTAL INCOME
14,768
3.9%
18,929
5.2%
4,161
28.2%
Attributable to equity holders of the parent:
12,654
3.4%
15,710
4.3%
3,056
24.2%
Attributable to minority interests:
2,114
0.6%
3,219
0.9%
1,105
52.3%
CONSOLIDATED TOTAL INCOME
14,768
3.9%
18,929
5.2%
4,161
28.2%
Basic earnings per share (
EUR
)
0.34
0.43
0.09
26.5%
Diluted earnings per share (
EUR
)
0.34
0.43
0.09
26.5%
Adjusted earnings per share (
EUR
)
0.58
0.69
0.11
19.0%
For information:
Personnel expenses
– 170,259
– 45.2%
– 165,046
– 45.7%
5,213
– 3.1%
Depreciation/amortization
– 14,760
– 3.9%
– 14,235
– 3.9%
525
– 3.6%
ebitda
50,477
13.4%
55,042
15.2%
4,565
9.0%

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 49,891 thousand (Q3 2012: 44,344 thousand) as indicated on page 10.
18
Report f or the f i rst ni ne months 2013
CONSOLIDATED INCOME STATEMENT OF G
f
K GROUP
from January
1
to September
30
,
2013
in EUR ’
000
(according to IFRS, not audited)
Q1 – Q3

2012
1)

% of

sales
Q1 – Q3
2013
% of

sales

abs.

%
Sales
1,096,805
100.0%
1,089,963
100.0%
– 6,842
– 0.6%
Cost of sales
– 745,365
– 68.0%
– 737,498
– 67.7%
7,867
– 1.1%
Gross income from sales
351,440
32.0%
352,465
32.3%
1,025
0.3%
Selling and general administrative expenses
– 239,774
– 21.9%
– 239,147
– 21.9%
627
– 0.3%
Other operating income
11,443
1.0%
15,605
1.4%
4,162
36.4%
Other operating expenses
– 19,713
– 1.8%
– 21,533
– 2.0%
– 1,820
9.2%
Operating income
2)
103,396
9.4%
107,390
9.9%
3,994
3.9%
Income from associates
943
0.1%
1,267
0.1%
324
34.4%
Other income from participations
53
0.0%
81
0.0%
28
52.8%
ebit
104,392
9.5%
108,738
10.0%
4,346
4.2%
Other financial income
13,533
1.2%
18,953
1.7%
5,420
40.1%
Other financial expenses
– 28,636
– 2.6%
– 39,066
– 3.6%
– 10,430
36.4%
Income from ongoing business activity
89,289
8.1%
88,625
8.1%
– 664
– 0.7%
Tax on income from ongoing business activity
– 33,471
– 31,768
1,703
– 5.1%
CONSOLIDATED TOTAL INCOME
55,818
5.1%
56,857
5.2%
1,039
1.9%
Attributable to equity holders of the parent:
47,605
4.3%
48,073
4.4%
468
1.0%
Attributable to minority interests:
8,213
0.7%
8,784
0.8%
571
7.0%
CONSOLIDATED TOTAL INCOME
55,818
5.1%
56,857
5.2%
1,039
1.9%
Basic earnings per share (
EUR
)
1.30
1.32
0.02
1.5%
Diluted earnings per share (
EUR
)
1.30
1.32
0.02
1.5%
Adjusted earnings per share (
EUR
)
1.91
1.83
– 0.08
– 4.2%
For information:
Personnel expenses
– 500,287
– 45.6%
– 505,897
– 46.4%
– 5,610
1.1%
Depreciation/amortization
– 42,946
– 3.9%
– 42,172
– 3.9%
774
– 1.8%
ebitda
147,338
13.4%
150,910
13.8%
3,572
2.4%

Change
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 126,272 thousand (Q1 – Q3 2012: EUR 125,526 thousand) as indicated on page 10.
19
Report f or the f i rst ni ne months 2013
Q1 – Q3

2012
1)
Q1 – Q3

2013
Consolidated total income
55,818
56,857
Write-downs/write-ups of intangible assets
23,518
22,104
Write-downs/write-ups of tangible assets
19,428
20,068
Write-downs/write-ups of other financial assets
532
460
Total write-downs/write-ups
43,478
42,632
Increase/decrease in inventories and trade receivables
– 17,779
32,089
Increase/decrease in trade payables and liabilities on orders in progress
Changes in other assets not attributable to investing or financing activity
– 4,023
19,406
Changes in other liabilities not attributable to investing or financing activity
– 19,522
– 12,574
Profit/loss from the disposal of non-current assets
– 11,231
– 18,961
Non-cash income from associates
87
– 60
Increase/decrease in long-term provisions
– 915
– 1,104
Other non-cash income/expenses
2,719
– 2,490
Net interest income
12,559
– 1,022
Change in deferred taxes
15,164
14,852
Current income tax expense
662
– 302
Taxes paid
32,809
32,370
a) Cash flow from operating activity
– 36,460
– 38,186
73,366
123,507
Cash outflows for investments in intangible assets
Cash outflows for investments in tangible assets
– 23,819
– 36,672
Cash out-/inflows for acquisition of consolidated companies and other business units, net of cash acquired
– 30,670
– 13,545
Cash outflows for other financial assets
– 95,331
– 33,866
Cash inflows from disposal of intangible assets
– 987
– 1,493
Cash inflows from disposal of tangible assets
404
57
Cash inflows from the sales of consolidated companies and other business units, net of cash disposed of
647
346
Cash inflows from disposal of other financial assets
162
8
b) Cash flow from investing activity
– 149,594
– 85,165
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
– 4,882
– 4,191
Cash inflows from loans raised
149,414
136,605
Cash outflows for repayment of loans
– 68,829
– 105,750
Interest received
746
732
Interest paid
– 17,306
– 18,056
c) Cash flow from financing activity
35,415
– 14,388
Changes in cash and cash equivalents (total of a), b) and c))
– 40,813
23,954
Changes in cash and cash equivalents owing to exchange gains/losses and valuation
1,939
– 9,603
Cash and cash equivalents at the beginning of the period
105,869
66,376
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD
66,995
80,727
CONSOLIDATED CASH FLOW STATEMENT
from January
1
to September
30
,
2013
in EUR ’
000
(according to IFRS, not audited)
1) Adjusted due to the retrospective application of IAS 19 (2011); cf. notes, section 2. Principles of consolidation and accounting policies.

20
Report f or the f i rst ni ne months 2013
CALCULATION OF NET DEBT AND FREE CASH FLOW
in EUR ’
000
(according to IFRS, not audited)
Calculation of net debt
31.12.2012
1)
30.09.2013
Liquid funds
66,376
80,727
Short-term securities and time deposits
1,466
908
Liquid funds, short-term securities and time deposits
67,842
81,635
Liabilities to banks
– 203,435
– 230,614
Pension obligations
– 64,509
– 57,297
Liabilities from finance leases
– 923
– 624
Other interest-bearing liabilities
– 260,755
– 234,783
Interest-bearing liabilities
– 529,622
– 523,318
Net debt
– 461,780
– 441,683

Calculation of free cash flow


30.09.2012
1)


30.09.2013
Consolidated total income
55,818
56,857
Write-downs/write-ups of intangible assets
23,518
22,104
Write-downs/write-ups of tangible assets
19,428
20,068
Write-downs/write-ups of other financial assets
532
460
Others
– 25,930
24,018
Cash flow from operating activity
73,366
123,507
Capital expenditure
– 46,684
– 50,217
Free cash flow before acquisitions, other investments and asset disposals
26,682
73,290
Acquisitions
– 95,914
– 33,962
Other financial investments
– 8,209
– 1,397
Asset disposals
1,213
411
Free cash flow after acquisitions, other investments and asset disposals
– 76,228
38,342
1) Adjusted due to the retrospective application of IAS 19 (2011); cf. notes, section 2. Principles of consolidation and accounting policies.

21
Report f or the f i rst ni ne months 2013
CONSOLIDATED BALANCE SHEET
as of September
30
,
2013
in EUR ’
000
(according to IFRS, not audited)
ASSETS
31.12.2012
1)
30.09.2013
Goodwill
919,036
900,186
Other intangible assets
249,909
259,783
Tangible assets
111,812
103,631
Investments in associates
15,193
15,951
Other financial assets
4,932
5,888
Deferred tax assets
49,441
50,456
Non-current other assets and deferred items
10,694
9,234
Non-current assets
1,361,017
1,345,129
Trade receivables
397,564
356,726
Current income tax assets
16,420
15,439
Securities and fixed-term deposits
1,466
908
Cash and cash equivalents
66,376
80,727
Current other assets and deferred items
37,001
49,063
Current assets
518,827
502,863
ASSETS
1,879,844
1,847,992
1) Adjusted due to the retrospective application of IAS 19 (2011); cf. notes, section 2. Principles of consolidation and accounting policies.

22
Report f or the f i rst ni ne months 2013
CONSOLIDATED BALANCE SHEET
as of September
30
,
2013
in EUR ’
000
(according to IFRS, not audited)
EQUITY AND LIABILITIES
31.12.2012
1)
30.09.2013
Subscribed capital
153,316
153,316
Capital reserve
212,403
212,403
Retained earnings
403,936
428,185
Other reserves
– 30,757
– 65,845
Equity attributable to equity holders of the parent
738,898
728,059
Minority interests
43,117
44,125
EQUITY
782,015
772,184
Long-term provisions
88,029
73,679
Non-current interest-bearing financial liabilities
308,357
413,697
Deferred tax liabilities
82,759
82,414
Non-current other liabilities and deferred items
4,422
3,997
Non-current liabilities
483,567
573,787
Short-term provisions
38,043
29,283
Current income tax liabilities
22,037
15,957
Current interest-bearing financial liabilities
156,756
52,324
Trade payables
86,957
82,366
Liabilities on orders in progress
143,797
162,829
Current other liabilities and deferred items
166,672
159,262
Current liabilities
614,262
502,021
LIABILITIES
1,097,829
1,075,808
EQUITY AND LIABILITIES
1,879,844
1,847,992
Equity ratio
41.6%
41.8%
1) Adjusted due to the retrospective application of IAS 19 (2011); cf. notes, section 2. Principles of consolidation and accounting policies.

23
Report f or the f i rst ni ne months 2013
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
from January
1
to September
30
,
2013
in EUR ’
000
(according to IFRS, not audited)
Q1 – Q3

2012
1)
Q1 – Q3

2013
Consolidated total income
55,818
56,857
Items that will not be reclassified to profit or loss:
Actuarial gains/losses on defined benefit plans
– 60
269
Items that will be reclassified in future to profit or loss:
Currency translation differences
19,871
– 37,244
Valuation of net investment hedges for foreign subsidiaries
0
– 42
Changes in fair value of cash flow hedges (effective portion)
– 164
14
Changes in fair value of equity securities available-for-sale
15
0
Other comprehensive income (net of taxes)
19,662
– 37,003
Total comprehensive income
75,480
19,854
Attributable to:
Equity holders of the parent
66,611
13,252
Minority interests
8,869
6,602
Total comprehensive income
75,480
19,854
1) Adjusted due to the retrospective application of IAS 19 (2011); cf. notes, section 2. Principles of consolidation and accounting policies.

24
Report f or the f i rst ni ne months 2013
CONSOLIDATED EQUITY CHANGE STATEMENT

OF G
f
K GROUP
from January
1
to September
30
,
2013
in EUR ’
000
(according to IFRS, not audited)
Attributable to equity holders Attributable to equity holders of the parent

of the parent

Other reserves

Subscribed

capital

Capital

reserve

Retained

earnings

Translation

reserve

Hedging

reserve

Fair value

reserve


Total

Minority

interests

Total

equity
Balance at January 1, 2012
152,159
213,560
382,285
– 45,773
18,887
– 15
721,103
39,733
760,836
Amended due to IAS 19 (2011)
2,680
2,680
2,680
Balance at January 1, 2012 after amendment
152,159
213,560
384,965
– 45,773
18,887
– 15
723,783
39,733
763,516
Total comprehensive income for the period
Consolidated total income
47,605
47,605
8,213
55,818
Other comprehensive income
Foreign currency translation differences
19,215
19,215
656
19,871
Effective portion of changes in fair value of cash flow hedges, net of tax
– 164
– 164
– 164
Net change in fair value of available-for-sale financial assets, net of tax
15
15
15
Defined benefit plan actuarial gains and losses, net of tax
– 60
– 60
– 60
Total other comprehensive income
0
0
– 60
19,215
– 164
15
19,006
656
19,662
Total comprehensive income for the period
0
0
47,545
19,215
– 164
15
66,611
8,869
75,480
Transactions with owners, recorded directly in equity
Contributions by and distributions to owners
Dividends to shareholders
– 23,728
– 23,728
– 5,101
– 28,829
Changes in ownership interest in subsidiaries that do not result in a change of control
Acquisition of minority interests
– 567
– 567
– 204
– 771
Other changes
1,157
– 1,158
285
284
– 522
– 238
Total transactions with owners, recorded directly in equity
1,157
– 1,158
– 24,010
0
0
0
– 24,011
– 5,827
– 29,838
BALANCE AT SEPTEMBER 30, 2012
153,316
212,402
408,500
– 26,558
18,723
0
766,383
42,775
809,158
Balance atOctober 1, 2012
153,316
212,402
408,500
– 26,558
18,723
0
766,383
42,775
809,158
Total comprehensive income for the period
Consolidated total income
4,493
4,493
3,807
8,300
Other comprehensive income
Foreign currency translation differences
– 22,804
– 22,804
– 1,627
– 24,431
Effective portion of changes in fair value of cash flow hedges, net of tax
– 121
– 121
– 121
Net change in fair value of available-for-sale financial assets, net of tax
3
3
3
Defined benefit plan actuarial gains and losses, net of tax
– 8,942
– 8,942
– 40
– 8,982
Total other comprehensive income
0
0
– 8,942
– 22,804
– 121
3
– 31,864
– 1,667
– 33,531
Total comprehensive income for the period
0
0
– 4,449
– 22,804
– 121
3
– 27,371
2,140
– 25,231
Transactions with owners, recorded directly in equity
Contributions by and distributions to owners
Dividends to shareholders
0
– 2,163
– 2,163
Changes in ownership interest in subsidiaries that do not result in a change of control
Acquisition of minority interests
– 126
– 126
0
– 126
Other changes
1
11
12
365
377
Total transactions with owners, recorded directly in equity
0
1
– 115
0
0
0
– 114
– 1,798
– 1,912
Balance at December 31, 2012
153,316
212,403
403,936
– 49,362
18,602
3
738,898
43,117
782,015
Balance at January 1, 2013
153,316
212,403
403,936
– 49,362
18,602
3
738,898
43,117
782,015
Total comprehensive income for the period
Consolidated total income
48,073
48,073
8,784
56,857
Other comprehensive income
Foreign currency translation differences
– 35,060
– 35,060
– 2,184
– 37,244
Valuation of net investment hedges for foreign subsidiaries, net of tax
– 42
– 42
– 42
Effective portion of changes in fair value of cash flow hedges, net of tax
14
14
14
Net change in fair value of available-for-sale financial assets, net of tax
0
0
Defined benefit plan actuarial gains and losses, net of tax
267
267
2
269
Total other comprehensive income
0
0
267
– 35,060
– 28
0
– 34,821
– 2,182
– 37,003
Total comprehensive income for the period
0
0
48,340
– 35,060
– 28
0
13,252
6,602
19,854
Transactions with owners, recorded directly in equity
Contributions by and distributions to owners
Dividends to shareholders
– 23,728
– 23,728
– 5,340
– 29,068
Changes in ownership interest in subsidiaries that do not result in a change of control

Acquisition of minority interests
– 600
– 600
– 211
– 811

Other changes
237
237
– 43
194
Total transactions with owners, recorded directly in equity
0
0
– 24,091
0
0
0
– 24,091
– 5,594
– 29,685
BALANCE AT SEPTEMBER 30, 2013
153,316
212,403
428,185
– 84,422
18,574
3
728,059
44,125
772,184
25
Report f or the f i rst ni ne months 2013
Attributable to equity holders Attributable to equity holders of the parent

of the parent

Other reserves

Subscribed

capital

Capital

reserve

Retained

earnings

Translation

reserve

Hedging

reserve

Fair value

reserve


Total

Minority

interests

Total

equity
Balance at January 1, 2012
152,159
213,560
382,285
– 45,773
18,887
– 15
721,103
39,733
760,836
Amended due to IAS 19 (2011)
2,680
2,680
2,680
Balance at January 1, 2012 after amendment
152,159
213,560
384,965
– 45,773
18,887
– 15
723,783
39,733
763,516
Total comprehensive income for the period
Consolidated total income
47,605
47,605
8,213
55,818
Other comprehensive income
Foreign currency translation differences
19,215
19,215
656
19,871
Effective portion of changes in fair value of cash flow hedges, net of tax
– 164
– 164
– 164
Net change in fair value of available-for-sale financial assets, net of tax
15
15
15
Defined benefit plan actuarial gains and losses, net of tax
– 60
– 60
– 60
Total other comprehensive income
0
0
– 60
19,215
– 164
15
19,006
656
19,662
Total comprehensive income for the period
0
0
47,545
19,215
– 164
15
66,611
8,869
75,480
Transactions with owners, recorded directly in equity
Contributions by and distributions to owners
Dividends to shareholders
– 23,728
– 23,728
– 5,101
– 28,829
Changes in ownership interest in subsidiaries that do not result in a change of control
Acquisition of minority interests
– 567
– 567
– 204
– 771
Other changes
1,157
– 1,158
285
284
– 522
– 238
Total transactions with owners, recorded directly in equity
1,157
– 1,158
– 24,010
0
0
0
– 24,011
– 5,827
– 29,838
BALANCE AT SEPTEMBER 30, 2012
153,316
212,402
408,500
– 26,558
18,723
0
766,383
42,775
809,158
Balance atOctober 1, 2012
153,316
212,402
408,500
– 26,558
18,723
0
766,383
42,775
809,158
Total comprehensive income for the period
Consolidated total income
4,493
4,493
3,807
8,300
Other comprehensive income
Foreign currency translation differences
– 22,804
– 22,804
– 1,627
– 24,431
Effective portion of changes in fair value of cash flow hedges, net of tax
– 121
– 121
– 121
Net change in fair value of available-for-sale financial assets, net of tax
3
3
3
Defined benefit plan actuarial gains and losses, net of tax
– 8,942
– 8,942
– 40
– 8,982
Total other comprehensive income
0
0
– 8,942
– 22,804
– 121
3
– 31,864
– 1,667
– 33,531
Total comprehensive income for the period
0
0
– 4,449
– 22,804
– 121
3
– 27,371
2,140
– 25,231
Transactions with owners, recorded directly in equity
Contributions by and distributions to owners
Dividends to shareholders
0
– 2,163
– 2,163
Changes in ownership interest in subsidiaries that do not result in a change of control
Acquisition of minority interests
– 126
– 126
0
– 126
Other changes
1
11
12
365
377
Total transactions with owners, recorded directly in equity
0
1
– 115
0
0
0
– 114
– 1,798
– 1,912
Balance at December 31, 2012
153,316
212,403
403,936
– 49,362
18,602
3
738,898
43,117
782,015
Balance at January 1, 2013
153,316
212,403
403,936
– 49,362
18,602
3
738,898
43,117
782,015
Total comprehensive income for the period
Consolidated total income
48,073
48,073
8,784
56,857
Other comprehensive income
Foreign currency translation differences
– 35,060
– 35,060
– 2,184
– 37,244
Valuation of net investment hedges for foreign subsidiaries, net of tax
– 42
– 42
– 42
Effective portion of changes in fair value of cash flow hedges, net of tax
14
14
14
Net change in fair value of available-for-sale financial assets, net of tax
0
0
Defined benefit plan actuarial gains and losses, net of tax
267
267
2
269
Total other comprehensive income
0
0
267
– 35,060
– 28
0
– 34,821
– 2,182
– 37,003
Total comprehensive income for the period
0
0
48,340
– 35,060
– 28
0
13,252
6,602
19,854
Transactions with owners, recorded directly in equity
Contributions by and distributions to owners
Dividends to shareholders
– 23,728
– 23,728
– 5,340
– 29,068
Changes in ownership interest in subsidiaries that do not result in a change of control

Acquisition of minority interests
– 600
– 600
– 211
– 811

Other changes
237
237
– 43
194
Total transactions with owners, recorded directly in equity
0
0
– 24,091
0
0
0
– 24,091
– 5,594
– 29,685
BALANCE AT SEPTEMBER 30, 2013
153,316
212,403
428,185
– 84,422
18,574
3
728,059
44,125
772,184
NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS OF G
f
K SE
as at September
30
,
2013
1. GENERAL INFORMATION
The consolidated financial statements of GfK SE include the company itself and all consolidated subsidiaries. The GfK SE interim consolidated financial
statements as at 30 September 2013 have been prepared on the basis of IAS 34 in accordance with the International Financial Reporting Standards
(IFRS) and the relevant interpretations of the International Accounting Standards Board (IASB), as applicable under Regulation No. 1606/2002 of the
European Parliament and Council, which relates to the application of international accounting standards within the EU. The interim financial state
-
ments do not include all explanations and details required for annual financial statements, and readers should therefore refer to the annual financial
statements as at 31 December 2012 (www.gfk.com).
The requirements of the applicable standards have been fully complied with, resulting in a true and fair view of the net assets, financial position and
results of operations of the GfK Group. No voluntary audit in accordance with Article 317 HGB (German Commercial Code) or review of the quarterly
financial statements and interim management report as at 30 September 2013 has been performed by auditors.

2. PRINCIPLES OF CONSOLIDATION AND ACCOUNTING POLICIES
The consolidated financial statements of GfK SE as at 30 September 2013 are generally based on the same IFRS principles of consolidation and

accounting policies as the consolidated financial statements as at 31 December 2012.
Since the beginning of financial year 2013, GfK has applied the amendments to IAS 1, Presentation of Financial Statements. There have been changes
to the presentation of other comprehensive income in the statement of comprehensive income. Items of other comprehensive income, which are sub
-
sequently recycled into the income statement, are shown separately from items of other comprehensive income that are never recycled. In addition, for
easier understanding, GfK now makes use of the option provided in IAS 1.91 and presents the statement of comprehensive income after taking into
account tax effects.
In June 2011, the IASB resolved changes to IAS 19 Employee Benefits, which were adopted by the EU in June 2012. The application of the amended
provisions of IAS 19 is generally mandatory with retrospective effect for the annual financial statements of reporting periods beginning on or after

1 January 2013.
Removing the corridor approach and the prohibition to immediately recognize actuarial gains and losses in other income through profit or loss have
no impact on GfK, since actuarial gains and losses from defined benefit plans were already recognized in other income and reported in the revenue
reserves prior to the revision of IAS 19.
In addition, the net interest approach has been introduced to determine net interest expenses and income. On the basis of the net defined benefit liabil
-
ity or net defined benefit asset, net interest is now calculated on the net liability (the net asset value) from a defined benefit plan by multiplying the net
liability (the net asset value) at the beginning of the period with the discount rate applied to the defined benefit obligation (gross liability) at the start of
the period.
Other amendments relate to recognition through profit or loss of the forfeitable past-service cost and the changed definition of termination benefits.
The tables below provide an overview of the effects on the GfK Group’s consolidated balance sheet as at 31 December 2012 and the consolidated

income statement for the period from 1 January to 30 September 2012.
26
Report f or the f i rst ni ne months 2013
EFFECTS OF THE APPLICATION OF IAS 19 (2011) ON THE CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2012
in EUR‘000
December 31, 2012
Before amendment
Amendment
After amendment
IAS 19 (2008)
IAS 19 (2011)
Total assets
1,880,502
– 658
1,879,844
of which deferred tax assets
50,099
– 658
49,441
Total equity
777,267
4,748
782,015
of which retained earnings
399,188
4,748
403,936
Total liabilities and provisions
1,103,235
– 5,406
1,097,829
of which long-term provisions
93,534
– 5,505
88,029
of which deferred tax liabilities
82,660
99
82,759
The change of €-233 thousand in consolidated total income produces a corresponding impact on the statement of comprehensive income and the
statement of changes in equity for the first nine months of 2012.
Due to the minor adjustments in the consolidated income statement, a separate presentation for the third quarter of 2012 has been dispensed with.
The GfK Group’s cash flow statement for the first nine months of 2012 is affected by the increase in long-term provisions, the change in deferred taxes
and the reduction of consolidated total income. This shift occurs solely within the cash flow from operating activities and has no impact on the amount.
Basic and diluted earnings per share for the first nine months of 2012 of originally €1.31 respectively change by €-0.01 as a result of the adjustments
described above to €1.30 in each case.
The computational impact of retaining IAS 19 (2008) on the GfK Group’s current consolidated balance sheet and the current consolidated income state
-
ment is shown in the tables below.
27
Report f or the f i rst ni ne months 2013
EFFECTS OF THE APPLICATION OF IAS 19 (2008) ON THE CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2013
in EUR‘000
September 30, 2013
IAS 19 (2011)
Reconciliation
IAS 19 (2008)
Total assets
1,847,992
322
1,848,314
of which deferred tax assets
50,456
322
50,778
Total equity
772,184
– 2,501
769,683
of which retained earnings
428,185
– 2,501
425,684
Total liabilities and provisions
1,075,808
2,823
1,078,631
of which long-term provisions
73,679
2,922
76,601
of which deferred tax liabilities
82,414
– 99
82,315
EFFECTS OF THE APPLICATION OF IAS 19 (2011) ON THE CONSOLIDATED INCOME STATEMENT

FOR THE FIRST NINE MONTHS OF 2012
in EUR‘000
January 1 to September 30, 2012
Before amendment
Amendment
After amendment
IAS 19 (2008)
IAS 19 (2011)
Operating income
103,664
– 268
103,396
of which cost of sales
– 745,210
– 155
– 745,365
of which selling and general administrative expenses
– 239,661
– 113
– 239,774
Income from ongoing business activity
89,557
– 268
89,289
Tax on income from operating business activity
– 33,506
35
– 33,471
Consolidated total income
56,051
– 233
55,818
EFFECTS OF THE APPLICATION OF IAS 19 (2008) ON THE CONSOLIDATED INCOME STATEMENT

FOR THE FIRST NINE MONTHS OF 2013
in EUR‘000
January 1 to September 30, 2013
IAS 19 (2011)
Reconciliation
IAS 19 (2008)
Operating income
107,390
2,583
109,973
of which cost of sales
– 737,498
1,485
– 736,013
of which selling and general administrative expenses
– 239,147
1,098
– 238,049
Income from ongoing business activity
88,625
2,583
91,208
Tax on income from operating business activity
– 31,768
– 336
– 32,104
Consolidated total income
56,857
2,247
59,104
The change of +€2,247 thousand in consolidated total income would produce a corresponding impact on the statement of comprehensive income and
the statement of changes in equity for the first nine months of 2013. In the cash flow statement for the first nine months of 2013, only a shift within cash
flow from operating activities would occur, which would have no impact on the amount.
Due to the minor impact on the consolidated income statement, a separate presentation of the reconciliation for the third quarter of 2013 has been
dispensed with.
Basic and diluted earnings per share for the first nine months of 2013 would amount to €1.38 respectively if IAS 19 (2008) was to be applied and would
therefore be €0.06 higher than the actual earnings per share.

3. ESTIMATES
The estimates and assumptions in the consolidated financial statements as at 30 September 2013 have been prepared using the same methods as in
the financial statements as at 31 December 2012.

4. SCOPE OF CONSOLIDATION AND MAJOR ACQUISITIONS
As at 30 September 2013, the scope of consolidation comprised 144 subsidiaries in addition to the parent company (31 December 2012: 149).
In February 2013, subsidiaries GfK Beteiligungsgesellschaft mbH, Nuremberg, Germany, and GfK North America Holding, LLC, Wilmington, Delaware,
USA, were established and included in the scope of consolidation. Both companies are pure holding companies and have no operating activities. They
are therefore assigned to the category “Other”.
Following the acquisition of 100% of the shares in Sensemetric Web & Social Media Mining GmbH, Vienna, Austria, on 1 June 2013, the subsidiary
was assigned to the Consumer Experiences sector and subsequently merged with GfK Austria GmbH, Vienna, Austria, on 3 June 2013.
On 1 July 2013, 100% of the shares in PCNData Nederland B.V. Zaanstad, Netherlands, were acquired. The subsidiary’s activities are based in the
Consumer Experiences sector. It was merged with GfK Panelservices Benelux B.V., Dongen, Netherlands, with effect from 1 July 2013.
The price and goodwill of these acquisitions as well as the off-balance sheet intangible assets disclosed as part of the takeover along with the assets
and liabilities acquired are of minor importance for the GfK Group. The same applies to the companies’ aggregated income for the period of time since
they joined the GfK Group.
In the Consumer Experiences sector, Bridgehead USA Inc, Dover, Delaware, USA, was merged with GfK Custom Research, LLC, New York, New York,
USA, with effect from 1 January 2013.
In addition, GfK Telecontrol AG, Hergiswil, Switzerland, and Telecontrol Bulgaria – Switzerland AG, Hergiswil, Switzerland, both with activities in the
Consumer Choices sector, as well as Consumer Experiences company GfK Research Matters AG, Basel, Switzerland, were all merged with GfK Swit
-
zerland AG, Hergiswil, Switzerland, with effect from 1 January 2013.
As at 1 July 2013, Collect Investigaciones de Mercado S.A., Providencia, Santiago, Chile, was merged with Adimark S.A., Providencia, Santiago, Chile,
which was then renamed GfK Adimark Chile S.A.
GfK North America Investment GmbH, Nuremberg, Germany, was merged with GfK North America Holding GmbH, Nuremberg, Germany, with effect
from 9 July 2013.
On 2 August 2013, GfK Audimetrie N.V., Brussels, Belgium, was merged with Significant GfK NV, Heverlee, Belgium, which was subsequently renamed
GfK Belgium NV.
These intra-Group mergers were solely for the purpose of simplifying the Group structure and have no immediate financial impact.

5. DILUTED EARNINGS PER SHARE
The earnings per share for the period from 1 January to 30 September 2013 were €1.32 (1 January to 30 September 2012: €1.30). The diluted earnings
per share also amounted to €1.32 (1 January to 30 September 2012: €1.30).

6. RELATED PARTIES
Related parties are persons or groups which could be influenced by the GfK Group or could have an influence on the GfK Group. The GfK Group’s

related parties can be divided into subsidiaries, associates, joint ventures, key management personnel as well as other related parties.
The following significant transactions with related parties are reported in the consolidated financial statements as at 30 September 2013:
Loan obligations amounting to €17,105 thousand (31 December 2012: €11,250 thousand) were due to GfK-Nürnberg, Gesellschaft für Konsum-, Markt-
und Absatzforschung e.V., Nuremberg, the majority shareholder of GfK SE. The associated interest expenses totaled €188 thousand (30 September
2012: €79 thousand).
28
Report f or the f i rst ni ne months 2013
In addition, liabilities relating to as yet unpaid profit shares of €2,788 thousand (31 December 2012: €1,373 thousand) arose vis-à-vis The NPD Group
Inc., Port Washington, New York, USA.
Unless stated otherwise, receivables and liabilities in respect of related parties have a remaining term of up to one year.

7. CONTINGENT LIABILITIES AND OTHER FINANCIAL COMMITMENTS
There were no significant changes in contingent liabilities and other financial obligations compared with 31 December 2012.

8. UNUSUAL CIRCUMSTANCES
Circumstances which affect the assets, liabilities, equity, profit or loss for the period or cash flow and which are of an extraordinary nature, extent or
frequency are dealt with in the introduction to this quarterly report and in the section of the interim management report on the risk and opportunity
position.

9. SEGMENT REPORTING
Since the launch of the new corporate strategy on 1 January 2012, GfK’s organizational structure has been based on two sectors, Consumer Experi
-
ences and Consumer Choices, which are complemented by Other. The Consumer Experiences sector deals with consumers’ behavior and attitudes
while the Consumer Choices sector focuses on market sizing, market currencies, convergent media and sales channels.
Income from third parties comprises sales established in accordance with IFRS. No significant inter-sector income was generated in the reporting
period. The Group measures the success of its sectors by reference to the adjusted operating income according to internal reporting. Adjusted operat
-
ing income of a sector is determined from operating income before interest and taxes by eliminating the following expenses and income items: amor
-
tization and impairments of additional assets on acquisitions, income and expenses related to share and asset deals, income and expenses from restruc
-
turing and improvement projects, personnel expenses for share-based payments, currency conversion differences as well as income and expenses
related to one-off effects and other exceptional circumstances.
The table below shows the information relating to the individual sectors for the first nine months of 2012 and 2013.
The item “Reconciliation” includes the category “Other”. It is used for the reconciliation of the Consumer Experiences and Consumer Choices sectors
with Group figures. Services not relating to market research included here are of minor importance.
The GfK Kynetec Group was reclassified from the Consumer Experiences sector to the Consumer Choices sector on 1 January 2013. The previous year’s
figures have been adjusted accordingly. A further adjustment of the previous year’s figures results from the change in accounting policies relating to
IAS 19, which is explained above in section 2 of these notes. Of the reduction in adjusted operating income for the first nine months of 2012 by €268
thousand, €40 thousand affect the Consumer Experiences sector and €228 thousand the Consumer Choices sector.

STATEMENT BY THE LEGAL REPRESENTATIVES
To the best of our knowledge and in accordance with the applicable accounting principles for interim reporting, we confirm that the interim consoli
-
dated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the interim Group
management report includes a fair review of the development and performance of the business and the position of the Group, together with a descrip
-
tion of the principal opportunities and risks associated with the expected development of the Group throughout the remaining months of the financial
year.
29
Report f or the f i rst ni ne months 2013
in EUR‘000
Income from third parties
Adjusted operating income
Q1 – Q3 2012
Q1 – Q3 2013
Q1 – Q3 2012
Q1 – Q3 2013
Consumer Experiences
650,372
637,227
32,841
26,648
Consumer Choices
442,735
449,020
99,256
107,295
Reconciliation
3,698
3,716
– 6,571
– 7,671
Group
1,096,805
1,089,963
125,526
126,272
30
Report f or the f i rst ni ne months 2013
5-YEAR OVERVIEW
2008
to
2012
according to ifrs
KEY INDICATORS – INCOME STATEMENT

Unit
2008
2009
2010
2011
2012
Sales
eur
million
1,220.4
1,164.5
1,294.2
1,373.9
1,514.7
Change on prior year
%
+5.0
–4.6
+11.1
+6.2
+10.2
Personnel expenses
eur
million
494.3
510.5
550.7
593.4
685.5
Change on prior year
%
+6.3
+3.3
+7.9
+7.7
+15.5
Depreciation/amortization
1)
eur
million
59.2
66.3
55.1
79.9
63.8
Change on prior year
%
–0.8
+11.9
–16.8
+44.8
–20.1
Adjusted operating income
eur
million
158.7
147.2
185.0
187.7
187.8
Change on prior year
%
+0.7
–7.3
+25.7
+1.5
+0.1
Margin
%
13.0
12.6
14.3
13.7
12.4
ebitda
eur
million
192.0
159.1
200.4
223.2
194.5
Change on prior year
%
+1.9
–17.2
+26.0
+11.4
–12.9
Margin
%
15.7
13.7
15.5
16.2
12.8
Operating income
eur
million
128.9
88.9
141.4
138.9
129.7
Change on prior year
%
+2.6
–31.0
+59.0
–1.8
–6.6
Margin
%
10.6
7.6
10.9
10.1
8.6
Income from participations
eur
million
3.9
3.9
3.9
4.4
1.0
Change on prior year
%
+28.2
–0.6
–1.5
+15.5
–77.9
ebit
eur
million
132.8
92.8
145.2
143.3
130.7
Change on prior year
%
+3.2
–30.1
+56.5
–1.3
–8.8
Margin
%
10.9
8.0
11.2
10.4
8.6
Income from ongoing business activity
eur
million
113.0
75.5
124.8
125.6
108.6
Change on prior year
%
+8.4
–33.2
+65.3
+0.6
–13.5
Consolidated total income
eur
million
82.0
60.5
84.0
88.1
64.4
Change on prior year
%
+4.0
–26.2
+38.8
+4.9
–26.9
Tax ratio
%
27.4
19.8
32.7
29.8
40.7
1)
Tangible and intangible assets
31
Report f or the f i rst ni ne months 2013
5-YEAR OVERVIEW
2008
to
2012
according to ifrs
KEY INDICATORS – BALANCE SHEET

Unit
2008
2009
2010
2011
2012
Non-current assets
eur
million
1,085.0
1,157.9
1,232.2
1,255.7
1,361.7
Change on prior year
%
–0.3
+6.7
+6.4
+1.9
+8.4
Current assets
eur
million
361.6
363.5
417.7
489.9
518.8
Change on prior year
%
–5.5
+0.5
+14.9
+17.3
+5.9
Asset structure
1)
%
300.1
318.5
295.0
256.3
262.5
Investments
eur
million
101.5
106.7
89.6
77.3
177.7
Change on prior year
%
+37.7
+5.1
–16.0
–13.7
+129.9
thereof in tangible assets
2)
eur
million
50.5
49.0
48.6
62.7
70.7
Change on prior year
%
+2.5
–3.0
–0.8
+28.9
+12.8
thereof in financial assets
eur
million
51.0
57.7
41.0
14.6
107.1
Change on prior year
%
+108.6
+13.1
–28.9
–64.2
+629.9
Equity
eur
million
500.3
553.0
677.5
760.8
777.3
Change on prior year
%
–1.8
+10.5
+22.5
+12.3
+2.2
Borrowing
eur
million
946.3
968.4
972.4
984.8
1,103.2
Change on prior year
%
–1.5
+2.3
+0.4
+1.3
+12.0
Total assets
eur
million
1,446.6
1,521.4
1,649.9
1,745.6
1,880.5
Change on prior year
%
–1.6
+5.2
+8.4
+5.8
+7.7
Net debt
eur
million
–481.5
–499.8
–428.5
–363.9
–467.3
Change on prior year
%
+1.8
+3.8
–14.3
–15.1
+28.4
1)
Non-current assets in relation to current assets
2)
Tangible and intangible assets
KEY INDICATORS – CASH FLOW STATEMENT

Unit
2008
2009
2010
2011
2012
Cash flow from ongoing business activity
eur
million
145.8
134.7
172.0
170.5
115.0
Change on prior year
%
–13.3
–7.7
+27.7
–0.9
–32.5
Cash flow from investing activity
eur
million
–100.4
–104.4
–86.2
–72.9
–177.4
Change on prior year
%
+55.4
+4.0
–17.4
–15.4
+143.5
Cash flow from financing activity
eur
million
–46.4
–26.2
–76.9
–49.0
22.8
Change on prior year
%
–58.9
–43.5
+193.4
–36.3

Free cash flow
eur
million
95.4
85.7
123.4
107.9
52.6
Change on prior year
%
–19.8
–10.2
+44.0
–12.6
–51.2
32
Report f or the f i rst ni ne months 2013
5-YEAR OVERVIEW
2008
to
2012
according to ifrs
KEY INDICATOR – PROFITABILITY

Unit
2008
2009
2010
2011
2012
roce
%
12.8
9.7
14.1
14.0
11.9
KEY INDICATORS – COMPANY VALUATION

Unit
2008
2009
2010
2011
2012
Earnings per share
1)
eur
2.04
1.42
1.99
2.06
1.44
Adjusted earnings per share
1)
eur
2.87
3.04
3.20
3.40
3.03
Free cash flow per share
1)
eur
2.66
2.38
3.43
2.96
1.44
Net debt in relation to







equity (gearing)
%
96.2
90.4
63.2
47.8
60.1
ebit
%
362.6
538.6
295.0
253.9
357.5
ebitda
%
250.8
314.2
213.8
163.1
240.3
free cash flow
%
505.0
583.4
347.2
337.4
887.8
Dividend per share
eur
0.46
0.30
0.48
0.65
0.65
Total dividend
eur
million
16.5
10.8
17.4
23.7
23.7
Dividend yield
2)
%
2.09
1.24
1.28
2.12
1.68
Year-end share price
1)
eur
22.02
24.13
37.60
30.63
38.59
Weighted number of shares
in thousands
35,884
35,947
35,967
36,407
36,504
1)
Adjusted for capital increase
2)
Dividend per share in relation to the year-end share price
33
Report f or the f i rst ni ne months 2013
5-YEAR OVERVIEW
2008
to
2012
according to ifrs
SALES BY SECTORS AND REGIONS

Unit
2008
2009
2010
2011
2012
Sectors (old structure until 2011)






Custom Research
eur
million
782.8
709.2
785.6
829.2

Change on prior year
%
+1.3
–9.4
+10.8
+5.5

Retail and Technology
eur
million
304.1
325.8
370.8
407.0

Change on prior year
%
+16.6
+7.2
+13.8
+9.8

Media
eur
million
130.1
126.4
133.1
132.9

Change on prior year
%
+4.5
–2.9
+5.3
–0.2

Sectors (new structure from 2012
1)






Consumer Experiences
eur
million



829.2
934.3
Change on prior year
%




+12.7
Consumer Choices
eur
million



539.8
575.1
Change on prior year
%




+6.5
Regions (old structure until 2011)






Germany
eur
million
316.1
301.3
340.8
376.6

Change on prior year
%
+8.9
–4.7
+13.1
+10.5

Western Europe
eur
million
487.2
458.1
483.0
520.5

Change on prior year
%
+1.4
–6.0
+5.4
+7.8

Central and Eastern Europe
eur
million
87.2
71.7
89.7
97.6

Change on prior year
%
+19.3
–17.8
+25.2
+8.8

North America
eur
million
219.7
207.2
219.3
200.3

Change on prior year
%
–8.7
–5.7
+5.9
–8.7

Latin America
eur
million
35.5
39.4
54.9
59.4

Change on prior year
%
+33.0
+11.0
+39.5
+8.2

Asia and the Pacific
eur
million
74.8
86.9
106.5
119.5

Change on prior year
%
+47.3
+16.1
+22.5
+12.3

Regions (new structure from 2012)
1)






Northern Europe
eur
million



596.3
622.4
Change on prior year
%




+4.4
Southern and Western Europe
eur
million



280.4
282.1
Change on prior year
%




+0.6
Central Eastern Europe /
meta
eur
million



118.0
121.8
Change on prior year
%




+3.2
North America
eur
million



200.3
266.8
Change on prior year
%




+33.2
Latin America
eur
million



59.4
66.6
Change on prior year
%




+12.1
Asia and the Pacific
eur
million



119.5
155.0
Change on prior year
%




+29.7
1)
For further information on the new structure, see Management Report, Chapter
2
. The previous year‘s figures were adjusted for the new structure.
NUMBER OF EMPLOYEES

Unit
2008
2009
2010
2011
2012
At year-end
Employees
9,692
10,058
10,546
11,457
12,678
Change on prior year
%
+6.9
+3.8
+4.9
+8.6
+10.7
34
Report f or the f i rst ni ne months 2013
A

adjusted operating income
Adjusted operating income does not take into
account highlighted items. The management uses
this financial indicator in the Group-wide
management of GfK’s operating business.
Affiliated companies
Companies which are controlled by the parent.

As a rule, the parent holds the majority of the
voting rights and capital of the company.
Associated companies

Minority participations in companies on whose
business or company policy a decisive, but not
controlling influence is exercised. Associated
companies are in principle valued at equity.
C

Cash flow
Balance of funds inflow and outflow affecting pay
-
ment.
Cost of sales
Total of all types of operating costs which can be
directly allocated to clients’ orders. These include
in particular costs for external data procurement,
costs for interviewees and interviewers.
D

Deferred taxes
Tax assets or liabilities reported in the balance
sheet to equalize the difference between the tax
debt actually assessed and the commercial tax
burden based on the financial reporting in accor
-
dance with

ifrs
for the commercial balance
sheet. The basis for determining deferred taxes is
the difference between the value of the assets and
liabilities reported in the balance sheet in accor
-
dance with
ifrs
and the local tax balance sheet.
Dividend yield
Dividend per share in relation to the annual

closing price.
E

EBIT
Abbreviation for earnings before interest and
taxes calculated as

Operating income plus
income from associates plus other income from
participations.
EBITDA

Earnings before interest, taxes, depreciation and
amortization, calculated as

ebit
plus depreciati
-
on and amortization charges.
Equity ratio
Balance sheet equity in relation to total assets.
The higher the indicator, the lower the level of
indebtedness.
F

Free cash flow
Cash flow from operating activity less capex.
G

Gross income from sales
Sales less

Cost of sales.
I

ifrs
The International Financial Reporting Standards
(
ifrs
) are accounting principles developed

and published by the iasb. In addition to the

actual
ifrs
, the ias that are still valid and the
interpretations of the ifric and sic are grouped
under the
ifrs
.
Income

Adjusted operating income.
Income from ongoing business activity

ebit
plus financial income less financial
expenses.
M

Minority participations
Generic term for

Associated companies and

other participations. The participation quota

is below 50%.
N

Net debt
Liquid funds and securities less pension liabilities
and financial liabilities.
O

Operating income
Gross income from sales less selling and general
administrative expenses plus other operating
income less

Other operating expenses.
Other operating expenses
Expenses in connection with ongoing business
activity, excluding financial expenses, not

attributable to

Cost of sales or selling and gene
-
ral administrative expenses. Examples

are impairments, losses from the disposal

of fixed assets and exchange losses.
P

Pay-out ratio
Total dividend in relation to consolidated total
income.
R

Ratio of net debt to cash flow
Net debt in relation to

Free cash flow.
Return on capital employed

ebit
in relation to average total assets.
Return on equity
Consolidated total income in relation to average
shareholders’ equity.
T

Tax ratio
Tax on income from ongoing business activity in
relation to

Income from ongoing business acti
-
vity.

GLOSSARY OF FINANCIAL TERMINOLOGY
35
Report f or the f i rst ni ne months 2013
PROVISIONAL KEY DATES IN THE

FINANCIAL CALENDAR
Global Head of

Investor Relations


Bernhard Wolf

Tel +49 911 395-2012

Fax +49 911 395-4075

bernhard.wolf@gfk.com
Publisher

GfK SE

Nordwestring 101

90419 Nuremberg

www.gfk.com

gfk@gfk.com
This quarter report is available in German and English.

Both versions and supplementary press information are

available for download online from www.gfk.com.
Date: November 14, 2013
CONTACTS
12 MARCH 2014
ANNUAL ACCOUNTS PRESS CONFERENCE

NUREMBERG
15 MAY 2014
QUARTERLY REPORT

AS AT 31 MARCH
1)
27 MAY 2014
ANNUAL GENERAL MEETING

FÜRTH
13 AUGUST 2014
INTERIM REPORT

AS AT 30 JUNE
1)
12 NOVEMBER 2014
QUARTERLY REPORT

AS AT 30 SEPTEMBER
1)
1)
Publication is scheduled for before the start

of the trading session in Germany
DATES

2014
REPORT FOR THE FI RST NI NE MONTHS
2013