ad pepper media achieves group profit of 2.1 million Euros for the full year 2003, achieving record results in fourth quarter.

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Nuremberg, Hoofddorp, The Netherlands, 23 March 2004 – ad pepper media International N.V. succeeded in making 2003 the best financial year in its company history.With a sales revenue of 20.7m EUR, ad pepper media increased its turnover by 46% in the year 2003 (previous year: 14.1m EUR). The fourth quarter of 2003 was outstanding, with a turnover of nearly 7m EUR (Q4/2002: 4.9m EUR). The positive turnover trend is also due to the increasing proportion of international campaigns which ad pepper media can handle for many international clients, thanks to its European coverage, international scope and sophisticated systems. In fiscal 2003 the company achieved EBIT of 1m EUR, after a figure of –1.6m EUR in fiscal 2002. This sustained rise in profitability is due to a further increase of 2% in gross margin, as well as the fact that sales and administration costs rose at a less than proportional rate, in spite of the considerable rise in turnover. Consolidated group profits for fiscal 2003 are 2.1m EUR (2002: -0.7m EUR), representing a profit per share of 0.21 EUR (previous year: -0.07 EUR).Operational cashflow for fiscal 2003 was a positive 1.3m EUR (previous year: -2.5m EUR). With a comfortably unchanged stock of liquid funds including short term liquid fixed asset securities and restricted cash of some 28m EUR as of 31 December 2003, ad pepper media rests on its usual solid foundation.

Figures for 2003/ 2002 in accordance with US GAAP:

Q4/2003 Q4/2002 Diff. 2003 2002 Diff.
Turnover KEURO 6,990 4,898 43% 20,704 14,148 46%
Gross margin KEURO 3,653 2,742 33% 10,278 6,700 53%
Operating costs KEURO 2,878 2.355 22% 9,349 8,030 16%
EBIT KEURO 796 448 78% 1,017 -1,579
Year profit/deficit KEURO 1,073 557 93% 2,126 -705
Profit/loss per share EURO 0.11 0.05 120% 0.21 -0.07
31.12.03 31.12.02*
Liquid resources** KEURO 27,668 28,479
Equity capital KEURO 35,658 33,915
Balance sheet total KEURO 42,945 39,282

*prior year’s presentation amended
**including short term liqid fixed asset securities and restricted cash

A telephone conference with the board members will be held on 23 March 2004 at 11 a.m. All relevant documents can subsequently be downloaded from:

The general meeting of ad pepper media International N.V. takes place on 7 May 2004 in Hoofddorp (The Netherlands).

For further information:
Investor Relations
Anna-Maria Schubert
ad pepper media International N.V.
Tel.: +49 (0) 911/ 929 057- 0
Fax: +49 (0) 911/ 929 057- 312

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Thank You!

ad pepper media managed its successful IPO at the end of 2000 as one of the last companies of the so-called Neuer Markt. This was followed by one of the worst economic crises in decades, with the dot-com bubble bursting and the 9/11-driven recession starting in 2001.

It’s now been almost 20 years since we took this daring step, and we haven’t just been resting on our laurels in the meantime. In fact, with record results and a squeaky-clean balance sheet, we’re in a healthier position today than ever before. Two decades of experience as of one of the leading performance marketing companies in Europe have also made us vigilant and prepared us for future economic headwinds.

This is something we are proud of: However, this success also makes us humble well knowing that currently many companies are struggling to survive. And with many people fearful of losing their jobs (or even their lives), we don´t think it´s the right time to celebrate. Nevertheless, we would like to say a big THANK YOU to our employees, stakeholders and everyone else who has stood by us and believed in us from the very beginning.