ad pepper media announces preliminary figures for the first half of

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Nuremberg, Amsterdam, the Netherlands, 5 August 2008 – The first half of the current financial year 2008 saw a continuation of the positive trend in operative business by the group around ad pepper media International N.V.: in the first six months of the year, ad pepper media recorded sales of EUR 26.5 million. Compared to the EUR 24.0 million recorded for the same period of the previous year, this meant an increase of 10.4 percent in sales. Earnings before interest and taxes (EBITDA) for the fist half of 2008 totalled EUR 6.8 million compared to EUR 2.7 million for the same period last year. In the first six months of 2008, ad pepper media recorded earnings before taxes (EBT) in the order of EUR 4.2 million whilst EUR 2.0 million was recorded for the same period of the previous year.

The key figures include milestone payments from Google and once-off expenditure, particularly for employee related accruals and higher allowance on doubtful accounts which, on balance, increased the group EBITDA by EUR 7.5 million. Furthermore, deprecation includes a sum of EUR 1.5 million for impairment on intangible assets.

Cash flow from operating activities was only slightly negative at EUR -0.2 million for the first half of 2008 (first half of 2007: EUR -2.5 million). As per 30 June 2008, liquid funds (including securities valued at fair value) totalled EUR 25.2 million (30 June 2007: EUR 14.8 million).

The full report for the quarter will be published on 29 August 2008 and will then be available for downloading at: www.adpepper.de

Key figures for the 1st half of 2008 compared to the first half of 2007:

    1st  half-year 2008 1st  half-year 2007 Change
in %
Sales kEUR 26,497 24,007 +10.4
Gross margin kEUR 11,406
(43.0%)
12,198
(50.8%)
-6.5
Operating costs kEUR 7,809 10,547 -26.0
EBITDA kEUR 6,824 2,729 +150.1
EBIT kEUR 3,597 1,651 +117.9
EBT kEUR 4,235 1,995 +112.3
Group income kEUR 4,659 1,610 +189.4
Earnings per share
(nondiluted)
 EUR 0.41 0.14 +192.9
Liquid funds kEUR 25,154 14,775 +70,2
Equity kEUR 60,658 55,882 +8.5
Balance sheet total kEUR 73,046 68,022 +7.4

For more information:
Jens Körner (CFO)
ad pepper media International N.V.
Phone: +49 (0) 911 929057-0
Fax: +49 (0) 911 929057-157
E-mail: ir@adpepper.com

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