ad pepper media International N.V.: Preliminary/unaudited figures for 2014 financial year

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Nuremberg, Amsterdam, March 02, 2015

Sales at the ad pepper group decreased to EUR 47,281k in the 2014 financial year, equivalent to a 4.7 percent reduction compared with the previous year (2013: EUR 49,627k). On a like-for-like basis, i.e. excluding activities sold or discontinued in 2013, sales growth amounted to 8.9 percent.
The key growth driver was the Webgains segment, which boosted its sales by 20.5 percent to EUR 30,713k (2013: EUR 25,498k). Webgains thus exceeded the EUR 30 million mark for the first time. The ad agents segment also reported sales growth of EUR 433k, or 6.2 percent to EUR 7,417k (2013: EUR 6,984k). By contrast, the ad pepper media segment witnessed a substantial downturn in sales. The like-for-like reduction amounted to EUR 1,821k, or 16.7 percent (2013: EUR 10,806k).
The group’s gross profit fell to EUR 16,131k (2013: EUR 20,701k). The like-for-like figure of EUR 16,122k more or less matched the previous year’s figure (2013: EUR 16,151k).
Operating expenses at the ad pepper media group decreased by 18.6 percent to EUR 20,070k (2013: EUR 24,664k).
Earnings before interest and taxes (EBIT) for the past financial year thus amounted to EUR -3,940k (2013: EUR 4,690k). The previous year’s figure included positive one-off items of EUR 8,653k in connection with the sale of shareholdings.
Earnings before interest, taxes, depreciation and amortization (EBITDA) totalled EUR -3,729k in the past financial year (2013: EUR 4,964k). Earnings before taxes (EBT) amounted to EUR -5,225k in 2014 (2013: EUR 5,293k). The financial result includes an impairment loss of EUR 1,398k for the write-down of our minority interest in Brand Affinity Technologies. At EUR -5,335k, net income for the period was also clearly negative (2013: EUR 5,097k).
Given an efficiency enhancement and cost-cutting program resolved and implemented in the fourth quarter of 2014, we expect our operating expenses in the current financial year to drop by around EUR 2 million compared to the 2014 figure.
Liquid funds (including securities measured at fair value and time deposits amounted to EUR 19,639k (December 31, 2013: EUR 21,702k).

The 2014 Annual Report will be published on March 23, 2015.

Key figures (unaudited) for 2014 / 2013:

FY 14 FY 13 % change
Sales EUR 000s 47,281 49,627 -4.7
Gross profit EUR 000s 16,131 20,701 -22.1
EBITDA EUR 000s -3,729 4,964 <-100.0
EBIT EUR 000s -3,94 4,69 <-100.0
EBT EUR 000s -5,225 5,293 <-100.0
Liquid funds* EUR 000s 19,639 21,702 -9.5
Equity EUR 000s 16,296 24,575 -33.6
Total assets EUR 000s 30.290 36,262 -16.5

*including securities measured at fair value

For further information:
Dr. 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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