ad pepper media one-off effects burden result for the quarter

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Nuremberg, Amsterdam, November 6, 2009 – In the first nine months of the financial year, sales totalled kEUR 34,526 and were hence 9.5 percent down against the same period of the previous year (Q1-Q3 2008: kEUR 38,171). Gross margin declined in the same period slightly by 3.9 percent to kEUR 15,532 (Q1-Q3 2008: kEUR 16,162). Gross margin accounted for a corresponding 45.0 percent of sales following 42.3 percent in the same period of the previous year. This meant that ad pepper media’s clear orientation towards performance-based marketing was able to partially offset the decline in sales caused by the poor economic climate.

As already announced, operative costs totalling kEUR 46,910 (Q1-Q3 2008: kEUR 22,431) include one-off, non-cash expenditure for impairments on goodwill and other intangible assets to the amount of kEUR 23,876 along with expenditure for other one-off effects to the amount of kEUR 1,189. When compared to the same period of the previous year, operative costs were hence down around 3.0 percent. Adjusted by these special effects, EBITDA totals kEUR –4,474 compared to kEUR –3,755 in the first nine months of the previous year. The financial result includes impairments on securities and other financial assets to the amount of kEUR 3,119. On an adjusted basis EBT hence amounts to kEUR –5,126 after kEUR -5,348 in the same period of the previous year.

The equity ratio is still at an outstanding level of 67 percent. As per 30 September 2009, liquid funds, including securities at fair value and time deposits with a maturity of more than three months, total kEUR 21,143 and thus remain almost unchanged against the previous quarter.

Furthermore, the company also announced today that it has almost completed its previously announced stock repurchase program. ad pepper media currently holds 2,227,739 -shares, equalling 9.78 percent of the share capital. The share buy back program will be terminated upon reaching around 10 percent of the company’s share capital.

The report for the quarter ending 30 September 2009 is due to be published on 27 November 2009.

Key figures for Q1-Q3 2009 compared to Q1-Q3 2008:

Q1-Q3 2009 Q1-Q3 2008 Dev. in %
Sales kEUR 34,526 38,171 -9.5
EBITDA* kEUR -4,474 -3,755 -19.1
EBIT* kEUR -6,313 6,269 -0.7
EBT* kEUR -5,126 -5,348 +4.2
30.09.09 30.09.08
Liquid funds kEUR 21,143 23,671 -10.7
Equity kEUR 21,480 58,665 -63.4
Total assets kEUR 32,025 69,442 -53.9

*each on an adjusted basis

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