One-off, non-cash goodwill impairment as a reaction to the difficult economic market situation

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Nuremberg, Amsterdam, 25 September 2009 
ad pepper media has undertaken an extensive analysis of the increasingly difficult global economic conditions and moreover, its impact on the online advertising industry, especially during the first six months of the year. As a result, this analysis requires certain adjustments to be made on the closure of the third quarter 2009.
Based upon our analysis, in addition to the latest reported figures and a market that will continue to be pressured over the second half of 2009, ad pepper media will incur a one-off, non-cash goodwill impairment of up to EUR 20.8 million, affecting the upcoming financial report for the period ending September 30, 2009. Furthermore, non-cash impairment of intangible assets which resulted from the purchase price allocation (PPA) and other assets as well as restructuring cost are anticipated, in the order of up to EUR 10.0 million. Despite these measures, ad pepper media`s cash position will remain stable on a level around the EUR 20 million mark with an equity ratio expected to be approximately 70 percent. 
The report for the period ending September 30, 2009 will be published on November 27, 2009. 

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

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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.