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