Preliminary results for first nine months of 2012/Change to Management Board

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Nuremberg, Amsterdam, October 16, 2012 – Sales at ad pepper media International N.V. declined by 0.9 percent in the first nine months of the current financial year. Sales in the ad agents and Webgains segments showed further substantial growth, rising by 36.4 percent and 10.6 percent respectively, but the ad pepper media segment fell short of expectations with a 21.4 percent reduction in sales. At -2.8 percent, the gross margin also declined compared with the previous year’s period. In parallel to these developments, the company achieved disproportionate cuts in its operating expenses which fell by 7.1 percent to EUR 18,284k in the first nine months. As a result, key profitability figures improved overall compared with the previous year’s figure, while nevertheless all remaining in negative territory: Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to EUR -1,567k in the first nine months of 2012 (Q1-Q3 2011: EUR -2,446k). Earnings before interest and taxes (EBIT) amounted to EUR -1,917k, compared with EUR -2,840k in the previous year’s period. Earnings before taxes (EBT) amounted to EUR -1,380k in the first nine months of the financial year (Q1-Q3 2011: EUR -2,233k). Net income for the period totaled EUR -1,648k (Q1-Q3 2011: EUR -2,669k).

Furthermore, the Company announces that Co-Founder and Chief Executive Officer (CEO) Mr. Ulrich Schmidt as well as Michael Alexander Carton declared to the Supervisory Board to step down as Board of Directors at
their own request as per October 16, 2012.

The Company, Mr. Schmidt and Mr. Carton have agreed by mutual consent to also terminate Mr. Schmidt’s and Mr. Carton’s employment as per October 16, 2012. Expected non-recurring payments in connection with the resignation of Mr. Schmidt and Mr. Carton will impact the result of the fourth quarter 2012 accordingly. The Supervisory Board thanks Mr. Schmidt and Mr. Carton for their commitment and contribution to ad pepper media International N.V. Until a new CEO can be appointed, his duties will be taken over by Mr. Jens Körner (CFO).

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

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