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

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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.