ad pepper media continues its successful course

22 October 2003 - 1:43am

Convincing positive cash-flow from current business activities

Nuremberg, Hoofddorp, The Netherlands, 22 October 2003
For the last five quarters in a row, ad pepper media International N.V. has produced positive results, due above all to the tangible expansion of basic turnover, as well as to on-going cost management.

In the third quarter of 2003, ad pepper media achieved a turnover of 4,692 TEUR (Q3/2002: 3,446 TEUR), representing a growth of 36% over the same quarter of the previous year. Gross margin rose by 39% to 2,282 TEUR (Q3/2002: 1,637 TEUR). Earnings before interest and taxes increased from – 217 TEUR to 97 TEUR. The results for the period rose from 22 TEUR in the third quarter of 2002 to 396 TEUR in the third quarter of 2003.

Total turnover in the first nine months of the current fiscal year was 13.7 million EUR, 48% above that for the same period of the previous year. In the first nine months of 2003, a gross margin of 6.6 million EUR was achieved, a growth of 67% compared with the same period of the previous year. EBIT for the first nine months of 2003 was 221 TEUR, compared with the previous year’s figure of – 2.0 million EUR. Profits for the last nine month period were 1.1 million EUR, compared with a deficit of 1.3 million EUR in the comparable period last year.

The company generated a positive cash-flow of 1.5 million EUR from current business activities in the third quarter of 2003, with positive effects for the already excellent liquidity. As of 30.09.2003 ad pepper media possessed liquid resources amounting to 29.1 million EUR, including short-term liquidisable fixed asset securities.

Figures for 2003/ 2002 in accordance with US GAAP:

Q3/2003 Q3/2002 Diff. Q1-Q3/2003 Q1-Q3/2002 Diff.
Turnover KEURO 4.692 3.446 36% 13.715 9.249 48%
Gross margin KEURO 2.282 1.637 39% 6.625 3.958 67%
Operating costs KEURO 2.186 1.853 18% 6.404 5.985 7%
EBIT KEURO 97 -217 221 -2.026
Year profit/
deficit
KEURO 396 22 1.053 -1.262
Profit/loss
per share
EURO 0,04 0,00 0,10 -0,12
30.09.03 31.12.02
Liquid resources* KEURO 29.093 28.479
Equity capital KEURO 34.462 33.915
Balance sheet total KEURO 40.065 39.282

*including all short term liquidisable securities

The acquisition of the Italian online marketer Clickit is not yet considered in the third quarter results. The new subsidiary will be consolidated from fourth quarter on.

The complete nine-month report from ad pepper media International N.V. will be published on 18 November 2003 and can be downloaded from: www.adpepper.com from this date.