ANNUAL REPORT 2008 | 2009 - SinnerSchrader AG

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4Letter to the Shareholders SinnerSchrader 2008 | 2009Investments by German companies in the furtherdevelopment of their Internet strategy therefore onlysuffered mildly due to the crisis-related pressure forbudget cuts and seem to be already picking up withthe first signs of economic recovery.Interactive agencies will be the winners in thechange in the agency world.The continuous rise in the importance of the Internetamong the various communication and sales channelsis also changing the industry of the marketing andadvertising agencies themselves.Whereas total gross advertising expenditure inGermany fell in the first half of 2009 in comparison tothe previous year in the wake of the economic crisis,expenditure for display advertising on the Internetrose by 10 % to 13 % according to various sources.In Germany, the Internet is thus in third place behindtelevision and newspapers in terms of gross advertisingexpenditure. In the United Kingdom, in the first half of2009 the Internet moved past television to first placewith a share of 23.5 % of gross advertising expenditure.This means that the world of classic advertisingagencies, which thinks in terms of the lead medium oftelevision and its formats, is being put under considerablepressure to change – a process that has noticeablyspeeded up in the crisis. Interactive agencies,which have geared their business and way of workingto the Internet since they came about in the mid-90s,can increasingly play to their strengths: knowledgeof interactive consumers and the Internet-specificrequirements for interdisciplinary cooperation betweencreation and technology.SinnerSchrader has a promising position in theGerman agency market.SinnerSchrader has achieved a leading position witha focus on e-commerce in the German market forinteractive services thanks to the organic developmentof expertise and customer relations and by taking overspot-media AG. Furthermore, SinnerSchrader has builta reputation for efficiency and customer orientationthrough many successful projects and many years ofsupport for customers – qualities that enable stableand trusting relations with existing customers and newcustomer acquisitions with a great deal of potential inan economically difficult environment.To achieve this position, SinnerSchrader has used thefinancial means gained from its stock market launch tenyears ago in a targeted fashion, without overstretchingits funds. As a result, SinnerSchrader has the financialstability and independence as well as expertise toqualify as a reliable partner for trend-setting tasks withmajor German companies.With an eye on these developments, at the beginningof the financial year SinnerSchrader believed that arise in revenues and the operating result was possiblein spite of the global financial and economic crisis.At the end of the 2008/2009 financial year, a rise inthe gross and net revenues by around 14 % each to€ 27.7 million and € 20.9 million, respectively, and anEBITA before advance payments for setting up newfields of business of € 2.4 million and thus an increaseover the previous year’s value of € 0.1 million oraround 6 % were posted.But in the reporting period, SinnerSchrader was notsatisfied with developing the existing business. Carriedby the belief that the economic crisis would speedup those change processes that favour the positionof interactive agencies and the future development ofSinnerSchrader, the company invested in expandingits service portfolio.
SinnerSchrader 2008 | 2009Letter to the Shareholders5On the one hand, SinnerSchrader took over thenewtention group during the 2008/2009 financial year.This company has developed a basic technology forthe service- and profile-related delivery and controlof online advertising in the form of the n7 ad servingsoftware and has marketed this software since 2008via a software-as-a-service model. With this acquisition,SinnerSchrader has become a partner primarily foradvertisers, but also for media agencies and providersor marketers of advertising space, with respect to thegrowing pressure for the intelligent use and sale ofadvertising space on the Internet using the mediaspecificscope for measuring and evaluating datawithin the limits of the data protection legislation.On the other hand, in the financial year, SinnerSchraderorganically developed an e-commerce outsourcingoffer, founded next commerce GmbH to implementthe business concept, and acquired a first customerfor the concept. The services offered by next commerceGmbH comprise establishing and furtherdeveloping an e-shop, shop management, technicaloperation, marketing, logistics, and fulfilment as wellas customer care and payment processing on thebasis of cooperation over several years, usually five,in return for a share of the revenues generated by theshop. On the basis of its thirteen years of expertisefrom many e-shop projects, with this offer Sinner-Schrader is prepared to take on more responsibilityfor the success of an online shop in the expectation ofparticipating in growing e-commerce revenues.The expansion of the service portfolio encumberedthe 2008/2009 financial year with costs of around€ 1.0 million. The EBITA posted in the Statements ofOperations was thus € 1.4 million – around € 0.9 millionless than the previous year’s result of € 2.3 million.The consolidated income due to the SinnerSchradershareholders also fell because of the establishmentcosts for the new fields of business and reached € 1.2million or just under € 0.11 per share after € 1.6 millionand € 0.14 per share in the previous year.Setting up the new fields of business will take time,meaning that no positive contributions to the resultscan be expected from them for the 2009/2010 financialyear that has now started. But we see these fieldsof business as important elements for the futuredevelopment of revenues and earnings in the Sinner-Schrader Group.In view of the largely positive signals from the market,we are expecting stronger growth in net revenues thanin the 2008/2009 financial year and a disproportionatelylarge rise in the EBITA posted in the Statements ofOperations in spite of the launch of the new fields ofbusiness and the continuation of the comparativelyhigh economic uncertainty.Because of these positive expectations, as in the lasttwo financial years, we are continuing to give you ahigh proportion of the profits earned in the last financialyear and, together with the Supervisory Board, willpropose a dividend of € 0.08 per share at the AnnualGeneral Meeting to be held on 16 December 2009.Ten years after the stock market launch of Sinner-Schrader in November 1999, the interactive age hasbecome reality in marketing and sales. SinnerSchraderis well on the way to becoming one of the leadingGerman agency groups of this age.Hamburg, 4 November 2009The Management Board
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ANNUAL REPORT 2008 | 2009 - SinnerSchrader AG

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