ANNUAL REPORT 2008 | 2009 - SinnerSchrader AG

Joint Status Report of SinnerSchrader AG3710 ForecastIn the worldwide financial and economic crisis of thepast twelve months, business with interactive serviceshas proved to be pleasingly stable. As assessed bySinnerSchrader, among others, the developmentof the fundamental factors that further increase theimportance of the Internet for all of a company’smarketing and sales activities and the efficiencypressure on companies brought about by the crisistend to encourage the development of the interactiveservice provider sector, even though it did not remaincompletely free of project delays and budget cuts inthe first half of 2009.Against the backdrop of the further improvement ofoverall economic prospects over the last few monthsand in view of the lack of deterioration in the Germanemployment market, even after the general election,SinnerSchrader sees good general conditions for apositive development of business in the 2009/2010financial year. Incoming orders in September 2009are the first indicators of the development in the newfinancial year and support this expectation with anincrease of 10 % over the previous year. However,looking at the months ahead, it is advisable tocontinue to act with caution because there is stillgreat uncertainty about future economic developmentamong all experts in view of the extent of the crisis.For SinnerSchrader, the 2009/2010 financial yearwill bring different guiding thoughts for the threesegments. In the Interactive Marketing segment, bothbrands, “SinnerSchrader” and “spot-media”, will haveto consolidate their good positions on the Germanmarket and work towards the vision of being the “leadagency of the interactive age” while regaining theprofitability of the 2007/2008 financial year.In the Interactive Media segment, SinnerSchraderstrengthened its expertise in the current “hot” onlinemedia market topics of “targeting” and “profilebasedbanner advertising” in a targeted fashion byacquiring the newtention group. The aim for the2009/2010 financial year is to successfully establishthese skills in services for advertisers, but also asinfrastructure services for other participants on themarket in order to quickly increase the segment’sbusiness and profits base.After being launched in the 2008/2009 financial year,the Interactive Commerce segment is still in the earlystages of development. The nature of the business,in which every single project entails a long runup/investmentphase, does not allow any positivecontributions to profit for the 2009/2010 financial year.The aim here is to quickly guide the first customerproject to the break-even point and to start newprojects at a manageable level.Overall, for the 2009/2010 financial year, Sinner-Schrader is expecting growth in net revenues abovethe 14 % level of the 2008/2009 financial year anda significant improvement in the operating results(EBITA), which nevertheless will still be encumberedby noticeable start-up losses in the InteractiveCommerce segment. For the following year, too,SinnerSchrader sees good opportunities to achievedouble-digit growth in net revenues and a disproportionatelylarge increase in the EBITA due to asignificant improvement in the contribution toearnings from the Interactive Commerce segment.Hamburg, 30 October 2009The Management BoardMatthias Schraderthomas Dyckhoff