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Delticom publishes Semi-Annual Report 2014 - Seite 2

remaining 151 for Tirendo (including interns, Q1 14: 147). In the
reporting period, Delticom employed an average of 271 staff members (H1 13:
148). Personnel expenses amounted to EUR 7.7 million (H1 13: EUR 4.5
million, +69.4 %). This increase is primarily due to the acquisition of
Tirendo and their workforce. The personnel expenses ratio in the first six
months came to 3.4 % (staff expenditures as percentage of revenues, H1 13:
2.1 %).

Other operating expenses. Other operating expenses amounted to EUR 48.3
million (H1 13: EUR 39.6 million, + 22.0%).

Among the other operating expenses, transportation costs is the largest
line item. They increased in the reporting period from EUR 18.7 million by
6.0 % to EUR 19.8 million. The share of transportation costs against
revenues remained with 8.8 % nearly unchanged (H1 13: 8.8 %).

Marketing. Marketing expenses grew by 79.0 % to EUR 11.6 million (H1 13:
EUR 6.5 million). This significant increase is mainly due to the EUR 5.3
million additional marketing spent of Tirendo in the first six months of
current fiscal year (H1 13: EUR 5.3 million). In the reporting period,
marketing spend with 5.1 % of revenues was higher than last year's 3.0 %.

Depreciation. Depreciation rose from EUR 1.3 million in H1 13 to EUR 4.1
million. Main reason for this increase is the scheduled depreciation on
intangible assets, identified as part of the purchase price allocation.
Depreciation from PPA in H1 14 amounted to EUR 2.7 million.

Earnings. Earnings before interest, taxes, depreciation and amortization
(EBITDA) for the reporting period came in at EUR 6.2 million (H1 13: EUR
10.3 million, -39.7 %). This equates to an EBITDA margin of 2.7 % (H1 13:
4.8 %). In the first six months, EBIT contracted by 76.9 % to EUR 2.1
million (H1 13: EUR 8.9 million). This translates into an EBIT margin of
0.9 % (EBIT in percent of revenues, H1 13: 4.2 %).

Delticom excluding Tirendo. In the reporting period, Delticom achieved
revenues of EUR 208.6 million, after EUR 212.2 million the previous year
(-1.7 %). EBITDA amounted to EUR 13.3 million, after EUR 10.3 million the
previous year (+30.2 %). This equates to an EBITDA margin of 6.4 %, after
4.8 % in the previous year. Despite the weaker business development in H1
14, Delticom remains sufficiently profitable, even after the Tirendo
takeover, to compensate for Tirendo's losses.

Income taxes. In H1 14 the expenditure for income taxes was EUR 1.8 million
(H1 13: EUR 2.9 million).

Net income. In the period under review, the consolidated net income with