DocCheck AG — Audit Report / Information 2002

Mar 31, 2003

Abstract from antwerpes ag's annual report 2002

1. Annual Financial Statement

2. 7.1 Summarized Management Report and Group Report of antwerpes ag

3. 7.2 Balance Sheet
4. 7.3 Group Profit and Loss Account
5. 7.4 Appendix on the fiscal year
6. 7.5 Auditor's Certificate
7. 7.7 Supervisory Board Report7.6 Statement of compliance

7.1 Su m ma riz ed Ma na ge me nt Re po rt an d Gr ou p Re po rt of an tw er pe s ag Co log ne , fo r th e 20 02 bu sin es s ye ar
als Me Ak Th Gm Pr eli e tie o diz bH an m pa ng (" inb ina tw rt es me ed er of ry ell pe ar dic th re sc f G s g ma e ha alp an es ft ro rk ict ell tw up ("a ur sc (" er e" nt ha pe an we ). ft s g tw Do rp m ro er es cC it up pe & he be , a p s" ck sc ar re M or hr tn än cu ed "g er kte rre ica ro "), up nt r H l S D ly ") oc er af be co vic Ch tu m ing ng ec es pr (" k M Li w ise m Ge ou ed s a ite iss nd ica d nt elm -u l S we ("D p. er an rp oc vic es n" Ch es A ), ec G kti an k L es tw en td ell ge er .") sc pe se a ha s.k lls nd ft ch a or m af te nt it t ( we co be "a ns rp sc nt es ult hr we R än ing rp om kte G es an m r H a ia bH g" af SR (" ) a tu L ( ng an nd (" "a tw it nt s s Do er we pe cC ub rp s.k he sid es ck or iar R te "), ies om ") G a an eis an ntw d ia" se me e lm ), rp wh an dic es n & alp ich p a ict ar re ur tn e er
Th su a (IA pr co ntw od e bs m SC ag me idi uc er ), 's ed ar pe Lo nt ies an w s s s nd ag d . T ith on ho th p he d . T uld e er isc e he gr b fo xp ha in ou e rm lan rg un p's te s t ing at rp de b he or re e rst us fu y ta ffe ine oo no tio nc ct d ss te tio ns to ac s i ye o n co re n t f t of ar rd lat he he a sp ing e S ma a an to to ta nn ne na nd th th ex d ge e ing th e th gr me Int In e er ou nt pe er ef te p. or rio na rp ho Pu e re tio d ldi rsu ap ta fro na ng tio pe an m l A a ns ar t t nd Ja cc C jo o nu is ou om int §2 d ary nt 92 ly m om ing 1 itt a wi , 2 S ici ee Ge th ta led 00 (S rm nd th 2 in IC) an os ar to C o ds e C olo De of f t om (I ce he AS gn th me m IA e ) o e. be rci gr SC Its f t r 3 ou al , L se he p. Co 1, on In rv de Un 20 do ice te (H les 02 n, rn a at GB s e nd ha ion co ), ve xp al th b re ns e ee ss Ac ult gr n co re ing ou co fe un p a b m re tin us pli nc cc g ine e ed ou Sta is w ss nt nd ma s h ith is ar de tra av ds to e ns C be om th ac en te e A m d itt G, by ee it all s
wi de Ou int In de Du 1. 7.1 ve th te er th e Ma tsi .1 tw rio is to lop de so rke Gr we rat ini th th me ou me t a e ng ak ion e p cl nt pr nd o he er de in ien ev co of f t alt ve en th ail ts. he th m h lop vir ing e e in pe ca on 20 me las w tit div re me 02 t t ive nt ea ma idu b hr nt an k e e us rke al ee nv an d ine co y bu t, sit tw iro no ea sin ss an ua nm er my rs. tw ye es tio pe H en in s s ar er s w n ow t . C pe G eg as os er ev s h me a ma t p er, as ble nt a re m ny s. to ss s t , t ad Th ur e he he e er es xp m co it e w an int se ar m ith d ke em o pe its in th t i tit s t p th e n ive o os e lea ge be e itio co ne gu n nv m n ra e o pa iro in l is of ot nie nm th he in lar e s l en r m d ge he ed t f ec r m ar alt to or lin ke h ar cu e, th t p ca ke e an tb re lay t p pr ac tw ma od er lay ks er uc in wi rke er pe ts s i m th s i t d an n s u a c ar ue its d ke na om to se ro tin ble rv th pa le g ice to ra e bu as s o ble de tr a dg n ve f a an p et Int or lop sla s a nt tfo er we te me nd ne lio h rp th nt t a es en is an ge a im ce g d nc to pr sh str y, ov fa ow on du ed llin ge ed e m g to r si ar tu gn its ke rn s o st t ov ab f er le
po sit ion in to ris ing tu rn ov er fig ur es a t p re se nt

2. Se rv ice s a nd p ro du cts
Th an Th an re Co ex se e e d m pa tw ar Pr fo m ev nd er ch od cu un en pe it to s o uc ica ts, s p s' t D ol. f a tio w str or ev nt n. hil tfo at we elo eg e Cla lio Di ic rp pm o ss git fo es f p ica en cu & al ro l C t u p s i Co du om ar s s nit m cts tn m m , a til a er un un l o lso nd ag ica ica n b se w ma tio tio elo rv ith jo n n ice ng o r c pr de ing s i ffi ov ve lie ce n t to ide nt lop s i s i he a s c s a n 2 n t nt om Co nd we 00 he log im m 2 h rp un bu ne es ea ple ica sin , B & lth me p tio es er ca ar nt s y n lin re tn s I co a ea er, an nt nc nd r. d er d ep B ev ne bu ts as elo t, sin el fo Int r t es ps is ra a he s-t on ne nd h th o- t a m ea bu e lth nd sin ar se ke Ex ca rv es ts ice s s tra re Ma s b ec ne ind fo to t a us us Ma rs. ine pp try Fo ke ss lic in r - r t at wi th a he ion th e se we s. fie th cl b- e lds ien se ba o gm ts se f p d an en rin on t ts we tin lin Cla rp g, e es ss an dir co ica d ec of l a nt t m fli inu nd ne ar D ed m ke igi to tin ar ta ke g l t
ind ind Do cC us us he try try ck su . B M as ch ed ed a ica s c o l S n t lin er he ica vic a l s cc es tu es G die s s m s, bH er ma vic o pe rke e, rat Do t r es es cC th ea he e rch ck ac d o ce ev r d ss elo ire se ps ct rv p ma ice ro fo rke du cts r m tin a g. or nd e se th an rv 6 ice 00 s t w ha eb t g sit en es er a at nd e b tra oa ns sts ac o tio ve ns r 2 b 00 et we ,0 00 en u it se s u rs se in rs th an e d he th al e th he ca alt re h ca re
Al Do Do be cC cC rt he he Ge ck ck u iss Sh se op elm rs. , G an M eis n or se Me eo lm ve diz an r, inb n s Ge ed ell iss ar s m elm f G ed m an bH ica n is pe l e th rfo qu e rm ipm e- s l co en og m t a ist me nd ica rce sm l t a as all nd ks er lo a me s p gis dic ar tic t o s s al f t te er he ch vic a no e nt log pr we ov y s ide rp ys es r o te g ms f t ro he up , m a 's os nt pr tly we oje to rp ct th es bu g e j sin ro us up es t u s. . V nd ia er its 20 e 0,0 -co 00 m me re gis r ce te p re lat d fo rm
to me th diz e ins he tu alt de h nt ca .de re G ind m us bH try o 's pe pr rat os es pe th cti e ve lar cl ge ien st ts. Ge rm an p or ta l f or me dic al stu de nt s a nd se rve s a s a b rid ge he ad to fu tu re Do cC he ck u s er s, an d he nc e
tra an tw ns ac er tio pe s.k ns fo or te r t he co a ns nt ult we ing rp a es dv g ise ro s c up lie nt s o n s tra te gy d ev elo pm en t a nd im ple me nt at ion . a nt we rp es .ko rte p er fo rm s a ll m er ge r & a c qu isi tio n
se ph me rv ar dic ice ma alp s. ce ict ut ur ica e ls Gm an bH d sc o ien pe rat ce . A es G pa er rt ma fro ny m 's th lea e sy din nd g ica we tio b- n ba of se vis d im ua ag l m e ed da ia, ta m ba ed se w ica ith lpi o ctu ve re r 1 of 5,0 fe rs 00 th o e bje ind cts us fr try om m th ed e ia fie ma lds na o ge f m me ed nt ici so ne lut , ion s a nd
Th Do pe is rfo cC po he rm rtf ck th oli e o ac of cru se ing rv ice lo s e gis tic na al ble ta s a sk nt s. we Fo r c rp es lie to nt d s i ev n t elo he h p s ea tra lth te ca gie re s f ind or us its try cl it ien ca ts, n tr ad an dit sla ion te all th y em pr in ov to ide tra th dit e ion ap pr al op an ria d te dig ta ita rg l m et ar gr ke ou tin p ch g an co nc ne ep l v ts ia an d

The antwerpes group posted a turnover of EUR 3.2 million in each of the first three quarters, and the figure went up to EUR 3.7 3. Development of turnover and incoming orders million by theAll business segments were affected by diminished turnover: In the Classical Communication sector turnover fell by 16 per cent fourth quarter. Total turnover amounted to EUR 13.3 million, which was 13 per cent down on the previous year's figure. to EUR 3.9 million,in the Digital Communication sector by 7 per cent to EUR 5.2 million, in the Tools and Commerce sector (DocCheck, Geisselmann, Medical NewIncoming orders saw a stable development in the course of the business year, with a rising trend towards the end of the third q Media) turnover went down 12 per cent to EUR 4.2 million. uarter. Despiteshrinking budgets and a difficult market environment, antwerpes was able to acquire new clients and budgets in the course of the year. In Cologne antwerpes ag (holding only), antwerpes & partner ag, DocCheck Medical Services GmbH, antwerpes.korte consulting GmbH The antwerpes group has a presence in four locations: Cologne, Berlin, Basel and Weil im Schönbuch. 4. Development of individual locations andmedicalpicture GmbH generated a joint turnover of EUR 11.8 million with a staff of 73. In Berlin antwerpes & partner ag made a turnover of EUR1.9 million with 21 employees. Newly founded in July 2002, the Basel branch of antwerpes & partner ag achieved a turnover of EUR 0.08 millionwith one staff member. Albert Geisselmann Medizinbedarf GmbH in Weil im Schönbuch posted turnover of EUR 2.8 million and employed 16 staffThanks to its functioning early-warning system, antwerpes was able to react in good time to falling turnover by reducing costs. 5. Operating result and cash flow members (all turnover data is non-consolidated).

Hence it could ensure its profitability and a positive cash flow also for the 2002 business year. In the first half of 2002 it posted a slightly positive operating profit, in the second half of 2002 its margins were almost comparable to those of the previous year again. In total, it generated operating earnings before interest, taxes and depreciation (EBITDA) of EUR 1.4 million (previous year: EUR 1.9 million), earnings before interest and taxes (EBIT) amounted to EUR 0.4 million (previous year: EUR 0.8 million). This includes EUR 0.3 million in unscheduled write-downs effected on goodwill capitalized own performance. Ordinary operating earnings amounted to EUR 1.4 million (previous year: EUR 2 million), and a profit of 12 cents per share was achieved.

In the course of the year antwerpes generated a clear operating cash flow of EUR 2.6 million (previous year: EUR 3.9 million). Its liquid funds (financial investments in the form of fixed-term deposits and highly fungible, short-term capital market securities) went up 7 per cent from EUR 28.7 million to EUR 30.9 million.

dis an 2. Div tw Ad tri er bu er ju sif stm pe tio ica s g n tio en pr ro n t o es up int f d su so o re ist ot th rib in he at ut th r b it ion e us ca se st ine n s co ru ss nd ee ctu h se p re alf gm ro s fit o en f 2 ab ts le 00 an fu 2. d tu th re e gr dif ow fic th ult . A m st ar ro ke ng t e er nv dis iro en nm ta en ng t a lem lso en ca t o ll f f d or ep an ar a tm dju en stm ta l r en es t o po f d ns ist ibi rib liti ut es ion a lre s tru ad y ctu inc re re s w as ith ed	sh is Ho De 1. ar th we De pe es er nd pe ve o ef en nd r, f i or cy th en e nd o to e cy ivi tu o n o du lar rn ma n al ov ge ma jo cli er in r c jo en sh th lie r c ts ar nt lie e by e s i co nt a of s a s m cq ind pa n uir ny inh ivi ing 's du er n op al en ew ini ma t b cl on jo us ien . D r c ine ts ue lie ss or to nt ris s e th bu k o xc dg e f a ee dif et nt s b ds fic we 2 ult ut 5 rp m is pe es als ar r c a ke o g, en t e pr as t i og nv fo n t re iro cu he ss nm ss b ing ing us en w ine o t, ith n th ss d luc e se ive co rat gm m rsi ive pa en fic m ny ts at ajo n ion of ot r c in Di on git lie to ly al nt ot s i str an he s p ive d r b Cla ar s t us t o ss o ine ica f i re ss t du l C s b se ce om us gm th ine m en e un ss tu ts. ica str rn	Th an de Th 7.1 e e d ve .3 ex fu ev lop Ris tu ec alu me re ks ut at ive bu nt es sin m p of ot es an an en s d ag tw tia em ev er l r pe elo en isk s. t o pm s a W f a en ith nd nt t o in d we ec f a th ide rp e nt es fra we s o h me rp n as es wo ris id is k p en rk e tif rev of xp ied its os en th ri ed tio sk to e n m fo or ri llo an sk lim wi ag s. ita ng Th em tio m es en n e ajo t s me ris r r ys ks as isk te m ur m, s: ay es th e e nd ex an ec ge ut r t ive he m g an ro wt ag h, em fin en an t o cia f a l s nt itu we at rp ion es a re nd gu fu lar tu ly re ex bu	Au an Th Ch 1. e tw an gu Im ch ge st er po air pe in 28 rta ma s a th , 2 nt n g, 00 e ev of Su th 2 en th th e pe ts e e Lo rv in Su Su ca iso th pe pe l C ry e rv rv ou Bo 20 iso iso rt ar 02 ry ry of d b Bo Bo Co of us ar log ar an ine d d tw ne ss of ele er a ye an cte pe pp ar tw s a oin d er Mr g te pe . M d s a th ich g, e ae Su PD l T pe D hie rv r. iso ss Dr ry . C as th hr Bo ist ar e ian d ne me D w ier ch m be air ks , r r M ma es r. n. ign Mi ed ch fr ae om l T hie o ffi ss ce to o re n J pla uly ce 3 D 1, r. 20 Di 02 er . A ks . I t t n he its su m gg ee es tin tio	Th to ce e nt su fu s p gg tu er es re t d sh bu ar ist sin e. rib es De ut s d ing pe ev nd a elo ing div pm o ide n en nd ho t o o w f a r n th nt ot e we bu sin rp es es a s d g ev is elo co up ps led in th w ith e fir th st e qu ec ar on te om r o ic f 2 de 00 ve 3, lop th me e Ma nt na of ge th me e an nt tw Bo er ar pe d s g wi ll d ro up ec ide b y m id- Ma rch w he
in th e	tio ov at n er eg an y. d	am sin ine es s s	g n of of

1. Market decline and larger price pressure

For the business year 2003 there is a danger that demand for the development and realization of digital media will decline. ant werpes has reacted to this market decline on a companywide level by vertical diversification (e.g. DocCheck, Geisselmann, medicalpicture) and internationalization (e.g. creation of a branch in Switzerland).

Market decline also means that clients exert more price pressure. Hence, the company is working on a further optimization of ma nufacturing processes in order to increase productivity.

1. Dependency of the holding and subsidiaries on key persons

The success of the antwerpes group's business activities is contingent upon some key persons. If we are unable to bind these ke y persons to our company or if some of these key persons should be incapacitated on a permanent basis, this could endanger the success of our business. Mr. Kellner's appointment as the Management Board member for Digital Communication and Dr. Antwerpes' appointment to the Supervisory Board of antwerpes & partner ag in June 2002 has further reinforced the personal independence of subsidiary management from holding management.

None7.1.5 Important occurrences subsequent to the balance sheet date

7.1.6 Outlook

In the difficult 2002 business year antwerpes saw a stable development and never lost sight of profitability. The painful decli ne in turnover is slightly offset by the high growth rates of the past few years: Turnover for 2002 is still almost 200 per cent up on the figure for 1999. Antwerpes sees great potential in its markets – health care and marketing communication - and wants to continue its profitable growth from this good starting point. This growth is to be generated by combining and enlarging the existing business segments, rapidly expanding into neighboring business segments and accelerating internationalization. Its outstanding staff and healthy financial position provide an excellent foundation for this.

7.2 Balance Sheet

Ba
lan
ce
S
he
et
ac
co
rd
ing
IA
S/
A
ss
et
s

35 ,30 2,4 80	36 ,39 4,8 70		To tal as se ts
29 9,9 61	35 1,0 24	7	Ot he r a ss ets
79 1,9 75	60 8,5 08	2	Go od wi ll
17 1,4 94	17 8,3 91	4	Lo ng -te rm in ve stm en ts
40 3,7 08	27 8,0 35	1	Int an gib le fix ed as se ts
1,8 70 ,00 6	1,7 31 ,14 0	3	Ta ng ible fix ed as se ts
31 ,76 5,3 36	33 ,24 7,7 72		Sh ort te rm as se ts, to tal
26 ,90 2	67 ,68 0	10	an d o the r s ho rt-t erm as se ts
			Pre pa id ex pe ns es an d d efe rre d c ha rge s
27 9,9 36	22 4,1 30	5	Sto ck s
10 7,0 99	42 ,13 2		Am ou nts ow ed by gr ou p u nd ert ak ing s
2,6 45 ,45 0	2,0 92 ,91 0	6	Tra de de bto rs
0	9,9 79 ,50 0	8	Sh ort -te rm in ve stm en ts
28 ,70 5,9 49	20 ,84 1,4 20	9	Liq uid fu nd s
			Sh ort te rm as se ts
12 01 /31 /01 € /20 /- 01	01 /01 /-1 2/3 € 1/2 00 2	No tes	Gr ou p Ba lan ce S he et/ As se ts

Gr ou p B	ala nc e S he et/ Eq uit y a nd lia bil itie s	Not es	No tes	01/ 12/ 01/ 31/ 02- 02		01/ 12/ 01/ 31/ 01- 01
Sh ort te	rm lia bili ties
	Sho rt-t erm loa ns and sh ort -te rm
	par tici pat ion s in lon g-t erm loa ns			17, 204		61
	Tra de cre dito rs	16		36 8,8 15		52 5,1 97
	Pay me nts re cei ved on ac cou nt			43 0,3 98		115 ,21 6
	Pro vis ion s fo r lia bilit ies and ch arg es	15		72 9,2 31		83 6,1 11
	Inc om e t ax liab iliti es	15		280 ,00 9		15 1,3 10
	Def err ed inc om e a nd oth er s hor t-te rm liab iliti es			1,0 09 ,28 3		89 6,3 87
	Am oun ts o we d t o g rou p u nde rta kin gs			29 ,14 8		12, 589
To tal sh	ort -te rm lia bili ties			2,8 64, 088		2,5 36, 871
	Def err ed tax es	18		66 ,20 0		77 ,50 0
	Min orit y s har eho ldin gs			23 8,9 25		190 ,25 3
	inv Spe est cia me l re nt ser in c ve api for tal be ass nef et its fro m	14		23 ,67 3	0
Eq uity
	Sub scr ibe d c api tal	11		5,9 04 ,31 2		5,9 04 ,31 2
	Cap ital re ser ve			28 ,17 9,6 20		28 ,17 9,6 20
	Una ppr opr iate d p rof it/a ccu mu late d d efic it			2,2 98 ,64 2		1,5 86 ,80 8
	Rev			72 6		72 6
	enu e re ser ves			,68		,68
	Con tra ite ms fo r ca pita l	12		-3, 24 5,5 70		-3, 24 5,5 70
	Ow n s har es	13		-7, 70 6	0
To tal eq	uity (le ss min ori ty s har eho ldin gs)			33, 201 ,98 4		32, 497 ,85 6
To tal eq	uity an d l iab iliti es			36, 394 ,87 0		35, 302 ,48 0

Group assets schedule to 31 December 2002

2.
Goo
dwi
ll

I.

1.

Franchises, trademarks, licences

and similar rights and

such rights

licences to Intangib el assets

II. Tangib el assets

Other equipment, operational and office equipment

Financial assets

III.

• 1. shares in affiliated companies
• non-consolidated

inve
stm
ent
s

4,949,695

535,513

131,080

5,354,128

1,712,512

990,544

145,002

2,558,054

2,796,074

3,237,183 2.

01/ Valu EUR 01/ e 02	acq Add uisi EUR tion ition an s d p	rod ucti on Disp EUR cos osa ts ls	12/ Valu EUR 31/ e 02	01/ Valu EUR 01/ e 01	dep reci Add atio EUR ition n a s nd	amo rtiza tion wri Disp of EUR te-u osa fixe ps ls d as sets	12/ Valu 31/	e 02	12/ EUR 31/ 02 Bala nce
								EUR
617 859 ,33 2 6	61,0 52 65	0 0	952 678 ,40 4 1	213 ,62 97 8	275 186 ,73 9 8		0 0	343 400 ,36 6 6	278 608 ,03 8 5
1,47 ,77 7,10 8	153 92,4 ,51 7	0	1,63 ,22 0,62 5	281 67,7 ,42 5	462 ,65 ,91 7		0	744 ,08 ,71 2	886 ,54 ,50 3
3,27 4,50 8	381 ,99 6	131 ,08 0	3,52 5,42 4	1,40 4,50 2	513 ,32 0		123 ,53 8	1,79 4,28 4	1,73 1,14 0
193 4,20 ,87 5 4	0 0	0 0	4,20 193 ,87 5 4	26,5 0 85	0 14,5 67		21,4 0 64	19,6 0 88	174 4,20 ,18 5 6
198 ,07 9	0	0	198 ,07 9	26,5 85	14,5 67		21,4 64	19,6 88	178 ,39 1

7.3
Gr
ou
p
Pr
of
it
an
d
Lo
ss
Ac
co
un
t

G ro up P ro fit a nd L os	s A cc ou nt		01 /0 1 - 1 2/ 31 /0 2	01 /0 1 - 1 2/ 31 /0 1
		No te s
1. Sa les (n et )		1	13 ,27 7, 61 9	15 ,40 5, 02 1
2. Ot he r o pe ra tin g inc om e		3	19 6, 08 1	52 9, 30 2
3. Di ffe re nc es b etw ee n o	pe nin g an d clo sin g sto ck s o f f ini sh ed a nd u nf ini sh ed g oo ds		-3 4, 71 8	-1 19 ,66 7
4. Ow n w or k c ap ita lis ed			0	18 1,9 73
5. Co st of ma te ria ls
	a) C os t o f r aw m at er ial s a nd s up pli es a nd
	go od s p ur ch as ed fo r r es ale		2, 50 1,4 66	3,2 33 ,80 3
	b) Co st of ex te rn al se rv ice s		1,5 10 ,1 17	1,6 87 ,6 15
			4, 01 1,5 83	4, 92 1,4 18
6. St aff co sts
	a) W ag es a nd sa lar ies		4, 85 8, 02 9	5, 38 4, 33 1
	b) So cia l s ec ur ity co nt rib ut ion s		90 8, 69 3	88 0, 67 0
			5, 76 6, 72 2	6,2 65 ,00 1
7. Am or tis at ion o f i nta ng ibl	e f ixe d as se ts an d
d ep re cia tio n o f t an gib le	fix ed a ss et s	2	99 0,2 06	1,0 23 ,94 8
8. Ot he r o pe ra tin g ex pe ns	es	4	2, 33 1,4 63	3, 03 8, 04 0
9. Inc om e f ro m pa rtic ipa tin	g int er es ts		22 ,5 15	90 ,70 5
10 . E BI T			36 1,5 23	83 8, 92 7
fo r i nf or m at io n: E BI TD A			1,3 51 ,72 9	1,8 62 ,8 75
11 . In te re st an d sim ila r i nc	om e		1, 11 0, 04 2	1, 19 6, 53 9
12 . In te re st an d sim ila r e xp	en se s		65 ,26 8	35 ,07 5

13 . P ro fit b ef or e t ax (a nd m in or ity s ha re ho ld in gs )	1,4 06 ,29 7	2, 00 0,3 91
14 . P er so na l in co me ta x a nd ta x on e ar nin gs 5	68 2, 93 1	68 7, 92 9
15 . R es ult s be fo re m in or ity s ha re ho ld in gs	72 3,3 66	1,3 12 ,46 2
16 . M ino rit y sh ar eh old ing s	11 ,5 32	22 ,1 14
17 . C on so lid at ed n et in co m e	71 1,8 34	1,2 90 ,34 8
18 . A cc um ula te d be ne fit /A cc um ula te d de fic it br ou gh t f or wa rd	1,5 86 ,8 08	31 8, 41 1
19 . P lac em en t i n r ev en ue re se rv e
a) in st at ut or y re se rv es	0	20 ,9 66
b) in o th er ea rn ing s r ev en ue s	0	98 5
20 . B ala nc e s he et p ro fit	2, 29 8, 64 2	1,5 86 ,8 08
Ne t i nc om e p er s ha re a cc or di ng to IA S 33 (b as ic)	0, 12	0,2 2
Ne t i nc om e p er s ha re a cc or di ng to IA S 33 (d ilu te d)	0, 12	0,2 2
W eig ht ed a ve ra ge s ha re s ou ts ta nd in g (b as ic)	5,9 02 ,8 12	5,9 04 ,3 12
W eig ht ed a ve ra ge s ha re s ou ts ta nd in g (d ilu te d)	5,9 02 ,8 12	5,9 04 ,3 12

7.4 Appendix on the fiscal year 1. The Antwerpes group ("Antwerpes" or "group") comprises Antwerpes 7.4.1 STRUCTURE AND BUSINESS ACTIVITIES OF THE COMPANY for the year ended December 31, 2002 Notes on consolidated financial statements of antwerpes ag Aktiengesellschaft ("Antwerpes AG" or "AG") and its subsidiaries Antwerpes & Partner Aktiengesellschaft ("Antwerpes & Partner" or "A & P"), DocCheck Medical Services Gesellschaft mit beschränkter Haftung ("DocCheck GmbH" or "DocCheck"), antwerpes.korte consulting Gesellschaft mit beschränkter Haftung ("antwerpes.korte consulting GmbH" or "antwerpes.korte"), DocCheck Medical Services Limited ("DocCheck Ltd." or "Ltd."), Antwerpes Romania SRL ("antwerpes SRL" or "Romania"), medicalpicture GmbH ("medicalpicture") and Albert Geisselmann Medizinbedarf Gesellschaft mit beschränkter Haftung ("Geisselmann GmbH" or 2. A "Geisselmann"). For detailed information on the group structure, see section D, "Principles of consolidation". Antwerpes AG performs the functions of a management holding and is domiciled in Cologne. Its service and consulting business is transacted by 3. its subsidiaries. Antwerpes & Partner AG operates as a full-service agency in the multimedia sector. In this context, it supports clients both with traditional advertising activities and through all stages of the implementation of Internet, Intranet and Extranet measures.

13

1. DocCheck GmbH offers services and products tailored to the health care market in the Internet. In this context, it operates a health care portal with a total of 200,000 registered users as per the end of 2002.

2. antwerpes.korte consulting GmbH is a strategic consulting firm in the pharmaceuticals/health care sector. It develops e-business concepts and corporate strategies for its clients and supports their implementation.

3. DocCheck Ltd. was founded to expand DocCheck, a business model that had been successfully established in Germany, to English-speaking markets. The company is currently being wound up.

4. Antwerpes SRL mainly provided programming services to the German subsidiaries and is currently being wound up.

5. medicalpicture GmbH offers a web-based image database with over 20,000 objects from the fields of medicine, health, fitness, pharmaceuticals and science.

6. With Geisselmann,antwerpes offers an e-commerce solution for surgery needs in Germany.

1. Pursuant to §292a German Commercial Code (HGB), the group accounts were produced with discharging effect according to the st7.4.2 ACCOUNTING PRINCIPLES International Accounting Standards Committee (IASC), London, in force on the balance sheet date, and to the interpretations of the Standing2. The group accounts according to IAS are based on the audited individual accounts of Antwerpes AG (parent company), AntwerpesThe reporting currency is the euro (EUR). Interpretations Committee (SIC) of the IASC, London. The business year both for the group and individual accounts of Antwerpes AG spans the period from January 1 to December 31 of DocCheck GmbH, antwerpes.korte consulting GmbH, medicalpicture GmbH, and Geisselmann GmbH. 1. The group accounts encompass affiliated companies which are controlled by the parent company. The exercise of control is ass7.4.3 SCOPE OF CONSOLIDATION the parent company holds 50 per cent of the subsidiary's voting rights, or can determine the subsidiary's financial or businessconstitute a majority of the subsidiary's supervisory or administrative boards. IAS group accounts were generated for the firstApart from antwerpes ag as the parent company, the following companies were included in the group accounts: ended December 31, 1999.

& Partner AG,

each year.

umed as soon as

time for the year

policies, or

andards of the

15

Co mp an y	Sh are ho ldi ng
an tw erp es & p art ne r A kti en ge sel lsc ha ft, Co log ne	10 0%
Do cCh eck M ed ica l S erv ice s G mb H, Co log ne	10 0%
an tw erp es. ko rte co nsu ltin g G mb H, Co log ne	51 %
me dic alp ictu re Gm bH , C olo gn e	51 %
Alb ert Ge iss elm an n M ed izin be da rf G mb H, We il i m Sch ön bu ch	51 %
Al 2. be Ac rt co Ge rd ing iss elm to IA an S 2 n Gm 8, bH se cti , E on ile n nb o. ur 8, g, th ha e ve 30 b % ee pa n rti co cip ns at oli ion da in te d m us ed ing izi	th ns e tu eq de uit nt .de y me G m th bH od	(" me diz ins tu de nt .de ") an d th e ind ire ct 3 0% p ar tic ipa tio n in
3. Pu rsu an t t o th e ma te ria lity cl au se o f t he IA SC , D oc Ch ec k L td . a nd a	nt we rp es ro ma nia S	RL h av e no t b ee n co ns oli da te d.
7.4 .4 Pr inc ipl es o f c on so lid at ion
1. Pu rsu an t t o IAS 2 2, se cti on n o. 18 - 20 , t he re lev an t a cq uis itio n da	te wa s u se d as th e	ini tia l c ap ita l c on so lid at ion d at e.
Th e sh ar es in D oc Ch ec k Gm bH w er e ac qu ire d on N ov em be r 1 5,	19 99 , t ho se in a nt we	rp es & p ar tn er a g on D ec em be r 3 0, 19 99 , t he m ajo r ity
Ja sh nu ar ary eh old 1 , 2 ing 00 in 1, G an eis d se th e lm ma an jo n rit Gm y s bH ha o re n ho No ldi ve ng m in be m r 1 ed 7, ica 20 lpi 00 ctu , t re he Gm	m bH ajo w rit ith y e sh ffe ar ct eh fro old m	ing Ap in ril a 1, ntw 20 02 er pe s.k or te c on su lti ng G m bH w ith e ffe ct fro m
2. Th e sh ar es in th e fu lly c on so lid at ed s ub sid iar ies w er e of fse t a ga	ins t t he c om pa nie	s' ca pit al on th e ini tia l c on so lid at ion d a te a cc or din g to th e
pr op or tio na l p ar tic ipa tio n bo ok v alu e me th od . I n ac co rd an ce w ith th	is me th od , t he fo llo	wi ng g oo dw ill va lue s w er e ca lcu lat ed :

16

Co mp an y	Go od wi ll a t in itia l	Bo ok va lue	Use ful
	con sol ida tio n	Go od wi ll o n 1 2-3 1-	eco no mi c
	in EU R ' 00 0	20 02	life in ye ars
		in EU R ' 00 0
Do cCh eck M ed ica l S erv ice s G mb H	29	20	10
an tw erp es. ko rte co nsu ltin g G mb H	74	65	15
me dic alp ictu re Gm bH	92	88	15
Alb ert Ge iss elm an n M ed izin be da rf G mb H	75 6	43 6	15
Tot al	95 1	60 9
Gm Gm Go od bH bH wi w w ll v ith ill alu in be 15 es e a y xh re ea au rs. wr ste itt d en wi d th ow in n te ac n ro	ye ss ar s, th eir an e d sti th e ma go te	od d wi us ef ll ul va ec lue on o om f G ic	eis life se lm . I t i an s a n Gm ss	um bH ed , a th nt at we th rp e es go .ko od rte wi c ll v on alu su lti e ng of G Do m cC bH he , a ck nd Me m dic ed al ica Se lpi rv ctu ice re s
an on Ge Pu D tw rsu iss ec er elm an em pe t t an s.k be o n or r 3 IA Gm te S 1, 36 co bH 20 , a ns (c 02 ult s f. pa ing F.2 rt G " of m W bH rit th e- e in do an th	wn nu e al s o 3rd im n qu pa int ar irm te an r o gib en f 2 t t le	00 es as 2 t, se wa an ts" u s a ). ns Th dju ch e ste ed un d	ule sc du he d e du wr to led ite th w -d e	ow no rit e- lo n do of ng wn EU er o R re f E 21 lev 3, UR an 00 2 t p 0 0,0 ur wa ch 00 s e as e ing ffe ffe in cte cte te d d nt on on ion th th s o e e f t go go he od od p wi wi ar ll l l v tic va alu ipa lue e tio o of n f
Th e an nu al ac co un ts of th e co m pa nie s i	nc lud ed in th e gr	ou p a cc ou nt s a re	ba se d on u nif	or m ac co un tin g an d v alu at ion p rin cip les
Al lia l m bil iti ajo es r t b ra et ns we ac en tio th ns e a co nd ns b oli ala da nc te es d	w co ith m pa in nie th e s we gr ou re p	co we ns re oli da co ns te d. oli da Int te ra	d gr pu ou rsu p tu an rn t t ov	o er IA a S nd 27 o in th t er he in c tra on gr te ou xt p of ea co rn ing ns oli s da we tio re n. of Re fse ce t iva ag ain ble st s an th e d
co rre sp on din g ex pe nd itu re s.

7.4.5 Explanatory notes on the group balance sheet

1. The development of fixed assets, shown in a separate appendix of the group accounts, is an integral part of the annex.

Intangible assets include self-developed and purchased software and goodwill values. Purchased intangible assets are capitalize d at the cost of acquisition and will be written down, as planned, on a linear basis over the anticipated useful life of three years. Self-generated intangible assets to the amount of EUR 182,000 meet the capitalization requirements of IAS 38, are capitalized accordingly and will be written down as planned on a linear basis over the anticipated useful life of six years. Where the realizable amount of an asset falls short of the book value, an unscheduled write-down has been effected pursuant to IAS 36.

1. The g goodwill values result from the consolidation of DocCheck GmbH, antwerpes.korte consulting GmbH, medicalpicture GmbH and Geisselmann GmbH. They will be written down over the period of their useful economic life of 10 to 15 years.

2. Pursuant to IAS 16, tangible assets have been valued at costs of acquisition or manufacture, less scheduled write-downs. Write-downs are effected according to the linear method, applying by analogy the fiscal simplification rules of section R 44 (2) Income Tax Directive (EstR) in conjunction with IAS 16. According to §6 (2) Income Tax Act (EstG) in conjunction with IAS 16 low-value assets have been written down in full in the year of acquisition. Operational and office equipment is written down over a period of 3 to 25 years. The book value of tangible assets as per the end of the business year has been reviewed. Where the realizable amount of an asset falls short of the book value, an unscheduled writedown has been effected. The development of the fixed assets, broken down by balance sheet items, up to the balance sheet date - December 31, 2002 - is shown in the enclosed analysis of fixed asset investments. No tangible assets have been written down on an unscheduled basis. According to the regulations on the treatment of financial leasing, tenant fixtures and fittings to the original amount of EUR 162,000 were capitalized pursuant to IAS 17.12 and IAS 17.19 and written down on a linear basis over their anticipated useful life of ten years.

3. Financial assets include the at-equity consolidated participations in medizinstudent.de GmbH, Essen, and Albert Geisselmann GmbH, Eilenburg. In addition, they include the participations in DocCheck Ltd. and antwerpes romania S. R. L. - valued at costs of acquisition pursuant to IAS 39. According to IAS 28.6, in the case of the at-equity consolidated participation in medizinstudent.de GmbH, Essen, the acquisition costs of EUR 168,000 were reduced by the pro-rata annual result of EUR 0 (previous year: EUR –13,000) and write-downs on goodwill values of EUR 15,000 (previous year: EUR 13,000) were taken into account. In the case of the at-equity consolidated participation in Albert Geisselmann GmbH, Eilenburg, the proportionate profit carry-forward of EUR 11,000 and proportionate annual results for 2001 and 2002 of EUR 6,000 and EUR 5,000 respectively were added to the book value.

4. The inventories include unfinished products assessed and valued at EUR 164,000 (previous year: EUR 232,000) according to IAS 2. They have been valued at costs of manufacture. Where the costs of manufacture exceed the applicable value on the balance sheet date, write-downs have been effected. Costs of manufacture were calculated progressively. The calculation of the costs of manufacture included costs of individual materials, individual manufacturing costs and appropriate shares of the requisite production overheads. Interest on borrowed capital was not accounted for. Unlike in previous years, inventories now also include finished products for which no orders were placed (previously listed under Work in progress for which total contract costs and expected contract proceeds can be confidently estimated, have been valued o receivables). n the basis of the calculated degree of completion, according to the Percentage of Completion method (POC) of IAS 11. Accordingly, it is listed under receivables and client advance payments and turnover proceeds, delimiting additional or reduced costs in per cent. For details, see section L.4, part-profit 6. realization. All receivables have a residual term of under one year. Receivables and other assets are shown at nominal values. 7. Other assets include interest referrals and tax receivables. 8. The investment of liquid funds in a fixed-interest public debenture bond and a floating rate note led to an increase in the item current-asset securities while reducing the item "liquid funds". Pursuant to IAS 39.68, the securities are financial assets available for sale, shown at their 9. current value. Liquid funds encompass cash in banks and cash on hand, shown at their nominal value.

5. Deferred charges and prepaid expenses include expenditures before the balance sheet date for the following business year.

6. The subscribed capital totaled EUR 5,904,000 as per December 31, 2002 and was subdivided into 5,904,312 individual shares worth one euro each. The shares are issued to the bearer. Table 1 on page 18 illustrates the development of shareholders' equity in the course of the year.

By an AGM resolution of May 16, 2001, the Management Board is authorized to increase the company's share capital in the period up to March 15, 2006 with the Supervisory Board's approval, once or repeatedly, up to a total of EUR 2,952,156 by issuing new individual bearer shares for a cash or non-cash contribution (approved capital) and, with the approval of the Supervisory Board, to determine the terms and conditions of the share issue. Moreover, the Management Board is authorized to decide on a preclusion of the shareholders' legal subscription right, with the approval of the supervisory board. The shareholders' legal subscription right may be precluded.

By an AGM resolution of May 16, 2001, the share capital shall be conditionally increased by up to EUR 590,431 by issuing up to 590,431 new shares with participation rights from the start of the business year in which they were issued.

The conditional capital increase serves the sole purpose of granting subscription rights to Management Board members and staff members of antwerpes ag and to directors and staff of companies affiliated with antwerpes ag. The Management Board and - if subscription rights are granted to Management Board members - the supervisory board are authorized to grant subscription rights to entitled shareholders. The conditional capital increase shall only be effected if the holders of granted subscription rights actually exercise such rights (more details on the granting of subscription rights under section I.6 Stock Options).

1. Pursuant to IAS 22.12 in conjunction with IAS 8, the shareholders' equity shown in the balance sheet was corrected under th e item "equalization of capital supply" by EUR 3,246,000 (cf. section L.3).

2. This equalization item refers to own shares purchased by antwerpes ag in June 2002 by authorization of the AGM of May 16, 2 001. These shares were originally intended to finance a new participation.

The stock of own shares on December 31, 2002 is composed of 1,500 individual shares and accounts for a total of EUR 1,500 of the share capital. The market value on December 31, 2002 was EUR 6,990 (cf. section L.7).

1. The special item for subsidies from fixed-asset investments includes an investment subsidy that will be reversed proportion ately to the writedowns on subsidized asset investments. In the business year EUR 14,000 of the original investment subsidy of EUR 37,000 was reversed with an effect on results (cf. F.3).

2. Provisions are made for uncertain liabilities from past business transactions or events, where the date or amount of the fi nancial outflow is uncertain on the balance sheet date. They are shown at the fulfillment value most likely to occur.

Provisions for taxes amounted to EUR 280,000 (previous year: EUR 151,000) as per December 31, 2002 and mainly pertain to trade tax.

The composition of other provisions is shown in the chart below. All provisions have a residual term of under one year.

	01 As .01 .20 pe r 02	Co nsu mp tio n	Re tra nsf er	Tra nsf er	12 As .31 .20 pe r 02
	EU R	EU R	EU R	EU R	EU R
Pe rso nn el
a) Ma na ge me nt bo nu ses	16 0,3 43 .24	-13 4,1 06 .26	-19 ,13 6.9 8	15 8,4 44 .00	16 5,5 44 .00
b) Bo nu ses	14 7,0 29 .86	-51 1.3 0	0	9,0 00 .00	15 5,5 18 .56
c) Va cat ion pr ov isio ns	13 7,8 92 .48	-13 7,8 92 .48	0	12 9,2 00 .00	12 9,2 00 .00
d) Tra ve l e xp en ses	10, 68 6.1 3	-39 9.0 5	-10 ,07 7.3 8	1,5 90 .30	1,8 00 .00
e) So cia l in sur an ce ag ain st occ up ati on al acc ide nts	22 ,10 6.5 6	-21 ,65 4.6 1	-25 1.9 5	20 ,26 2.0 0	20 ,46 2.0 0
f) A rtis ts' soc ial sec uri ty fun d	8,1 68 .13	0	-8, 16 8.1 3	50 0.0 0	50 0.0 0
g) Dis ab led pe rso ns lev y	7,4 64 .98	-5, 93 1.0 8	-1, 53 3.9 0	11, 10 0.0 0	11, 10 0.0 0
A dm inis tra tio n an d op era tin g cos ts
h) Ac cou nti ng an d a ud itin g c ost s	18 8,2 90 .51	-18 8,2 90 .51	0	16 4,0 00 .00	16 4,0 00 .00
i) U np aid in vo ice s	68, 61 8.1 7	-68 ,61 8.1 7	0	0	0
j) S up erv iso ry bo ard em olu me nts	19, 44 6.0 4	-18 ,42 3.4 6	-1, 02 2.5 8	9,1 66 .67	9,1 66 .67
k) Pu rsu ed co sts	7,7 80 .00	-7, 78 0.0 0	0	37 ,11 0.0 0	37 ,11 0.0 0
l) L eg al ex pe nse s	58, 28 4.2 0	-17 ,73 7.0 0	-30 ,57 7.0 0	9,0 29 .80	19, 00 0.0 0
m) Pe nd ing lo sse s	0	0	0	0	0
n) Oth ers	0	0	0	15, 83 0.0 0	15, 83 0.0 0
T ota l	83 6,1 10 .30	-60 1,3 43 .92	-70 ,76 7.9 2	56 5,2 32 .77	72 9,2 31 .23

1. Liabilities are shown at the repayment amount. All liabilities have a residual term of up to one year. No liabilities were secured on the balance sheet date by means of lien or similar rights.

According to the regulations on the treatment of financial leasing, leasing liabilities of EUR 136,000 (previous year: EUR 150, 000) were reported as liabilities for the business year pursuant to IAS 17.12.

- o f w hic h d ue wi thi n o ne ye ar	EU R
	15, 00 0
- o f w hic h d ue aft er mo re tha n o ne an d l ess th an fiv e	EU R
ye ars	70, 00 0
- o f w hic h d ue aft er mo re tha n f ive ye ars	EU R
	51 ,00 0
Tot al	EU R
	13 6,0 00

The leasing liabilities pertain to the tenant fixtures and fittings mentioned in section E.3.

1. Other liabilities are composed as shown in the chart below:

	EU R ' 00 0	EU R '
	20 02	20 01
Wa ge an d c hu rch ta x	20 0	20 3
Tur no ve r ta x	17 0	32 6
So cia l se cur ity	11 5	15 9
Wa ge s a nd sal ari es	51	47
Em plo ye e t rav el cos ts	2	6
Oth er lia bil itie s	47 4	15 5
	1,0 12	89 6

1. Deferred tax liabilities result from temporary discrepancies between HGB-based (German Commercial Code) valuations of the individual accounts used for tax purposes and IAS-based valuations of the group accounts (cf. notes under L.).

7.4.6 NOTES ON GROUP PROFIT AND LOSS ACCOUNT

1. The group profit and loss account was generated according to the total costs method.

Pursuant to IAS 11 in conjunction with IAS 18, contract projects have been valued according to the Percentage of Completion me thod. Unless the result of a project could be reliably estimated, proceeds have only been posted up to the amount of probably realizable incurred project costs. The contract costs are posted under expenditure in the period of their occurrence. There were no pending losses from manufacturing orders on the balance sheet date. Profits were realized, if the requirements for identifying the degree of completion, the assessment of total contract costs and total contract proceeds and their recoverability were met. Hence, in the period under review turnover realizations amounting to EUR 82,000 (previous year: EUR 76,000) were effected.

1. Write-downs on intangible and fixed assets include write-downs on goodwill values of EUR 296,000 (previous year: EUR 58,000).

2. Other operating income was largely generated by the release of provisions. Other operating income includes income from the reversal of a special item for subsidies from fixed-asset investments worth EUR 14,000 (previous year: EUR 0).

3. Other operating expenditure was largely generated by advertising, travel, auditing and accounting costs and rent expenditure .

4. The calculation of deferred taxes is based on a composite tax rate of 39.9%, composed of a corporation tax rate of 25%, a solidarity surcharge of 5.5% on corporation tax and a trade tax of 18.37%, which is deductible for the calculation of corporation tax.

Co m po sit ion a nd d ev elo pm en t o f d ef er re d tax es :
	De fer red	De fer red
	tax	tax
	lia bil itie s	lia bil itie s
	20 02	20 01
	in EU R ' 00 0	in EU R ' 00 0
Int an gib le ass ets	40	70
Inv en tor ies	-7	-20
Tra de re cei va ble s	35	36
Oth er sec uri tie s	6	0
Pro vis ion s	-6	-3
Ad va nce pa ym en ts rec eiv ed	-2	-6
Los s c arr y-f orw ard s	0	0
T ota l	66	77

7.4.7 INFORMATION ON FUNDS STATEMENT

The group funds statement shows how cash funds changed in the course of the year under review due to the inflow and outflow of funds.

In compliance with IAS 7, a distinction is made between cash flows from operating activities, investment and financing activities. The cash flows from normal operating activities have been stated in accordance with the indirect method.

Re f. no	Fu nd s	Sta te me nt (in EU R)	01 12 .01 .31 .20 .20 02 02 -	01 12 .01 .31 .20 .20 01 01 -
1		Pe rio dic al ne t inc om e be for e ex tra ord ina ry res ult	71 1,8 34	1,2 90 ,34 8
2	+	Wr ite -do wn s o n t an gib le an d
		int an gib le ass ets	99 0,2 06	91 5,0 45
3	-	All oca tio ns fro m fin an cia l in ve stm en ts	-21 ,46 4	0
4	+	Los s d ue to th e o utf low of fix ed as set s	3,3 11	36 ,38 5
5	+/ -	Inc rea se/ de cre ase pr ov isio ns	21 ,82 0	35 4,2 37
6	-/ +	Inc rea se/ de cre ase re cei va ble s	61 7,5 07	-16 3,7 21
7	-/ +	Inc rea se/ de cre ase of ot he r a sse ts	-51 ,06 2	1,1 06 ,35 9
8	-/ +	Inc rea se/ de cre ase of in ve nto rie s	55 ,80 5	-58 ,48 4
9	-/ +	Inc rea se/ de cre ase ac rru ed in com e	-40 ,77 8	7,8 32
10	+/ -	Inc rea se/ de cre ase de fer red in com e	0	0
11	+/ -	De cre ase /in cre ase de fer red ta x a sse ts	0	52 2,9 75
12	-/ +	De cre ase /in cre ase de fer red ta x l iab ilit ies	-11 ,30 0	-19 8,0 43
13	+/ -	an Inc d o rea the se/ r li de ab cre ilit ase ies in tr ad e a cco un ts pa ya ble	33 6,9 26	62 ,23 4
	Cas h flo	w fro m op era tin g act ivi tie s	2,6 12, 80 5	3,8 75 ,16 7
14	-	an Ou d i tpa nta ym ng en ibl ts e a for sse in ve ts stm en ts in pro pe rty , p lan t, e qu ipm en t	-53 0,9 43	-1, 63 6,9 39
15	-	Ou tpa ym en ts for in ve stm en ts in pa rtic ipa tio ns/ sha res in af f. c om p.	0	-16 8,9 46
17 16	+/ - -	De De cre cre ase ase of /in sh cre ort ase -te sh rm ort fin -te an rm cia in l in ve ve stm stm en en t o ts f f un ds	0 0	14 -12 ,85 3,0 3,7 00 50
18	+	Inp du e t ay o e me xch nt fro an m ge ra inv te est an me d v nt alu sub ati sid on ies	23 ,67 3	0
	Cas h flo	w fro m inv est me nt act ivi tie s	-50 7,2 70	12, 92 4,8 65

Cas h	Cas h	22 + Cas	Ch an ge	21 20 19 Cas h flo
fun - d com po sed Se Liq cur uid of: itie fu s nd s	fun d at the en d of the pe rio d	h f un d a t t he be gin nin g o f t he pe rio d	in cas h fun d thr ou gh pa ym en ts	+/ - w + - fro m fin Inp Ou Re an pa tpa ay cin ym me ym g act en nt en t o ivit ba t f f o sed rom ies ve on th rdr lo e p aft an urc s ha se of ow n s ha res
20 9,9 ,84 79 1,4 ,50 20 0	30 ,82 0,9 20	28 ,70 5,9 49	2,1 14, 97 1	17 -7, 9,4 ,14 70 36 2 6 0
28 ,70 5,9 49 0	28 ,70 5,9 49	11 ,91 3,9 28	16, 79 2,0 21	-8, -8, 01 01 1 0 0 1

7.4.8 Segment reporting

SSegment reporting for group accounts 2002 in EUR

	Dig ita l Co mm un ica tio n	Co mm Cla un ssi ica cal tio n	Do cCh ec Log k, Co ist mm ic erc e &	Ho ldi ng / Oth ers	Tot al
Tu rno ve r of the un its	5,2 89 ,17 6	3,8 59 ,26 5	4,0 36 ,28 0	92 ,89 8	13 ,27 7,6 19
Int rag rou p tur no ve r	0	4,1 59	26 8,2 12	3,0 88 ,44 7	3,3 60 ,81 8
Re su lt be for e tax es	60 7,2 13	38 5,4 52	-36 3,9 44	77 7,5 76	1,4 06 ,29 7
To tal ass ets	4,5 78 ,08 6	2,9 06 ,11 5	2,2 17 ,69 7	26 ,69 2,9 72	36 ,39 4,8 70
Nu mb er of em plo ye es	53	21	24	13	11 1

Total assets include fixed assets, current assets, deferred charges and prepaid expenses

The segments of Digital Communication and Classical Communication belong to the subsidiary antwerpes & partner ag. The segment of Digital Communication includes the Berlin plant. DocCheck, Geisselmann, medicalpicture, as well as the ProductDevelopment unit and

the Digital Medical Team, which belong to the subsidiary antwerpes & partner ag, jointly represent the DocCheck, Commerce & Logistic segment. Holding/Others includes the entire administrative and service business of antwerpes ag and antwerpes.korte consulting GmbH.

Due to the currently homogenous territory of operations, no geographical segmentation was performed.

Intragroup services were valued at cost price plus a mark-up and management fee at cost price plus interest.

On D ec em be r 3 1, 20 02 th e nu m be r o f e m plo ye es w or kin g fo r t he co m pa ny to ta led 1 11 . T he a nn ua l a ve rag e nu m be r o f s ta ff em plo ye d w as 1 12 (w ith ou t t ra	2. Nu m be r o f e m pl oy ee s	Th er e we re no fi na nc ial in str um en ts us ed fo r t rad e or sp ec ula tio n pu rp os es o n t he b ala nc e sh ee t d at e.	ba On lan D ec ce em sh be ee r 3 t d at 1, e. 20 02 th e gr ou p co m pa nie s h ad n o sig nif ica nt re ce iva ble s o r l iab ilit ies in fo re ign c ur re nc ies , m ea nin g th at th er e wa s n o ex ch an ge ra te ris	Th co cre ins an nc e d tru dit ra lud ma wo me ng ed rk rth nt e n et s o of ine o v n t co or alu ss igi nt he es of rac na b . A its ala l f ts c s in ba nc lie a an se e nt ru cia sh d s a le, on ee l i t nd in ns t d he , d tru te at se re e. ue m in st to Th en str rat e ts it um co e s c (re de m en lie ce pa riv ts iva nt ny at ele ma is ive ble m st y s. s, ain en ru On lia ctu ta th ly bil il re, ex iti e cre es it ba po , l dit h lan se iqu as , d d ce h to id sh ef ar po au fu ee dly ss nd lt t d e ibl s) an at xp e is d e de er sh th int ien fa er ow er ult ce e es n ri wa d t in sk an ris s n s i th y ks o n t e oc . T sig ba he cu he nif lan ca rre re ica ce nc se we s nt o es he f i o int re et ts f c er no . T tra es re s he dit t r de ign re isk d re ifi ef we ce ca au iva re nt lt ble no in ris s s. th ks ign Th e f e ifi or pa co ca t st. he m nt T pa g dif he ny ro g fe re up ro re 's up gu nc es c lar or om b igi ly et na as pa	1. Fin an cia l in str um en ts
ine es a nd			k on th e	we se l f nie en ss ina s es b ha nc th oo ve ial e k

7.4.9 ADDITIONAL INFORMATION

as 112 (without trainees and Management Board members).

3. Relations with associates

In addition to the companies included in the group accounts, the following companies and persons are associated with the group according to IAS 24 (cf. I.5).

0	0.0 0%	Wi nfr ied Le im eis ter , S B m em be r
86 6	0.0 1%	Dr. Jo ach im Pi etz ko, SB m em be r
10 0	0.0 0%	Mi cha el Th ies s, SB ch air ma n f rom 07 .31 .20 02
86 6	0.0 1%	Dr. D r. C hri sti an D ier ks, SB ch air ma n u p t o 0 7.3 1.2 00 2
25 ,55 5	0.4 3%	Ede lga rd Les sin g, old sh are ho lde r
44 ,31 2	0.7 5%	Ro lan d O rtlo ff, DIR . G eis se lm an n
76 ,03 8	1.2 9%	He rm an n K ort e, MB m em be r
46 2,0 31	7.8 3%	Joh an ne s K ers ten , S B a ntw erp es & p art ne r
92 6,1 40	15 .69 %	Jan A ntw erp es, CF O
2,7 75 ,27 4	47 .00 %	Dr. Fr an k A ntw erp es, CE O

ag Executive bodies of antwerpes Membership of other controlling bodies Board, CEO Antwerpes & Partner AG, Cologne (chairman of the Supervisory Board from 06.28.2002)Chairman of the Management Cologne Antwerpes & Partner AG, Cologne (chairman of the Management Board up to 06.28.2002)Dr. Frank Nicolas Antwerpes, Management Board DocCheck Medical Services GmbH, Cologne (director) Board, Manager M&A Member of the Management Hermann Korte, Cologne Antwerpes & Partner AG, Cologne (member of the Supervisory Board) CFO Jan Antwerpes, Cologne Antwerpes & Partner AG, Cologne (member of the Management Board) antwerpes.korte consulting GmbH, Cologne (director) Berlin, attorney PD Dr. Dr. Christian Dierks, Supervisory Board Antwerpes & Partner AG, Cologne 07.31.2002 (chairman of the Supervisory Board until 06.28.2002) Supervisory Board until Chairman of the

The executive bodies of antwerpes ag had the following interests in group companies or other companies:

34

Dr. Oth Jo ers ha nn es Ke rst en	Mi cha el Thi ess	Vo lke r K eit el	Dr. Ro na ldo Sc hm itz	03 .15 .20 02	Ad vis ory Bo ard up to	Oth er bo die s :	Bo ard	Me mb er of the Su pe rvi sor y	tax co nsu lta nt	Wi nfr ied Le im eis ter , C olo gn e,	Su pe rvi sor y B oa rd	De pu ty cha irm an of the	att orn ey	Dr. Jo ach im Pi etz ko, Co log ne,	Bo ard fr om 08 .01 .20 02	Ch air ma n o f th e S up erv iso ry	con sul tan t	Mi cha el Thi ess , F eld kir che n,
An tw erp es & P art ne r A G, Co log ne (m em be r o f th e S up erv iso ry																	Me mb er of the Ad vis ory Bo ard un til 03 .15 .20 02

Antwerpes & Partner AG, Cologne (member of the Supervisory Board)

Tan ja An tw erp es,
He ad of Cla ssi c C om mu nic ati on
un it	An tw erp es & P art ne r A G, Co log ne (m em be r o f th e M an ag em en t B oa rd)
Ste fan Ke lln er, Co log ne,
He ad of Dig ita l C om mu nic ati on	Me mb er of the M an ag em en t B oa rd of An tw erp es & P art ne r A G, Co log ne, fr om
un it	06 .28 .20 02
Ro lan d O rtlo ff, We il i m
Sch ön bu ch	Dir ect or, Al be rt G eis sel ma nn Me diz inb ed arf Gm bH , W eil im Sc hö nb uch
Tho ma s S chm idt , C olo gn e	Dir ect or, m ed ica lpi ctu re Gm bH , C olo gn e

4. Management emoluments

The Management Board of antwerpes ag received the following emoluments in 2002:

14 ,00 0	92 ,13 1	33 5,5 03	Tot al:
14 ,00 0		51 ,23 9	He rm an n L ou is Ko rte , M an ag er M& A
	37 ,52 8	11 9,1 25	Jan A ntw erp es, CF O
	54 ,60 3	16 5,1 39	Dr. Fr an k N ico las A ntw erp es, CE O
op gra tio Nu 12 nte .31 ns mb d as .20 er sto pe of 02 ck r	rec eiv Bo EU nu ed R s in	em Fix nts olu EU ed R me in	Na me of MB me mb er

5. Supervisory Board emoluments

The supervisory board of antwerpes ag received the following emoluments in 2002 :

Na me of SB me mb er	EU Fix R ed em olu me nts in
PD D r. D r. C hri sti an D ier ks, SB ch air ma n u nti l 0 7.3 1.2 00 2	5,8 33
Mi cha el Th ies s, SB ch air ma n f rom 07 .31 .20 02	4,1 67
Dr. Jo ach im Pi etz ko, SB de pu ty cha irm an	5,0 00
Wi nfr ied Le im eis ter	5,0 00
Tot al:	20 ,00 0

Consulting agreements have been signed with PD Dr. Dr. Dierks and Dr. Pietzko for legal consulting activities. In the 2002 business year transactions with PD Dr. Dr. Dierks totaled EUR 10,000 and with Dr. Pietzko EUR 5,000.

6. Per share performance

Pursuant to IAS 33 the calculation of per-share performance is based on the share capital of antwerpes ag, as calculated by the average number of shares in the business year - a total of 5,902,812 individual shares. Calculated according to this method, the undiluted per share performance equaled EUR 0.12.

7. Shareholdings

Shareholdings in antwerpes ag as per 12.31.2002

	Sha re in t he		Sha reh old ers '
	cap ital		equ ity	Pro fit/ los s fo r
Na me an d d om icil e	per 12 .31 .20 02	Cur ren cy	12. 31. 200 2	200 2
Do cCh eck M edi cal Se rvic es Gm bH, Co log ne	100 %	EUR	514 ,00 0	0*
ant we rpe s & pa rtn er ag, Co log ne	100 %	EUR	298 ,00 0	0*
Do cCh eck M edi cal Se rvic es Ltd ., L ond on	100 %	GB P	2	0**
ant we rpe s ro ma nia SR L., Buc har est	100 %	RO L '0 00	210 ,97 8	0**
Alb ert Ge isse lma nn Me diz inb eda rf G mb H, We il im
Sch önb uch	51%	EUR	323 ,00 0	26
ant we rpe s.k ort e. c ons ulti ng Gm bH, Co log ne	51%	EUR	100 ,00 0	-8
me dic alp ictu re Gm bH, Co log ne	51%	EUR	36, 000	-40
me diz ins tud ent .de Gm bH, Es sen	30%	EUR	31, 000	0
Alb ert Ge isse lma nn Me diz inb eda rf G mb H, Eile nbu rg	33%	EUR	75, 000	15
* a fte r tr ans fer of pr ofit s to an twe rpe s a g

** Company is being wound-up

8. St oc k O pt io ns
Ac sto co ck rd o ing pt ion to th a gr e A ee GM me re nt . A so lut cc or ion din o g f M to ay th 1 e 6, em 20 plo 01 , t ye he e's co s ta m tu pa s, ny th g e ra co nt s c m pa er ny ta in o ffe sta rs ff ce me rta m in be rs em su plo bs ye cri es pt a ion gr ri ee gh me ts nt fo s p r b er uy ta ing ini a ng sh to ar th e in e an gr an tw tin er pe g of s a sto g by ck co o pt nc ion lus s ( ion sto o f a ck
siz op tio e as n p ag er re De em ce en m t). be A r 3 s p 1, er 20 De 02 ce , a m nd be fr r 3 om 1, th 20 e 02 ad , 1 dit 04 ion ,0 al 00 iss (p ue re o vio f 2 us 0,0 y ea 00 st r: 88 oc ,0 k o 00 pt ) s ion to s i ck n 2 o pt 00 ion 2. s w er e iss ue d. Th e po rtf oli o ch an ge re su lts b ot h fro m a ch an ge in st af f
Ex er cis ing a su bs cri pt ion ri gh t i s s ub je ct to wh et he r t he fo llo wi ng g oa ls ha ve b ee n ac hie ve d:
- - Th Th e e an cu rre tw er nt pe sh s a ar e g pr sh ice ar m e ha us s o t b ut e pe hig rfo he rm r t ed ha th n t e he Ne b en ma ch x A ma ll S rk ha pr re ice Ind , i n t ex he co nt ex t o f w hic h t he b en ch ma rk is
- th e iss uin g pr ice e sta bli sh ed a cc or din g to th e bo ok bu ild ing m et ho d fo r t he a nt we rp es a g sh ar e on st oc k m ar ke t f lot at ion , i f s ub sc rip tio n
rig ht s a re gr an te d up to fi ve d ay s p rio r t o sto ck m ar ke t f lot at ion
- th e av er ag e Xe tra c los ing p ric e on th e tw en ty tra din g da ys p rio r t o th e fir st da y of th e su bs cri pt ion p er iod , i f o ne o r t wo s ub sc rip tio n
rig ht s a re gr an te d in on e su bs cri pt ion p er iod
as Th a e n co int m pa rin ny sic 's v alu sh ar e e plu pr s a ice cu w en rre t d nt ow va lue n ma (= rke fa ir dly va fo lue llo ) o wi f 0 ng E th UR e w iss as ue to o b f s e to as ck su o me pt ion d in s. th Fo is r t re his sp re ec t. as on , n o fa ir va lue a ss es sm en t w a s e ffe cte d in th e an nu al ac co un ts,
Co m po sit ion o f s to ck o pt ion s a s p er 12 .31 .20 02

3,0 00	- o f w hic h w ith a wa itin g p eri od un til ini tia l e xe rcis e o n 0 5.3 1.2 00 7
3,0 00	- o f w hic h w ith a wa itin g p eri od un til ini tia l e xe rcis e o n 0 5.3 1.2 00 6
6,0 00	- o f w hic h w ith a wa itin g p eri od un til ini tia l e xe rcis e o n 0 5.3 1.2 00 5
8,0 00	- o f w hic h w ith a wa itin g p eri od un til ini tia l e xe rcis e o n 0 5.3 1.2 00 4
46 ,25 0	- o f w hic h f or em plo ye es
57 ,75 0	- o f w hic h f or the m an ag em en t
10 4,0 00	Po rtfo lio of sto ck op tio ns as pe r 1 2.3 1.2 00 2:

9. Notices according to §20 German Stock Corporation Act (AktG) or §21 Securities Trading Act (WpHG)

T here were no notices according to §20 (1) or (4) AktG or §21 (1) or (1) (a) WpHG in the business year.

10. Conversion of foreign currencies

The balance sheet items of antwerpes & partner ag, Basel branch, Switzerland, were converted according to the closing rate, the expenditure and earning items according to the average rate. Currency differences of EUR 439 were recorded with an effect on net income as per December 31, 2002.

1. Statement on compliance with the Corporate Government Codex

The Management Board and supervisory board of antwerpes ag made a statement on compliance with the Corporate Government Codex a ccording to §161 Stock Corporation Law (AktG) on December 23, 2002, and made it available to shareholders on the website of antwerpes ag in the "investors" section.

7.4.10 OTHER FINANCIAL OBLIGATIONS

T he following other financial obligations existed as per 12.31.2002:

1,8 92 ,00 0
EU R	- o f w hic h d ue aft er mo re tha n f ive ye ars
2,3 59 ,00 0
EU R	- o f w hic h d ue aft er mo re tha n o ne an d l ess th an fiv e y ea rs
60 3,0 00
EU R	- o f w hic h d ue wi thi n o ne ye ar
4 ,85 4,0 00
EU R	Tot al:
49 ,00 0
EU R	Lea sin g:
4,8 05 ,00 0
EU R	Re nt:

The rent contract for the branch in Basel, Switzerland, which can be terminated by giving three months' notice to the end of the month, has incurred financial obligations worth EUR 23,000 for the following year.

7.4.11 SUMMARY OF MAIN ACCOUNTING, VALUATION AND CONSOLIDATION PRINCIPLES ACCORDING TO IAS

1. General remarks

Pursuant to §292a German Commercial Code (HGB), the group accounts of antwerpes ag for the year ended December 31, 2002, were p roduced with discharging effect according to the International Accounting Standards Committee (IAS). The provisions of the German Commercial Code (HGB) and the German Stock Corporation Act (AktG) differ in some key aspects from those of the IAS. The main differences, which could be relevant for an assessment of the company's assets, financial position and results, are listed below.

2. Self-developed software

Pursuant to IAS 38, the costs of manufacturing self-developed software may, subject to certain conditions, be listed an asset a nd written down over the normal useful life of the software in question. According to HGB, self-developed software that falls under fixed assets may not be listed as an asset. In 2002, after proportionate write-downs worth EUR 30,000 (previous year: EUR 6,000), the company listed self-developed software worth EUR 182,000 (previous year: EUR 182,000) as an asset in the group accounts pursuant to IAS with an effect on results. Due to declining license proceeds unscheduled write-downs to the amount of EUR 45,000 were effected on self-developed software. Other development costs are included in other operating expenditures and in personnel expenditures and thus reduced profits in the business year.

	+5 4,0 00	C ha ng e to the res ult
	-9, 00 0	Ad va nce pa ym en ts rec eiv ed
	-6, 00 0	Pro vis ion s f or ou tst an din g c ost s
	+8 7,0 00	Tra de re cei va ble s
	-18 ,00 0	Inv en tor ies
	EU R
		Ch an ge s d ue to a pp lic at ion o f P OC :
		re ali za tio n re su lte d in th e fo llo wi ng ch an ge s:
m e ine de d gr by ee a o na f c log om y ple to th tio e n, pe th rfo e as rm se an ss ce m s en ta t o tu s. f t In ot al th e co pe nt rio ra ct d un co de sts r r a ev nd iew to ta p l c ar t-p on tra ro fit ct	re gr qu ee ire o f c m en om ts ple fo tio r i n de wa nt ify s d ing et th er	pr Pe oc rce ee nt ds ag a e nd of th Co eir m re ple co tio ve n ra m bil et ity ho a d re (P OC me ), t. if Th th e e de
s f or th e re ali za tio n of tu rn ov er an d co rre sp on din g pr of its a cc or din g to th e so -ca lle d	co nju nc tio n wi th IAS 1 8, all ow	me th od is b as ica lly p os sib le. In co nt ras t, IAS 1 1 in
all y on ly pe rm iss ibl e wi th in ve ry str ict li m its He nc e, on ly th e Co m ple te d Co nt ra ct	r p ro du cti on c on tra cts is g en er	Un de r c om m er cia l l aw , p ar t-p ro fit re ali za tio n fo
		4. Pa rt- pr re n
		of it al iza tio
rp es a g, a ca pit al su pp ly eq ua liz at ion it em w as a dd e d to th e ba lan ce s he et wi th a	IAS rp 2 es 2. & 12 p ar tn er ag a nd a nt we	gr In ou th p e ca co pit nt al- ex t o re du f t cin he g b ef us fe ine ct, ss in a co cc m or bin da at nc ion e a wi nt th we

3. Equalization of capital supply

6. Current asset securities

For financial assets that are available for sale IAS 39 provides a one-off option for recording valuation gains and losses. Acc ording to this, proceeds can be attributed to equity either with or without an effect on results. As per December 31, 2002 gains resulting from the valuation of current-asset securities worth EUR 16,000 were recorded with an effect on results.

7. Own shares

According to the German Commercial Code (HGB) own shares must be listed under fixed or current assets. The liabilities side mus t feature provisions for own shares. According to SIC – 16 own shares must be listed in the balance sheet at acquisition costs and deducted from equity.

Cologne, 11 March 2003

The Management Board of antwerpes ag

Member of the Management Board Dr. Frank Nicolas Antwerpes

Member of the Management Board Jan Antwerpes

Member of the Management Board Hermann Louis Korte

		cap ital	Cap ital res erv es	Rev enu e re ser ve	Sta tuta ble res erv e	res erv e	pro fit	equ alis atio n	Ow n s har es	Tot al
	Bal anc e a s p er 1 2.3 1.2 002	5,9 04, 312	28, 179 ,62 0	18, 287	0	32, 448	318 ,41 1	-3,2 45, 570	0	31, 207 ,50 8
	Ann ual res ult as per 12 .31 .20 02	0	0	20, 966	985	0	1,2 68, 397	0	0	1,2 90, 348
	Bal anc e a s p er 1 2.3 1.2 001	5,9 04, 312	28, 179 ,62 0	39, 253	985	32, 448	1,5 86, 808	-3,2 45, 570	0	32, 497 ,85 6
	Pur cha se of o wn sh are s								-7,7 06	-7,7 06
	Ann ual res ult as per 12 .31 .20 02						711 ,83 4			711 ,83 4
	Bal anc e a s p er 1 2.3 1.2 002	5,9 04, 312	28, 179 ,62 0	39, 253	985	32, 448	2,2 98, 642	-3,2 45, 570	-7,7 06	33, 201 ,98 4
7.5 Au dit or 's Ce rti	fic at e
fo r t he a nn ua l g ro	up a cc ou nt s a s p er De ce m	be r 3 1, 20 02 (g	ro up b ala nc	e sh ee t t ot al: E	UR 3 6,3 94 ,8 70	; g ro up p ro fit	fo r t he y ea	r: EU R 71 1,8 34	) a nd th e gr	ou p re po rt fo
th e 20 02 b us ine ss	ye ar of an tw er pe s a g, Co	log ne :

Statement of shareholders' equity pursuant to IAS 1, Section no. 86-89 (in EUR)

Subscribed

Oth

er revenue Balance sheet

Capital supply

for the annual group accounts as per December 31, 2002 (group balance sheet total: EUR 36,394,870; group profit for the year: EUR 711,834) and the group report for the 2002 business year of antwerpes ag, Cologne:

We have audited the group accounts produced by antwerpes ag, consisting of the balance sheet, profit and loss account, the anne x including the statement of changes to shareholders' equity and fund statement, as well as the group report for the business year from January 1 to December 31, 2002. The production of the group accounts and group report are the responsibility of the company's Management Board. Our task is to assess, on the basis of our audit, whether the group accounts meet the requirements of the International Accounting Standards (IAS) or not.

We performed our audit of the group accounts according to the German auditing regulations and in compliance with generally acce pted German accounting principles laid down by the Institute of Auditors (IDW). In accordance with these principles, audits shall be planned and implemented in such a manner that it is possible to judge with adequate certainty whether the group accounts are free of major inaccuracies or not. For the specification of audit procedures due account is taken of

information on the group's business activities, the legal and economic environment and of anticipated possible errors. In the context of the audit, the effectiveness of the internal account monitoring system and evidence of the data supplied in the group accounts and group report are mainly judged on the basis of samples. The audit also comprises the assessment of annual accounts of the companies included in the group accounts, the scope of consolidation, the applied accounting principles and the main assessments of the legal representatives as well as the appraisal of the overall presentation of the group accounts and the group report. We believe that this is a sufficiently sound basis for our appraisal.

Our audit has given no rise to any objections.

We are convinced that the group accounts of antwerpes ag, Cologne, prepared in compliance with the IAS, convey a true and fair picture of the group's assets, financial position and results and the cash flows that occurred in the business year. Together with the other information provided in the group accounts, the group report conveys an accurate impression of the group's situation and accurately reflects the risks of its future development.

In addition, we confirm that the group accounts and group report for the business year from January 1 to December 31, 2002, mee t the requirements for discharging the company from preparing group accounts also under German law. We audited the compliance of group accounting procedures with the 7th EU Directive, which is necessary for discharging the group from this obligation under commercial law, according to the DRSC DRS 1 accounting standard.

Co log ne , 1 2 Ma rch 2 00 3
Wir HE tsc RF haf OR tsp T rüf VA ung N sge KE sel RK lsch OM aft H OW Ste ER uer S ber TR atu EIT ngs ges ells cha ft
Aud M. W itor ick er t	Aud W . v itor an K er ko m
7.6 Sta te me nt of co m pli an ce wi th ar t. 16 1 Sto ck Co rp or at ion	La w:
Ge an tw rm er an pe C s a or po g rat ha s a e Go lw ve ay rn s a an tta ce ch C ed od g ex re se at ts im a po po rta sit nc ive e si to gn th al e	fo pr r t inc he ipl ca es pit o f a al v ma alu rke e- t. or Ba ien se ta d te on d th an d e tra re co ns m pa me re nt nd at co ion rp or s o at f t e ma he C na or ge po me rat nt e Go an ve d mo rn an nit ce or C ing od . F ex or , t he us , t he
ve Th Ma e rsi na Ma on ge o na me f F ge nt eb me Bo ru nt ary ar Bo d 2 of ar 6, d an 20 an tw 02 d er h Su pe av pe s a e rv lar g iso ha ge ry s a ly Bo be lre ar en ad d co of y ta an m ke pli tw n ed er me w pe	as s a ith ur in g es he th th re e is by de ye d cis ar ec ive th lar at p e rov wi th at ll e isi on th ve e s. nt pr Mo ua ac lly re tic le es de re ad ta to ils co a th m re me e se fu nd t o ll i ed ut m in ple be th me low e Ge nt . T at rm he ion M an o C an f t or ag he po em d rat ec en e isi t B Go ve oa ve p rd rn rov an an isi ce d on C Su s o od pe ex f t rv in he iso th C ry od e ex
Bo ar d re gu lar ly ex am ine w he th er fu rth er re co m me nd at ion	s a nd su gg es tio ns o f t he C od ex w ill be a pp lic ab le to an tw er pe s a g in fu tu re
Ma na ge me nt Bo ar d an d Su pe rv iso ry Bo ar d of an tw er pe s a	g, Co log ne , D ec em be r 2 3, 20 02
No te s o n de via tio ns fr om th e pr ov isi on s o f t he C or po rat e Go	ve rn an ce C od ex b as ed o n t he co nt en ts of Fe br ua ry 26 , 2 00 2

2. Sh ar eh old er s a nd A nn ua l G en er al Me et ing
2.2 A nn ua l G en er al Me et ing
2.2 .2 W he n ne w sh ar es a re iss ue d, sh ar eh old er s s ha ll a lw ay s h av e a s ub sc rip tio n rig ht pr op or tio na te to th eir sh ar e in th e ca pit al.
16 an No , 2 tw te er 00 of pe 1, an s a ho tw g we er alw pe ve s a ay r, th s g g: is ua su ra bs nt cri ee pt s i ion ts ri sh gh ar t m eh old ay b er s a e re su str bs ict cri ed pt o ion r p ri re gh clu t p de ro d po in rti th on e at ca e se to o f a th eir co sh nd ar itio e na wh l o en r a n ut ew ho sh ris ar ed es ca a pit re al iss inc ue d. re as A cc e. or din g to an A GM re so lut ion o f M ay
(1 In ) t th o e eq ca se ua o lis f a e pe n au ak th a or mo ise un d ts, ca pit al inc re as e th e leg al su bs cri pt ion ri gh t m ay b e pr ec lud ed
(3 (2 ) t ) t o o ga iss in ue sh co nt ar rib es ut a ion s e s i m plo n kin ye d, e sh in ar pa es rti to cu st lar af in f m th em e fo be rm rs o of f p th ar e tic co ipa m pa tio ny ns , in co m pa nie s o r p ar ts of co m pa nie s,
ca (5 (4 ) i ) t pit f t o al op he am co en ou u m nt p pa s t ne ny o w 's no ca sh m pit ar or al es e a ma th re an rke lis 5 ts, te 90 d in ,4 on p 31 th ar e tic e ur ula sto os r o ck m ut sid ar ke e t a Ge nd rm th an y e iss ue p ric e of th e sh ar es is n ot co ns ide ra bly b elo w th e sto c k m ar ke t p ric e an d th e inc re as e in sh ar e
sh Th ar e eh pr ec old lus er ion s, as o it f s e ub na sc ble rip tio s a n st rig ro ht ng s s er er us ve e s t of o th en e su ca re pit th al e ma fu rke tu re t a de nd ve e lop na ble me s t nt he of co th e m co pa m ny pa to ny o . H bt ain en ce fu th rth is er me co as rp ur or e at is e pa als rti o cip in at th ion e im s i me n t dia he co te int ur se er o es f i ts ts of ex th pa e ns ion in
ex ch an ge fo r o wn sh ar es a nd h en ce to co ns er ve it s o wn li qu idi ty

Th im It lie e pr co ov s i nd n t e th itio he eir im na p l c me er ap fo dia ita rm te l s an er int ce ve er s t es o ts gr of an th t s e ub co sc m rip pa ny tio to n rig is ht su s ( e sto sto ck ck o o pt pt ion ion s b s) to ec au me se m th be is rs bo of os th ts e sta Ma ff na loy ge alt me y nt to Bo th ar e d co an m d pa sta ny ff a nd me g m ro be up rs , a of nd th m e ot an iva tw te er s s pe ta s g ff ro me up m be rs to
3. Co lla bo rat ion o f M an ag em en t B oa rd an d Su pe rv iso ry Bo ar d
3.8 (. ) If th e co m pa ny ta ke s o ut a Di re cto rs & Of fic er s i ns ur an ce fo r t he M an ag em en t B oa rd an d Su pe rv iso ry Bo ar d, an a pp ro pr i at e ex ce ss sh all b e sp ec ifie d.
Th Of No fic e te co er s o m s i f a pa ns nt ny ur we an h as rp ce ta es s o a ke nly g: n co ou ve t a r p D ire ar t o cto f t rs he & li Of ab fic ilit er y s i ris ns ks ur o an f t ce he w e ith xe ou cu t s tiv pe e bo cif yin die g s o an f c e or xc po es rat s. ion In th s a e ny op wa ini y. on o f t he M an ag em en t B oa rd a nd S up er vis or y Bo ar d, Di re cto rs &
4. Ma na ge me nt Bo ar d
4.2 C om po sit ion a nd e mo lum en ts
sh be be 4.2 all a nc .3 nn b hm ( e ou .) ar ru nc ks Sto led ed sp ck o in ec o ut a ifie pt . T ion su he d ita b in s o ble en ad r c ef m va om its nc an pa u e ne nd ra su r. ble er ch a sc a s s t he to he ck me d o s ( ev pt e.g ion elo sc . p pm ha he en nt me t o om m f s st ha us oc t b re ks e ind ) s ap ex ha pr es ll s op o er ria r t ve te he a . T a s v he ch ar sp iev iab ec em le ific en pa p t o y rov ele f c isi er me on ta s o nt in s w f a sto st ith ck oc p a ric k o lon e pt g- go ion te als rm sc . A in he b c me en ela tiv o te r c e d ef om mo fe pa dif ct. ra ica Th ble tio ey b n sh on of all us th b sy es e e ste tie go m d als to sh all
At No a te nt s o we f a rp nt es we a g rp sto es a ck g: o pt ion s a re on ly iss ue d to Ma na ge me nt Bo ar d me m be rs wh o ar e no t s im ult an eo us ly ma jo r s ha re ho lde rs (> 50 0,0 00 sh ar es ). Th e Ma na ge me nt

Board and Supervisory Board believe that stock options would not be an additional incentive for major shareholders. Option schemes are announced in the business report.

1. Supervisory Board

5.3 Appointment of committees

5.3.1 Depending on specific circumstances and the number of its members, the Supervisory Board shall appoint qualified committe es. They shall serve to make the Supervisory Board's work more effective and to deal with complex issues. The individual committee chairmen shall report regularly to the Supervisory Board about the work of the committees.

Notes of antwerpes ag on 5.3 and all other provisions that refer to the appointment of committees:

Due to the size of the Supervisory Board of antwerpes ag (three members) appointing committees would not make sense.

5.4 Composition and emoluments

5.4.5 (...) The members of the Supervisory Board shall receive both fixed and performance-oriented pay components. Performanceoriented emoluments should also contain elements relating to the company's long-term success.

Notes of antwerpes ag:

So far, the emoluments for Supervisory Board members of antwerpes ag has included no performance-oriented component.

7.7 Su pe rv iso ry Bo ar d Re po rt
ad In m ac ini co str rd an at ion ce w o f t ith he th co e ta m sk pa s a ny llo a nd ca te w d as to in us fo b rm y ed law o a f t nd he th b us e A ine rti ss cle sit s o ua f A tio ss n oc by iat th ion e , t Ma he na S ge up me er vis nt or Bo y ar Bo d ar in d fo ha ur s c me on et sta ing nt s a ly nd mo re nit gu or lar ed w th rit e te Ma n na an ge d v me er nt ba l r Bo ep ar d's or ts.
Th − P e re fo se ca nt l is at su ion es o o f r f t ep he or S ts up by er th vis e or Ma y Bo na ar ge d me me nt et Bo ing ar s i d n t on he th 2 e 00 qu 2 ar bu te sin rly es a cc s y ou ea nt r w s, er on e: th e sit ua tio n of th e co m pa ny , o n bu sin es s d ev elo pm en t a nd o n ac tiv itie s i n t he
− fie P ld re of pa rat me ion rg er o s & f t he a A cq GM uis o itio n ns Ma y 16 , 2 00 2
− Im ple me nt at ion o f t he C or po rat e Go ve rn an ce C od ex in a nt we rp es a g
20 pr De od 02 sp uc b ite t p us a ine or dif tfo ss fic lio ye ult . D ar, m ue th ar to ke an ta t e ks to rg nv et it iro ed s s nm co tra en st te t a ma gy nd o na d f f ge ec oc me lin us ing ing nt, tu th o n t rn e ov de he er, cli h ne ea th in lth e tu ca Ma rn na re ov ge an er me d br bu nt ou sin Bo gh es ar t n s t d o o of op bu an er sin tw at es er ing s s pe lo ec s a ss to g es rs wa a an nd s a d w div ble as to er a sif cc e yin om ns ur g pa e an nie a s d d int ta by ble er a na b po tio us sit ine na ive liz ss ca ing de sh th ve fl lop e ow se me rv . T ice nt he s a in th nd e
Th Su e pe re rv po iso rts ry o Bo f H ar er d fo wi rt, ll a v an ss ist K th er ko e m, Ma H na ow ge er, me St nt re Bo it ar W d irt in sc ha ac hie fts pr vin üf g un its gs g ge ro se wt lls h ch an af d t, ex Ste pa ue ns rb ion er g at oa un ls gs fo ge r t se he lls 2 ch 00 af 3 t, bu on sin th es eir s y a ea ud r. it of an nu al an d gr ou p a cc ou nt s a nd th e
bu sin es s r ep or t w er e su bm itt ed to a ll m em be rs of th e Su pe rv iso ry Bo ar d. In th e Su pe rv iso ry Bo ar d's b ala nc e sh ee t m ee tin g of Ma rch 1 2, 20 03 , t he re po rts w er e
ac dis co cu un ss ts ed an in d d bu et ail sin in es th s r ep e pr or es t p en re ce pa o re f t d he by a th ud e Ma ito r. na Th ge e me Su nt pe rv Bo iso ar d ry on Bo M ar ar d ch ha 1 d 8, no 20 o bje 03 ; h cti en on ce s, th co nc es ur e re ac d co wi un th ts th ha e ve fin b din ee n gs ad o f t op he te a d. ud Th ito e gr r a ou nd p a a pp cc ou rov nt ed s a th nd e g an ro nu up al re po rt
pr ep ar ed b y th e Ma na ge me nt Bo ar d we re als o ap pr ov ed . T he S up er vis or y Bo ar d ag re ed to th e Ma na ge me nt Bo ar d's su gg es tio n t o dis tri bu te a d ivi de nd o f E UR 0 .10
pe r s ha re to th e sh ar eh old er s.

The Supervisory Board wishes to thank the Management Board and all staff members for their commitment and excellent performance and wishes them all the best for the challenges facing them in the business year 2003.

Cologne, March 2003

Chairman of the Supervisory BoardMichael Thiess