DocCheck AG — Interim / Quarterly Report 2003

Aug 8, 2003

The Indicators

Indicators of antwerpes ag

ly Qua rter Rep ort	01.0 4.2 003 30. 06. 200 3 –	01.0 4.2 002 –30 .06. 200 2	Cha nge
	Ä	Ä	ed a exp ress s a enta perc ge
les Sa	3, 267 931 ,	3, 154 988 ,	4
of w hich sale Com icat ion mun s	2, 231 602 ,	2, 251 312 ,	-1
of w hich cChe ck®, istic Do Com ce & Log mer	997 801 ,	867 436 ,	15
rall form Ove per anc e	3, 298 093 ,	3, 147 219 ,	5
EBIT DA	0, 067 -44	224 807 ,	<10 0
EBI T	-60 5, 098	35, 079	<10 0
al s lus Gro up a nnu urp	-25 5, 948	165 320 ,	<10 0
ual lus sha Ann surp per re	-0.0 4	0.0 3	<10 0
iq i d fun ds / it ies * L u sec ur	30, 246 380 ,	29, 060 548 ,	4
ber of e loye s at 30 .06. 200 3 Num mp es a	110	110	0

*includes fixed-asset securities and current-asset securities

Half rly Rep ort -Yea	01.0 1.2 003 30. 06. 200 3 – Ä	01.0 1.2 002 –30 .06. 200 2 Ä	Cha nge ed a exp ress s a enta perc ge
les Sa	6, 902 911 ,	6, 362 883 ,	8
of w hich sale Com icat ion mun s	4, 537 613 ,	4, 411 307 ,	3
of w hich cChe ck®, istic Do Com ce & Log mer	2, 275 167 ,	1, 863 799 ,	22
rall form Ove per anc e	6, 944 669 ,	6, 332 750 ,	10
EBIT DA	-18 6, 696	450 189 ,	<10 0
EBI T	-51 2, 835	82, 108	<10 0
al s lus Gro up a nnu urp	-11 1, 453	342 613 ,	<10 0
ual lus sha Ann surp per re	-0.0 2	0.0 6	<10 0
iq i d fun ds / it ies * L u sec ur	30, 246 380 ,	29, 060 548 ,	4
ber of e loye s at 30 .06. 200 3 Num mp es a	110	110	0

*includes fixed-asset securities and current-asset securities

Contents

odu ctio tloo k Intr n & Ou	06
1 M ent Re t ana gem por	08
1.1 Gro up	08
1.2 antw s & tne erpe par r	10
Che ck® 1.3 Doc Com ce & istic Log mer ,	11
loye 1.4 Emp es	12
alan hee 2 B ce S t	14
rofi d Lo 3 P t an nt ss A ccou	18
f So d A lica of ds tion 4 S tate nt o Fun me urce s an pp	20
ivis iona l Re ting 5 D por	23
f Ch es i uity ital 6 S tate et o Cap n Eq mn ang	24
har eho lder nd 7 S Str uctu re a
ifia ble urit ies ions Not Sec Tran sact	26
cial Cal end inan 8 F ar 2 003	28

Introduction & Outlook

Dear Shareholders and Friends of antwerpes ag,

After a good first quarter with a growth in sales of 13 per cent and a successful annual general meeting with the resolution to pay out the first dividend of 10 cent, the medianauts had to put up with the first loss in their company's history which stretches back for more than ten years. For this reason, we have introduced reorganisation measures in order to adapt the cost situation to the income situation. We did not make this decision lightly as it means eventually that we must part company with employees. We have set up provisions amounting to 320,000 euro for the measures decided upon. These will also have an effect on the negative result in the 2nd quarter. As a result of restructuring, we are aiming to reduce operating costs (personnel, depreciation charges, other operating expenses) in the 2nd half of 2003 by about 15% or 0.6 million euro when compared to the first half of 2003.

A reduction in costs is important but it cannot be the answer to everything. For the second half of the year the medianauts are continuing to go for quality and creativity. In this respect, we have already been able to bring in an initial result. At the Annual Report Competition Award, our annual report for 2002 received the oldest and highest award for annual reports, a Gold in the category "Non-Traditional Annual Reports/ Communications".

The Board of Directors

08

1.1 Group

antwerpes ag acts as a leading holding company and has its head office in Cologne. The service and consultancy business is operated by the subsidiaries. The following explanatory notes therefore relate to both the company and the Group.

The position as regards the order book At Group level, turnover increased during the first six months by 8 per cent, from 6.4 million to 6.9 million euro, when compared to the same period in the previous year.

At the end of the first six months, orders amounted to 1,8 million euro.

The antwerpes Group (hereinafter referred to as "antwerpes" or "Group") comprises

s Ak ells cha ft tien antw erpe ges	ant wer pes ag
Sub sidi arie s
r Ak ells cha ft tien antw s & tne erpe par ges	ant & p artn wer pes er a g
ck® Che dica l Se rvic llsch aft mit bes chrä nkte ftun Doc Me es G r Ha ese g	ck® Che bH Doc Gm
ck® Che dica l Se ed Doc Me rvic es L imit	ck® Che Ltd Doc
ala und limi ia S ocie erci antw tate tata erpe s ro man com cu r asp ere	ania ant wer pes rom
s.ko sult ing ells cha ft m it b esch ränk Haft antw rte Ges ter erpe con ung	.kor mbH ant te G wer pes
Alb selm dizi nbe darf sell scha ft m it b esch ränk Haft ert Geis Me Ge ter ann ung	ssel mbH Gei n G man
med ical llsch aft bes chrä nkte ftun ictu mit re G r Ha p ese g	dica lp mbH ictu re G me

Market and competitive environement Towards the end of March the shares markets recorded an upturn which continued until the middle of June almost without slowing down at all. The basis for this trend was in particular the positive economic outlook for the second half of 2003 as well as the taking into account of a more positive outlook for 2004 when calculating share prices.

The economic environment remains tense however and the macro-economic data does not give any indication at the present time that the economy will recover quickly. However, the assessment of the economic climate seems to be brightening up. The business climate index of the Institute for Economic Research (ifo) increased in July for the third time in succession. According to the Institute's experience to date, a third increase in succession in the ifo business climate index points to an imminent upswing in economic activities.

The market for agency services is slowly stabilising and a slight recovery is expected in this sector as well in the second half of the year. Nevertheless, the customers' marketing budgets carry on being put to the acid test. An increased pressure on prices, aggressive competition as well as long lines of decision currently characterise the market for communications services.

In the second quarter, antwerpes has not made any investments. Research and development expenses have not changed when compared to the last quarter.

1.2 Communication

antwerpes & partner ag is responsible for the Division Classical and Digital Communication within the antwerpes Group. The Communication Division was able to increase its turnover by three per cent when compared to the first six months of the previous year and it rose from 4.4 million euro to 4.5 million euro.

1.3 DocCheck®, Commerce & Logistic

The segment DocCheck, Commerce & Logistic, in which the activities of DocCheck GmbH, Geisselmann Medizinbedarf GmbH and medicalpicture GmbH are consolidated, was able to increase turnover from 1.9 million euro to 2.3 million euro when compared to the previous year..

1.4 Employees

As at 30 June 2003 the number of employees was 110. They achieved a turnover of 63,000 euro per person in the first six months. The reduction in personnel caused by the restructuring measures will only take effect in the next quarter. Provisions totalling 320,000 euro have been set aside for this.

* only permanent full-time employees

2 Group Balance Sheet according to IAS

	lana Exp tory No tes	01.0 1.2 003 30 .06. 200 3 – Ä	01.0 1.20 02 –31 .12. 200 2 Ä
Sho rt-te ts rm asse
Liqu id f und s	1	9, 890 577 ,	20, 841 420 ,
Curr ent- t se curi ties asse	2	0	9, 979 500 ,
Trad e de btor s		1, 777 126 ,	2, 092 910 ,
wed by dert akin Am ts o oun grou p un gs		43, 245	42, 132
ks Stoc		314 947 ,	224 130 ,
aid nd d efer red cha and oth Prep exp ens es a rges er sho rt-te ts rm asse		46, 378	67, 680
l sh Tota ort- term ets ass		12, 072 273 ,	33, 247 772 ,
ible fi xe d as sets Tan g		628 1, 144 ,	731 140 1, ,
ible fi xe d as Inta sets ng		232 599 ,	278 035 ,
Fixe d-as ritie set secu s	3	20, 355 803 ,	0
inv Lon term estm ents g-		044 167 ,	178 391 ,
dwi ll Goo	4	576 278 ,	608 508 ,
Oth sset er a s	5	738 788	351 024

2 G B l S h t d i r o u p a a n c e e e a c c o r n g	t I A S o			ies b i l i t l ia d i ty an / Eq hee t u S
ts / Ass hee t e S lan ce Ba Gro up				lan ce Ba Gro up lana Exp tory No tes	01.0 1.20 03 30. 06. 200 3 –	01.0 1.20 02 31 .12. 200 2 –
	lana Exp tory No tes	01.0 1.2 003 30 .06. 200 3 –	01.0 1.20 02 –31 .12. 200 2	Sho liab iliti rt-te rm es	Ä	Ä
		Ä	Ä	Sho loan d sh rtici tion s in rt-te ort- term rm s an pa pa long m lo -ter ans	086 15,	204 17,
				Trad edit e cr ors	346 970 ,	368 815 ,
Sho rt-te ts rm asse				ed o Pay ts re ceiv nt men n ac cou	126 687 ,	430 398 ,
id f und Liqu s	1	9, 890 577 ,	20, 841 420 ,	isio ns f or l iabi litie d ch Prov 6 s an arge s	1, 005 874 ,	729 231 ,
curi ties Curr ent- t se asse	2	0	9, 979 500 ,	isio Tax prov ns	9, 164	280 009 ,
Trad e de btor s		1, 777 126 ,	2, 092 910 ,	Defe rred inc and oth hort m li abil ities -ter 7 ome er s	1, 429 884 ,	1, 009 283 ,
wed by dert akin ts o Am oun grou p un gs		43, 245	42, 132	wed dert akin Am ts o to oun grou p un gs	3, 613	29, 148
ks Stoc		314 947 ,	224 130 ,	l sh lia bilit ies Tota ort- term	2, 937 278 ,	2, 864 088 ,
aid nd d efer red cha and oth Prep exp ens es a rges er sho rt-te ts rm asse		46, 378	67, 680	Defe rred tax es	49, 500	66, 200
l sh Tota ort- term ets ass		12, 072 273 ,	33, 247 772 ,	Min orit hare hold ings y s	264 887 ,	238 925 ,
fi xe ible d as Tan sets g		1, 628 144 ,	1, 731 140 ,	cial s fo t of fi xe d Spe item r inv ts in estm ent gran res pec ts asse	21, 375	23, 673
ible fi xe d as Inta sets ng		232 599 ,	278 035 ,	ity
d-as Fixe ritie set secu s	3	20, 355 803 ,	0	Equ Sub scri bed ital	5, 904 312	5, 904 312
inv Lon term estm ents g-		167 044 ,	178 391 ,	cap ital Cap rese rve	, 28, 179 620	, 28, 179 620
dwi ll Goo	4	576 278 ,	608 508 ,	iate d pr ofi t/ mul ated de fi cit Una ppro pr accu	, 1, 594 547	, 2, 298 642
Oth sset er a s	5	738 788 ,	351 024 ,	Rev enu e re serv es	, 72, 686	, 72, 686
l As Tot set		770 929	394 870	s fo ital Con tra item r ca p	-3, 245 570	-3, 245 570
a s		35, ,	36, ,	n sh Ow ares	, -7, 706	, -7, 706
				l eq uity ( less mi ity sha reh old ings ) Tota nor	32, 497 888 ,	33, 201 984 ,
				l eq ity d l ia b i l it ies Tot a u an	35, 770 929 ,	36, 394 870 ,

Goodwill

1. During the 2nd quarter of 2003, liquid funds were invested for the most part as time deposits with variable terms.

2. The maturity and sale of current-asset securities and their re-investment in fixed-asset securities resulted in a decrease in the balance sheet entry "liquid funds" and an increase in the entry "fixed-asset securities" in the 2nd quarter of 2003.

3. The fixed-asset securities are made up of three mortgage deeds, two debenture loans and a company loan. In accordance with IAS 39, the securities are classified as "financial investments to be held until final maturity" and valued at continued acquisition cost. Any agios are entered in the accounts for the lifetime of the securities concerned and have an effect on the result.

4. Shares in the fully consolidated subsidiaries were offset, pro rata to their holding and using the book value method, against the capital of the companies at the time of the initial consolidation. This resulted in the following goodwill:

5.Other assets are mainly made up of deferred interest.

6. Other provisions consist of as yet unused provisions from the year 2002. In addition, further transfers were made for restructuring expenditure, holiday provisions and provisions for end-of-year accounting and audit costs for 2003. As they stand now, these provisions ensure that there is a realistic deferment of expenditure for the current financial year.

1. Other liabilities are mainly made up of tax liabilities (sales tax, income and church tax), contributions relating to salaries and wages and doctors' fees which are still to be paid.

Com pan y	dwi ll of the Goo tial soli dat ini ion con	dwi ll bo ok v alue Goo as at 3 0.06 .20 03	ful life Use
	Ä	Ä	in y ears
Che ck M edic al S ervi bH Doc Gm ces	29, 340	18, 705	10
s.ko sult bH antw rte ing Gm erpe con	74, 474	62, 062	15
med ical mbH ictu re G p	92, 452	84, 748	15
Alb selm dizi nbe darf bH ert Geis Me Gm ann	755 956 ,	410 763 ,	15
l Tot a	952 222 ,	567 278 ,

18

3 Profi t and Loss Account

Group Profit and loss Account

	lana Exp tory Not es	01.0 4.2 003 30 .06. 200 3 –	01.0 4.2 002 –30 .06. 200 2	01.0 1.20 03 30 .06. 200 3 –	01.0 1.20 02 30 .06. 200 2 –
		Ä	Ä	Ä	Ä
les (ne t) 1. Sa	1	3, 267 931 ,	3, 154 988 ,	6, 902 911 ,	6, 362 883 ,
the ing inco 2. O erat r op me	2	51, 159	153 250 ,	84, 618	169 723 ,
iffer es b enin d cl osin tock 3. D etw enc een op g an g s s of fi nish ed a nd u nfi n ishe d go ods		30, 162	-7, 769	41, 757	-30, 133
of m ials 4. C ost ater
a) of als and lies and ods teri Cost raw ma sup p go has ed f le purc or r esa		1, 039 293 ,	549 942 ,	2, 036 196 ,	1, 191 586 ,
b) of rnal vice Cost exte ser s		393 804 ,	440 147 ,	790 295 ,	796 002 ,
		1, 433 097 ,	990 089 ,	2, 826 491 ,	1, 987 588 ,
taff 5. S cost s
a) nd s alar ies Wag es a		264 1, 446 ,	240 459 1, ,	2, 680 070 ,	2, 930 515 ,
b) ial s rity trib utio Soc ecu con ns		253 990 ,	199 240 ,	481 414 ,	402 755 ,
	3	1, 700 254 ,	1, 439 698 ,	3, 161 484 ,	2, 918 685 ,
tisa tion of inta ible fi xe d as and 6. A sets mor ng dep reci atio n of ible fi xe d as tan sets g		165 031 ,	189 727 ,	326 139 ,	368 080 ,
the 7. O erat ing r op exp ens es	4	655 968 ,	647 140 ,	1, 228 008 ,	1, 148 016 ,

1. Net sales are showing an increase of 8 per cent to 6,903,000 euro when compared to the first six months of the previous year. Receivables on outstanding trade accounts amounted to 282,000 euro. In addition, according to IAS 11 in conjunction with IAS 18, turnover includes order projects estimated as being 76,000 euro in accordance with the Percentage of Completion Method.

2.Other operating income is mainly made up of revenue from rents.

3.The increase in staff costs is due to the restructuring costs contained therein which amount to 285,000 euro.

Group Profit and loss Account

19

	lana Exp tory Not es	01.0 4.2 003 –30 .06. 200 3	01.0 4.2 002 –30 .06. 200 2	01.0 1.20 03 –30 .06. 200 3	01.0 1.20 02 –30 .06. 200 2
		Ä	Ä	Ä	Ä
from rtici ting int 8. I ts nco me pa pa eres		0	1.2 65	0	2, 004
( ) atin sult 9. O EBIT per g re		-60 5, 098	35, 079	-51 2, 835	82, 108
for info tion : EB ITDA rma		-44 0, 067	224 807 ,	-18 6, 696	450 188 ,
nd s imil ar i 10. In tere st a nco me		544 733 ,	226 708 ,	725 738 ,	525 890 ,
Writ e-d of inve and 11. stm ents own curi ties ent- t se curr asse	5	13, 447	0	13, 447	0
nd s imil 12. In tere st a ar e xpe nse s		313 014 ,	3, 881	315 498 ,	6, 219
ult bef (an d m sha reh old ) ino rity ings 13. Res tax ore		-38 6, 826	257 906 ,	-11 6, 042	601 779 ,
al in d ta ning 14. Per e ta son com x an x on ear s		-141 241 ,	145 236 ,	-31, 686	266 576 ,
Oth 15. er t axe s		652	0	1, 136	0
ult bef har eho ldin min orit 16. Res ore y s gs		-24 6, 237	112 670 ,	-85 492 ,	335 203 ,
Min orit hare hold ings 17. y s		9, 711	-52 650 ,	25, 961	-7, 410
al s lus 18. Gro up a nnu urp		-25 948 5,	165 320 ,	453 -11 1,	342 613 ,
r sh dan ith 33 ( und ilute Net ning in a IAS ear s pe are ccor ce w	d) 6	-0, 04	0, 03	-0, 02	0, 06
r sh dan ith 33 ( dilu ted) ning in a Net IAS ear s pe are ccor ce w		-0, 04	0, 03	-0, 02	0, 06
n (u ) sha ly in c ircu latio ndil uted Ave ent rage res curr		5, 902 812 ,	5, 902 812 ,	5, 902 812 ,	5, 902 812 ,
sha ly latio n ( dilu ted) ) Ave ent in c ircu rage res curr		5, 902 812 ,	5, 902 812 ,	5, 902 812 ,	5, 902 812 ,

4. The increase in other operating expenses is mainly due to increased marketing and trade fair costs as well as restructuring costs.

5. Write-downs of investments relate to pro-rata agios for fixed-asset securities which, in accordance with IAS 39, are to be recorded over the period and will have an effect on the result.

6.The loss per share for the first six months of 2003 was, in accordance with IAS 33, 2 cent.

4 Statement of Sources and Application of Funds

Statement of Sources and Application of Funds

	lana Exp tory Not es	–30	01.0 1.20 03 .06. 200 3 Ä	01.0 1.20 02 –30 .06. 200 2 Ä
Sur p	lus for the riod be fore rdin fit ext pe rao ary pro		-11 1, 453	342 613 ,
+	f in ible fi xe d as and de n of orti sati iatio Am tang sets on o prec ible fi xe d as tang sets		32 6, 139	368 080 ,
+	lust de bga nde n de lage Ver m A on G nstä s An öge aus ng v ege verm ns		153	3, 791
+/–	e/ dec e in visi Incr eas reas pro ons		5, 798	-81 698 ,
–/+	e/ dec e in de d ebto Incr tra eas reas rs	1	314 644 ,	402 928 ,
–/+	e/ dec oth e in Incr sset eas reas er a s	2	-38 8, 321	57, 530
–/+	e/ dec e in cks Incr sto eas reas		-90 816 ,	13, 273
–/+	e/ dec e in id e d de ferr ed c harg Incr eas reas pre pa xpe nse s an es		21, 302	-51 848 ,
+/–	e/ dec def d in e in Incr eas reas erre com e		9, 179	35
–/+	e/ de ferr ed t the liab ilitie s sid incr e in Dec reas eas axe s on e		-16, 700	34, 743
+/–	e/ dec e in de c redi and oth er l iabi litie Incr tra tors eas reas s		86, 877	-44 3, 515
Cas	h fl from inv ivit ies estm ent act ow		153 802 ,	645 932 ,

Statement of Sources and Application of Funds

lana Exp tory Not es	01.0 1.20 03 –30 .06. 200 3 Ä	01.0 1.20 02 30 .06. 200 2 – Ä
for ible and ible fi xe d as Out ings inv estm ents in tang int sets go ang –	-13 4, 283	-30 2, 212
fro he p urch of fi xed ings ritie Out m t et s go ase -ass ecu s –	-20, 355 803 ,	0
+/– e/ dec e in cial item suin from inv Incr estm ent ts eas reas spe s en g gran	-2, 298	0
h fl from inv ivit ies Cas estm ent act ow	-20, 492 384 ,	-30 2, 212
fro he p urch of o sha Out ings m t go ase wn res –	0	-7, 706
+/– id in fro he t akin of loan Mo m t ney pa g up s	-2, 118	18, 584
ings fro of d ivid end Out ent go m p aym s –	-59 2, 642	0
h fl from fin ing acti viti Cas ow anc es	-59 761 4,	10, 878
Cha in fun ds t o ha nd w hich aff ects nt nge pay me	-20, 930 343 ,	354 598 ,
ds t o ha nd a t th of t he p d erio Fun e st art +	30, 820 920 ,	28, 705 949 ,
ds t o ha nd a t th nd o f th riod Fun e e e pe	9, 890 557 ,	29, 060 547 ,
itio n of the fun ds t o ha nd Com pos
Cash and h eq lent uiva cas	9, 890 577 ,	29, 060 547 ,

1. The constant improvement in credit management is the reason for the drop in trade debtors when compared to the same period in the previous year.

2.The increase in other assets is mainly due to tax claims and deferred interest.

3. Outside third-party funds totalling 478,800 euro are contained in the funds position as at 30.06.2003. These relate to outstanding doctors' fees which antwerpes ag cannot dispose of elsewhere.

4. The re-investment of current-asset securities which have matured and been sold in fixed-asset securities resulted in a negative cash flow from investment activities and in a corresponding decrease in the funds position. As at 30.06.2003, the total sum of liquid funds and fixed-asset and current-asset securities amounted to 30.3 million euro.

5 Divisional Reporting

Divisional Reporting as at 30. Juni 2003

	icat ion Com mun	ck® Che Doc , Com mer ce istic & Lo g	Hold / ing Oth er	l Tot a
	Ä	Ä	Ä	Ä
Sal es f he D ivis ions Net or t	4, 537 613 ,	2, 275 167 ,	90, 131	6, 902 911 ,
ales Intra -Gro up s	2, 733	652 863 ,	1, 526 619 ,	2, 182 215 ,
EBIT	-47 8, 845	-90 623 ,	56, 633	2, 835 -51
ult befo Res re t rnin ax o n ea gs	-42 4, 710	-90 910 ,	399 578 ,	042 -11 6,
l as Tota sets	7, 233 507 ,	2, 180 682 ,	26, 356 740 ,	35, 770 929 ,
loye Emp es	74	23	13	110

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

The segment Communication comprises antwerpes & partner ag, Cologne with its business premises in Berlin and in Basle, Switzerland.DocCheck®, Geisselmann GmbH and medicalpicture GmbH together form the Division DocCheck®, Commerce & Logistic.The Holding/Other segment incorporates the whole of the administrative and service division of antwerpes ag as well as antwerpes.korte consulting GmbH. Since the activities of these two companies are currently located in the same area, a geographical segmentation was waived. Supplies and services within the Group were valued at purchase price plus a mark-up and cost sharing within the Group was valued at purchase price plus interest.

6 Statement of changes in equity capital

Statement of Equity Capital in accordance with IAS 1 Tz. 86-89

	Sub bed scri ital cap	ital Cap rese rve	Stat uto ry rese rve	ord ing Res erve acc rticl to a es of a iatio ssoc n	Oth er r eve nue rese rves	Bala She et nce fi t pro	item Con tra s for ital cap	nl Ow sha res	l Tota
	Ä	Ä	Ä	Ä	Ä	Ä	Ä	Ä	Ä
Bala t 31 .12. 200 0 nce as a	904 312 5, ,	28, 179 620 ,	18, 287	0	32, 448	31, 411	-3, 245 570 ,	0	31, 207 508 ,
ual lt as Ann 31. 12.2 001 resu	0	0	20, 966	985	0	1, 268 397 ,	0	0	1, 290 348 ,
Bala t 31 .12. 200 1 nce as a	5, 904 312 ,	28, 179 620 ,	39, 253	985	32, 448	1, 586 808 ,	-3, 245 570 ,	0	32, 497 856 ,
of sha uisi tion Acq own res								706 -7,	706 -7,
ual lus Ann t 31 .12. 200 2 surp as a						711, 834			711 834 ,
Bala t 31 .12. 200 2 nce as a	5, 904 312 ,	28, 179 620 ,	39, 253	985	32, 448	2, 298 642 ,	-3, 245 570 ,	-7, 706	33, 201 984 ,
t of div iden ds Pay men						-592 642 ,			-59 2, 642
ual lus Ann 30.0 6.2 003 surp						-111 453 ,			-11 1, 453
lan Ba at 3 0.0 6.2 003 ce as	5, 904 312 ,	28, 179 620 ,	39, 253	985	32, 448	1, 594 547 ,	–3, 245 570 ,	–7, 706	32, 497 888 ,

27 Stock Options

7 Shareholder structure and notifi able securities transactions

The administrative bodies of antwerpes ag and its subsidiaries carried out the following notifiable securities transactions in the 2nd quarter of 2003:

Notifiable securities transactions

24 J 20 03 une	sha 20, 000 res	k An Dr. Fran twe rpes
The actio n inv olve ity lo desig d sp inka khar dt trans an to nate r, HS BC Tr us & Bur s a s ecur our onso , wit hin t he fr work of t he in trodu ction of t he k ting KGaA ntrac party ame ey co

Shareholder structure as at 30 June 2003 in accordance with § 21 of the Securities Trading Law

Sha reho lder	ed a Exp ress s a ent perc age	ber of s hare Num s
k An Dr. Fran twe CEO	46. 90	2, 769 29
rpes , Jan Ant CFO wer pes,	15.9 2	, 939 730
oha Dr. J s Ke rste AR antw s & tne nne n, erpe par r	7.8 3	, 462 031 ,
of t he s hare s of imm edia lativ lloca ted t n ad ditio 50% te re o Me Ant es. I es w as a ssrs. werp n, the s hare s of rank es' w ife w ere i nclud ed. Dr. F Ant werp
floa Free t	29.3 5	1, 733 254 ,
the reof :
itala nlag sell scha ft m bH Inve Kap sco ege	4.8 7	287 314 ,
ber of t he B oard of Dire Her n Ko rte, Mem ctor man s	1.2 9	76, 038
Rola nd O rtlof f, . of selm M.D Geis ann	0.7 5	312 44,
Mic hae l Th iess Cha irma n of ervi ard Sup Bo sory ,	0.0 0	100
him tzko ard ber Dr. J Pie Sup ervi Bo Mem oac sory ,	0.0 1	866
frie d Le ard ber Win ime iste ervi Sup Bo Mem r, sory	0.0 0	0
antw erpe s ag	0.0 3	1, 500

Stock Options In accordance with the AGM's resolution dated 16 May 2001, the company grants certain employees, through the conclusion of an options contract, subscription rights so that they can purchase antwerpes ag shares. According to the position of the employee, the company offers certain employees contracts covering the granting of share options (options contract). As at 30 June 2003, 104,000 (previous year: 88,000) stock options had been issued.

Exercising a subscription right depends on whether the following profit targets were achieved:

• The market price of the antwerpes ag share has performed better than the Nemax all share index.
• The current market price of the share must be higher than the comparative market price and the comparative market price of the share is
• for subscription rights granted up to five days before the initial public offering, the initial public offering price as determined in the book-building process for the antwerpes ag share for the purposes of the initial public offering
• for one or two subscription rights granted during an acquisition period, the average of the Xetra closing prices for the 20 trading days before the first day of the respective acquisition period.

Composition of the stock options as at 30.06.2003

k op tion sitio Stoc at 30.0 6.20 03: s po n as	104 000 ,
of w hich the t bo ard to man age men	57, 750
of w hich loye to emp es	46, 250
of w hich h a riod til t he f lem wit wai ting irst imp enta tion 31.0 5.20 04 pe un on	8, 000
of w hich h a riod til t he f lem wit wai ting irst imp tion enta 31.0 5.20 05 pe un on	6, 000
of w hich wit h a wai ting riod til t he f irst imp lem tion enta 31.0 5.20 06 pe un on	3, 000
of w hich h a riod til t he f lem wit wai ting irst imp tion 31.0 5.20 07 enta pe un on	3, 000

28

29

8 Financial Calendar 2003

04 J 20 03 une	ual eral etin in C olog Ann Gen Me g ne
Mid -Au t 20 03 gus	for the nd q Rep ort uart seco er
Mid ber -No 200 3 vem	for the thir d qu Rep ort arte r
emb Nov er 2 003	lys ts' c onfe nkfu e in Ana Fra rt renc

Investor Relations

• antwerpes ag Tanja Mumme Vogelsanger Str. 66 50823 Cologne
• fon: +49(0) 2 21-9 20 53-139 fax: +49(0) 2 21-9 20 53-133 eMail: ir@antwerpes.de home: www.antwerpes.de www.antwerpes.com