DocCheck AG — Interim / Quarterly Report 2003

May 15, 2003

	01/01/2003 – 03/31/2003 €	01/01/2002 – 03/31/2002 €	Change expressed as a percentage
Sales	3,634,981	3,207,895	13.3%
of which sales Communication	2,306,011	2,159,995	6.8%
®, Commerce & Logistic of which DocCheck	1,326,813	996,363	33.2%
Overall performance	3,646,576	3,185,531	14.5%
EBITDA	253,371	225,382	12.4%
EBIT	92,263	47,029	96.2%
Group annual surplus	144,495	177,293	–18.5%
Annual surplus per share	0.02	0.03	–33.3%
Liquidity	30,529,857	28,844,634	5.8%
Number of employees as at 03/31/2003	112	107	4.7%

Indicators of antwerpes ag

Indicators Contents

Introduction & Outlook 04

1 Management Report 06

• 1.1 Group 06
• 1.2 antwerpes & partner 08
• 1.3 DocCheck ®, Commerce & Logistic 09
• 1.4 Employees 10

2 Balance Sheet 12

• 3 Profit and Loss Account 16
• 4 Statement of Sources and Application of Funds 18
• 5 Divisional Reporting 21
• 6 Statement of Changes in Equity Capital 22
• 7 Shareholder Structure and Notifiable Securities Transactions 24
• 8 Financial Calendar 2003 26

Introduction & Outlook

To the Shareholders and Friends of antwerpes ag,

Dear Sirs,

The financial year 2002 turned out to be better than was first expected for antwerpes ag and during the year the operational earning capacity could clearly be stepped up. At the final count, the holding company retained a profit of 17.5 cent for the financial year 2002. Therefore the Supervisory Board and Board of Directors of antwerpes ag will propose to the Annual General Meeting in June that a dividend of 10 cent should be paid out – a first amongst the internet agencies listed on the stock exchange!

Alongside the positive announcements, the difficult economic environment continues to exist. The last quarter of 2002 did in fact show signs of a slight upward trend. The first quarter of 2003 has however not yet produced the turnaround as hoped and the situation as regards orders is subject to heavy fluctuations.

The medianauts passed the time but not by waiting around. As a result, they were able to carry on acquiring budgets in the first quarter: The Swiss branch was able to formulate and implement a campaign for the product launch of a new-style neuroleptic drug for Janssen-Cilag. The Cologne medianauts got a six-digit budget from Bayer Corporation and are now developing a world-wide communications concept for Bayer's blood sugar measuring instruments. Golden days as well when it comes to winning awards: With their campaigns for Novartis animal health and for Janssen-Cilag, the medianauts won a gold when it came to the Comprix Award. The Berlin branch expanded its traditional activities and now over 200,000 users surf with DocCheck ®. Not a bad result!

The medianauts were able to increase sales to 3.6 million euro in the 1st quarter of the financial year 2003, compared to 3.2 million euro for the same period in the previous year. This corresponds to a growth in sales of 13 per cent. Profit before interest and taxes (EBIT) amounts to 0.09 million euro (previous year: 0.05 million euro) and profit per share totals 2 cent (3 cent). Funds to hand at the end of the 1st quarter have, due to seasonal influences, dropped slightly by 0.3 million euro to 30.5 million euro, when compared to the end of the 4th quarter in 2002. The stake in liquid assets is 5.17 euro per share.

Sales for the Division "Communication" (antwerpes & partner) went up slightly from 2.2 million euro to 2.3 million euro which represents an increase of 6.8 per cent, sales for the Divisions "DocCheck ®, Commerce & Logistic and Others" went up from 1.0 million euro to 1.3 million euro which represents an increase of 26.8 per cent.

In the first quarter of this year, unlike the major indices, the antwerpes share remained above the rock-bottom level of October 2002 and closed at 4.30 euro on 31.03.2003. At 4 euro a share, it also held its ground during the 1st quarter. antwerpes took part in the slight recovery of the share markets in April and at the end of April the antwerpes share was quoted as being just under 5 euro. Therefore, in terms of valuation, the gap has closed a little as far as our cash position of 5.17 euro/share is concerned.

Not to be forgotten: on 24 March the new indexation system started with the General Standard and the Prime Standard. From now on, antwerpes ag is quoted in Technology All-Share (Industry Group "Internet", Technology Branch "Software"). In Prime Standard, the highest standards apply in term of transparency. antwerpes ag already conformed with these standards at the start of the floatation in April 2000.

The Board of Directors

04

antwerpes Aktiengesellschaft	antwerpes ag
Subsidiaries
antwerpes & partner Aktiengesellschaft	antwerpes & partner ag
DocCheck® Medical Services Gesellschaft mit beschränkter Haftung	DocCheck® GmbH
DocCheck® Medical Services Limited	DocCheck® Ltd.
antwerpes romania Societate comerciala cu raspundere limitata	antwerpes romania
antwerpes.korte consulting Gesellschaft mit beschränkter Haftung	antwerpes.korte GmbH
Albert Geisselmann Medizinbedarf Gesellschaft mit beschränkter Haftung	Geisselmann GmbH
medicalpicture Gesellschaft mit beschränkter Haftung	medicalpicture GmbH

1 Management Report

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 three months by 13 per cent, going from 3.2 million euro to 3.6 million euro, when compared to the same period in the previous year. At the end of the 1st quarter, orders amounted to 2 million euro.

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

Market and competitive environment The economic situation in Germany continued to be weak in the 1st quarter of 2003. Cost pressure within the company resulted in a cutback in the marketing budget and

therefore led to a drop in sales as far as some customers were concerned.

In the first quarter antwerpes did not make any significant 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 Division Communication was able to increase its turnover by 6.8 per cent when compared to the same quarter in the previous year and it rose from 2.2 million euro to 2.3 million euro.

The segment DocCheck®, Commerce & Logistic, in which the activities of DocCheck® GmbH, Geisselmann GmbH and medicalpicture GmbH are consolidated, was able to increase turnover from 1.0 million euro to 1.3 million euro when compared to the previous year.

1.4 Employees

As at 03/31/2003 the number of employees totalled 112. They achieved a turnover of 32,000 euro per person in the 1st quarter.

* permanent full-time employees only

	Short-term liabilities
	Short-term loans and short-term participations
	Special items for investment grants
Equity

	Explanatory Notes	01/01/2003 – 03/31/2003 €	01/01/2002 – 12/31/2002 €
Short-term liabilities
Short-term loans and short-term participations in long-term loans		16,338	17,204
Trade creditors		359,789	368,815
Payments received on account		239,053	430,398
Provisions for liabilities and charges	5	747,434	729,231
Income tax liabilities		316,318	280,009
Deferred income and other short-term liabilities	6	704,013	1,009,283
Amounts owed to group undertakings		3,613	29,148
Total short-term liabilities		2,386,558	2,864,088
Deferred taxes		64,000	66,200
Minority shareholdings		255,176	238,925
Special items for investment grants in respect of fixed assets		22,524	23,673
Equity
Subscribed capital		5,904,312	5,904,312
Capital reserve		28,179,620	28,179,620
Unappropriated profit/accumulated deficit		2,443,137	2,298,642
Revenue reserves		72,686	72,686
Contra items for capital		–3,245,570	–3,245,570
Own shares		–7,706	–7,706
Total equity (less minority shareholdings)		33,346,478	33,201,984
Total equity and liabilities		36,074,737	36,394,870

2 Group Balance Sheet according to IAS

Assets

Equity and liabilities

Short-term assets	Explanatory Notes	01/01/2003 – 03/31/2003 €	01/01/2002 –12/31/2002 €
Liquid funds	1	20,563,857	20,841,420
Short-term investments	2	9,966,000	9,979,500
Trade debtors		2,101,124	2,092,910
Amounts owed by group undertakings		43,245	42,132
Stocks		271,882	224,130
Prepaid expenses and deferred charges and other short-term assets		50,535	67,680
Total short-term assets		32,996,643	33,247,772
Tangible fixed assets		1,657,868	1,731,140
Intangible fixed assets		250,108	278,035
Long-term investments		172,456	178,391
Goodwill	3	592,393	608,508
Other assets	4	405,268	351,024
Total Assets		36,074,737	36,394,870

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

2. Short-term investments are made up of a fixed-interest-bearing public bond as well as a floating rate note.

3. Shares in the fully consolidated subsidiaries were set off, pro rata to their holding, against the capital of the companies at the time of the initial consolidation. This resulted in the following goodwill:

4. Other assets largely comprise deferred interest.

5. Other provisions consist of as yet unused provisions for the year 2002. Secondly, further transfers were made in particular to 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.

6. 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.

Goodwill

Company	Goodwill at the time of initial consolidation €	Book value goodwill	as at 03/31/2003 €	Economic life in years
DocCheck Medical Services GmbH	29,340		19,438	10
antwerpes.korte consulting GmbH	74,474		63,304	15
medicalpicture GmbH	92,452		86,289	15
Albert Geisselmann Medizinbedarf GmbH	755,956		423,363	15
Total	952,222		592,394

	Explanatory Notes	01/01/2003 –03/31/2003	01/01/2002 –03/31/2002
		€	€
8. Income from participating interests		0	739
9. Operating result (EBIT)		92,263	47,029
for information: EBITDA		253,371	225,382
10. Interest and similar income		181,005	299,182
11. Interest and similar expenses		2,484	2,338
12. Result before tax (and minority shareholdings)		270,784	343,873
13. Personal income tax and tax on earnings	5	109,555	121,340
14. Other taxes		484
15. Result before minority shareholdings		160,745	222,533
16. Minority shareholdings		16,250	45,240
17. Group annual surplus		144,495	177,293
Net earnings per share in accordance with IAS 33 (undiluted)	6	0.02	0.03
Net earnings per share in accordance with IAS 33 (diluted)		0.02	0.03
Average shares currently in circulation (undiluted)		5,902,812	5,904,312
Average shares currently in circulation (diluted)		5,902,812	5,904,312

Net earnings per share in accordance with IAS 33 (undiluted)
let earnings per share in accordance with IAS 33 (diluted)
Average shares currently in circulation (undiluted)
Average shares currently in circulation (diluted)

	Explanatory Notes	01/01/2003 –03/31/2003 €	01/01/2002 –03/31/2002 €
1. Sales (net)	1	3,634,981	3,207,895
2. Other operating income	2	33,459	16,473
3. Differences between opening and closing stocks of finished and unfinished goods		11,595	–22,364
4. Cost of materials
a) Cost of raw materials and supplies and goods purchased for resale		996,904	641,644
b) Cost of external services		396,491	355,855
		1,393,395	997,499
5. Staff costs
a) Wages and salaries		1,233,805	1,275,471
b) Social security contributions		227,424	203,515
	3	1,461,229	1,478,986
6. Amortisation of intangible fixed assets and depreciation of tangible fixed assets		161,108	178,353
7. Other operating expenses	4	572,040	500,876

3 Profit and Loss Account

Profit and Loss Accoun^t

Profit and Loss Accoun^t

16

17

1. Net sales are showing an increase of 13 per cent to 3,635,000 euro when compared to the first three months of the previous year. Receivables on outstanding trade accounts amounted to 423,000 euro. In addition, according to IAS 11 in conjunction with IAS 18, turnover includes order projects estimated as being 119,000 euro in accordance with the Percentage of Completion Method.

2. The increase in other operating results is mainly due to revenue from rents.

3. Despite a slight growth in the number of employees, staff costs could be decreased slightly.

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

5. Taxes on personal income and earnings mainly contain deferred taxes on valuation differences from IAS entries which are to be shown on the liabilities side in accordance with IAS 12 as well as capital gains taxes.

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

Explanatory Notes	01/01/2003 –03/31/2003	01/01/2002 –03/31/2002
	€	€
– Outgoings for investments in tangible and intangible fixed assets	–38,012	–128,722
+/– Increase/decrease in special items ensuing from investment grants	–1,149	0
Cash flow from investment activities	–39,161	–128,722
+/– Repayment of loans	–866	0
Cash flow from financing activities	–866	0
Change in funds to hand which affects payment	–291,063	138,685
+ Funds to hand at the start of the period	30,820,920	28,705,949
Funds to hand at the end of the period Composition of the funds to hand	30,529,857	28,844,634
Cash and cash equivalent	20,563,857	28,844,634
Securities	9,966,000	0

	Explanatory Notes	01/01/2003 –03/31/2003	01/01/2002 –03/31/2002
		€	€
Surplus for the period before extraordinary profit		144,495	222,534
+ Amortisation of intangible fixed assets and depreciation of tangible fixed assets		161,108	178,353
+ Losses from the disposal of fixed assets		153	0
+/– Increase/decrease in provisions		54,512	90,386
–/+ Increase/decrease in trade debtors	1	–9,328	444,701
–/+ Increase/decrease in other assets		–54,244	–19,734
–/+ Increase/decrease in stocks		–47,751	24,611
–/+ Increase/decrease in prepaid expenses and deferred charges		17,144	–96,217
+/– Increase/decrease in deferred income		9,179	0
–/+ Decrease/increase in deferred taxes on the liabilities side		–2,200	23,111
+/– Increase/decrease in trade creditors and other liabilities	2	–524,104	–600,338
Cash flow from current business activities		–251,036	267,407

Statement of Sources and Application of Funds

Statement of Sources and Application of Funds

4 Statement of Sources and Application of Funds

	Communication €	DocCheck, Commerce & Logistic €	Holding/ Other €	Total €
Net sales for the Divisions	2,306,011	1,277,366	51,604	3,634,981
Intra-Group sales	0	393,475	715,958	1,109,433
EBIT	127,836	–45,617	10,044	92,263
Result before tax on earnings	154,453	–44,586	160,917	270,784
Total assets	6,894,399	2,160,431	27,019,907	36,074,737
Employees	77	23	12	112

5 Divisional Reporting

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® GmbH, 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.

Divisional Reporting as at 03/31/2003

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

2. The decrease in trade creditors and other liabilities is mainly due to the deferment of payment deadlines for taxes and fiscal charges as well as to the release of payments received on account.

Following the hefty increase of 1.4 million euro in funds to hand in the 4th quarter of 2002, funds to hand have, due to seasonal influences, dropped by 0.3 million euro in the 1st quarter of 2003 and now amount to 30.5 million euro.

	Subscribed capital	Capital reserve	Statutory reserve	Reserve according to articles of association	Other revenue reserves	Balance Sheet profit	Contra items for capital	Own shares	Total
	€	€	€	€	€	€	€	€	€
Balance as at 12/31/2000	5,904,312	28,179,620	18,287	0	32,448	318,411	–3,245,570	0	31,207,508
Annual result as at 12/31/2001	0	0	20,966	985	0	1,268,397	0	0	1,290,348
Balance as at 12/31/2001	5,904,312	28,179,620	39,253	985	32,448	1,586,808	–3,245,570	0	32,497,856
Acquisition of own shares								–7,706	–7,706
Annual surplus as at 12/31/2002						711,834			711,834
Balance as at 12/31/2002	5,904,312	28,179,620	39,253	985	32,448	2,298,642	–3,245,570	–7,706	33,201,984
Annual surplus as at 03/31/2003						144,495			144,495
Balance as at 03/31/2003	5,904,312	28,179,620	39,253	985	32,448	2,443,137	–3,245,570	–7,706	33,346,478

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

6 Statement of Changes in Equity Capital

Stock options position as at 03/31/2003:	104,000
of which to the management board	57,750
of which to employees	46,250
of which with a waiting period until the first implementation on 05/31/2004	8,000
of which with a waiting period until the first implementation on 05/31/2005	6,000
of which with a waiting period until the first implementation on 05/31/2006	3,000
of which with a waiting period until the first implementation on 05/31/2007	3,000

7 Shareholder Structure and Notifiable Securities Transactions

The administrative bodies of antwerpes ag and its subsidiaries did not carry out any notifiable securities transactions in the 1st quarter of 2003.

The shareholder structure of antwerpes ag consists of the following as at quarter-end:

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). On 31 March 2003, 104,000 (previous year: 88,000) stock options were 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 compa ritive market price of the share is

– for subscription rights granted up to five days before the IPO, the initial public offering (IPO) price as determined in the book-building process for the antwerpes ag share for the purposes of the IPO

– 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.

Shareholder	expressed as a percentage	number of shares
Dr. Frank Antwerpes, CEO	47.24	2,789,297
Jan Antwerpes, CFO	15.92	939,730
Dr. Johannes Kersten, antwerpes & partner Supervisory Board	7.83	462,031
Invesco Kapitalanlagegesellschaft mbH	5.31	313,514
Freefloat (according to Dt. Börse AG)	23.71	1,399,740
50% of the shares of immediate relatives was allocated to Messrs. Antwerpes. In addition, the shares of Dr. Frank Antwerpes' wife were included.
Hermann Korte, Board Member	1.29	76,038
Roland Ortloff, Managing Director of Geisselmann	0.75	44,312
Michael Thiess, Chairman of the Supervisory Board	0.00	100
Dr. Joachim Pietzko, Member of the Supervisory Board	0.01	866
Winfried Leimeister, Member of the Supervisory Board	0.00	0
antwerpes ag	0.03	1,500

Shareholders' structure as at 05/31/ in accordance with §41 WpHG 2003

Composition of the stock options as at 03/31/2003

Dividend The Board of Directors and the Supervisory Board will propose to the AGM on 4 June 2003 that a dividend of 0.10 euro per share should be paid out.

8 Financial Calendar

Investor Relations

antwerpes ag Tanja Mumme Vogelsanger Str. 66 50823 Köln

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