DocCheck AG — Interim / Quarterly Report 2004

Nov 15, 2004

2antwerpes ag

Nine-Month Report 2004

Report and Accounts in several acts

Publicity

Contents

	ig Ke F y ur es	2
	du ion d Int Pr ct ect ro an osp s	3
1	M Re t ort an ag em en p	4
	Gr 1. 1 p ou	4
	1. 2 & tw art an erp es p ne r	6
	he k ®, ist ic Do C Co Lo 1. 3 & c c mm erc e g	7
	loy Em 1. 4 p ees	7
2	lan he Ba S et ce	8
3	f d Pr it a Ac Lo t o n ss co un	1 2
4	f d l f ds Ap ica ion Sta So Fu tem t o t en ur ces an p o n	15
5	iv is ion l ing D Re ort a p	17
6	f ha l Sta C in Eq ity Ca ita tem t o en ng es u p	1 8
7	ha ho l de d f b le S Str i ia Se it ies Tr ion No tur t t re r uc e a n cu r an sac s	2 0
8	k Sto Op ion t c s	2 1
9	l len da ina ia F Ca 2 0 0 4 nc r	2 3

1. Key Figures

Key Figures of antwerpes ag

h R 9-M ont rt epo	01. 01. 200 4 to 30. 09. 200 4	01. 01. 200 3 to 30. 09. 200 3	Ch ang e ed a exp ress s a p nta erce ge
Tu 1. rno ver	7, 783 983 ,	9, 923 645 ,	-22 %
fro a) m C nica tion om mu	4, 648 492 ,	6, 220 407 ,	-25 %
b) fro hec k®, m D ocC Co & Log istic mm erce	3, 134 797 ,	3, 570 150 ,	% -12
rfo Op ting Pe 2. era rma nce	786 208 7, ,	9, 975 871 ,	-22 %
EB ITD A 3.	474 960 ,	339 193 ,	40 %
IT 4. EB	194 805 ,	-27 1, 337	>-1 00%
Co lida ted 5. Ne t In nso com e	399 546 ,	138 085 ,	100 % >
har 6. Ne t In er S e p com e	0.0 7	0.0 2	100 % >
Liq uid itie As /Se s * 7. sets cur	30, 001 484 ,	30, 103 806 ,	0%
mb f E loy 8. Nu t 30 .09 .200 4 er o mp ees as a	65	77	-16 %

* includes fi xed-asset and current-asset securities

erly Qu Re art t por	01. 07. 200 4 to 30. 09. 20 04	01. 07. 200 3 to 30. 09.2 003	Ch ang e ed a exp ress s a p nta erce ge
Tu 1. rno ver	2, 589 074 ,	3, 020 734 ,	-14 %
fro a) m C nica tion om mu	1, 427 219 ,	1, 682 794 ,	-15 %
b) fro hec k®, m D ocC Co & Log istic mm erce	1, 161 855 ,	1, 294 983 ,	% -10
rfo Op ting Pe 2. era rma nce	2, 521 631 ,	3, 031 203 ,	-17 %
EB ITD A 3.	187 525 ,	525 890 ,	-64 %
IT 4. EB	102 353 ,	241 498 ,	-58 %
Co lida ted 5. Ne t In nso com e	165 584 ,	249 538 ,	-34 %
har 6. Ne t In er S e p com e	0.0 3	0.0 4	-3 4%
Liq uid itie As /Se s * 7. sets cur	30, 001 484 ,	30, 103 806 ,	0%
mb f E loy 8. Nu t 30 .09 .200 4 er o mp ees as a	65	77	% -16

* includes fi xed-asset and current-asset securities

Dear Shareholders,

Sales down, earnings up – this trend remained intact for antwerpes ag in the fi nancial year 2004: We generated sales totalling 7.8 million euro in the fi rst nine months of the fi nancial year 2004. This means that, when compared to the same period in the previous year, there was a drop in sales of 22 per cent or 2.1 million euro. However, compared to the fi rst nine months of 2003, the result has clearly improved: Earnings before interest and tax (EBIT) increased by 0.5 million, rising from -0.3 million euro to 0.2 million euro. The result from ordinary business activities showed an increase of 0.5 million euro, rising to 0.8 million euro (previous year: 0.3 million euro) and profi t per share amounts to 7 cent (previous year: 2 cent).

Particularly the Communication Division, the agency business, is under pressure as the budgets for the pharmaceutical industry continue to be infl uenced by the GMG (Health Modernisation Law). A quarter of our sales were in this Division. However things are looking somewhat better in the Division, DocCheck®. At the end of the 3rd quarter we were still 12 per cent below the sales for the previous year but this is due to the transfer of sales from the goods category to high-margin services such as for example, market research. Therefore, as regards gross earnings in this segment, we have even achieved a modest increase of 5 per cent. Next year we intend to stabilise sales in the Communication Division, and to increase them in the Division, DocCheck®.

A date has now been fi xed for the special dividend: After the last obligatory publication appeared on 3 August 2004, the required statutory creditors' protection period of six months started. It is prescribed by law that, at the earliest, once this period has expired, on 4 February 2005, the 2.50 euro per share may be paid out. 10 February 2005 has been set as the distribution date. All shareholders who, on 9 February 2005 at the close of trading on the stock exchange, hold antwerpes shares in their portfolio will receive the special dividend. You can of course obtain further information on this subject by visiting our website.

The Board of Directors

1.1 The Group

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

ktie sell sch aft s A ant we rpe nge	ant we rpe s ag
Sub sidi arie s
Ak ells cha ft & p tien ant art pes wer ner ges	s & ant rtn we rpe pa er a g
cCh eck edic al S sell scha ft m it b esch kte aftu Do ® M ices Ge rän r H erv ng	cCh eck mb Do ® G H
ala und lim ani a S ocie erci itat ant pes tate rasp wer rom com cu ere a	nia ant we rpe s ro ma
cCh eck ® M ediz inb eda rf u nd istik sell scha ft Do Log Ge bes chr änk Haf mit * ter tun g	cCh eck ® Do diz inb eda rf G mb Me H
dica lp esel lsch aft bes chr änk Haf ictu re G mit ter tun me g	dic alp mb ictu re G H me
diz ude nt.d esel lsch aft bes chr änk Haf inst e G mit ter tun me g	diz ude mb inst nt G H me
edit ks G esel lsch aft f ür d ital edi it b esch kte aftu ig e M r H rän wor en m ng	edi rks bH Gm two

* formerly Albert Geisselmann Medizinbedarf GmbH

antwerpes ag acts as a leading holding company and has its head offi ce 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 decreased during the past nine months by 22 per cent, going from 9.9 million euro to 7.8 million euro, when compared to the same period in the previous year. At the end of the 3rd quarter, orders amounted to 1.2 million euro.

Market and competitive environment

The Germans are giving out poor marks for the quality of the German economic position. 60 per cent of those asked said that the general situation for companies had worsened. These were the results of a survey carried out by the Ipos-Institut in Mannheim.

Also at the present time the market experts do not pin their hopes on Germany. They fear that in autumn, companies' profi ts will drop due to the high price of oil. The high oil price will have an effect on the mood of consumers and companies, added Ulrich Kater, the Chief Political Economist at Deka-Bank. After three months of rising prices, companies are starting to adjust their prices accordingly. The rule of thumb is that, on an annual average, if the price of oil is higher by 10 dollars a barrel, then this costs half a percentage point in terms of growth.

However the low interest rates and the strong foreign exchange rate suit the Euro countries. Disillusionment also reigned in our core market after the fi rst six months: The market revival, which was predicted by many and which should have happened back in spring, failed to appear. An upward pressure on costs and an increase in advertising expenses continued. The advertising bosses only expect a plus of 1.5 per cent for 2004 – despite a slight market revival. Indecisive customers on the one hand and short-term action on the other, make life diffi cult for the advertisers. At the same time many advertisers bemoan the expense. Customers want cost-free additional services as well.

Sales trend for the antwerpes Group

After nine months the upshot is: The German advertising market is only recovering slowly from the decline in turnover over the last few years. As the ZAW announced, advertising investments were 28.91 thousand million euro last year which was still 2.6 per cent below the previous year's level.

In the Healthcare Market we are still feeling very insecure. Indeed, "health awareness and self-reliance are two mega trends in our company", said Jörg Bueroße, the CEO at Tomorrow-Focus.

The prescribers and also the consumers however continue to react to the changes in a guarded way. It can be said that, as a reaction to the GMG, the Germans are becoming more and more willing to carry out self-medication, but this willingness alone will not revive the market as yet.

In particular, this means however that the market is shifting, as the following fi gures show: In the fi rst six months of 2004, according to the data from NDCHealth, in total 24 per cent fewer drugs were prescribed which corresponds to a drop in prescriptions from 404 million to 304 million and also the OTC sector had to suffer dramatic losses. The upshot here as well is that, for the fi rst six months of 2004, when compared to the same period in the previous year, large companies and small and medium-sized pharmaceutical fi rms in the pharmacy market had to suffer pronounced losses according to an analysis on the basis of the IMS PharmaScopeNational Study. Only in the coming year, when the price moratorium expires and the statutory discount on drugs without a fi xed amount drops from 16

Research and development

In the third quarter antwerpes did not make any signifi cant investments in research and development. Research and development expenses have not changed when compared to the last quarters.

to 6 per cent, will the pharmaceutical industry see a glimmer of hope.

1.2 antwerpes & partner

antwerpes & partner ag represents the Classical and Digital Communication Division within the antwerpes Group and was particularly affected by the reduction in the marketing budgets, as already described in the Management Report. In the last nine months, sales of 4.6 million euro represented a drop of 25 per cent when compared to the same period in the last year.

Communications

1.3 DocCheck®, Commerce & Logistic

The activities of DocCheck® GmbH, DocCheck® Medizinbedarf, medicalpicture GmbH, medizinstudent GmbH and editworks GmbH are consolidated in the segment, DocCheck®, Commerce & Logistic. In the last nine months, sales of 3.1 million euro represented a drop of 12 per cent when compared to the same period in the last year.

DocCheck®, Commerce & Logistic

1.4 Employee trend

As at 30 September 2004, the number of employees totalled 65. They achieved a turnover of about 120,000 euro per person in the last nine months.

Employee trend*

8Balance Sheet Balance Sheet 9

2. Group Balance Sheet in accordance with IAS

Balance Sheet Assets

	lan Exp ato ry No tes	01. 01. 200 4 to 30. 09. 200 4	01. 01. 200 3 to 31. 12.2 003
Sho rt-t ets erm ass
uid fun ds Liq	1	14, 764 ,234	10, 348 822 ,
Cu riti t-as set rren secu es	2	15, 237 ,25 0	0
de deb Tra tors		1,76 1,67 7	1, 320 918 ,
wed by und kin Am ts o up erta oun gro gs		42, 954	41, 081
Sto cks		257 ,56 7	200 682 ,
ls a nd def ls Acc rua erra		16,9 61	9, 976
Tot al s hor t-te ets rm ass		32, 080 ,64 3	11, 921 479 ,
Tan ible f i xe d a sset g s		1, 327 033 ,	1, 386 192 ,
ible f i xe d a Int sset ang s		142 632 ,	126 636 ,
ed- Fix itie t se asse cur s		0	20, 296 945 ,
Ass ted ocia ies pan com		57, 729	53, 551
odw ill Go	3	704 531 ,	610 997 ,
Oth sset er a s	4	1, 256 084 ,	890 253 ,
Def d ta erre xes		60, 472	21, 459
al a Tot sset s		35, 629 126 ,	35, 307 512 ,

Balance Sheet Equity and Liabilities

	lan Exp ato ry No tes	01. 01. 200 4 to 30. 09. 200 4	01. 01. 200 3 to 31. 12.2 003
Sho lia bili ties rt-t erm
Sho loa nd sho sha re i rt-t rt-t erm ns a erm n
lon loa g-t erm ns		11,0 63	13, 484
Tra de cred itor s		288 ,62 8	307 ,49 7
ed Pay eiv nts t me rec on acc oun		98,2 89	226 ,27 3
Oth ns f or l iab iliti nd cha isio er p rov es a rge s	5	483 ,78 6	716 ,09 7
Def d ta isio x p erre rov ns		42, 925	36, 098
Def d in d o the r sh ort- term erre com e an liab iliti es	6	15, 818 ,58 9	828 ,52 7
wed und kin Am ts o to erta up oun gro gs		25, 357	15, 814
al s hor lia bili Tot ties t-te rm		16, 768 ,63 8	2,1 43, 791
Def d ta erre xes		42, 400	18, 000
har eho ldin Min orit y s gs		197 ,97 6	275 ,25 6
ity Equ
Sub bed ital scri cap	7	5,9 04, 312	5,9 04, 312
ital Cap res erv e	7	13, 421 ,40 9	28, 179 ,62 0
ed p rof i t ula ted def i c Un riat /ac it app rop cum		2,3 67, 655	1,9 63, 353
Rev enu e re serv es		71, 700	76, 455
Adj s fo ital usti item p ng r ca		-3,2 45, 570	-3,2 45, 570
cial alu Spe atio rev n re serv e		100 ,60 6	0
n sh Ow are s		0	-7,7 06
Tot al e clu din sh hol din ity (ex ino rity ) qu g m are gs		18, 620 ,112	32, 870 ,46 4
al e and lia bili Tot ity ties qu		35, 629 ,12 6	35, 307 ,512

The quarterly fi nancial statement as at 30 September 2004 has been prepared on the basis of the International Financial Reporting Standards ("IFRS") of the International Accounting Standards Board ("IASB"), London, which were in force on the cut-off date, as well as on the basis of the interpretations of the International Financial Reporting Interpretations Committee ("IFRIC") of the IASB, London.

In accordance with IFRS 3 in conjunction with IAS 36, from the fi nancial year 2004, a scheduled amortisation of goodwill is dispensed with in favour of an annual impairment test. In addition, antwerpes ag has decided to use the newly evised IAS 39 (revised 2003) "Financial Instruments: Recognition and Measurement" as of now for the fi rst six months of 2004.

All other accounting and evaluation methods from the annual fi nancial statements as at 31 December 2003 were used with no changes made.

1. During the 3rd quarter of 2004, liquid funds were invested for the most part as time deposits with variable terms.

². As at 30 September 2004, the current-asset securities holdings consist of two mortgage bonds and two loans against promissory notes. Fair Value changes amounting to 101,000 euro were, in accordance with IAS 39 (revised 2003) shown in a special revaluation reserve within equity and did not affect the operating result.

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

odw ill Go	dwi ll fr Goo om the tial ini soli dat ion con	dwi ll bo ok Goo valu at e as 30.0 9.20 04	dwi ll bo ok Goo valu at e as 30.0 9.20 03
cCh eck edi cal mb Do ® M Ser vic es G H	29, 340	17, 238	17, 971
dica lp mb ictu re G H me	92,4 52	81, 666	83, 207
Do cCh eck ® M edi zin bed arf und istik Gm bH Lo * g	755 ,95 6	401 ,99 1	410 ,64 8
diz ude nt.d mb inst e G H me	181 ,60 9	50, 523	–
edi rks bH Gm two	153 ,114	153 ,114	–
Tot al	1,2 12,4 71	704 ,53 1	511 ,82 6

* formerly Albert Geisselmann Medizinbedarf GmbH

4. Other assets are largely made up of deferred interest and taxes.

5. Other provisions cover transfers made regarding holiday provisions and provisions for end-of-year accounting and audit costs. As they stand now, these provisions ensure that there is a realistic deferment of expenditure for the current fi nancial year.

6. Other liabilities are mainly made up of amounts owed to shareholders totalling 14,760,780 euro which result from the capital write-down (see also Point 7). In addition, other liabilities include tax liabilities (sales tax, income tax and church tax), contributions relating to salaries and wages and doctors' fees which are still to be paid.

7. As a result of a resolution passed by the Annual General Meeting on 30 June 2004, the subscribed capital of antwerpes ag has been increased by 14,760,780 euro, rising from 5,904,312 euro to 20,665,092 euro using company funds (the capital reserve). As a result of another resolution passed by the Annual General Meeting on 30 June 2004, the share capital has been reduced by 14,760,780 euro, dropping from 20,665,092 euro to 5,904,312 euro, by means of an ordinary capital write-down. By recording the Annual General Meeting's resolutions in the Register of Companies on 9 July 2004, the capital increase and write-down are in force in accordance with § 211 and § 224 of the Companies Act (AktG). The reduction in the capital reserve amounting to 14,760,780 euro was, against the background of the forthcoming special dividend at the beginning of 2005, recorded under other liabilities.

Group Profit and Loss Account in accordance with IAS / IFRS

3. Profit and Loss Account

	lanat Exp ory Note s	01.07 .2004 to 30.0 9.200 4	01.07 .2003 to 30.09 .2003	01.01 .2004 to 30.0 9.200 4	01.01 .2003 to 30.0 9.200 3
1. T urno ver	1	2,589 ,074	3,020 ,734	7,783 ,983	9,923 ,645
ther ating inco 2. O oper me	2	32,80 5	89,85 0	159, 150	174,4 68
iffere betw nd cl ks of fi nis hed 3. D ing a osing stoc nces een o pen and u nfi ni shed ds goo		-67,4 43	10,46 9	2,225	52,22 6
f ma ls of ra ls an d sup lies a nd 4. C teria a) Cost teria ost o p w ma ds pu rchas ed fo le goo r resa		623,4 83	863,9 35	2,149 ,173	2,900 ,132
b) of ex l serv Cost ices terna		303,1 62	264, 144	679,7 17	1,054 ,439
		926,6 46	1,128 ,079	2,828 ,890	3,954 ,571
taff c a) s and sala 5. S Wage ries osts		834,7 66	840,8 23	2,600 ,900	3,520 ,893
b) l secu butio Socia rity c ontri ns		146,2 64	163,9 88	447,8 56	645,4 01
	3	981,0 30	1,004 ,811	3,048 ,756	4,166 ,294
n of ible fi xed s and depr f 6. A isatio intan eciat ion o mort asset g ible fi xed tang asset s	4	85,17 3	284,3 91	280, 155	610,5 30
ther 7. O ating oper expe nses	5	463,4 14	462,2 74	1,596 ,930	1,690 ,282
e fro rticip ating inte 8. I rests ncom m pa		4,178	0	4,178	0
lt ( 9. O ting EBIT ) pera resu		102,3 53	241,4 98	194,8 05	-271 ,337
for in form ation : EBI TDA		187,5 25	525,8 90	474,9 60	339, 193
e fro her s ecuri ties a nd lo hich form of 10. I m ot part ncom ans w the fi cial a ssets nan		0	0	288,0 96	0
d sim ilar i 11. I ntere st an ncom e		208,7 44	234,7 53	368, 179	960,4 92
rite-d long inve nd cu 12. W -term stme nts a rrent t own s on -asse ities secur		14,08 0	29,45 8	57,08 9	42,90 4
t and simi lar ex 13. In teres pens es		-740	4,470	9,226	319,9 68
esult befo d mi hare hold 14. R x (an nori ings ) re ta ty s		297,7 56	442,3 24	784,7 65	326,2 82
al inc nd ta 15. P earni tax a erson ome x on ngs		145,3 42	167, 193	390,8 66	135,5 06
ther 16. O taxes		-137	939	2,607	2,076
esult befo hare hold 17. R inor ity s ings re m		152,5 51	274, 192	391,2 92	188,7 00
hareh oldin 18. M inori ty s gs		-13,0 33	24,65 4	-8,25 4	50,6 15
lidat ed n 19. C et in onso com e		165,5 84	249,5 38	399,5 46	138,0 85
er sh orda ith IA dilut ed) ings p are i S 33 (un Net earn n acc nce w	6	0.03	0.04	0.07	0.02
er sh orda ith IA dilut ed) Net ings p are i S 33 ( earn n acc nce w		0.03	0.04	0.07	0.02
hare rentl culat undi luted Aver in cir ion ( ) age s s cur y		5,904 ,312	5,902 ,812	5,903 ,395	5,902 ,812
hare rentl culat dilut ed) Aver in cir ion ( age s s cur y		5,914 ,312	5,902 ,812	5,920 ,062	5,902 ,812

1. Turnover showed a decrease of 22 per cent to 7,783,983 euro when compared to the end of the nine-month period in the previous year. Receivables on outstanding trade accounts amounted to 509,000 euro (previous year: 287,000 euro). In addition, in accordance with IAS 11 in conjunction with IAS 18, turnover includes order projects estimated as being 151,000 euro (previous year: 79,000 euro) in accordance with the Percentage of Completion Method.

2. Other operating income is mainly made up of rent income and income from the release of provisions.

3. Due to the restructuring measures in 2003, staff costs have clearly dropped when compared to the fi rst nine months of the previous year. Restructuring costs totalling 249,000 euro were included in the period for the previous year.

4. Amortisation, depreciation and write-downs include reductions in value for tangible fi xed assets within the context of the Berlin business premises appertaining to antwerpes & partner ag, Cologne being relocated to and integrated into the headquarters of the agency in Cologne on 30 June 2004. These reductions in value totalled 30,000 euro. In the same period for the previous year, amortisation, depreciation and write-downs included the amortisation of goodwill to the value of 36,000 euro, write-downs of at-equity investments to the value of 102,000 euro and amortisation of internally produced software to the value of 101,000 euro.

5. Other operating expenses include restructuring costs totalling 50,000 euro (previous year: 32,000 euro).

6. The profi t per share for the fi rst nine months of 2004 was, in accordance with IAS 33, 7 cent (previous year: 2 cent).

Statement of Sources and Application of Funds (in euro)

	lanat Exp ory Note s	01.01 .2004 to 30.09 .2004	01.0 1.200 3 to 30.0 9.20 03
lus f or th iod b efore aord inary fi t Surp extr e per pro		399,5 46	138,0 85
f wh ich fu nds r ed fr eceiv om i ntere st o		656,2 75	960,4 92
f wh ich fu nds p aid a s inte rest o		9,226	319,9 68
lus f or th iod b efore aord fi t an d Surp inary extr e per pro deco nsoli datio n los s		399,5 46	138,0 84
isatio n of intan ible fi xed s and depr eciat ion o f + A mort asset g ible fi xed t asset ang s		280, 155	610,5 30
oss f the a dditi d dis l of fi xed + L asset rom on an posa s		180, 100	154
se/de +/- I e in p rovis ions ncrea creas		-225 ,484	-313 ,525
se/de rade debt -/+ I e in t ncrea creas ors		-442 ,633	449,2 01
se/de e in o ther -/+ I asset ncrea creas s		-365 ,831	-179 ,275
f fi xe d-ass + R ing o uriti es in et sec ent a ssets egrou p curr	1	15,12 2,936	0
se/de tock -/+ I e in s ncrea creas s		-56,8 85	-92,5 47
se/de e in p id ex d def erred char -/+ I repa pens ncrea creas es an ges		-6,98 5	49,47 5
se/de e in d eferr ed in +/- I ncrea creas come		0	9,179
se/de e in d eferr ed ta n the ts sid -/+ I ncrea creas xes o asse e		-39,0 13	0
se/in e in d eferr ed ta n the liabi lities side +/- D ecrea creas xes o		24,40 0	-42,1 00
se/de rade credi and o ther liabil +/- I e in t ities tors ncrea creas		14,69 1	-597 ,368
Cash Flow from ent b usin ctivi ties curr ess a		14,88 4,997	31,80 9
ceed ings for d isinv inve nts in +/- Pro s/ ou ents/ tgo estm stme ible a nd in ible fi xed t tang asset ang s		-334 ,704	-150 ,839
ings from the sale o f con solid ated anies - O utgo comp	4	-180 ,100	0
rite-d fi xed + W uriti ts sec own s on -asse es		43,00 9	0
se/de e in s ial it ing from inve +/- I stme nt ncrea creas pec ems ensu rants g		0	-3,43 5
+/- P ds/ o ings from the sale/ hase of se curit ies utgo rocee purc		5,13 1,000	-20,3 26,34 6
Cash Flow from inve tivit ies stme nt ac		4,659 ,205	-20,4 80,61 9
of lo - R ment epay ans		-2,42 1	-2,00 8
- O ings due t o div idend utgo ents paym		0	-592 ,642
ds fr he sa le of share + P om t rocee own s		10,27 5	0
Cash Flow from fi na ncin ivitie g act s		7,854	-594 ,650
Cha in fu nds t o ha nd w hich affe cts p ent nge aym		19,55 2,055	-21,0 43,46 0
hang e in f unds to h and d eval + C uatio ue to n	2	100,6 06	0
unds to h and a t the of th iod + F start e per		10,34 8,822	30,82 0,920
Fund s to h and at th e end of th iod e per	3	30,00 1,484	9,777 ,460

4. Statement of Sources and Application of Funds

1. The increase in cash fl ow from current business activities is mainly due to the regrouping of fi xed-asset securities in current assets which does not affect payment.

2. The change in funds to hand due to evaluation, results from the recording of changes to value in the equity capital which does not affect the operating result.

Statement of Sources and Application of Funds ^{16 17} 16Statement of Sources and Application of Funds

3. Borrowed monies totalling 353,000 euro (previous year: 420,000 euro) are included in the funds balance as at 30.09.2004. These represent outstanding doctors' fees which antwerpes ag cannot dispose of in any other way.

4. On 15 July, antwerpes ag acquired a 51 per cent holding in editworks GmbH, Marburg, for 140,000 euro. The purchase price was paid in cash. The purchase of editworks GmbH resulted in an addition of the following assets and liabilities within the antwerpes Group as at 30.09.2004:

Statement of Sources and Application of Funds (in euro)

	lanat Exp ory Note s	01.01 .2004 to 30.09 .2004	01.0 1.200 3 to 30.0 9.20 03
ition of th e fun ds to han d Com pos
ash a nd ca sh eq uival - C ent		14,76 4,234	9,777 ,460
- S ecuri ties		15,23 7,250

	TEU R
ible fi xed 1. T asset ang s	14
ebto d oth 2. D sets rs an er as	23
3. C ash a nd li id as sets qu	5
ls an d def erral 4. A ccrua s	1
rovis ions for li abilit ies an d cha 5. P rges	11
iabili 6. L ties	68
f w hich owed unts to an twerp o amo es ag	50

5. The liquid assets and current-asset securities totalled 30.0 million euro as at 30.09.2004 (previous year: 30.1 million euro).

Divisional Reporting as at 30 Septmeber 2004

	Com muni cation	heck® DocC , Com e & merc Log istic	Hold ing	Total
sales for t he D Net ivisio ns	4,648 ,492	3,134 ,797	694	7,783 ,983
les Intra -Gro up sa	10,23 9	619,8 80	1,627 ,723	2,257 ,843
EBIT	193,8 86	-1,13 3	2,053	194,8 05
lt be fore Resu arnin taxes on e gs	218,6 39	3,254	562,8 82	784,7 65
Tota l asse ts	1,465 ,837	2,188 ,642	31,97 4,648	35,62 9,126
loyee Emp s	34	24	8	66

Total assets include the fi xed assets, the current assets and the prepaid expenses and deferred charges. The segment Communication comprises antwerpes & partner ag, Cologne with its business premises in Basle*, Switzerland. DocCheck® GmbH, DocCheck® Medizinbedarf und Logistik GmbH**, medicalpicture GmbH, medizinstudent.de GmbH and editworks GmbH together form the Division DocCheck®, Commerce & Logistic. The segment, Holding, incorporates the whole of the administrative and service Division of antwerpes ag. antwerpes.korte consulting GmbH, which, until now, was included in the segment, Holding/Other, was deconsolidated from the combined group with effect from 01.01.2004. Since the activities of these two companies are currently located in the same area, a geographical segmentation was waived. Supplies and services within the combined group were valued at purchase price ^plus a mark-up. Cost sharing within the Group was valued at purchase price plus interest.

* The Berlin business premises were integrated into the Cologne group headquarters as at 30.06.2004. ** Formerly Albert Geisselmann Medizinbedarf GmbH.

5. Divisional Reporting

Statement of Equity Capital in accordance with IAS 1 Subsections 86-89 (in euro)

	Balan at ce as 31.12 .2002	Divid end paym ent	al res ult as Annu at 30.09 .2003	Balan at ce as 30.09 .2003
Subs cribe d cap ital	5,904 ,312			5,904 ,312
Cap ital r eserv e	28,17 9,620			28,17 9,620
Statu tory reser ve	39,25 3			39,25 3
ccord ing t o the artic les Rese rve a of as socia tion	985			985
Othe r rev enue rese rves	32,44 8			32,44 8
ial re valua Spec tion reser ve	0			0
riate d pro fi t Unap prop	2,298 ,642	-592 ,642	138,0 85	1,844 ,085
Adju s for ital sting item cap	-3,24 5,570			-3,24 5,570
shar Own es	-7,70 6			-7,70 6
l Tota	33,20 1,984	-592 ,642	138,0 85	32,74 7,426

6. Statement of Changes in Equity Capital

7. Shareholder Structure and notifiable Securities Transactions

In the third quarter of 2004, the administrative bodies of antwerpes ag and its subsidiaries did not carry out any notifi able securities transactions. The shareholder structure of antwerpes ag consists of the following as at quarter-end:

	ssed a expre s a perce ntage	ber of Num share s
rank Dr. F Ant CEO * werp es,	46.90	2,769 ,297
Jan Antw CFO * erpes ,	15.92	939,7 30
ohan Dr. J nes K AR a & pa erste ntwe rtner n, rpes ag rviso d Supe Boar ry	7.32	432,0 31
fl oat Free	29.86	1,763 ,254
rd M embe Herm ann K Boa orte, r	0.95	56,03 8
Rola nd O rtlof f, Ma selm mbH ing Dire Geis ann G ctor, nag	0.75	44,3 12
Mich ael T hiess Chai of th d e Sup ervis Boar rman ory ,	0.00	100
oach im P ietzk embe r of t he Su isory rd Dr. J o, M Boa perv	0.01	866
Winf ried mber of th d Leim eiste r, Me e Sup ervis Boar ory	0.00	0
antw erpes ag	0.00	0

* Half of the shares of immediate relatives were allocated to Messrs. Antwerpes. In addition, the shares of Dr. Frank Antwerpesʻ wife were included.

Shareholder structure in accordance with § 21 WpHG of the securities Tarding Law as at 30 September 2004

Statement of Equity Capital in accordance with IAS 1 Subsections 86–89 (in euro)

	Balan at ce as 31.12 .2003	nsolid Deco ation of an es.ko twerp rte lting Gmb H consu	Sale of ow n share s	luatio Reva n of sec uritie s	ital Cap increa se	ital Cap reduc tion	Net i ncom e as at 30.09 .2004	Balan at ce as 30.09 .2004
Subs cribe d cap ital	5,904 ,312				14,76 0,780	-14,7 60,78 0		5,904 ,312
ital r Cap eserv e	28,17 9,620		2,569		-14,7 60,78 0			13,42 1,409
Statu tory reser ve	39,25 3							39,25 3
ccord o the les Rese ing t artic rve a of as socia tion	4,755	-4,75 5						0
Othe r rev enue rese rves	32,44 8							32,44 8
ial re valua Spec tion reser ve	0			100,6 06				100,6 06
riate d pro fi t Unap prop	1,963 ,353	4,755					399,5 46	2,367 ,654
Adju s for ital sting item cap	-3,24 5,570							-3,24 5,570
shar Own es	-7,70 6		7,706					0
l Tota	32,87 0,464	0	10,27 5	100,6 06	0	-14,7 60,78 0	399,5 46	18,62 0,112

On 15 July 2004 information was disclosed to editworks GmbH in accordance with § 20 Section 4 of the Companies Act (AktG).

8. Stock Options

In accordance with the resolution passed at the Annual General Meeting dated 16 May 2001, the company grants, by means of an options contract, subscription rights to certain employees regarding the acquisition of antwerpes ag shares. According to the grade and position of the employee, the company offers contracts to certain employees which cover the granting of share options (options contract). As at 30 September 2004, 63,750 stock options had been issued.

Exercising a subscription right depends on whether at the time the following performance goals were met:

• The market price of the antwerpes ag share has performed better than the Nemax-All-Share-Index (now Technology-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 fi ve 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 fi rst day of the respective acquisition period
• The employee has an employment contract with a company within the antwerpes Group and notice to terminate this has not been served nor has it been terminated in some other way.

Exercising the options granted is only permissible at any time during the following periods:

• On the respective fourth and the 19 subsequent bank working days following an antwerpes ag Ordinary Annual General Meeting
• On the respective fourth and the 19 subsequent bank working days following the publication of the antwerpes ag quarterly report which covers the 3rd quarter of a fi nancial year.

Composition of Stock Options as at 30 September 2004

ed ck s ba lan ion Issu 31 .12 .200 3 sto opt s at ce a		79, 750
ed i n th nth s of Op tion t ni e 1s 20 04 ant s gr ne mo		0
sed the hs o f Op tion erci in nin 1st 200 4 ont s ex e m		0
hich ha lap sed the hs o f Op tion in nin 1st 200 4 ont s w ve e m		16,0 00
ed ck s ba lan Issu ion 30 .09 .200 4 sto opt s at ce a		63, 750
Th e fi che 1. rst tran ( e: A il 2 issu ice: s) Issu 000 21 €, 7 y ter pr e pr m: ear ,		45, 500
of wh ich to ent ma nag em		34, 000
of w hich th a d up til t he f i rs lem wi itin erio t im atio g p p ent wa un n o n	05. 04.2 005	5,1 00
The f ca n b sed erci re o e ex on	30. 09.2 004	28, 900
of wh ich loy to emp ees		11,5 00
of w hich th a d up til t he f i rs lem wi itin erio t im atio g p p ent wa un n o n	05. 04.2 005	450
The f ca n b sed erci re o e ex on	30. 09.2 004	11, 050
Th d tr he 2. e se con anc mb issu ice: ( Issu e: D er 2 000 17 .96 s) €, t : 7 y ece e pr erm ear ,		8,2 50
of wh ich loy to emp ees		8,25 0
of w hich th a d up til t he f i rs lem wi itin erio t im atio g p p ent wa un n o n	27. 11.2 004	1,3 76
of w hich th a d up til t he f i rs lem wi itin erio t im atio g p p ent wa un n o n	27. 11.2 005	824
The f ca n b erci sed re o e ex on	30. 09.2 004	6,0 50
Th e th ird che 3. tran ( issu ice: s) Issu e: M 200 2, 5.1 6 € : 7 y , te e pr ay rm ear		10, 000
of wh ich to ent ma nag em		10, 000
of w hich th a d up til t he f i rs lem wi itin erio t im atio g p p ent wa un n	31. 05.2 005	3,0 00
of w hich th a d up til t he f i rs lem wi itin erio t im atio ent g p p wa un n	31. 05.2 006	1,5 00
of w hich th a d up til t he f i rs lem wi itin erio t im atio g p p ent wa un n	31. 05.2 007	1,5 00
The f ca n b sed erci re o e ex on	30. 09.2 004	4,0 00

The reduction in the stock options portfolio is because some employees who were entitled to subscribe left the company during the fi rst nine months of 2004.

23Financial Calendar

9. Financial Calendar 2004 / 2005

Mid h 2 -M 005 arc	ss b riefi l re sult s in log Pre Co ng on an nua ne
Mid -M 200 5 ay	of t he Rep 1st ort rter qua
15 J 20 05 une	l G ral etin in C olo An Me nua ene g gne
Mid mb -N er 2 005 ove	An aly nfe ce i olo sts' Co n C ren gne

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