euro adhoc: AG
Quarterly or Semiannual Financial Statements reports record first-quarter results for 2004 (E)

--------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. --------------------------------------------------------------------- reports record first-quarter results for 2004 • Revenues of euro 119.5m (+ 792 % vs. Q1/2003) • EBITDA of euro 41.3m (+ 1,001 % vs. Q1/2003) • Earnings before taxes of euro 31.8m (+ 1,132 % vs. Q1/2003) • Group result of euro 19.2m (+ 1,442 % vs. Q1/2003) • Cash and cash equivalents increased by euro 31.1m to euro 144.4m in Q1/2004 • Continued growth to currently over 7 million customers AG / Hamburg - In the first full quarter after concluding its investments in the acquired fixed-line business at year-end 2003, AG once again generated a record result. First-quarter revenues rose by 792 percent year-on-year, to currently euro 119.5 million. They even exceeded the excellent fourth-quarter results in 2003, traditionally strong for seasonal reasons, by euro 2.9 million. Internet access continues to be the strongest single segment, with revenues of euro 76.8 million, followed by voice telephony with euro 34.6 million, the portal business with euro 6.8 million, and B2B Services as a secondary, supplementary line of business with revenues of euro 1.3 million. The encouraging first-quarter performance shows how strongly the newly optimized network infrastructure has enhanced the company's profitability. generated EBITDA of euro 41.3 million - an increase of about 1,000 percent vs. Q1/2003 and of 36 percent over the previous quarter. Earnings before taxes (EBT) were up by 1,132 percent year on year, to euro 31.8 million; a 69 percent improvement over the previous quarter. The group result after taxes improved by 1,442 percent vs. Q1/2003 to currently euro 19.2 million - a 29 percent increase vs. the previous quarter. This translates to earnings per share of euro 1.02 for the quarter - after euro 2.00 for the entire 2003 business year. There was a further increase in cash and cash equivalents in the first three months of the year - by euro 31.1 million to currently euro 144.4 million. During the same period, the total number of customers in the Internet and Telephony segments rose to over 7 million: In Q1/2004 alone, 55,000 new customers signed up for a broadband internet access; this brings the number of AG customers in this segment to over 135,000 at the end of March. At March 31, 2004, freenet had more than 3.85 million active internet access customers (+ 4 percent vs. Q1/2003). Above and beyond this, about 3.2 million customers actively use freenet for phone calls, either by-call by dialing the 01019 and 01024 discount prefixes or as pre-selection customers with a permanent prefix before each call (This segment was not yet offered in Q1/2003). ~ Q1/2004 Q4/2003 Q1/2003 Revenues 119,476 116,638 13,396 Segment: Internet access 76,761 76,613 5,032 Segment: Voice 34,630 30,455 --- Segment: Portal 6,790 8,262 8,009 Segment: B2B services 1,296 1,308 355 Gross profit 67,093 57,360 11,468 EBITDA 41,327 30,363 3,753 Earnings before taxes (EBT) 31,759 18,820 2,578 Group result 19,178 14,890 1,244 Cash and cash equivalents 144,418 113,259 71,626 ~ (all financial indexes in this document under IFRS; in thousand euro) end of announcement euro adhoc 10.05.2004 --------------------------------------------------------------------- Further inquiry note: Andreas Neumann Tel.: +49 (0)40 51306 778 E-Mail: Branche: Online ISIN: DE0005792006 WKN: 579200 Index: Prime Standard, TecDAX Börsen: Frankfurter Wertpapierbörse / regulated dealing Niedersächsische Börse zu Hannover / free trade Berliner Wertpapierbörse / free trade Bayerische Börse / free trade Hamburger Wertpapierbörse / free trade Bremer Wertpapierbörse (BWB) / free trade Börse Düsseldorf / free trade Baden-Württembergische Wertpapierbörse / free trade

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