Ad-hoc News

Preliminary consolidated earnings for Q3 2004 (IAS)

Unterschleissheim, October 19, 2004

In the first nine months 2004, Baader Wertpapierhandelsbank AG's net profit after taxes amounted to EUR2.3 million (previous year: EUR0.5 million). Ordinary income jumped to EUR33.9 million compared to EUR22.4 million in the previous year. Profit from operations increased to EUR2.4 million (previous year: EUR-6.7 million). The cumulative profit from ordinary activities in the first three quarters 2004 amounted to EUR3.2 million (previous year: EUR0.5 million).

In Q3 2004 profit from ordinary activities declined to EUR-3.3 million (previous year: EUR1.0 million). Because of the cost of integration for SMS- Sobota, Maier & Stopp Wertpapierhandels GmbH administrative expenses increased slightly 3% compared with the previous year. Ordinary income at the same time declined from EUR9.9 million to EUR6.5 million because of the noticeable clouded stock exchange environment with regressive trading volumes. In Q3 2004 operating profit amounted to EUR-3.6 million (previous year: EUR0.1 million).

Shareholders' equity as of September 30, 2004 was EUR110.2 million (December 31, 2003: EUR107.7 million). Earnings per share were EUR0,10 on the reporting date. At September 30, 2004 the Group employed a total of 195 people (previous year: 178 employees).

The Executive Board