SECURITIESTable ANDof EXCHANGE COMMISSION Contents

~~Washington,~~Form ~~D.C.~~6-K ~~20549~~

~~Form~~SECURITIES ~~6-K~~AND EXCHANGE COMMISSION

~~Report~~Washington, ofD.C. ~~Foreign~~20549 ~~Private Issuer~~

~~Pursuant~~Report toof ~~Rules~~Foreign ~~13a-16~~Private orIssuer ~~15d-16 of~~

~~the~~Pursuant ~~Securities~~to ~~Exchange~~Rules ~~Act~~13a-16 ofor ~~1934~~15d-16 of

~~Dated:~~the ~~November~~Securities ~~18,~~Exchange ~~2003~~Act of 1934

~~EPCOS~~Dated: February AG3, 2005

~~(Translation~~EPCOS ~~of registrant’s~~AG ~~name into English)~~

~~St.-Martin~~(Translation ~~Strasse~~of 53registrant’s name into English)

DSt.-~~81669~~Martin ~~München~~Strasse 53

~~Federal~~D-81669 ~~Republic~~München ~~of Germany~~

~~(Address~~Federal Republic of ~~principal~~Germany ~~executive offices)~~

~~Indicate~~(Address byof ~~check~~principal ~~mark~~executive ~~whether~~offices) ~~the registrant files or will file annual reports under cover Form 20-F or Form 40-F.~~

~~Form~~Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F þ or Form 40-F ¨.

~~Indicate by check mark if the registrant is submitting the~~ Form 620-~~K in paper~~F ü Form ~~as permitted by Regulation S~~40-~~T Rule 101(b)(1): ¨~~ F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(71): ¨

Indicate by check mark ~~whether~~if the registrant byis ~~furnishing~~submitting the ~~information~~Form ~~contained~~6-K in ~~this~~paper as ~~Form~~permitted isby ~~also~~Regulation ~~thereby~~S-T ~~furnishing the information to the Commission pursuant to~~ Rule ~~12g3-2~~101(b) ~~under the Securities Exchange Act of 1934.~~ (7):

~~Yes ¨ No þ~~Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

~~If “~~Yes~~” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-~~ No ü

~~This~~If ~~Report~~“Yes” onis ~~Form~~marked, ~~6-K~~indicate ~~contains~~below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-

~~—Press~~This ~~Release~~Report ofon ~~November~~Form ~~18,~~6-K ~~2003~~contains: ~~with fourth quarter and full year results~~

- Press Release of ~~for~~February ~~the~~3, ~~Business~~2005 ~~Press~~ with fourth quarter and full year results

NovemberTable 18,of 2003 Contents

LOGO

~~Earnings~~just ~~positive,~~everywhere ~~business revives significantly~~ …

ØTable Newof orders rise 21% sequentially in fourth quarterContents

Ø Contents ~~EBIT after restructuring in 2003 improves by EUR 78 million year on year to plus EUR 6 million~~

Ø Outlook for Q1 2004: Rising sales, further improvement in earnings


Interim Report of EPCOS AG at December 31, 2004

About EPCOS		3

Accounting principles		3

Business Development

Q1 2005: EBIT slightly positive despite severe decline in sales		4

Consolidated Financial Statements

Statements of income		7

Balance Sheets		8

Statements of shareholders’ equity and comprehensive income		9

Statements of cash flow		10

Notes to unaudited interim consolidated financial statements		11

Ø2 ~~Outlook for fiscal 2004: Renewed sales growth, further improvement in earnings and cash flow~~

~~Fourth~~EPCOS ~~quarter~~AG ~~of fiscal 2003~~

InTable the fourth quarter of fiscal 2003 (July 1 to September 30, 2003), there were encouraging developments in new orders and sales. Following very restrained business in July and August during the holiday season in Europe, demand has been picking up strongly since early September. Altogether, new orders rose from EUR 271 million in the previous quarter by 21% to EUR 328 million in the fourth quarter, and sales likewise rose by 5% from EUR 302 million to EUR 317 million. Contents

“This positive development in new orders and sales continues unabated to this day” said President and CEO Gerhard Pegam. “Customers in consumer electronics and mobile phones in particular are very ~~optimistic~~Interim ~~about~~Report ~~Christmas~~of ~~business~~EPCOS ~~and~~AG ~~have~~at ~~ramped~~December up31, ~~production.~~2004 ~~Demand from automotive and industrial electronics also remains good.”~~

~~Despite~~ About ~~this positive development,~~ EPCOS will implement further restructuring measures in response to persistent fierce competition. As announced in July, EUR 15 million was provided for this purpose in Q4 2003. Without restructuring costs, earnings before interest and tax (EBIT), at EUR 4 million, were also positive in the fourth quarter and thus for the fiscal year as a whole. After restructuring costs, EBIT was negative at EUR 11 million in the fourth quarter versus a positive figure of EUR 3 million in the previous quarter. Earnings per share for the quarter were negative at 7 eurocents versus plus 3 eurocents in the previous quarter.

~~1 / 6~~EPCOS AG, a manufacturer of passive electronic components headquartered in Munich, is market leader in Europe and number two worldwide. EPCOS offers a comprehensive portfolio of about 40,000 different products. The EPCOS Group has design, manufacturing and marketing facilities in Europe, the Americas and Asia.

~~Fiscal~~Passive ~~2003~~electronic components are found in every electrical and electronic product – from automotive and industrial electronics through information and communications to consumer electronics. Components from EPCOS store electrical energy, select frequencies, and protect against overvoltage and overcurrent.

~~Fiscal~~In ~~2003~~fiscal ~~was~~2004 ~~characterized~~(October by1, ~~the~~2003, ~~persistently~~to ~~sluggish~~September ~~global~~30, 2004), ~~economy.~~EPCOS ~~This~~posted ~~was~~sales ~~strained~~of ~~even~~EUR ~~more~~1.36 inbillion. ~~the~~At ~~spring~~September by30, ~~the~~2004, ~~war in Iraq and~~ the ~~SARS crisis~~company inemployed ~~Asia.~~about ~~Beyond this~~15,600 ~~the~~people ~~increasing devaluation of the US dollar intensified price erosion for EPCOS products~~worldwide.

~~In fiscal 2003 (October 1, 2002, to September 30, 2003), prices thus fell by 12% on average or about EUR 170 million. Sales declined by 3% from EUR 1.31~~ ~~billion~~Accounting toPrinciples ~~EUR 1.27 billion year on year. EPCOS again posted a significant increase in volume, i.e. in the quantity of components manufactured, in 2003.~~

~~The~~As ~~significant~~permitted ~~improvement~~under ~~over~~§ 292a ~~the~~of ~~previous year’s earnings shows that~~ the ~~cost-cutting~~German ~~measures~~Commercial ~~have~~Code ~~more~~(Handelsgesetzbuch, ~~than~~HGB), ~~compensated~~EPCOS ~~for~~AG ~~price~~prepares ~~erosion.~~its ~~EBIT before~~consolidated ~~restructuring~~financial ~~costs~~statements ~~rose~~in byaccordance ~~EUR~~with 64United ~~million~~States ~~from~~Generally ~~minus~~Accepted ~~EUR~~Accounting 45Principles ~~million~~(US ~~to EUR 19 million~~GAAP). ~~Even~~The ~~after~~Company ~~restructuring,~~is ~~EBIT~~thus ~~was~~released ~~positive~~from atthe obligation ~~EUR~~to 6prepare ~~million~~consolidated ~~versus~~financial ~~minus~~statements ~~EUR 72 million~~ in ~~the~~accordance ~~previous~~with ~~year~~§ –290 anet ~~improvement~~seq. ~~of EUR 78 million~~HGB.

~~“Despite~~This ~~lower~~interim ~~sales~~report ~~and~~was ~~more~~compiled ~~severe~~in ~~price~~accordance ~~erosion,~~with ~~we more~~German ~~than~~Accounting ~~achieved~~Standard ~~our~~6 ~~savings~~(DRS ~~target for 2003 of EUR 170 million~~6). Here the Six Sigma campaign launched under our COMPETE program has yielded results”, said Josef Unterlass, member of the Management Board. “For the current fiscal year, we are targeting further cost reductions in the region of EUR 150 million.”

~~Net~~We ~~income~~present ~~was~~EBIT ~~positive~~because atthat ~~EUR~~is 7the ~~million~~basis ~~versus~~on ~~minus~~which ~~EUR~~we 39evaluate ~~million~~the inoperating performance of our four segments and of the ~~previous~~EPCOS ~~year~~Group as a whole. ~~This~~We believe that EBIT is a better measure of operating performance than operating income since the ~~effect~~latter excludes the impact of ~~loss~~foreign ~~carryforwards~~exchange ~~reported~~gains asand ~~tax~~losses ~~assets~~and other income and expense. ~~Earnings~~In ~~per~~some ~~share~~fiscal ~~amount~~years, tothese 10line ~~eurocents~~items ~~against~~may ~~minus~~have 59a significant impact on the ~~eurocents~~relative inperformance of our segments. We calculate EBIT as net loss/income plus (minus) minority interest, provision for income tax and the ~~previous~~interest ~~year~~result, net.

~~Positive~~3 ~~net cash flow~~

~~Net~~EPCOS ~~cash~~AG flow improved considerably over the past fiscal year, from minus EUR 45 million in 2002 to plus EUR 45 million in 2003. This was particularly positively affected by the increase in net income by EUR 45 million and a reduction in net cash used in investing activities by EUR 38 million. Capital expenditure in 2003, at EUR 98 million, was well below depreciation. “The improvement in earnings expected for 2004 will bring about a further increase in net cash flow”, said CFO Dr. Wilfried Backes.

2 / 6Table of Contents

~~Sales~~ Q1 by2005: ~~industries and regions~~

~~The~~EBIT ~~industries~~slightly ~~served~~positive ~~are~~despite ~~making more and more even contributions to sales. Once again, the automotive electronics~~severe ~~industry’s~~decline ~~share of sales grew vigorously year on year, from 16% to 19%. At 21% versus 20%~~ in ~~the previous year, the share of industrial electronics remained stable in 2003. Above-average price erosion drove down telecommunications’ share of~~ sales ~~from 32% in the previous year to 31% in fiscal 2003. Consumer electronics’ share fell from 15% to 13% of sales.~~

In• ~~regional~~Sales ~~terms, the share~~ of ~~German~~EUR ~~domestic~~289 ~~business~~million ~~rose~~(down ~~from 24~~13% ~~in the previous~~ year toon 28%, reflecting the strength of the German industrial and automotive electronics markets, in which EPCOS is particularly successful. Our proactive sales force has made a major contribution to this positive development in our home market. Asia’s share of business grew constantly, from 23% of total sales in the previous year ~~to 26% in 2003. In Europe without Germany and in the NAFTA region, sales kept falling as more and more customers relocated their manufacturing operations to Asia.~~ )

At• ~~September~~EBIT ~~30,~~positive ~~2003,~~at ~~40%~~EUR of1 ~~the~~million ~~workforce was employed in Asia, 49% in Europe~~ (~~17%~~plus inEUR ~~Germany)~~12 ~~and~~million ~~11%~~ in ~~the Americas. At the end of fiscal 2003, EPCOS employed some 13,300 people worldwide versus 13,100 in the~~ previous year. )

~~Business~~• ~~segments~~Earnings per share: minus 1 eurocent (plus 15 eurocents in previous year)

InBusiness ~~the~~development ~~Capacitors segment, sales~~ in the ~~fourth~~first quarter ~~declined~~of tofiscal ~~EUR~~2005 83(October ~~million~~1 ~~from~~to ~~EUR~~December 8531, ~~million~~2004) inproved ~~the~~disappointing ~~previous~~and ~~quarter.~~was Inlargely ~~tantalum~~determined by ~~capacitors~~the infollowing ~~particular,~~factors. ~~business~~Against ~~was~~a ~~hit~~background byof ~~price~~generally ~~erosion~~slack ~~beyond~~demand, ~~proportion~~inventory ~~and~~adjustments by ~~sluggish~~EPCOS’ ~~demand~~customers continued. ~~These~~Consequently, ~~two~~order ~~factors~~quantities ~~could~~were ~~not~~reduced beand ~~entirely~~delivery ~~offset~~dates ~~by cost-cutting measures~~postponed. Q4This ~~EBIT~~had ofan ~~minus~~adverse ~~EUR~~effect ~~7.4~~on ~~million~~EPCOS’ business ~~versus~~with ~~minus~~customers ~~EUR 5.5 million~~ in the ~~previous~~ ~~quarter~~mobile ~~includes~~phone ~~restructuring~~industry, ~~costs~~entertainment ofelectronics ~~EUR~~and ~~3.8~~components ~~million.~~distribution ~~EBIT for fiscal 2003 thus totals minus EUR 10.8 million against minus EUR 14.8 million~~ in ~~the previous year~~particular. InThe ~~view of~~ continuing ~~overcapacity~~fall ~~and~~of ~~ongoing restructuring,~~ the ~~situation~~ inUS ~~tantalum~~dollar ~~capacitors~~provided ~~will~~a ~~remain~~further ~~difficult~~negative ~~in 2004 as well~~impact.

~~Sales~~New inorders ~~the~~for ~~Ceramic~~Q1 ~~Components~~fell ~~segment~~22% ~~rose~~year ~~from~~on ~~EUR~~year ~~86 million to EUR 91 million in the fourth quarter. Demand~~ from automotive and industrial electronics developed favorably. Demand for sensors and sensor systems for domestic appliances also revived in the fourth quarter. Despite severe price erosion in this segment as well, EBIT was again positive, at EUR ~~4.2~~368 million, into ~~Q4 versus~~ EUR ~~7.8~~287 million ~~in the previous quarter~~. ~~For fiscal 2003 as a whole, EBIT improved by EUR~~Sales 26dropped ~~million~~13% from ~~minus~~ EUR ~~9.8~~331 million ~~in the previous year~~ to EUR ~~15.9~~289 million.

~~3 / 6~~New orders and sales fell by 5% and 16% respectively against the previous quarter’s figures of EUR 303 million and EUR 344 million.

~~Following~~Industries ~~the~~and ~~downturn~~regions ~~in demand triggered by the SARS crisis in the third quarter, business recovered in the Surface Acoustic Wave~~ (~~SAW)~~comparisons ~~Components~~year ~~segment~~on in the fourth quarter. The segment managed to boost sales again, by 16%, from EUR 89 million in the previous quarter to EUR 103 million in Q4, not least because of the upcoming Christmas business. Our customers expect significant increases in sales of telephones with color displays and built-in cameras, in TV sets with flat screens, and DVD recorders from forthcoming Christmas business. The SAW Components segment managed to increase EBIT from minus EUR 4.7 million in the previous year) ~~to EUR 16.7 million in 2003 although Q4 EBIT of minus EUR 0.6 million includes restructuring charges of EUR 6.6 million.~~

InThe ~~the~~decline ~~Ferrites and Inductors segment, sales~~ in ~~the~~new ~~fourth~~orders ~~quarter~~affected ofbusiness ~~2003,~~with atall ~~EUR~~industries ~~40 million, were lower than the previous quarter’s EUR 42 million~~served. ~~Even~~Mobile ~~though demand for ferrites for ADSL applications improved~~phones, ~~this~~consumer ~~business remains exposed to severe price erosion. This could not be offset by the sustained positive trend in inductors for automotive~~ electronics. ~~The~~and ~~loss~~components ~~(EBIT)~~distribution ofwere ~~EUR~~hit 7hardest.2 ~~million~~A ~~booked~~similar ~~for~~pattern ~~Q4,~~emerged ~~versus positive EBIT of EUR 0.8 million~~ in ~~the~~sales ~~previous quarter, is predominantly accounted for~~ by ~~restructuring costs of EUR 4~~industries.7 ~~million, which was mainly provided for closure of the~~Automotive ~~Bordeaux~~electronics ~~plant.~~business ~~EBIT~~deserves isspecial ~~thus negative at EUR 16~~mention.3 ~~million~~Here ~~for~~ the ~~fiscal~~decline ~~year as a whole. Losses~~ in ~~this~~both ~~segment~~new ~~were~~orders ~~thus~~and ~~more~~sales ~~than~~was ~~halved~~only ~~against the previous year’s negative EBIT of EUR 42~~marginal.8 ~~million.~~New Aorders ~~further improvement~~ in ~~earnings~~automotive ~~is expected~~electronics ~~for~~even ~~the~~rose ~~coming~~by ~~quarters~~15% ason ~~further~~a ~~operations~~sequential ~~are relocated to the Czech Republic and India and business revives~~basis.

~~Outlook~~New orders fell in all regions as well, and the severest decline was in Asia. As China in particular accounts for a growing share of world mobile phone production and many customers in the consumer electronics industry are also located in China, this region was hit especially hard by slack demand and inventory adjustments. In Germany, new orders were fairly stable. Sales declined in all major regions and at more or less the same rate in Asia, Europe, and German domestic business.

~~New~~Earnings orders have revived significantly since the summer. Since June 2003, the book-to-bill ratio has been greater than one. In October, EPCOS posted the highest monthly order figure for a year. This trend continues to this day, mainly thanks to brisk Christmas business. The extent to which this revival in demand will continue into the spring of 2004 remains to be seen. Forecasts by leading economics and market research institutes, however, herald 2004 as a year of growth.

~~General~~Despite ~~economic revival has made~~ the ~~greatest progress~~severe decline in ~~Asia~~sales, ~~and~~earnings ~~the~~before ~~United~~interest ~~States; Europe~~ and ~~Germany~~tax in(EBIT) ~~particular are lagging behind. As demand~~ in ~~semiconductors~~Q1 ~~recovers,~~2005 ~~passive~~were ~~electronic~~positive ~~components~~at ~~usually~~EUR ~~follow~~1 ~~with~~million (against a ~~delay~~positive figure of ~~several~~EUR ~~months.~~12 ~~Here~~million ~~growth~~ in ~~volume~~the ~~will~~same bequarter ~~accelerated and~~of ~~price~~the ~~erosion~~previous ~~reduced further~~year).

~~Nevertheless,~~Net ~~strict~~income ~~cost and~~for ~~cash~~Q1 ~~flow~~2005 ~~management~~was ~~will~~negative ~~continue~~at toEUR ~~command~~0.4 ~~top~~million ~~priority~~against atthe ~~EPCOS~~previous year’s inpositive ~~fiscal~~figure ~~2004~~of EUR 10 million. ~~The~~Earnings ~~COMPETE~~per ~~program~~share ~~focuses~~were onnegative ~~improvement~~at of1 ~~process~~eurocent ~~mastery~~against ~~and~~a ~~further~~positive ~~globalization~~figure of ~~value~~15 ~~added~~eurocents in Q1 2004.

~~4 / 6~~Net cash flow for the past quarter was negative at EUR 43 million against a negative figure of EUR 1 million in the previous year. With more or less breakeven earnings, the major reasons for this were higher net current assets, and capital expenditure in Q1 2005 that was higher than depreciation and mainly channeled into new products.

~~“For~~4 the first quarter of fiscal 2004, we expect an increase in sales against the previous quarter and a further improvement in earnings. For fiscal 2004 as a whole, we also anticipate an increase in sales against the previous year as well as further improvements in earnings and cash flow”, said President and CEO Gerhard Pegam.

~~About~~ EPCOS AG

TheTable EPCOS Group, a manufacturer of passive electronic components headquartered in Munich, is market leader in Europe and number two worldwide. EPCOS offers a comprehensive portfolio of about 40,000 different products. The Group operates design, manufacturing and marketing facilities in Europe, the Americas and Asia. Contents

~~Passive~~Business ~~electronic~~segments ~~components~~(comparisons ~~are~~year ~~found~~on inyear) every electrical and electronic product – from automotive and industrial electronics through information and communications to consumer electronics. They are needed to process electrical signals, protect electronic circuitry and control energy supplies.

In ~~fiscal~~the ~~2003~~Capacitors ~~(October 1~~segment, ~~2002,~~sales tofor ~~September~~the ~~30,~~first ~~2003),~~quarter ~~EPCOS~~of ~~posted~~2005 ~~sales~~fell of6% year on year from EUR 186 million to EUR 80 million.27 ~~billion~~There was a distinct decline in tantalum capacitor business. AtAll ~~September~~industries ~~30,~~served ~~2003,~~were affected. Sales of film capacitors also fell slightly on the ~~company~~ ~~employed~~whole. ~~about~~This ~~13,300~~could ~~people~~not ~~worldwide~~be offset by the positive sales trend in aluminum electrolytic capacitors for automotive and industrial electronics in particular.

~~N.B. All~~Negative ~~financial~~first-quarter ~~data~~EBIT ~~has~~of ~~been~~EUR ~~compiled~~4 million toin USCapacitors ~~GAAP~~was ~~and~~on isthe ~~not~~same ~~audited~~level ~~except~~as ~~for~~in ~~data~~the atprevious ~~September 30, 2002 and at September 30, 2003~~year.

~~5 / 6~~Sales in Ceramic Components fell 15% from EUR 88 million to EUR 75 million in the period under review. This decline particularly affected business in ceramic capacitors and varistors (voltage-dependent resistors) on a broad front. Sales of sensors and sensor systems also fell on the whole. Business remained stable only in sensors for automotive electronics. Sales of voltage arresters, which protect electronic equipment and systems against overvoltage, were on the previous year’s level. Sales of piezo actuators for diesel injection systems increased noticeably. This increase is based on high-volume customer projects extending over several years.

~~Live~~As ~~transmission~~a result of ~~conference~~falling ~~call~~volumes, first-quarter EBIT in Ceramic Components was negative at EUR 3 million against a positive figure of EUR 3 million in the previous year.

OnSlack ~~November~~demand ~~18,~~for ~~2003,~~mobile ~~the~~communications ~~Management~~and ~~Board~~entertainment ofelectronics ~~EPCOS~~products hit ~~will~~the ~~inform~~Surface ~~analysts~~Acoustic ~~and~~Wave ~~investors~~Components of(SAW) ~~business~~segment ~~performance~~hardest in ~~fiscal 2003~~Q1 at2005. aSales ~~conference~~fell ~~call~~18% ~~starting~~from atEUR 4116 ~~p.m.,~~million ~~Central~~to ~~European~~EUR ~~Time,~~96 ~~10 a~~million.m. USSAW ~~Eastern~~filters ~~Standard~~were ~~Time~~mainly affected. ~~This~~The ~~conference~~decline ~~can~~in besales ~~followed~~in ~~live~~this atsector ~~the~~could ~~EPCOS~~not ~~corporate~~be ~~website~~offset ~~(www.epcos.com/conferencecall).~~by Agrowth ~~transcript of the speeches will be~~in ~~available~~radio-frequency modules for ~~downloading~~mobile ~~from~~phones. 5Sales ~~p.m.,~~of ~~Central~~SAW ~~European~~products ~~Time,~~for 11automotive ~~a.m.~~electronics USapplications ~~Eastern~~were ~~Standard~~fairly ~~time~~stable.

~~Further~~Despite ~~dates~~the severe decline in sales, SAW Components posted positive EBIT of EUR 10 million in the past quarter against a positive figure of EUR 16 million for the same period of the previous year.

~~Results for~~In the ~~first~~Ferrites and Inductors segment, first-quarter sales of ~~fiscal~~EUR ~~2004~~38 ~~will~~million bewere ~~published~~down 8% on ~~February~~the 5,previous ~~2004~~year’s figure of EUR 41 million. ~~The~~More ~~Annual~~or ~~General~~less ~~Meeting~~all ~~will~~product begroups ~~held~~and onindustries ~~February~~served 11were affected by this decline. A positive exception was business in EMC filters, ~~2004~~which ensure electromagnetic compatibility, atespecially in industrial electronics and the ~~International~~base ~~Congress~~stations ~~Center~~of inmobile ~~Munich~~radio networks. Sales of these products rose during the past quarter.

~~This document may contain forward~~First-~~looking~~quarter ~~statements~~EBIT with respect to EPCOS’ financial condition, results of operations, business, strategy and plans. In particular, statements using the words “expects”, “anticipates” and similar expressions, and statements with regard to management goals and objectives, expected or targeted revenue and expense data, or trends in ~~results~~Ferrites ~~of operations or margins are forward-looking in nature. Such statements are based on a number of assumptions that could ultimately prove inaccurate,~~ and ~~are~~Inductors ~~subject~~was tonegative aat ~~number~~EUR of2 ~~risk factors~~million, including changes in our customers’ industries, slower growth in significant markets, changes in our relationships with our principal shareholders, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, currency fluctuations, unforeseen environmental obligations, and general economic and business conditions. EPCOS does not assume any obligation to update publicly any forward-looking statement, whether as ~~a result of new information, future events or otherwise. Further information on factors which could affect the Company’s financial results is provided~~ in ~~documents filed with~~ the ~~Bundesanstalt~~previous ~~für Finanzdienstleistungsaufsicht and the US Securities and Exchange Commission~~year.

~~6 / 6~~Outlook

~~Key~~In ~~figures~~Q1 ~~4th~~2005, ~~Quarter~~inventory adjustments took longer and 12demand ~~Months~~in ~~ended~~general ~~September~~was 30weaker than originally anticipated. At the same time, ~~2003~~demand still does not appear to be picking up significantly.

	unaudited
Orders received	Q4	+/-	Q4	12 Months ended	+/-	12 Months ended
euro million	2003	%	2002	2003	%	2002
Capacitors	77	6	73	330	5	314
Ceramic Components	80	1	80	347	6	328
SAW Components	130	18	110	409	-6	434
Ferrites and Inductors	41	29	32	164	17	140
EPCOS Group	328	12	294	1250	3	1216
Net sales	Q4	+/-	Q4	12 Months ended	+/-	12 Months ended
euro million	2003	%	2002	2003	%	2002
Capacitors	83	-8	91	350	-2	356
Ceramic Components	91	3	88	356	5	338
SAW Components	103	-8	111	404	-14	471
Ferrites and Inductors	40	12	36	162	10	147
EPCOS Group	317	-3	326	1272	-3	1312
EBIT	Q4	+/-	Q4	12 Months ended	+/-	12 Months ended
euro million	2003	%	2002	2003	%	2002
Capacitors	-7.4		-10.7	-10.8		-14.8
Ceramic Components	4.2		-12.8	15.9		-9.8
SAW Components	-0.6		-18.7	16.7		-4.7
Ferrites and Inductors	-7.2		-22.0	-16.3		-42.8
EPCOS Group	-11.0		-64.2	5.5		-72.1
EBIT, % of sales	Q4		Q4	12 Months ended		12 Months ended
	2003		2002	2003		2002
Capacitors	-8.9		-11.8	-3.1		-4.2
Ceramic Components	4.6		-14.5	4.5		-2.9
SAW Components	-0.6		-16.8	4.1		-1.0
Ferrites and Inductors	-17.9		-61.1	-10.1		-29.2
EPCOS Group	-3.5		-19.7	0.4		-5.5
Capex	Q4	+/-	Q4	12 Months ended	+/-	12 Months ended
euro million	2003	%	2002	2003	%	2002
Capacitors	5	-40	9	19	-49	37
Ceramic Components	9	83	5	26	8	24
SAW Components	15	71	9	37	-8	40
Ferrites and Inductors	4	-58	9	12	-43	21
Consolidation	1		7	4		9
EPCOS Group	34	-10	38	98	-25	131
Net income	Q4	+/-	Q4	12 Months ended	+/-	12 Months ended
euro million	2003	%	2002	2003	%	2002
EPCOS Group	-4.8		-34.5	6.7		-38.5

Only a slight sequential increase in sales at best is therefore anticipated for Q2 2005.

~~(Annex~~EPCOS toexpects that ~~press~~sales ~~release~~and ~~November~~earnings ~~18,~~for ~~2003)~~fiscal 2005 as a whole will be lower than the previous year’s figures.

~~Balance~~5 ~~Sheet~~

~~euro~~EPCOS inAG ~~thousands~~

	Sep 30, 2003	Sep 30, 2002
Assets
Cash and cash equivalents	195,797	31,707
Accounts receivable, net	185,292	194,283
Inventories, net	205,123	208,261
Prepaid expenses and other current assets	38,884	53,485
Deferred income taxes	7,523	9,719
Total current assets	632,619	497,455
Property, plant and equipment, net	649,527	737,132
Intangible assets, net	39,940	35,202
Deferred income taxes	83,022	56,407
Other assets	23,922	17,395
Non-current assets	796,411	846,136
Total assets	1,429,030	1,343,591
Liabilities and Shareholders’ Equity
Accounts payable	132,887	135,952
Accrued expenses and other current liabilities	146,846	181,532
Short-term borrowings	96,728	126,364
Current portion of long-term debt	15,624	17,332
Deferred income taxes	12,236	9,336
Total current liabilities	404,321	470,516
Long-term debt, excluding current installments	215,003	65,507
Pension liabilities	118,437	107,350
Deferred income taxes	14,263	12,045
Other liabilities	37,635	44,021
Minority interest	695	1,974
Total liabilities	790,354	701,413
Shareholders’ Equity	638,676	642,178
Total liabilities and shareholders’ Equity	1,429,030	1,343,591

~~(Annex~~“We are working hard to ~~press~~keep ~~release~~cutting ~~November~~costs 18and assume that our new products launched will provide a major impact to improve the situation in the second half of the year”, ~~2003)~~said EPCOS President and CEO Gerhard Pegam as Q1 results were announced.

~~EPCOS~~----- ~~Statement of income, 4th Quarter and 12 Months ended September 30, 2003~~

~~euro~~N.B. inAll ~~thousands,~~financial ~~except~~data ~~share~~has been compiled to US GAAP and ~~per~~is ~~share~~not audited except for data at September 30, 2004.

	unaudited
	4th Quarter				12 Months ended
	Sep 30, 2003		Sep 30, 2002		Sep 30, 2003		Sep 30, 2002
Total net sales	316,924		326,333		1,271,608		1,311,748
% Change vs. Previous year	-2.9	%	-9.7	%	-3.1	%	-31.2	%
Cost of goods sold	276,647		329,416		1,059,249		1,148,289
Gross profit	40,277		-3,083		212,359		163,459
% of sales	12.7	%	-0.9	%	16.7	%	12.5	%
Research and development expenses	16,164		22,902		69,423		94,028
Marketing and selling expenses	29,190		33,811		120,894		134,240
General and administrative expenses	2,790		2,794		14,029		12,698
Operating income	-7,867		-62,590		8,013		-77,507
Interest income (-expense), net	-2,170		-2,083		-8,835		-6,481
Other income, net	-3,086		-1,626		-2,470		5,450
Income before income taxes and minority interest	-13,123		-66,299		-3,292		-78,538
Provision for income taxes	8,380		32,068		10,194		40,054
Minority interest	-22		-282		-158		-16
Net income	-4,765		-34,513		6,744		-38,500
% of sales	-1.5	%	-10.6	%	0.5	%	-2.9	%
% Change vs. Previous year	—				—
Net income per share basic	-0.07		-0.53		0.10		-0.59
Weighted average number of shares basic	65,275,000		65,278,370		65,275,000		65,288,838
Reconciliation of Net income to EBITNet income	-4,765		-34,513		6,744		-38,500
Minority interest	-22		-282		-158		-16
Provision for income taxes	8,380		32,068		10,194		40,054
Income before income taxes and minority interest	-13,123		-66,299		-3,292		-78,538
Interest income (-expense), net	-2,170		-2,083		-8,835		-6,481
EBIT	-10,953		-64,216		5,543		-72,057
Restructuring charges, net	15,100		27,440		13,848		27,032
EBIT before restructuring charges, net	4,147		-36,776		19,391		-45,025

Further dates

~~(Annex~~The toAnnual ~~press~~General ~~release~~Meeting ~~November~~will 18be held on February 16, ~~2003)~~2005, at the International Congress Center in Munich. Results for the second quarter of fiscal 2005 will be published on May 4, 2005.

~~Net~~This ~~Cash~~document ~~Flow~~may contain forward-looking statements with respect to EPCOS’ financial condition, 12results ~~Months~~of ~~ended~~operations, ~~September~~business, 30strategy and plans. In particular, ~~2003~~statements using the words “expects”, “anticipates” and similar expressions, and statements with regard to management goals and objectives, expected or targeted revenue and expense data, or trends in results of operations or margins are forward-looking in nature. Such statements are based on a number of assumptions that could ultimately prove inaccurate, and are subject to a number of risk factors, including changes in our customers’ industries, slower growth in significant markets, changes in our relationships with our principal shareholders, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, currency fluctuations, unforeseen environmental obligations, and general economic and business conditions. EPCOS does not assume any obligation to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise. Further information on factors which could affect the Company’s financial results is provided in documents filed with the Bundesanstalt für Finanzdienstleistungsaufsicht and the US Securities and Exchange Commission.

~~euro~~6 ~~in thousands~~

	12 Months ended
	Sep 30, 2003	Sep 30, 2002
Net income	6,744	-38,500
Depreciation and amortization	157,270	171,570
Other adjustments	-17,114	-43,106
Change in net current assets	-11,148	-5,715
Net cash provided by operating activities	135,752	84,251
Net capital expenditures	-80,435	-126,747
Acquisitions	-10,580	-2,940
Net cash used in investing activities	-91,015	-129,687
Net cash flow	44,737	-45,436

EPCOS AG

(AnnexTable toof press release November 18, 2003) Contents

~~SIGNATURES~~ CONSOLIDATED FINANCIAL STATEMENTS

~~Pursuant~~ CONSOLIDATED toSTATEMENTS ~~the~~OF ~~requirements of the Securities Exchange Act of 1934~~INCOME, ~~the~~UNAUDITED ~~registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.~~

	EPCOS AG
Dated: November 18, 2003	By:	/s/ Peter Knoll
		Name: Mr. Peter Knoll Title: General Counsel EPCOS AG

for the 3 months ended December 31, 2004 and 2003

(EUR thousand, except per share data)


	Q1
Net sales	2004		2003
Third parties	242,670		274,598
Related parties	45,988		56,220

Total net sales	288,658		330,818
Cost of goods sold	(238,911	)	(263,189	)

Gross profit	49,747		67,629

Research and development expenses	(15,119	)	(17,858	)
Marketing and selling expenses	(27,678	)	(29,899	)
General and administrative expenses	(2,889	)	(3,847	)

	(45,686	)	(51,604	)

Operating income	4,061		16,025
Interest income	438		904
Interest expense	(2,404	)	(2,552	)
Foreign exchange losses, net	(2,589	)	(4,287	)
Other (loss) income, net	(122	)	614
Share of net income of unconsolidated affiliates	68		—

Income before income taxes and minority interest	(548	)	10,704
Provision for income taxes	141		(936	)
Minority interest	(41	)	(60	)

Net (Loss) income	(448	)	9,708

Basic earnings per share	(0.01	)	0.15
Diluted earnings per share	(0.01	)	0.14

Reconciliation of Net (Loss) income to EBIT
Net (Loss) income	(448	)	9,708
Minority interest	41		60
Provision for income taxes	(141	)	936
(Loss) Income before income taxes and minority interest	(548	)	10,704
Interest expense, net	1,966		1,648

EBIT	1,418		12,352

See accompanying notes to unaudited consolidated interim financial statements.

EPCOS AG

CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS

As of December 31, 2004 and September 30, 2004

(EUR thousand, except share data)


	December 31, 2004		September 30, 2004
	(unaudited)
ASSETS
Current assets
Cash and cash equivalents	186,053		238,386
Accounts receivable, net	170,817		212,078
Inventories, net	254,932		240,996
Prepaid expenses and other current assets	62,137		47,540
Deferred income taxes	6,440		9,366

Total current assets	680,379		748,366

Property, plant and equipment, net	603,455		604,406
Intangible assets, net	32,449		34,195
Deferred income taxes	77,139		72,561
Other assets	27,345		26,684

Total assets	1,420,767		1,486,212

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable	124,051		159,941
Accrued expenses and other current liabilities	127,119		140,834
Short-term borrowings	96,781		103,001
Current portion of long-term debt	21,523		24,778
Deferred income taxes	7,460		5,847

Total current liabilities	376,934		434,401

Long-term debt, excluding current installments	192,505		192,745
Pension liabilities	128,579		126,567
Deferred income taxes	11,076		12,908
Other liabilities	38,964		39,322
Minority interest	482		705

Total liabilities	748,540		806,648

Shareholders’ equity
Share capital, – 96,280,000 shares authorized, 65,300,000 shares issued and outstanding at December 31, 2004 and at September 30, 2004	65,300		65,300
Additional paid-in capital	254,833		254,833
Retained earnings	406,062		406,510
Accumulated other comprehensive loss	(53,968	)	(47,079	)
Total shareholders’ equity	672,227		679,564

Total liabilities and shareholders’ equity	1,420,767		1,486,212

See accompanying notes to unaudited consolidated interim financial statements.

EPCOS AG

CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’

EQUITY AND COMPREHENSIVE INCOME/(LOSS), UNAUDITED

For the 3 months ended December 31, 2004

(EUR thousand)


	Share capital	Additional paid-in Capital	Retained earnings		Accumulated other comprehensive Income / (loss)		Treasury shares	Total shareholders’ equity
Balances as of September 30, 2004	65,300	254,833	406,510		(47,079	)	—	679,564

Comprehensive Loss:
Net Loss	—	—	(448	)	—		—	(448	)
Currency translation adjustment	—	—	—		(6,572	)	—	(6,572	)
Cash flow hedges (net of tax of 349)	—	—	—		(1,047	)	—	(1,047	)
Reclassification of losses to net income (net of tax of 105)	—	—	—		314		—	314
Unrealized gains on securities (net of tax of 77)	—	—	—		416		—	416

Total comprehensive Loss								(7,337	)

Balances as of December 31, 2004	65,300	254,833	406,062		(53,968	)	—	672,227

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’

EQUITY AND COMPREHENSIVE INCOME/(LOSS), UNAUDITED

For the 3 months ended December 31, 2003

(EUR thousand)


	Share Capital	Additional paid-in capital	Retained earnings		Accumulated other comprehensive Income / (loss)		Treasury shares		Total shareholders’ Equity
Balances as of September 30, 2003	65,300	255,225	357,282		(38,253	)	(878	)	638,676

Comprehensive Income:
Net Income	—	—	9,708		—		—		9,708
Currency translation adjustment	—	—	—		(6,878	)	—		(6,878	)
Cash flow hedges (net of tax of 422)	—	—	—		(816	)	—		(816	)
Reclassification of gains to net income (net of tax of 43)	—	—	—		(84	)	—		(84	)
Unrealized gains on securities	—	—	—		62		—		62

Total comprehensive Income									1,992
Sale of treasury shares	—	—	(392	)	—		878		486

Balances as of December 31, 2003	65,300	255,225	366,598		(45,969	)	—		641,154

See accompanying notes to unaudited consolidated interim financial statements.

EPCOS AG

CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENTS OF CASH FLOW, UNAUDITED

For the 3 months ended December 31, 2004 and 2003

(EUR thousand)


	Q1
	2004		2003
Cash flows from operating activities
Net (loss)/income	(448	)	9,708
Adjustment to reconcile net loss/income to net cash provided by operating activities
Depreciation and amortization	37,036		37,818
Provision for doubtful accounts	(541	)	151
Loss (Gain) on sale of property, plant and equipment	285		(94	)
Deferred income tax	(2,270	)	(3,099	)
Share of net income of unconsolidated affiliates	(68	)	—
Minority interest	41		60
Changes in assets and liabilities, excluding effects of acquisitions
Increase in inventories	(17,488	)	(12,881	)
Decrease/(Increase) in accounts receivable	39,078		(2,338	)
Increase in prepaid expenses and other current assets	(15,194	)	(306	)
Decrease in accounts payable	(32,028	)	(15,373	)
(Decrease)/Increase in other liabilities	(240	)	1,022
Decrease in accrued expenses and other current liabilities	(14,149	)	(5,896	)
Increase in pension liabilities	2,309		1,834
Increase in other assets	1.746		899

Net cash provided by operating activities	(1,931	)	11,505

Cash flows from investing activities
Capital expenditures	(39,594	)	(13,280	)
Proceeds from sale of equipment	359		417
Investment securities	—		(25,000	)
Investments in associated and unconsolidated companies	(2,121	)	—

Net cash used in investing activities	(41,356	)	(37,863	)

Cash flows from financing activities
(Net decrease)/increase in short-term borrowings	(2,671	)	5,271
Proceeds from borrowing of long-term debt	1,909		731
Principal payments under capital leasing obligations	(6	)	(130	)
Principal payments on long-term debt	(5,245	)	(1,940	)
Sale of treasury shares	—		486

Net cash provided by (used in) financing activities	(6,013	)	4,418

Effect of exchange rate changes on cash	(3,033	)	(2,442	)
Decrease in cash and cash equivalents	(52,333	)	(24,382	)
Cash and cash equivalents at beginning of fiscal year	238,386		195,797

Cash and cash equivalents at end of period	186,053		171,415

See accompanying notes to unaudited consolidated interim financial statements.

EPCOS AG

CONSOLIDATED FINANCIAL STATEMENTS

Notes to unaudited interim consolidated financial statements

1. Basis of Presentation

The unaudited interim consolidated financial statements as of and for the three-month periods ended December 31, 2004, and 2003 reflect all adjustments consisting of normal recurring items, which are, in the opinion of management, necessary for a fair statement of the results of the interim periods presented. All significant intercompany balances and transactions as well as all significant intra group profits or losses arising on such transactions have been eliminated in the consolidated financial statements.

The results of operations for any interim period are not necessarily indicative of results for the full year. Such financial statements should be read in conjunction with the audited consolidated financial statements for the year ended September 30, 2004 included in the Company’s Annual Report for 2004.

Recent accounting pronouncements

In December 2004, the Financial Accounting Standards Board (FASB) issued SFAS 123 (revised 2004), Share-Based Payment (SFAS 123R), which replaces SFAS 123, Accounting for Stock-Based Compensation, and supersedes Accounting Principals Board Opinion (APB) 25, Accounting for Stock Issued to Employees, and related Interpretations. SFAS 123R requires companies to recognize the cost resulting from all share-based payment transactions in the financial statements. With certain limited exceptions, the new standard establishes a grant-date fair-value-based measurement method in accounting for share-based payment transactions. Liability-classified awards are to be remeasured to fair value at each reporting date until the award is settled. Equity-classified awards are measured at grant-date fair value whereas related compensation cost is recognized based on the estimated number of instruments for which the requisite service is expected to be rendered. SFAS 123R is effective as of the beginning of the first interim reporting period that begins after June 15, 2005. For its equity-classified awards, the Company intends to apply the modified prospective transition method. Under this method, unvested equity-classified awards granted prior to the effective date of the new statement are accounted for under SFAS 123R and related costs are recognized in the income statement. EPCOS is currently determining the impact of the adoption of SFAS 123R on the Company’s consolidated financial statements.

EPCOS AG

CONSOLIDATED FINANCIAL STATEMENTS

Options granted to employees

Pursuant to SFAS No. 123, the Company has elected to apply Accounting Principles Board Opinion No. 25, Accounting for Stock Issued to Employees, and related Interpretations in accounting for its stock-based compensation plans. The following table illustrates recorded compensation expense and the effect on net loss/income and loss/earnings per share if the Company had adopted the fair value based accounting method prescribed by SFAS No. 123:

NET (LOSS) INCOME AND (LOSS) EARNINGS PER SHARE

For the 3 months ended December 31, 2004 and 2003

(EUR thousand, except share data)


	Q1
	2004		2003
Net (loss) income
As reported	(448	)	9,708
Stock-based employee compensation expense determined under fair value based accounting method, net of taxes	(930	)	(1,743	)
Pro forma	(1,378	)	7,965

Basic (loss) earnings per share
As reported	(0.01	)	0.15
Pro forma	(0.02	)	0.12

Diluted (loss) earnings per share
As reported	(0.01	)	0.14
Pro forma	(0.02	)	0.12

2. Stock-based Compensation

The fair value of the Company’s stock options of fiscal 2005 and 2004 used to compute pro forma net (loss) income disclosures was estimated on the date of grant using the Black-Scholes option pricing model based on the following weighted-average assumptions for fiscal 2005 and 2004:

AVERAGE VALUES OF STOCK OPTIONS

For the 3 months ended December 31, 2004 and 2003


	Q1
	2004		2003
Risk-free interest rate	3.16	%	4.13	%
Expected life of options (in years)	5		5
Expected volatility	43.4	%	41	%
Expected dividend yield (in percentage)	1.82	%	1.24	%

EPCOS AG

CONSOLIDATED FINANCIAL STATEMENTS

The following table summarizes stock option activity:

STOCK OPTION ACTIVITY


	Number of options	Weighted average exercise price per share (in EUR)
Balance as of September 30, 2004	2,182,250	45.43

Granted	340,000	13.74
Exercised	—	—
Forfeited	6,000	18.50

Balance as of December 31, 2004	2,516,250	41.21

3. Inventories, net

INVENTORIES, NET

(EUR thousand)


	December 31, 2004	September 30, 2004
Raw materials and supplies	68,892	62,496
Work in process	70,453	72,224
Finished products	115,587	106,276

Total inventories, net	254,932	240,996

Total inventories as of December 31, 2004 and September 30, 2004, are net of valuation allowances of EUR 26.912 million and EUR 28.038 million, respectively.

4. Goodwill and Intangible Assets

No Goodwill impairment was recorded in the three months ended December 31, 2004 and 2003, respectively.

The carrying amount of goodwill as of December 31, 2004, is as follows:

GOODWILL

Balance as of December 31, 2004

(EUR thousand)


Capacitors	Ceramic Components	SAW Components	Ferrites and inductors	Consolidated Total
1,844	4,077	264	13,841	20,026

EPCOS AG

CONSOLIDATED FINANCIAL STATEMENTS

Included in the Consolidated Balance Sheets as of December 31, 2004 and September 30, 2004 are the following categories of acquired intangible assets:

INTANGIBLE ASSETS (FINITE LIVES)

(EUR thousand)


	December 31, 2004		September 30, 2004
	Gross	Net	Gross	Net
Patents, licenses and similar rights	39,570	9,967	39,596	11,550
Customer lists	3,200	1,946	3,200	2,026
Other	988	510	960	531

Total intangible assets (finite lives)	43,758	12,423	43,756	14,107

Amortization related to intangible assets (finite lives) amounted to EUR 1.762 million for the three-month period ended December 31, 2004 (EUR 1.639 million for the three-month period ended December 31, 2003). In accordance with SFAS No. 142, the Company reassessed the useful lives of all other intangible assets in the first three months of fiscal year 2005. There were no changes to such lives and there are no expected residual values associated with these intangible assets. Patents are amortized over the term of the patents, or as for the customer lists, over ten years. Licenses are amortized over the term of the licensing agreement.

The development of the intangible assets (finite lives) of the estimated fiscal year amortization expense is as follows:

ESTIMATED AMORTIZATION EXPENSE

Fiscal years

(EUR thousand)


2005		6,174
2006		2,778
2007		2,257
2008		1,104
2009		831

5. Product warranties

The current and noncurrent accruals for product warranties developed as follows:

PRODUCT WARRANTIES

(EUR thousand)


Balance as of September 30, 2004:	7,946
Increase in accruals related to warranties issued during reporting (+)	445
Increase in accruals related to preexisting warranties (+)	—
Utilization of accruals/reduction in liabilities (-)	(1,084	)
Non-utilization of accruals/liabilities (-)	(1,744	)
Foreign exchange translation adjustment	(2	)

Accrual as of December 31, 2004	5,561

EPCOS AG

CONSOLIDATED FINANCIAL STATEMENTS

6. Earnings per Share

Basic earnings (loss) per share are computed by dividing net loss/income by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share reflect the potential dilution that would occur if the potentially dilutive common shares, such as on the exercise of options, had been issued.

The following table sets forth the computation of basic and diluted earnings (loss) per share for the three-month periods ended December 31, 2004 and 2003:

EARNINGS (LOSS) PER SHARE

For the 3 months ended December 31, 2004 and 2003

(EUR thousand, except share data)


	Q1
	2004		2003
Net loss/income -basic	(448	)	9,708
Interest expense on convertible bonds (net of tax)	—		533
Net loss/income -diluted	(448	)	10,241
Denominator for basic earnings per share – weighted average shares	65,300,000		65,284,511
Effect of dilutive shares – stock options	—		104,936
Effect of dilutive shares – convertible bonds	—		6,500,000
Denominator for diluted earnings per share – weighted average shares adjusted for dilutive shares	65,300,000		71,889,447
Basic earnings per common share, EUR	(0.01	)	0.15
Diluted earnings per common share, EUR	(0.01	)	0.14

On December 31, 2004 6,500,000 shares relating to convertible bonds outstanding were not considered, because the inclusion would be antidilutive.

7. Pension plan

The following table presents the components of net pension cost for the first three months ended December 31, 2004 and 2003:

PENSION COST, NET

For the 3 months ended December 31, 2004 and 2003

(EUR thousand)


	Q1
	2004		2003
Service cost	1,277		1,319
Interest cost	2,139		2,094
Expected return on plan assets	(289	)	(284	)
Amortization of unrecognized actuarial gains or losses	85		66
Unrecognized prior service cost	13		14
Periodic pension cost, net	3,225		3,209

EPCOS AG

CONSOLIDATED FINANCIAL STATEMENTS

8. Business Segments

FINANCIAL INFORMATION ON THE BUSINESS SEGMENTS

(UNAUDITED)

(EUR million)


	Capacitors		Ceramic Components		SAW Components	Ferrites and Inductors		Eliminations	Consolidated total
3 months ended December 31, 2004
Orders received	84.5		87.2		73.3	41.7			286.7
Net sales	80.4		75.1		95.7	37.5			288.7
EBIT	(3.8	)	(3.0	)	10.4	(2.2	)		1.4
Interest result, net									(1.9	)
Loss before income taxes and minority interest									(0.5	)
Provision for income taxes									0.1
Minority interest									—
Net loss									(0.4	)

Depreciation and amortization	7.9		8.4		16.6	3.4		0.7	37.0
Capital expenditures	13.5		16.8		7.8	1.2		0.3	39.6

3 months ended December 31, 2003
Orders received	92.7		107.2		118.0	49.8			367.7
Net sales	85.5		88.3		116.2	40.8			330.8
EBIT	(4.0	)	2.8		16.0	(2.4	)		12.4
Interest result, net									(1.7	)
Income before income taxes and minority interest									10.7
Provision for income taxes									(0.9	)
Minority interest									(0.1	)
Net income									9.7

Depreciation and amortization	7.6		8.0		18.0	3.6		0.6	37.8
Capital expenditures	1.8		5.3		4.4	1.0		0.8	13.3

EPCOS AG

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	EPCOS AG

Dated: February 3, 2005	By:	/s/ Peter Knoll
	Name:	Mr. Peter Knoll
	Title:	General Counsel EPCOS AG

Filing Compare · EPCOS AG