JoWooD Productions Software AG

euro adhoc: JoWooD Productions Software AG
Quarterly or Semiannual Financial Statements
Result first half year 2003: (E)

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JoWooD reports a positive quarterly result for third time in a row. Group result of EUR 145 thousand for second quarter 2003 significantly above plan. Balance sheet total reduced; Equity ratio rise to 39%

JoWooD Productions Software AG, a company registered at the Vienna stock exchange, reported a positive quarterly result for the third time in a row. The group result after minorities reached EUR 110,000 in the second quarter which is known to be the industry’s second weakest quarter. The group result for the first half year amounted to EUR 145,000.

The result is even more encouraging taking into account, that the half year result includes one-time restructuring charges of EUR 2,153,000. These charges were caused by a short-term liquidity shortage due to an extraordinary repayment of EUR 4.3 million in the first quarter of 2003. The restructuring expenses are primarily associated with the termination of the distribution activities of the company’s German subsidiary Leisuresoft as well as with preparations for the divestiture of the Dynamic Systems Group.

Sales in the second quarter amounted to EUR 3,829,000, significantly lower than in the previous year (EUR 14,743,000). This is however, in line with the new business model. Last year’s sales figures included revenues from trading goods from third party suppliers and from distribution of JoWooD’s own products.

In comparison to the first quarter of 2003, the balance sheet total of JoWooD Group was reduced by a further EUR 7.7 million. Shareholders’ equity before minorities of JoWooD Group rose to 39% of the balance sheet total. Within the reporting period, JoWooD produced a positive cash flow from operating activities amounting to EUR 2,594,000 and has 125 employees as of the end of the period.

In the first half of 2003 four of a total of fourteen products scheduled for this year were released. Along with strong sales figures of several titles, the potential of JoWooD’s portfolio is further affirmed by several awards.

At the beginning of the third quarter, a capital increase was realized with great success. The objective of the capital increase to raise funds for an extraordinary repayment of liabilities of EUR 3.5 million and a subsequent waiver of bank liabilities of EUR 6.5 million was over-achieved. In addition a sustainable improvement of the equity ratio by EUR 12.7 million was also achieved. The payables from trade will be reduced by EUR 10.0 million, after this conversion of debts.

Minimum-guarantee contracts covering all of the main sales territories will ensure that the sales plan for 2003 will be met. The strong release pipeline and the very positive market echo to the upcoming titles encourage JoWooD to reaffirm its positive forecast for the business year 2003.

end of announcement            euro adhoc 21.08.2003
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Further inquiry note: JoWooD Productions Software AG Dr. Michael Pistauer, Vorstand. Karin Kraberger, Investor Relations Tel.: +43 (0)3614 2966 1015 mailo:investor@jowood.com http://www.jowood.com

Branche: Software
ISIN:      AT0000747357
WKN:        074735
Index:    ATX Prime, ViDX, WBI
Börsen:  Wiener Börse AG / official dealing
              Berliner Wertpapierbörse / free trade
              Bayerische Börse / free trade
              Baden-Württembergische Wertpapierbörse / free trade
              Frankfurter Wertpapierbörse / free trade



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