JoWooD Productions Software AG

euro adhoc: JoWooD Productions Software AG
Quarterly or Semiannual Financial Statements
Result third quarter 2003: Operating result before restructuring measures of EUR 4,887,340 as at the end of third quarter Group result for third quarter positive

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JoWooD Productions Software AG, a company quoted on the Vienna stock exchange, continues its positive trend. The group result after minorities is EUR 265,660 for the first three quarters. The operating result before restructuring measures was increased by approximately 340% to EUR 1,767,114 in third quarter compared to second quarter. This equates to an EBIT margin of 35% of gross revenue. The operating result before restructuring measures amounted to EUR 4,887,340, representing approximately 28% margin of gross revenue as at the end of third quarter. The overall result is encouraging considering gold master release delay of key titles SpellForce and Söldner to fourth quarter. That result is an excellent springboard for the fourth quarter.

Furthermore, the result includes restructuring expenses of EUR 1,420,847 (for third quarter), which is primarily attributed to the disposition of Dynamic Systems Hungary and Czech and Dynamic Systems Austria in third quarter. A lower restructuring expense is anticipated in the fourth quarter.

Sales for the third quarter amounted to EUR 5,002,503 well above forecast, despite product delays. An essential part of turnover was attributed to the titles Against Rome, Chaser, Gothic 2 ADD ON and Railroad Pioneer. Compared to previous year the overall turnover now includes minimal production and marketing costs as well as distribution fees as a result of the new distribution model. Therefore the turnover per title is lower, however, there is an increase in net margin.

As at the end of third quarter 10 titles of 14 scheduled for release in 2003 were delivered and/or released.

The tax expenses reported are mainly offset against accumulated losses brought forward from last year.

Equity ratio exceeds 50%

As result of the successful capital increase in July 2003, and
positive financial result to date, the equity ratio now exceeds 50%.
The short-term debt is reduced by TEUR 2,806 to TEUR 23,777.      

The increase in accounts payable is attributed to delivery of key titles towards the end of the quarter. Simultaneously, an increase of total assets is due to the increase of completed titles.

The restructuring of short-term debt into long-term debt and equity capital is not shown in the third quarter and will be finalised by end of fourth quarter.

The declared pre-payments are guarantees from distribution deals, as shown, together with the outstanding guarantee payments, in the turnover, when the gold master is delivered.

Prospects

The promising releases for the fourth quarter of 2003 and the encouraging response to these ensure JoWooD’s continued positive view for fiscal year of 2003.

For the fourth quarter, JoWooD plans to release and/or finish the Gold Master of a further four titles. Key amongst these being Spellforce: The Order of Dawn and Söldner.

Additionally, in the third quarter JoWooD successfully met the
criteria needed for the re-entry into the Austrian prime market at
the Vienna stock market and the ATX Prime Index. Therefore on October
20th, unprecedented re-entry into the prime segment of the Vienna
Stock exchange was concluded, a major achievement in the Austrian
Stock Exchange.          

end of announcement            euro adhoc 30.10.2003
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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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