JoWooD Productions Software AG

euro adhoc: JoWooD Productions Software AG
JoWooD Final Group result 2003 (E)

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Press Release ------------ Rottenmann, 25. Februar 2004

JoWooD confirms preliminary result for 2003

• Annual revenue amounts to EUR 23 million • Group result increased to over EUR 3.7 million • Restructuring successfully completed

2003’s solid group result confirms the successful completion of the turnaround of JoWooD Productions Software AG, a company quoted on the Vienna Stock Exchange. EBIT reached EUR 7 million (2002: EUR -42.8 million). The group result after minorities increased to EUR 3.7 million (2002: EUR -28.6 million).

The decrease in preliminary sales from EUR 43.5 million in 2002 to EUR 23 million in 2003 is in line with the company’s new business model. The percentage of foreign sales has risen significantly in comparison to previous years.  In 2002 the percentages of foreign sales and foreign sales excluding German speaking countries amounted to 55 percent and 27 percent, respectively.  In 2003 these percentages increased to 74 percent and 40 percent, respectively.  A further internationalization of JoWooD’s business is on the agenda for 2004. The balance sheet total of JoWooD Group was reduced to approx EUR 48 million in 2003. This corresponds to a reduction of approx. EUR 4 million compared to the previous year. The balance sheet’s active side holds a cash position exceeding EUR 10 million (2002: EUR 1 million). The equity ratio is approx. 67 percent (2002: approx. 11 percent). A second bank agreement led to a reduction of the company’s debt to approx. EUR 9 million (2002: approx. EUR 19 million) - approx. EUR 8 million thereof being long term debt. Short term liabilities were reduced from EUR 34.3 million in 2002 to EUR 7.7 million. Long term liabilities are down at EUR 8.2 million from EUR 12.3 million in the previous year. The corresponding total reduction of liabilities amounts to approx. EUR 31 million. In contrast to the preliminary result, the deconsolidation of Dynamic Systems Group, a distribution company of JoWooD, is accounted for in 2003’s final balance sheet. This transaction, which was originally scheduled to take place in 2004, consisted of a swap of minorities for equity. Equity after minority interest remains unaffected. JoWooD plans to release approx. 8 new titles in 2004. JoWooD’s strategy is to focus on titles with a high sales potential and console titles. Approximately 30 percent of 2004’s releases will be targeted at the fast expanding console market. The schedule includes another derivative of the highly successful Gothic series as well as Add-ons for the titles SpellForce, Soldner and Wildlife Park. The portfolio will also include a new sequel to the top-selling Giant series and console versions of Aquanox and Neighbours from Hell (incl.a sequel). Some further titles will be Pillage, Gorky Zero and a title based on a motion picture IP.

JoWooD boasts an impressive line-up for 2005. Among 2005’s key titles will be Soldner II, SpellForce II, The Guild II, Star Gate SG1, another Giant title and a new sequel to the Gothic series. Against the background of on-going industry globalization, JoWooD is actively considering a number of options for improving its distribution power in order to utilize tap the full market potential of its attractive title portfolio. A decision is due for the first half of 2004.

"2002 was a crisis year, 2003 was a year of restructuring, 2004 will be the year of JoWooD’s strategic repositioning. We have a great product-pipeline, a flexible cost structure and a good balance sheet structure and must now take the strategic decisions for the coming years. These decisions will be targeted at improving JoWooD’s distribution concept and will reflect the interests of all stake holders. We are presently evaluating a full array of options with no preference for a certain strategic concept", said JoWooD’s executive board members, Andreas Tobler and Michael Pistauer.

Further information: Dr. Michael Pistauer E-mail: investor@jowood.com Tel: +43 3614-2966-1021 Fax: +43 3614-2966-1023 www.jowood.com

Result of JoWooD Group 2003 *

Balance sheet as of 31.12.2003
all values in EUR 000                             31.12.2003    31.12.2002

~
Assets
Intangible assets                                                 1,584                4,537
Goodwill                                                                  687                  840
Tangible fixed assets                                              620                1,364
Financial assets                                                         1                    18
Deferred Tax Assets                                            12,365              13,558
Total non-current assets                                    15,257              20,318
Inventory merchandise                                              751                4,639
Inventory finished products                                 6,725                1,397
Inventory unfinished products                              7,209                7,082
Accounts receivable from trade                            5,836              11,952
Accounts receivable other                                    1,989                5,255
Cash on hand and in banks                                  10,298                1,444
Prepaided expenses and deferred charges                 118                  354
Total current assets                                          32,927              32,122

Total assets                                                        48,184              52,440

Shareholders'Equity and Liabilities

Share Capital                                                      25,652              10,714
Additional paid-in capital                                 35,853              28,083
Res.f.retained earnings and group result         -29,266            -24,855
Total shareholders' equity                                 32,239              13,942
Minority interests                                                      4              -8,115
Longterm debts to banks                                        7,826              10,068
Provision for termination payment                          242                  460
Deferred taxes                                                            0                    15
Long term payables others                                        128                1,764
Total longterm accounts payable                          8,196              12,307
Short-term debts to banks                                    1,472                8,927
Accounts payable from trade                                 2,006                8,228
Accruals for taxes and other accruals                 2,338              13,127
Advanced payments                                                 1,213                  118
Other liabilities and deffered income                    716                3,906
Total short term accounts payable                        7,746              34,305

Total shareholders' Equity and liablities         48,184              52,440

JoWooD Group
Profit and Loss account
all values in EUR 000                                    Jan-Dec 03      Jan-Dec 02
~
Sales                                                                    22,822            43,473
Costs of goods sold                                              -3,225          -20,268
Development costs                                                -10,013          -17,620
Gross profit                                                          9,584              5,585
Distribution expenses                                          -4,048          -14,140
Administrative expenses                                        -1,766            -6,281
Other operating income                                              814              1,079
Other operating expenses                                         -814                -774
Operating result before restructuring measures    3,770          -14,532
Restructuring result                                              3,165          -28,275
Operating result after restructuring measures      6,935          -42,806
Financial result                                                  -1,316            -1,573
Result from ordinary operations                            5,619          -44,380
Taxes on income                                                    -1,910            11,064
Net income before minorities                                 3,709          -33,316
Minority interests                                                        3              4,730
Net income after minorities                                  3,711          -28,585

JoWooD Group
Profit and Loss account
all values in EUR 000                                    Oct-Dec 03      Oct-Dec 02
~
Sales                                                                      5,546            13,296
Costs of goods sold                                                 -991                -513
Development costs                                                 -4,895          -11,246
Gross profit                                                            -341              1,537
Distribution expenses                                              -464            -3,233
Administrative expenses                                            -73            -1,828
Other operating income                                            -226                 295
Other operating expenses                                          -14                -820
Operating result before restructuring measures  -1,118            -4,049
Restructuring result                                              6,739              4,144
Operating result after restructuring measures      5,622                  95
Financial result                                                      -957                -410
Result from ordinary operations                            4,664                -315
Taxes on income                                                    -1,227              1,675
Net income before minorities                                 3,437              1,360
Minority interests                                                        9                 452
Net income after minorities                                  3,446              1,812

Employees as per 31.12.2003                                      156                 281

* final audited result before approval ~


end of announcement            euro adhoc 25.02.2004
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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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