JoWooD Productions Software AG

euro adhoc: JoWooD Productions Software AG
Quarterly or Semiannual Financial Statements
JoWooD reports stable result for the first quarter Fivefold year on year increase of group result Equity ratio increased to 73% (E)

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JoWooD Productions Software AG a public company listed at the Vienna Stock Exchange reported a posi-tive quarterly result for the sixth time in a row. The group result (after minorities) for the first quarter - which is typically the weakest quarter of the year - amounted to 182,000 EUR. This corresponds to an increase of more than 400 % against the previous year.

This result becomes even more impressive when taking into account that it was achieved from exploiting the strong existing catalogue since no new titles were released in Q1.

JoWooD’s primary developement goal for the business year 2004 is to position itself as a Multiplatform - Publisher. JoWooD expects from entering the console market a significant increase of its world wide market share. The first releases of console titles are scheduled for the second quarter.

Last year’s result for Q1 included sales of approx. 6.7 Mio. EUR from distribution activities. Adjusted sales from publishing activities are at 1.8 Mio. EUR which corresponds to an increase of approx. 10% as com-pared to the previous year. The positive result was made possible by the downsizing of JoWooD’s corporate cost structure and focusing on development and publishing activities.

As compared to the annual result the balance sheet total was reduced by approx. 2 Mio. to 46.3 Mio. EUR. The first part of a debt/ equity swap and the quarterly result contributed to an increase of shareholder’s eq-uity and the equity ratio by 1.4 Mio. EUR (+ 4%) to 33.6 Mio. EUR and 73%, respectively.

Short term bank liabilities currently amount to 45,000 EUR. They are down by more than 16 Mio. EUR as compared to last year’s Q1 and 1.4 Mio. EUR to the fiscal year end of 2003, respectively. Other short term li-abilities are down from 17.4 Mio. in Q1 2003 to 4.9 Mio. EUR which corresponds to a reduction of almost 2 Mio. EUR since year end.

As of March 31, 2004 JoWooD employs 177 persons, 49 of them are free-lancers mainly of quality assur-ance. As compared to year end 2003, JoWooD was able to increase its quality assurance department by 18 free-lance employees.

JoWooD’s main issues for the first quarter were the optimization of its long term strategy, the preparation of JoWooD’s entry into the console market and intensive development work for the 2004, 2005 and 2006 cata-logues.

In the first quarter no new titles were released. The second quarter will see the releases of Soldner, Trans-port Giant, Neighbors from Hell II, Gorky Zero, Spellforce ADD On, the first of a series of YETI Sports titles as well as of two other titles.

JoWooD’s current order book allows a very positive outlook for the future:

The total current order backlog amounts to 29 Mio. EUR and is still growing. Additional stimulus is expected from next weeks Electronic Entertainment Exposition (E3) in Los Angeles, the industry’s biggest trade fair.  Parts of the order backlog already related to titles scheduled for 2005.

At the annual shareholder’s meeting on April 22, the company presented its strategy for the coming years. The biggest challenges will be entering the console market and increasing the market presence in North America. The publishing of Electronic Games requires significant marketing expenditures to strengthen the awareness of a title.

JoWooD will develop the American market together with a strategic US-partner who will acquire a non-controlling stake in the company through a capital increase. A term sheet has been already signed with the transaction is scheduled to take place in the next months.

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Key Figures
in EUR 000                         Jan-Mar04        Jan-Mar 03         Jan-Mar02
Sales                                        1,771                8,444              13,952
Costs of goods sold                  -444              -2,207              -1,413
Development costs                      -175              -1,779              -8,558
Gross profit                            1,153                4,458                3,981
Result before restruct.              455                2,720                  219
Result after restruct.                455                  805                  219
Ordinary result                          286                  715                 -144
Income before minorities            182                  133                 -166
Income after minorities              182                    35                 -182

                                         Jan-Mar 04      Jan-Mar 03        Jan-Mar 02
Non- current assets                 15,058            18,208              23,103
Current assets                         31,209            26,482              49,401
Total assets                            46,266            44,690              72,504

Shareholders' equity                33,645            14,013              30,063
Minority interests                         21            -8,016              -3,381
Longterm payables                      7,967              5,188                2,099
Shortterm debts to banks                45            16,101              24,822
Other short term payable          4,588            17,405              18,901
thereof advanced payment              839                  98                  473

Number of Employees                      177                 225                  274
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end of announcement            euro adhoc 06.05.2004
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Further inquiry note: JoWooD Productions Software AG Dr. Michael Pistauer, Vorstand. Karin Kraberger, Investor Relations Manager. 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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