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)

--------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. --------------------------------------------------------------------- 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. ~ 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 ~ end of announcement euro adhoc 06.05.2004 --------------------------------------------------------------------- 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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