JoWooD Productions Software AG

euro adhoc: JoWooD Productions Software AG
Restructuring & Recapitalisations
Extraordinary general meeting of december 18th, 2002 (E)

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JoWooD Productions Software AG is announcing details on their ongoing restructuring program as well as the results for the 3rd quarter of the 2002 financial year. The announcements will be made public at today’s extraordinary general meeting. Sales for the first 3 quarters of 2002 before the restructuring efforts amount to EUR 34.8 million as announced earlier. EBIT before restructuring measures is at minus EUR 3.7 million, the net income is minus EUR 5.24 million and the net income before minorities at minus EUR 3.3 million. Taken into consideration the restructuring measures the sales of the first 3 quarters of 2002 amount to EUR 30.2 million, EBIT is at minus EUR 42.9 million, net income is minus EUR 34.7 million and net income before minorities is at minus EUR 30.4 million. The restructuring program of JoWooD is based on refocusing on the core competencies of entertainment software development and publishing. Therefore several offices will be merged. JoWooD Productions Software AG will reduce its staff down to about 50% to be able to fully concentrate on the core business of developing state of the art full price computer games. The earlier announced capital increase by issuing an additional amount of 5 million shares in the name of the holder foreseen to be effective as of January 1st 2003 is still not to be considered secured due to the ongoing negotiations with investors and banks. The implementation of the restructuring measures as well as the immediate future of the company is also still dependent on the negotiations with investors and banks involved. In conjunction with the restructuring measures JoWooD’s current CFO Andreas Wiedwald will resign from his position.

end of announcement            euro adhoc 18.12.2002

Further inquiry note: JoWooD Productions Software AG Andreas Tobler, CEO. Karin Kraberger, Investor Relations Tel.: +43 (0)3614 2966 1015

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

Weitere Meldungen: JoWooD Productions Software AG

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