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Abonner JoWooD Productions Software AG

JoWooD Productions Software AG

euro adhoc: JoWooD Productions Software AG
Quarterly or Semiannual Financial Statements
Results of the first six months 2004: (E)

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
	JoWooD announces stable mid-year results
	Group results increase by 260% on a year-on-year basis 
	Equity ratio at 73%
JoWooD Productions Software AG, a public company listed at the Vienna
Stock Exchange, managed to increase its results on a year-on-year
basis as well as compared to the previous quarter. The group result
after minorities amounted to TEUR 527 during the first half of 2004,
which is traditionally considerably weaker than the second half due
to the release schedule. The group result for the first half
increased by more than 260% on a year-on-year basis. The results for
the second quarter were nearly 90% higher than the first quarter
figures.
Last year’s results for the first six months included approximately
6.9 Mio EUR in revenues from distribution activities, which are not
continued anymore. This year’s mid-year revenues, which amount to 7.3
Mio. EUR, were thus 35% higher than last year’s adjusted mid-year
revenues from publishing activities.
JoWooD considerably increased its market share during the reporting
period. A market share of 4.62% in Germany during the first six
months of 2004 represents an increase of 1.25 basis points compared
to last year. In June 2004 JoWooD even reached a market share of
6.59% in the PC games segment. Titles released during the second
quarter like "Spellforce - The Breath of Winter", "Transport Giant",
"Söldner - Secret Wars" or "YetiSports Deluxe" have been in the Top10
of the sales charts for weeks. Furthermore, for the first time JoWooD
titles performed strongly in non-German-speaking territories as well.
The slight reduction in the gross margin from 60% (mid-year 2003) to
56% (mid-year 2004) was caused by depreciations associated with the
primary release of several titles during the second quarter. This led
to an increase in cost of goods sold to 3.2 Mio. EUR.
A significant improvement in JoWooD’s cost structure laid the basis
for consistent positive results. General administration, sales and
other expenses were at approximately EUR 3.1 million. This represents
a reduction of approximately 28% compared to previous year’s
reference period. The increase in sales expenses compared to the
first quarter reflects an intensification of JoWooD’s international
marketing and sales efforts, especially for upcoming PC- and console
titles.
The increased financial result is on the one hand due to the fact
that the majority of last year’s liabilities have been set free of
interest charges during the fiscal year 2003 as a result of a banking
agreement supporting the restructuring plan. On the other hand, it is
due to a valuation adjustment of own shares coming in during the
second quarter amounting to TEUR 257.
In contrast to other assets, the inflow of own shares is accounted
for as an expense (allocation to reserves) and selling or adjusting
their value is accounted for as a reduction in the allocation
reserve. Thus, the inflow of own shares led to an expense of TEUR 192
in the results.
The positive figure disclosed tax result is the balance of a taxation
expense on the group result before tax and a tax credit for a
subsidiary. Possible influences not affecting payment which are
caused by the reduction of the corporate income tax rate are not
accounted for at the moment due to the high amount of existing
deficit carried forward.
As of June 30th 2004, JoWooD employed a staff of 136 and 47
freelancers.
The first six months were dominated by high investments for titles
due for release in the second half of 2004 and in particular for the
highly attractive and ambitious catalogue in 2005. Major development
works for 2005 titles such as Gothic III, Spellforce II, The Guild
II, Hotel Giant II and Stargate have been financed during the first
six months of 2004.
The main strategic target for the current year is the entry into the
game console market. JoWooD aims of establishing itself as the only
German-speaking multi-platform publisher. The high guaranteed order
backlog worth considerably more than 40 Mio. EUR underlines the
positive outlook.
~
Key Figures
in TEUR                     Jan - Jun 2004 Jan - Jun 2003
Sales                       7,303          12,273
Costs of goods sold         -1,030         -2,268
Development costs           -2,206         -2,614
Gross profit                4,067          7,391
Result before restructuring 1,007          3,120
Result after restructuring  1,007          967
Ordinary result             446            752
Income before minorities    461            152
Group result                527            145
Jan - Jun 2004  Jan - Jun 2003
Non- current assets                  15,001          18,051
Current assets                       32,523          18,710
Total assets                         47,524          36,762
Shareholders' equity                 34,770          14,173
Minority interests                       20          -8,108
Long-term payables                    7,711           4,113
Short-term debts to banks               612           15,981
Other short term payable              4,411           10,601
thereof advanced payment              1,176            2,020
Equity ratio                             73%              39%
Number of fixed employees               136              125
Number of free lancers                   47               21
~
end of announcement        euro adhoc 12.08.2004

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

Plus de actualités: JoWooD Productions Software AG
Plus de actualités: JoWooD Productions Software AG