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Abonner JoWooD Productions Software AG

JoWooD Productions Software AG

euro adhoc: JoWooD Productions Software AG
Quarterly or Semiannual Financial Statements
Result 3rd Quarter 2004 - JoWooD reports positive operating result for Q3 - EBIT influenced by conservative depreciation of titles - Group result negative because

Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
JoWooD Productions Software AG a publicly listed company at the
Vienna Stock Exchange reported a sta-ble result for Q3 2004 despite
significant write offs due to a conservative balance sheet policy.
EBIT for the 9 months period ending September 30 amounted to EUR
1,190,899. The group result after minorities reflects an
extraordinary write off of deferred taxes due to a reduction of the
Austrian federal income tax rate from 34% to 25%. The reported taxes
are almost completely non-cash.
Sales revenue of the first 9 months of 2004 amounted to EUR 12.4m.
Cumulated revenue for Q3 2003 still included a contribution from
(discontinued) distribution activities of EUR 6.9m. The sales revenue
of the pre-sent reporting period is 20% above the publishing revenue
(adjusted for distribution activities) of last year’s reference
period.
Depreciation of capitalized development costs in connection with
releases of game titles in Q3 caused a slight decrease in the gross
margin from 57% (2003) to 53%. As a consequence CoGs rose to EUR
5.8m. Assets are depreciated quarterly. Titles released near the end
of a quarter are therefore depreciated for 3 months although the
related revenues may correspond to only one month or less of sales.
As compared to general industry practice JoWooD pursues a
conservative policy of capitalization and depreciation.
JoWooD continues to profit from a low cost structure. A small
increase of 6% in administration, distribution and other expenses
from EUR 6.1m in the previous year to EUR 6.5m was caused by an
intensification of in-ternational sales and marketing activities in
particular for upcoming PC and console titles as well as by a
one-time write off provision of accounts receivable from trade.
The increased financial result is caused by 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 re-structuring plan and by a valuation
adjustment of own shares coming in during the second quarter
amounting to EUR 257,000. Contrary to other assets, purchases of own
shares are booked as an expense (allocation to reserves) and sales or
write offs thereof are booked as liquidations of reserves. Thus, the
receipt of own shares produced an expense of EUR 192,000.
The negative taxes on income are a consequence of the positive
ordinary result and an adjustment of de-ferred taxes due to a change
in Austrian federal income tax. The income tax charges are non-cash
because of existing deficits carried forward.
As of September 30, 2004 JoWooD employed 140 full-time employees and
49 free lancers.
The first 3 quarters were characterized by high investments into
titles due for release in the second half of 2004 and in particular
for the highly attractive product catalogue of 2005 which includes
titles such as Gothic III, SpellForce II, The Guild II, Hotel Giant
II or Stargate. The strategic objective for 2005 is a substantial
in-crease in sales revenue.
Shipment of console and multiplatform titles has commenced in Q3 and
will culminate with the release of „Ski Racing 2005 featuring Hermann
Maier“ in Q4. JoWooD has successfully positioned itself as a
multiplatform publisher. The market for console games is
significantly larger than the market for PC titles.
For the fiscal year 2004 JoWooD expects a sales revenue of EUR 23m to
25m. EBIT and group result will be impacted by a non-cash
extraordinary write off caused by a change in federal income tax,
relatively late re-lease dates of certain titles within the business
year, and JoWooD’s conservative depreciation policy as compared to
industry peers. JoWooD expects an EBIT margin of approx. 10% for
2004.
~
Key figures                                 
in EUR 000                  Jan - Sept 2004 Jan - Sept 2003
Sales                                12,414          17,276
Costs of goods sold                  -2,037          -2,234
Development costs                    -3,800          -5,117
Gross profit                          6,577           9,924
Result before restruct.               1,191           4,887
Result after restruct.                1,191           1,313
Ordinary result                         446             955
Income before minorities *)          -1,536             272
Group result *)                      -1,474             266
~
*) includes extraordinary adjust-ments for deferred taxes due to a
change in federal income tax
~
                              Jan - Sept 2004 Jan - Sept 2003
Non- current assets                    13,079          17,384
Current assets                         41,578          22,753
Total assets                           54,658          40,137
Shareholders' equity                   39,801          20,416
Minority interests                         24          -8,109
Long term payables                      7,452           4,053
Short term debts to banks               1,809          15,907
Other short term payable                5,572           7,870
thereof advanced payment                2,491           2,085
equity ratio                               73%             51%
Number of fixed employees                 140             117
Number of free lancers                     49              26
~
end of announcement                    euro adhoc 04.11.2004 08:03:22 

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: WBI, ATX Prime, ViDX
Börsen: Berliner Wertpapierbörse / free trade
Baden-Württembergische Wertpapierbörse / free trade
Frankfurter Wertpapierbörse / free trade
Bayerische Börse / free trade
Wiener Börse AG / official dealing

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