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euro adhoc: JoWooD Productions Software AG / Annual & Special Corporate Meetings / Weaknesses with the past internationalization efforts of JoWooD make special depreciations and accruals necessary - Result expectations for the fourth quarter negative - Reduced turnover expectations for the year 2004 are indicated at approximately 21 millions EUR (E)

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


The JoWooD Productions Software AG, a publicly listed company at the Vienna Stock Exchange, expects sales and results for the fourth quarter to be under the previously estimated figures, despite an increase of sales compared with the preceding quarters.

Special value adjustments due to the evident internationalization deficits as well as the adjustment of the activated deferred taxes influence the result of the fourth quarter. The company plans special depreciation of tangible assets as well as provisions for sales uncertainties within the million-range on basis of the introduced measures. These as well as the adjustment to the activated deferred taxes, due to the lowering of corporate tax, starting from 2005 load the result.

Despite successful restructuring the internationalization of the enterprise has not yet reached the desired extent. A new Supervisory Board, the old having resigned in the mid of December 2004, will be elected in an Extraordinary Shareholders meeting taking place today and is expected to assist considerably with the internationalization of the concern and the elimination of known deficits swiftly.

Rapid measures are substantial in order to benefit from the outstanding 2005 game line-up. These measures were already partly initiated therefore making the special accruals and amortizations meaningful. The 2005 game portfolio brings a balanced combination of PC and console titles as well as outstanding brands ( i.e. Gothic; Spellforce; Stargate ). JoWooD successfully entered the console market with own brand products in the mid of 2004. The extraordinary shareholders meeting for the election of the new Supervisory Board will take place today at the company’s headquarter in Rottenmann.

Further information:

Dr. Michael Pistauer
E-mail: investor@jowood.com
Tel.: +43 3614 2966 1021
Fax: +43 3614 2966 1023

Further inquiry note:
JoWooD Productions Software AG
Dr. Michael Pistauer, Vorstand
Mag. Oliver Ruetz, Investor Relations
Tel.: +43 (0)3614 2966 1016

emitter: JoWooD Productions Software AG Technologiepark 4a A-8786 Rottenmann phone: 0043 3614 2966-1015 FAX: 0043 3614 2966-1064 mail: investor@jowood.com WWW: http://www.jowood.com ISIN: AT0000747357

end of announcement euro adhoc


sector: Software language: English