Swing! Entertainment Media AG
Swing! Entertainment english
Annual result as of 30 June 2002 – Current business development – Outlook
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Annual result as of 30 June 2002 – Current business development – Outlook
Kaarst, 30.09.2002 – Swing! Entertainment Media AG announces its annual result
as of 30 June 2002 according to US GAAP as follows: In the period under review,
a turnover of Euro 12.10m was achieved (previous year: Euro 16.09m). Earnings
before interest and taxes (EBIT) amount to Euro
-6,016 TSD (previous year: Euro 1,350 TSD) and earnings per share to Euro -1.01
(previous year: Euro 0.25).
On the 30 June 2002 cut-off date, liquid funds amounted to Euro 42,829 and on 27
September 2002 to Euro 405,153. The company’s liquidity situation has still to
be regarded as strained.
For the first quarter of the current fiscal year, the company forecasts a
turnover of approx. Euro 2.8m with a more or less even result according to US
GAAP.
Furthermore the company plans to publish 18 new products in the current fiscal
year 2002/2003 and to achieve a total turnover of more than Euro 20m. According
to these forecasts, the company is scheduled to find back to profitability
already in the current fiscal year 2002/2003 so that the previous fiscal year
2001/2002 will be seen as an exception.
end of ad-hoc-announcement (c)DGAP 30.09.2002
Issuer’s information/explanatory remarks concerning this ad-hoc-announcement:
The main reasons for the negative result and the declined turnover in fiscal
2001/2002 were significant product postponements caused by delays and other
perfomance deficiencies of subcontractors. In individual cases, the desiderative
delivery reliability of such subcontractors resulted in the irrevocable
discontinuation of product developments. During the period under review, the
company could only publish a total of 13 products instead of the originally
planned 24 products.
The company’s result was furthermore affected by increased licence costs due to
special depreciation, by the depreciation of advance payments for developments,
and by value adjustments of accounts receivable. As of the 30 June 2002 cut-off
date, value adjustments for receivables that could turn into loss amounted to
Euro 1,541 TSD. Unscheduled depreciation of licences and advance payments for
developments amounted to a total of Euro 3,848 TSD and are largely due to a
branchwide sales slump in the Nintendo Game Boy Advance market segment as well
as the aforementioned discontinuation of individual development projects.
Finally the result was affected by an increase in administration costs induced
by additional labour costs.
As of the cut-off date, the company’s fixed assets amount to a total of Euro
10.3m. Euro 732 TSD account for property, plant and equipment and Euro 9,585 TSD
for intangible assets, whereby the share of Euro 9,546 TSD represents
investments in the programming section, which will reflect accordingly in the
company’s turnover and earnings in the future.
In the first quarter of the current fiscal year 2002/2003, so far 2 new
publications have been released and several products have been licenced to the
USA. This includes the title “Enclave” for the Microsoft Xbox format. In Europe
the company has delivered 64,500 units of this title up to now. In the USA
approx. 150,000 units have been produced on the part of the local licencee. Only
a short time after its release, this product reached top positions in the
European sales charts which are relevant for the branch. Overall, the marketing
of the product “Enclave” so far has to be considered an outstanding success.
In the current fiscal year, “Enclave” is to appear also for the plattforms PC,
Nintendo GameCube, and Sony PlayStation 2. The goal is to build an established
brand which the company can use even beyond the lifespan of an individual
product. Regarding “Enclave”, Swing! Entertainment Media AG also owns the
utilisation rights for possible by-products and recently concluded a deal on the
multiplattform development of “Enclave 2”.
Another highlight of the current fiscal year is supposed to be the Massively
Multiplayer Online Roleplaying Game (MMORPG) “Shadowbane”, which according to
the latest information will be relased in the first quarter of 2003.
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For further information, please read our annual report that you can download at
www.swing-ag.de.
Swing! Entertainment Media AG is the first German computer game publisher at the
Neuer Markt. Including development, license trade and marketing of own and
licensed computer games, the activities of Swing! AG comprise those segments of
the value-added chain in digital entertainment software with the highest
margins.
Contact:
Swing! Entertainment Media AG, Industriestr. 8, D-41564 Kaarst
Investor Relations: Public Relations:
Marion Morell Rainer Galuschka
Tel: +49 (0)2131 4066-253 Tel: +49 (0)2131 4066-360
Fax: +49 (0)2131 4066-260 Fax: +49 (0)2131 4066-366
E-Mail: ir@swing-ag.de E-Mail: rgaluschka@swing-ag.de
ISIN: DE0005474407 // WKN: 547 440
Exchange symbol SGV; Bloomberg SGV GR; Reuters SGVG.F
Neuer Markt, Frankfurt stock exchange
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WKN: 547440; ISIN: DE0005474407; Index:
Listed: Neuer Markt in Frankfurt, Freiverkehr in Berlin, Bremen, Düsseldorf,
Hamburg, Hannover, München und Stuttgart
300836 Sep 02
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