Swing! Entertainment Media AG
Swing! Entert@ainment english
Swing! AG Reports First Half Results – Changes in Personnel – Increased Stake
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Swing! AG Reports First Half Results – Changes in Personnel – Increased Stake
Kaarst, February 27, 2002
Swing! Entertainment Media AG announces its results according to US-GAAP for the
first six months ending 31.12.2001 of the current financial year: compared with
the same period of the previous year, turnover slipped 8% from 7.70 million EUR
to 7.09 million EUR. Earnings before interest and taxes (EBIT) fell from
665,000 EUR to 326,000 EUR, while earnings per share dropped from 0.116 EUR to
0.056 EUR.
This result is in line with the management’s expectations. Due to the company’s
product development cycles, the first two quarters are reckoned to be the
weakest. In addition the company’s result was adversely affected by the strength
of the US dollar. Forecasts suggest that the increased fixed and preproduction
costs accumulated over the first three quarters are likely to produce a largely
balanced result. In view of the large number of product releases the fourth
quarter tends to generate the highest revenue. The managing board therefore
confirms its previous forecasts, expecting turnover for 2001/2002 to reach 22.5
million EUR, with earnings per share of 0.32 EUR.
Swing! AG, which hitherto held 51% of the capital of Conspiracy Entertainment
(Europe) GmbH, has since taken over all shares in that company. The remaining
49% stake was acquired at a cost of 24,500 EUR (original capital 50,000 EUR). In
the course of the acquisition accumulated third-party pro-rata losses of 64,000
EUR were assumed. These losses are connected to tax losses carried forward
which can be utilised by Swing! AG.
In this context Thomas Brockhage retired as managing director of Conspiracy
Entertainment (Europe) GmbH. Thomas Brockhage also quit as a member of the
managing board of Swing! Entertainment Media AG. He leaves the company by mutual
agreement in order to take on fresh challenges, but will continue to make his
services available to Swing! AG until the end of April of this year to ensure
that ongoing development projects may be completed smoothly.
end of ad-hoc-announcement (c)DGAP 27.02.2002
Issuer’s information/explanatory remarks concerning this ad-hoc-announcement:
Swing! Entertainment Media AG is the first German computer games publisher
listed on the Neuer Markt. Active in the areas of development, licence trading
and marketing of wholly-owned and licensed computer games, Swing! AG covers the
most profitable segments in the output chain of the digital entertainment
software sector.
In the course of the last quarter, the company was able to start deliveries of
four European as well as of a number of country-specific new product releases.
As at 31.12.2001 the intangible assets of Swing! AG amounted to 12.3 million
EUR. They represent the company’s investments into the future and form the basis
of the proposed growth. As at 31.12.2001, 1,528,000 EUR were written off as
licence expenses. This is the equivalent of 22% of turnover and on a par with
the previous year.
Current assets on 31.12.2001 stood at 10.58 million EUR. At present the orders
received for the current fiscal year add up to approximately 8 million EUR. A
significant number of further orders is expected in the short term and most of
these will still pay off in the course of the current fiscal year.
As at 31.12.2001 Swing! AG had liquid funds of 1,902,006 EUR (30.09.2001:
705,739 EUR). Cash-flow from operations amounted to 3,469,787 EUR and is
therewith positive according to schedule. Some fluctuations are likely in this
area particularly in the near future. The cash-flow of any one reporting period
is less meaningful on account of the cut-off date and depends largely on the
appropriate delivery data as well as the specific payment terms and receivables
portfolios.
The rise in fixed and preproduction costs which was noted is mainly attributable
to higher personnel costs. As at February 25, the company has 51 permanent
employees.
Conspiracy Entertainment (Europe) GmbH is a development company for computer and
video games maintaining its registered office in Kaarst. The company, which in
the recent past worked almost exclusively for Swing! AG, is also engaged in
software localisation. The managing board of Swing! AG regards the complete
takeover as the logical consequence of this development which underlines the
consistent strengthening of Swing! Entertainment Media AG’s market position.
Following the resignation of T. Brockhage as managing director, Ulrich Conrath,
who also serves as chairman of the managing board of Swing! AG, continues as the
sole managing director of Conspiracy GmbH. At Swing! AG the founders Ulrich
Conrath and Marco Hüsges will assume the responsibilities of the former member
of the managing board. An external candidate is to be recruited shortly to head
the development department of Swing! AG, although an appointment to the managing
board is not envisaged.
Contacts:
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
Email:ir@swing-ag.de Email:rgaluschka@swing-ag.de
ISIN: DE0005474407 // WKN: 547 440
Ticker 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
270829 Feb 02
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