An apparatus and a method for processing a digitally printed-on paper web, conveyed continuously through the apparatus includes a perforating tool for perforating the paper web transverse to its movement direction, and a cutting tool for cutting print sheets from a downstream end of the paper web. The tools are attached spaced-apart to a tool carrier which can be moved to two operating positions in which respectively one of the tools can be made to engage with a counter tool on a rotating cutting drum.