Ubisoft Reports First-Half 2023-24 Earnings Figures
UBISOFT REPORTS FIRST-HALF 2023-24
EARNINGS FIGURES Record H1 net bookings
Q2 well above target driven by back-catalog and new
releases Successful launches of Assassin’s Creed
Mirage and The Crew Motorfest Remarkable Tom
Clancy’s Rainbow Six Siege growth
Ubisoft as a trusted partner in the
industry
2023-24 targets confirmed
FIRST HALF 2023-24: NET BOOKINGS WELL
ABOVE TARGET
|
In €m |
Reported change vs. H1 2022-2023
|
In % of total net bookings |
|
H1 2023-24 |
H1 2022-23 |
IFRS 15 sales |
836.0 |
+14.3% |
NA |
NA |
Net bookings |
822.4 |
+17.6% |
NA |
NA |
Digital net bookings |
716.7 |
+ 11.7 % |
87.1% |
91.7% |
PRI net bookings |
514.3 |
+21.8% |
62.5% |
60.4% |
Back-catalog net bookings |
694.6 |
+ 37.4 % |
84.5% |
72.3% |
IFRS operating income |
16.1 |
NA |
NA |
NA |
Non-IFRS operating income |
43.5 |
NA |
5.3% |
(19.9)% |
Second quarter: Net bookings of
€554.8 million, up +36.6%, well above target of approximately
€350.0 million, notably driven by much stronger than expected
revenues from back-catalog thanks to both its underlying
overperformance and monetization through partnerships. It also
reflects a record launch for The Crew® Motorfest
and higher Assassin’s Creed® Mirage pre
shipments.
Successful launches
- Assassin’s
Creed Mirage: Solid launch with week 1 number of players
in line with Assassin’s Creed Origins and Assassin’s Creed
Odyssey.
- The Crew
Motorfest: Strong player reception with franchise record
unit sell through, consumer spending and season pass adoption rate
on the opening week.
Q2 back-catalog
overperformance
- Rainbow
Six® Siege: Remarkable
performance with high double digit net bookings growth, continued
strong activity on the back of the Year 8 Season 3 release and
solid acquisition leading to around 50% net bookings growth in the
first half.
- Assassin’s
Creed: Sustained performance of Assassin’s Creed
back-catalog on the back of the Assassin’s Creed Mirage
launch.
- The
Crew® 2: Exceptional
engagement with a record month in terms of MAUs contributing to
record franchise quarter activity.
Acquisition of Activision Blizzard cloud
streaming rights finalized
2023-24 targets confirmed: Strong
net bookings growth & approximately €400 million non-IFRS
operating income – cost reduction plan well on track
Paris, October 26, 2023 –
Today, Ubisoft released its earnings figures for the first half of
fiscal 2023-24.
Yves Guillemot, Co-Founder and Chief Executive
Officer, said “Ubisoft delivered an excellent second quarter, well
above our expectations. Activity was mostly driven by the
performance of our back-catalog, thanks in particular to the
remarkable growth of Rainbow Six Siege, in an overall competitive
environment for first-person shooter games. I want to pay tribute
to the exceptional level of commitment from our teams, who have
done amazing work on this game to deliver top quality content
across platforms. The signing of new partnerships also contributed
to the overall quarter performance, confirming once again that
Ubisoft is one of the most sought-after partners in the industry,
with highly recognized brands and assets.
We are also pleased with the sales momentum
demonstrated by our two new releases, which mark the successful
return of Ubisoft’s IPs among the major games launches of the
industry. The Assassin’s Creed Mirage and The Crew Motorfest teams,
respectively led by Ubisoft Bordeaux and Ivory Tower, have done a
wonderful job to prepare the release of these new opuses, and the
response from the community and fans has been fantastic.
October saw the finalization of a major
agreement with Activision Blizzard, which will grant Ubisoft the
perpetual streaming rights for Call of Duty and all other existing
Activision Blizzard Console and PC titles as well as those
releasing over the next 15 years. The cloud gaming market has a
strong potential, and Ubisoft can play a leading role in its
realization. This deal will enable us to deliver even more
experiences to more players across the world than ever before, one
of the cornerstones of our strategy.
Looking ahead, the current positive momentum
builds confidence for the rest of the year as well as for next
fiscal year. We are excited to bring our future lineup to players,
and to deliver on our strategy and continue reaching larger
audiences and building an increasingly recurring business thanks to
major brands and Live services.”
Q2 Activity
New releases
Assassin’s Creed Mirage is off
to a solid launch on the back of positive community reception as
the game’s back-to-the-roots experience celebrates and builds on
the 15-year legacy of the franchise. During the first week, the
number of players was in line with past successful launches such as
Assassin’s Creed®
Origins and Assassin’s
Creed® Odyssey. Players
praised the return to stealth and parkour gameplay and the
carefully constructed and beautifully rendered 9th century Baghdad
city. Of note, the game was released on October 5th and therefore
generated pre-shipments that were booked in Q2.
The Crew Motorfest was released
on September 14th as the highest rated title in the series and set
a record for the franchise in terms of total unit sell through,
overall consumer spending and season pass adoption rate for the
opening week. Since launch, it has outperformed The Crew 2 on a
comparable basis in terms of acquisition, activity and monetization
metrics.
Back-catalog
In the context of diverging trends in the
competitive first-person shooter market, Rainbow Six
Siege posted a remarkable performance this quarter. As the
team continues to execute on its roadmap, net bookings were up high
double digit this quarter and session days, driven by an increase
in intensity, were strongly up year-on-year on the back of a
successful Year 8 Season 3 release. Overall, H1 Rainbow Six Siege
net bookings are up close to 50% year on year.
The Assassin’s Creed franchise
back-catalog also outperformed this quarter on the back of the
boost provided by the Assassin’s Creed Mirage launch.
This quarter, The Crew 2
continued its strong momentum with an all-time high activity for
the game during the month of July thanks to the introduction of the
track creator tool. Q2 was a record quarter in terms of activity
for the franchise.
The casual mobile business has also performed
very well this quarter with a notable performance of Idle
Bank Tycoon®, which illustrates Kolibri’s
capacity to renew the success it had with Idle Miner
Tycoon®. Overall engagement throughout
the quarter for the Kolibri portfolio of games was up significantly
year on year, reaching near record levels.
In line with trends observed over the past few
years, Ubisoft’s high-quality content and active community are
valuable and attractive for a wide range of platforms in the
industry. This capacity to monetize back-catalog through
partnerships with a view to continue increasing its audience
penetration is also reflected in this quarter’s
overperformance.
Cost reduction plan well on
track
This quarter, Ubisoft proposed to consolidate
the Hungry Shark® franchise at the Ubisoft
Barcelona Mobile studio and has engaged in consultations regarding
the related proposed closure of the Ubisoft London mobile studio.
With the continued tight control on recruitments as well as
targeted restructurings, the total number of employees worldwide
stood at 19,410 at the end of September 2023, compared to 20,729 at
the end of September 2022. During the same period, employee
retention has improved.
The cost reduction plan is well on track, with
the H1 FY2023-24 fixed cost base1 of around €0.8bn, down 7% year on
year, representing a decrease of around €65 million.
Ubisoft as a trusted partner in the
industry
Acquisition of Activision Blizzard cloud
streaming rights finalized
Ubisoft recently announced the completion of the
transaction with Activision Blizzard giving Ubisoft the perpetual
cloud streaming rights for Call of Duty and all other existing
Activision Blizzard Console and PC titles as well as those
releasing over the next 15 years. These rights will further
strengthen Ubisoft’s content offering through its subscription
service Ubisoft+ as well as allowing Ubisoft to license them to
third parties.
Present at Apple’s Keynote to announce
Assassin’s Creed Mirage on mobile
At the latest Apple Keynote, Ubisoft announced
that Assassin’s Creed Mirage will be launched on iPhone 15 Pro.
This announcement is a testament to the fruitful relationship with
Apple as well as the value of Ubisoft’s brands and the quality of
its technologies. The teams working on Anvil, Ubisoft’s proprietary
engine, are working hand in hand with Apple’s experts to make the
game shine on this mobile platform.
Approval of all resolutions at Ubisoft’s
Annual General Meeting
Ubisoft shareholders approved all resolutions on
the agenda of its Annual General Meeting held in September,
highlighting the broad support and confidence of the shareholders
in Ubisoft’s strategy. In particular, shareholders voted on the
appointments of two new independent directors, Katherine Hays and
Olfa Zorgati. These appointments as well as the additional Director
refreshments made during the recent years has enabled Ubisoft to
strengthen its Board in order to benefit from high-caliber profiles
who bring a diverse set of skills and expertise, particularly in
video games, finance, human resources and management of large
organizations. Independent members account for 55% of the Board’s
composition and female representation stands at 55%. Claude France,
who joined the Board in July 2022 to bring her digital and tech
expertise as well as her experience managing large scale
organizations, has been appointed as the new Lead Independent
Director as well as Chairwoman of the Audit & Risk
Committee.
Note
The Group presents indicators which are not
prepared strictly in accordance with IFRS as it considers that they
are the best reflection of its operating and financial performance.
The definitions of the non-IFRS indicators as well as a
reconciliation table between the IFRS consolidated income statement
and the non-IFRS consolidated income statement are provided in an
appendix to this press release.
Income statement and key financial data
In € millions |
H1 2023-24 |
% |
H1 2022-23 |
% |
|
IFRS 15 sales |
836.0 |
|
731.2 |
|
|
Deferred revenues related to IFRS 15 |
(13.6) |
|
(31.7) |
|
|
Net bookings |
822.4 |
|
699.4 |
|
|
Gross margin based on net bookings |
734.1 |
89.3% |
618.1 |
88.4% |
|
Non-IFRS R&D expenses |
(400.7) |
(48.7%) |
(452.2) |
(64.7%) |
|
Non-IFRS selling expenses |
(160.6) |
(19.5%) |
(154.9) |
(22.2%) |
|
Non-IFRS G&A expenses |
(129.3) |
(15.7%) |
(149.9) |
(21.4%) |
|
Total non-IFRS SG&A expenses |
(289.9) |
(35.2%) |
(304.8) |
(43.6%) |
|
Non-IFRS operating income |
43.5 |
5.3% |
(139.0) |
(19.9%) |
|
IFRS operating income |
16.1 |
|
(215.3) |
|
|
Non-IFRS diluted EPS (in €) |
0.01 |
|
(0.93) |
|
|
IFRS diluted EPS (in €) |
(0.28) |
|
(1.58) |
|
|
Non-IFRS cash flows from operating
activities(1) |
(261.3) |
|
(68.3) |
|
|
R&D investment expenditure |
626.9 |
|
672.5 |
|
|
Non-IFRS net cash/(debt) position |
(880.8) |
|
(331.3) |
|
|
(1) Based on the consolidated
cash flow statement for comparison with other industry players
(non-reviewed).
Sales and net bookings
IFRS 15 sales for the second quarter of 2023-24
came to €547.1 million, up 32.5% (or 35.9% at constant exchange
rates2) on the €413.0 million generated in second quarter 2022-23.
For the first half of 2023-24, IFRS 15 sales totaled €836.0
million, up 14.3% (or 16.7% at constant exchange rates2) compared
with the first half 2022-23 figure of €731.2 million.
Net bookings for the second quarter of 2023-24
totaled €554.8 million, up 36.6% (or 40.1% at constant exchange
rates2) compared with the €406.1 million recorded for the second
quarter of 2022-23. First half 2023-24 net bookings amounted to
€822.4 million, up 17.6% (or 20.1% at constant exchange rates2) on
the €699.4 million generated in the first-half 2022-23.
Main income statement3
items
Non-IFRS operating income came in at €43.5
million, versus €(139.0) million in the first half 2022-23.Non-IFRS
attributable net income amounted to €1.7 million, representing
non-IFRS diluted earnings per share of €0.01, compared with
non-IFRS attributable net income of €(111.0) million and non-IFRS
diluted earnings per share of €(0.93) in the first half
2022-23.
IFRS attributable net income totaled €(34.3)
million, representing IFRS diluted EPS of €(0.28), compared with
IFRS attributable net income of €(190.1) million and IFRS diluted
earnings per share of €(1.58) in the first-half 2022-23.
Main cash flow
statement4 items
Non-IFRS cash flows from operating activities
represented a net cash outflow of €(261.3) million in H1 2023-24
(versus a net cash outflow of €(68.3) million in the first half
2022-23). It reflects a negative €(188.7) million in non-IFRS cash
flow from operations (versus a negative €(292.5) million in H1
2022-23) and a €72.6 million increase in non-IFRS working capital
requirement (compared with a €224.1 million decrease in the first
six months of 2022-23), notably driven by the impact of our new
releases impacting trade receivables at the end of the
semester.
Main balance sheet items and
liquidity
At September 30, 2023, the Group’s equity was
€1,579 million and its non-IFRS net debt was €881 million versus
non-IFRS net debt of €331 million at end of September 30, 2022.
IFRS net debt totaled €1,183 million at September 30, 2023, of
which €302 million related to the IFRS16 accounting restatement. At
September 30, 2023, Cash and cash equivalents stood at €1,305
million, down versus last year.
Outlook
Third-quarter 2023-24Net bookings for the third
quarter of 2023-24 are expected to come in at approximately 610
M€.
Full-year 2023-24The overperformance in Q2 and
the current positive momentum of Ubisoft’s brands build confidence
for the rest of the year. The Company can therefore confirm its
announced guidance of strong top line growth and non-IFRS operating
income of approximately €400 million, without releasing the other
large game it had initially planned to launch during the last
quarter of the current fiscal year.
The Company has decided to launch this other
large game in FY2024-25, so as to maximize its value creation.
The lineup for the remainder of the fiscal year
includes, on the premium side, Assassin’s Creed
Mirage, Assassin’s Creed Nexus VR,
Avatar: Frontiers of Pandora™, Just
Dance® 2024 edition,
Prince of Persia The Lost Crown and Skull
and Bones™, which is set to release during Q4 2023-24. On
the free-to-play side, Rainbow
Six® Mobile, The
Division® Resurgence and
XDefiant will also launch later this fiscal
year.
Conference call
Ubisoft will hold a conference call today,
Thursday October 26, 2023, at 6:15 p.m. Paris time/12:15 p.m. New
York time. The conference call can be accessed live and via replay
by clicking on the following link:
https://edge.media-server.com/mmc/p/9u3z9ojn/
Contacts
Investor Relations Alexandre
EnjalbertInvestor Relations Director+ 33 1 48 18 50
78alexandre.enjalbert@ubisoft.com |
Press Relations Michael BurkVP, Corporate
Communication michael.burk@ubisoft.com |
|
|
DisclaimerThis press release
may contain estimated financial data, information on future
projects and transactions and future financial results/performance.
Such forward-looking data are provided for information purposes
only. They are subject to market risks and uncertainties and may
vary significantly compared with the actual results that will be
published. The estimated financial data have been approved by Board
of Directors and have not been audited by the Statutory Auditors.
(Additional information is provided in the most recent Ubisoft
Registration Document filed on July 20, 2023 with the French
Financial Markets Authority (l’Autorité des Marchés
Financiers)).
About UbisoftUbisoft is a
creator of worlds, committed to enriching players’ lives with
original and memorable entertainment experiences. Ubisoft’s global
teams create and develop a deep and diverse portfolio of games,
featuring brands such as Assassin’s Creed®, Brawlhalla®, For
Honor®, Far Cry®, Tom Clancy’s Ghost Recon®, Just Dance®, Rabbids®,
Tom Clancy’s Rainbow Six®, The Crew® and Tom Clancy’s The
Division®. Through Ubisoft Connect, players can enjoy an ecosystem
of services to enhance their gaming experience, get rewards and
connect with friends across platforms. With Ubisoft+, the
subscription service, they can access a growing catalog of more
than 100 Ubisoft games and DLC. For the 2022–23 fiscal year,
Ubisoft generated net bookings of €1.74 billion. To learn more,
please visit: www.ubisoftgroup.com.
© 2023 Ubisoft Entertainment. All Rights
Reserved. Ubisoft and the Ubisoft logo are registered trademarks in
the US and/or other countries.
APPENDICES
Definition of non-IFRS financial
indicators
Alternative performance Indicators, not
presented in the financial statements, are:
Net bookings corresponds to the sales excluding
the services component and integrating the unconditional amounts
related to license or distribution contracts recognized
independently of the performance obligation realization.
Player Recurring Investment (PRI) corresponds to
sales of digital items, DLC, season passes, subscriptions and
advertising.
Non-IFRS operating income calculated based on
net bookings corresponds to operating income less the following
items:
- Stock-based compensation expense
arising on free share plans, group savings plans and/or stock
options.
- Depreciation of acquired intangible
assets with indefinite useful lives.
- Non-operating income and expenses
resulting from restructuring operations within the Group.
Non-IFRS operating margin corresponds to
non-IFRS operating income expressed as a percentage of net
bookings. This ratio is an indicator of the Group’s financial
performance.
Non-IFRS net income corresponds to net income
less the following items:
- The above-described deductions used
to calculate non-IFRS operating income.
- Income and expenses arising on
revaluations, carried out after the measurement period, of the
potential variable consideration granted in relation to business
combinations.
- OCEANE bonds’ interest expense
recognized in accordance with IFRS9.
- The tax impacts on these
adjustments.
Non-IFRS attributable net income corresponds to
non-IFRS net income attributable to owners of the parent.
Non-IFRS diluted EPS corresponds to non-IFRS
attributable net income divided by the weighted average number of
shares after exercise of the rights attached to dilutive
instruments.
The adjusted cash flow statement includes:
- Non-IFRS cash flow from operations
which comprises:
- The costs of internally developed
software and external developments (presented under cash flows from
investing activities in the IFRS cash flow statement) as these
costs are an integral part of the Group's operations.
- The restatement of impacts (after
tax) related to the application of IFRS 15.
- The restatement of commitments
related to leases due to the application of IFRS 16.
- Current and deferred taxes.
- Non-IFRS change in working capital
requirement which includes movements in deferred taxes and restates
the impacts (after tax) related to the application of IFRS 15, thus
cancelling out the income or expenses presented in non-IFRS cash
flow from operations.
- Non-IFRS cash flows from operating
activities which includes:
- the costs of internal and external
licenses development (presented under cash flows from investing
activities in the IFRS cash flow statement and included in non-IFRS
cash flow from operations in the adjusted cash flow
statement);
- the restatement of lease
commitments relating to the application of IFRS 16 presented under
IFRS in cash flow from financing activities.
- Non-IFRS cash flows from investing
activities which excludes the costs of internal and external
licenses development that are presented under non-IFRS cash flow
from operations.
Free cash flow corresponds to cash flows from
non-IFRS operating activities after cash inflows/outflows arising
on the disposal/acquisition of other intangible assets and
property, plant and equipment.Free cash flow before working capital
requirement corresponds to cash flow from operations after cash
inflows/outflows arising on (i) the disposal/acquisition of other
intangible assets and property, plant and equipment and (ii)
commitments related to leases recognized on the application of IFRS
16.Cash flow from non-IFRS financing activities, which excludes
lease commitments relating to the application of IFRS16 presented
in non-IFRS cash flow.IFRS net cash/(debt) position corresponds to
cash and cash equivalents less financial liabilities excluding
derivatives.Non-IFRS net cash/(debt) position corresponds to the
net cash/(debt) position as adjusted for commitments related to
leases (IFRS 16).
Breakdown of net bookings by geographic
region
|
Q2 2023-24 |
Q2 2022-23 |
6 months 2023-24 |
6 months 2022-23 |
Europe |
39% |
31% |
37% |
30% |
Northern
America |
51% |
50% |
51% |
51% |
Rest of the world |
10% |
19% |
12% |
19% |
TOTAL |
100% |
100% |
100% |
100% |
Breakdown of net bookings by
platform |
|
Q2 2023-24 |
Q2 2022-23 |
6 months 2023-24 |
6 months 2022-23 |
CONSOLES |
72% |
38% |
65% |
41% |
PC |
14% |
15% |
19% |
21% |
MOBILE |
8% |
38% |
9% |
27% |
Others* |
6% |
9% |
7% |
11% |
TOTAL |
100% |
100% |
100% |
100% |
*Ancillaries, etc.
Title release
schedule3rd
quarter (October - December 2023)
PACKAGED & DIGITAL |
|
|
|
ASSASSIN’S CREED® MIRAGE |
AMAZON LUNA, PC, PLAYSTATION®4, PLAYSTATION®5, XBOX ONE,
XBOX SERIES X/S |
|
|
|
|
|
|
AVATAR: FRONTIERS OF PANDORA™ |
|
|
|
AMAZON LUNA, PC,PLAYSTATION®5, XBOX SERIES X/S |
JUST DANCE® 2024 EDITION |
|
|
|
NINTENDO SWITCHTM, PLAYSTATION®4, PLAYSTATION®5, XBOX ONE,
XBOX SERIES X/S |
|
|
|
|
|
|
|
|
|
|
|
|
DIGITAL
ONLY |
|
|
ASSASSIN’S CREED® NEXUS VR |
META QUEST 2, META QUEST 3, META QUEST PRO |
FOR HONOR® Year: 7 – Season 4 |
PC, PLAYSTATION®4, XBOX ONE |
THE CREW® 2: Season 9 – Episode 3 |
PC, PLAYSTATION®4, PLAYSTATION®5,XBOX ONE, XBOX
SERIES X/S |
THE CREW® MOTORFEST: Season 2 |
AMAZON LUNA, PC PLAYSTATION®4, PLAYSTATION®5, XBOX ONE, XBOX
SERIES X/S |
TOM CLANCY’S RAINBOW SIX® SIEGE: Year 8 – Season 4 |
AMAZON LUNA, PC,PLAYSTATION®4, PLAYSTATION®5, XBOX ONE, XBOX
SERIES X/S |
TOM CLANCY’S THE DIVISION® 2: Year 5 – Season 2 |
AMAZON LUNA, PC, PLAYSTATION®4, XBOX ONE |
Extracts from the Consolidated Financial
Statements at
September 30, 2023
The Statutory Auditors have carried out a limited
review of the consolidated financial statements. Their limited
review report will be issued after verification of the half-yearly
report.
Consolidated income statement (IFRS,
extract from the accounts which have undergone a limited review by
the Statutory Auditors).
(in € millions) |
09.30.2023 |
09.30.2022 |
|
|
|
Sales |
836.0 |
731.2 |
Cost of sales |
(88.3) |
(81.3) |
Gross
profit |
747.7 |
649.8 |
R&D costs |
(430.5) |
(486.5) |
Marketing costs |
(163.0) |
(158.0) |
Administrative and
IT costs |
(137.0) |
(158.8) |
Profit
(loss) from ordinary operating activities |
17.2 |
(153.5) |
Other non-current
operating income & expense |
(1.0) |
(61.8) |
Operating
profit (loss) |
16.1 |
(215.3) |
Net borrowing
costs |
(21.0) |
(9.7) |
Net foreign exchange
gains/losses |
(1.8) |
7.1 |
Other financial
expenses |
(7.6) |
(4.3) |
Other financial
income |
0.5 |
3.7 |
Net
financial income |
(29.9) |
(3.2) |
Income tax |
(20.7) |
28.3 |
CONSOLIDATED NET INCOME |
(34.4) |
(190.2) |
Net income attributable to owners of the parent company |
(34.3) |
(190.1) |
Net income attributable to non-controlling interests |
(0.1) |
(0.1) |
Earnings per share attributable to owners
of the parent company |
|
|
Basic earnings per share (in euros) |
(0.28) |
(1.58) |
Diluted earnings per share (in euros) |
(0.28) |
(1.58) |
Weighted average number of shares in issue |
123,180,752 |
120,001,344 |
Diluted weighted average number of shares |
123,180,752 |
120,001,344 |
Reconciliation of IFRS Net income and
non-IFRS Net income
(in € millions) |
H12023-24 |
H12022-23 |
except for per share data |
IFRS |
Adjustments |
Non-IFRS |
IFRS |
Adjustments |
Non-IFRS |
IFRS 15 Sales |
836.0 |
|
|
731.2 |
|
|
Deferred revenues related to IFRS 15 |
|
(13.6) |
|
|
(31.7) |
|
Net bookings |
|
|
822.4 |
|
|
699.4 |
Total Operating expenses |
(819.9) |
41.0 |
(778.9) |
(946.5) |
108.1 |
(838.4) |
Stock-based compensation |
(40.0) |
40.0 |
0.0 |
(46.3) |
46.3 |
0.0 |
Non current operating income & expense |
(1.0) |
1.0 |
0.0 |
(61.8) |
61.8 |
0.0 |
OPERATING INCOME |
16.1 |
27.4 |
43.5 |
(215.3) |
76.4 |
(139.0) |
Net Financial income |
(29.9) |
7.3 |
(22.6) |
(3.2) |
2.7 |
(0.5) |
Income tax |
(20.7) |
1.3 |
(19.4) |
28.3 |
0.0 |
28.3 |
Consolidated Net Income |
(34.4) |
36.0 |
1.6 |
(190.2) |
79.1 |
(111.1) |
Net income attributable to owners of the parent
company |
(34.3) |
|
1.7 |
(190.1) |
|
(111.0) |
Net income attributable to non-controlling
interests |
(0.1) |
|
(0.1) |
(0.1) |
|
(0.1) |
Diluted number of shares |
123,180,752 |
20,860,712 |
144,041,464 |
120,001,344 |
|
120,001,344 |
Diluted earnings per share attributable to parent
company |
(0.28) |
0.29 |
0.01 |
(1.58) |
0.66 |
(0.93) |
Consolidated balance sheet (IFRS,
extract from the accounts which have undergone a limited review by
Statutory Auditors)
Assets |
|
Net |
Net |
(in € millions) |
|
09.30.2023 |
09.30.2022 |
Goodwill |
|
73.8 |
97.6 |
Other intangible assets |
|
2,003.9 |
2,068.8 |
Property, plant and equipment |
|
174.4 |
206.1 |
Right-of-use assets |
|
264.3 |
289.4 |
Non-current financial assets |
|
54.9 |
61.7 |
Deferred tax assets |
|
238.4 |
172.4 |
Non-current assets |
|
2,809.6 |
2,896.1 |
Inventory |
|
22.0 |
43.7 |
Trade receivables |
|
342.2 |
313.2 |
Other receivables |
|
185.7 |
163.8 |
Current financial assets |
|
0.4 |
0.7 |
Current tax assets |
|
87.9 |
79.7 |
Cash and cash equivalents |
|
1,305.2 |
1,530.0 |
Current assets |
|
1,943.5 |
2,131.1 |
TOTAL ASSETS |
|
4,753.1 |
5,027.2 |
|
|
|
|
Liabilities and equity |
|
Net |
Net |
(in € millions) |
|
09.30.2023 |
09.30.2022 |
Capital |
|
9.9 |
9.7 |
Premiums |
|
675.0 |
630.2 |
Consolidated reserves |
|
928.6 |
1,337.3 |
Consolidated earnings |
|
-34.3 |
-190.1 |
Equity attributable to owners of the parent
company |
|
1,579.1 |
1,787.1 |
Non-controlling interests |
|
3.4 |
1.9 |
Total equity |
|
1,582.5 |
1,789.0 |
Provisions |
|
21.0 |
14.0 |
Employee benefit |
|
17.0 |
16.0 |
Long-term borrowings and other financial liabilities |
|
1,822.4 |
1,464.9 |
Deferred tax liabilities |
|
11.6 |
81.1 |
Other non-current liabilities |
|
15.3 |
17.4 |
Non-current liabilities |
|
1,887.3 |
1,593.3 |
Short-term borrowings and other financial liabilities |
|
666.7 |
738.6 |
Trade payables |
|
144.3 |
153.8 |
Other liabilities |
|
436.8 |
724.5 |
Current tax liabilities |
|
35.6 |
28.0 |
Current liabilities |
|
1,283.3 |
1,644.9 |
Total liabilities |
|
3,170.6 |
3,238.2 |
TOTAL LIABILITIES AND EQUITY |
|
4,753.1 |
5,027.2 |
Consolidated cash flow statement for comparison with
other industry players (non reviewed)
(in € millions) |
09.30.2023 |
09.30.2022 |
Non-IFRS Cash flows from operating activities |
|
|
Consolidated
earnings |
(34.4) |
(190.2) |
+/- Net Depreciation
on R&D intangible fixed assets |
229.5 |
299.5 |
+/- Other
depreciation on fixed assets |
58.7 |
114.9 |
+/- Net
Provisions |
(1.6) |
4.5 |
+/- Cost of
share-based compensation |
40.0 |
46.3 |
+/- Gains / losses
on disposals |
0.3 |
0.1 |
+/- Other income and
expenses calculated |
9.1 |
(23.7) |
+/- Cost of internal
development and license development |
(455.7) |
(496.3) |
+/- IFRS 15
Impact |
(10.3) |
(23.9) |
+/- IFRS 16
Impact |
(24.3) |
(23.8) |
Non-IFRS cash flow from operation |
(188.7) |
(292.5) |
Inventory |
(1.0) |
(19.2) |
Trade
receivables |
(71.0) |
179.3 |
Other assets |
32.8 |
35.2 |
Trade payables |
21.7 |
(2.0) |
Other
liabilities |
(55.2) |
30.8 |
+/- Non-IFRS
Change in working capital |
(72.6) |
224.1 |
Non-IFRS cash flow generated by operating
activities |
(261.3) |
(68.3) |
Cash flows from investing activities |
|
|
- Payments for the
acquisition of intangible assets and property, plant and
equipment |
(22.9) |
(41.7) |
+ Proceeds from the disposal of intangible assets and property,
plant and equipment |
— |
— |
Free Cash-Flow |
(284.2) |
(110.0) |
+/- Payments for the acquisition of financial assets |
(5.3) |
(43.4) |
+ Refund of loans
and other financial assets |
0.6 |
39.6 |
+/- Changes in scope
* |
— |
(30.7) |
Non-IFRS cash generated by investing
activities |
(27.5) |
(76.2) |
Cash flows from financing activities |
|
|
+ New
borrowings |
236.9 |
180.0 |
- Refund of
borrowings |
(185.8) |
(79.0) |
+ Funds received
from shareholders in capital increases |
44.9 |
— |
+/- Sales /
purchases of own shares |
12.4 |
100.4 |
Cash generated by financing activities |
108.4 |
201.4 |
NET CHANGE IN CASH AND CASH EQUIVALENTS |
(180.4) |
56.8 |
Cash and cash
equivalents at the beginning of the fiscal year |
1,464.6 |
1,391.4 |
Foreign exchange
losses/gains |
20.0 |
(1.7) |
CASH AND CASH EQUIVALENTS AT THE END OF THE
PERIOD |
1,304.2 |
1,446.5 |
(1)Including cash in companies acquired and disposed of |
0.0 |
0.0 |
RECONCILIATION OF NET CASH
POSITION
CASH AND CASH EQUIVALENTS AT THE END OF THE
PERIOD |
1,304.2 |
1,446.5 |
Bank borrowings
and from the restatement of leases |
(2,399.8) |
(2,022.8) |
Commercial
papers |
(87.5) |
(82.0) |
IFRS 16 |
302.3 |
327.0 |
NON-IFRS NET CASH POSITION |
(880.8) |
(331.3) |
Consolidated cash flow statement (IFRS, extract from the
accounts which have undergone a limited review by Statutory
Auditors)
In millions of euros |
09.30.2023 |
09.30.2022 |
Cash flows from operating activities |
|
|
Consolidated
earnings |
(34.4) |
(190.2) |
+/- Net amortization
and depreciation on property, plant and equipment and intangible
assets |
288.2 |
414.4 |
+/- Net
Provisions |
(1.6) |
4.5 |
+/- Cost of
share-based compensation |
40.0 |
46.3 |
+/- Gains / losses
on disposals |
0.3 |
0.1 |
+/- Other income and
expenses calculated |
9.1 |
(23.7) |
+/- Income Tax
Expense |
20.7 |
(28.3) |
TOTAL CASH FLOW FROM OPERATING ACTIVITIES |
322.3 |
223.1 |
Inventory |
(1.0) |
(19.2) |
Trade
receivables |
(71.0) |
179.3 |
Other assets |
34.4 |
126.7 |
Trade payables |
21.7 |
(2.0) |
Other
liabilities |
(3.5) |
(114.3) |
Deferred income and
prepaid expenses |
(23.2) |
119.8 |
+/- Change
in working capital |
(42.5) |
290.3 |
+/- Current Income
tax expense |
(61.0) |
(61.7) |
TOTAL CASH FLOW GENERATED BY OPERATING
ACTIVITIES |
218.7 |
451.7 |
Cash flows from investing activities |
|
|
- Payments for the
acquisition of internal & external developments |
(455.7) |
(496.3) |
- Payments for the
acquisition of intangible assets and property, plant and
equipment |
(22.9) |
(41.7) |
+ Proceeds from the
disposal of intangible assets and property, plant and
equipment |
— |
— |
+/- Payments for the
acquisition of financial assets |
(5.3) |
(43.4) |
+ Refund of loans
and other financial assets |
0.6 |
39.6 |
+/- Changes in scope
(1) |
— |
(30.7) |
CASH GENERATED BY INVESTING ACTIVITIES |
(483.2) |
(572.5) |
Cash flows from financing activities |
|
|
+ New
borrowings |
236.9 |
180.0 |
- Refund of
leases |
(24.3) |
(23.8) |
- Refund of
borrowings |
(185.8) |
(79.0) |
+ Funds received
from shareholders in capital increases |
44.9 |
— |
+/- Sales /
purchases of own shares |
12.4 |
100.4 |
CASH GENERATED BY FINANCING ACTIVITIES |
84.1 |
177.6 |
Net change in cash and cash equivalents |
(180.4) |
56.8 |
Cash and cash
equivalents at the beginning of the fiscal year |
1,464.6 |
1,391.4 |
Foreign exchange
losses/gains |
20.0 |
(1.7) |
Cash and cash equivalents at the end of the
period |
1,304.2 |
1,446.5 |
(1) Including cash in companies acquired and disposed of |
0.0 |
0.0 |
RECONCILIATION OF NET CASH POSITION
Cash and cash equivalents at the end of the
period |
1,304.2 |
1,446.5 |
Bank borrowings
and from the restatement of leases |
(2,399.8) |
(2,022.8) |
Commercial
papers |
(87.5) |
(82.0) |
IFRS NET CASH POSITION |
(1,183.1) |
(658.3) |
1 Includes P&L structure costs + fixed portion of COGS
(customer service and supply chain) + cash R&D (excluding
performance-based royalties) and excludes all profitability
bonuses2 Sales at constant exchange rates are calculated by
applying to the data for the period under review the average
exchange rates used for the same period of the previous fiscal
year3 See the presentation published on Ubisoft’s website for
further information on movements in the income and cash flow
statement4 Based on the consolidated cash flow statement for
comparison with other industry players (non reviewed)
- Ubisoft Reports First-Half 2023-24 Earnings Figures
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