Ubisoft Reports Full-Year 2022-23 Earnings Figures
UBISOFT REPORTS
FULL-YEAR
2022-23
EARNINGS FIGURES
Download the press release
Pivotal year as Ubisoft
reinforced focus on biggest
opportunities
FY24 line-up
to reflect key
strategic priorities,
aiming at expanding global reach of
Ubisoft’s biggest brands
while reinforcing recurring model
through long-lasting Live games
Ubisoft’s
iterative design
process making visible progress
on
free-to-play
|
2022-23(In €m)
|
Reported change vs.
2021-22
|
In % of total net bookings |
|
12 months 2022-23 |
12 months 2021-22 |
IFRS 15 sales |
1,814.3 |
-14.6% |
NA |
NA |
Net bookings |
1,739.5 |
-18.3% |
NA |
NA |
Digital net bookings |
1,485.2 |
-10.8% |
85.4% |
78.3% |
PRI net bookings |
1,002.3 |
+23.3% |
57.6% |
38.2% |
Back-catalog net bookings |
1,004.0 |
-29.6% |
57.7% |
67.0% |
IFRS operating income |
-585.8 |
NA |
NA |
NA |
Non-IFRS operating income |
-500.2 |
NA |
NA |
19.1% |
-
Assassin’s
Creed®: Record active
users for the franchise in a year. Assassin’s Creed® Valhalla now
has 44% more players life-to-date than Assassin’s Creed® Origins
and 19% more than Assassin’s Creed® Odyssey on a comparable basis,
with materially higher revenue per player, leading to life-to-date
net bookings up respectively +82% and +61%.
- Tom
Clancy’s Rainbow Six®
Siege: Confirmation of the strong engagement
turnaround, with playtime in Q4 strongly up +30% vs. last year.
Full year PRI up 13%.
- Tom
Clancy’s The Division®
2: Session days up 28% YoY in Q4
leading to 36% net bookings growth over 12 months.
-
Free-to-play
initiatives:
-
XDefiant:
Closed beta reached over 1 million players with strong viewership
and positive community feedback
- Upcoming test
phases for Rainbow Six®
Mobile, The
Division® Resurgence and
The Division®
Heartland
2023-24 line-up to
reflect key strategic pillars: New
releases across big brands and long-lasting Live games with
Assassin's Creed® Mirage, Avatar: Frontiers of Pandora™, Tom
Clancy’s Rainbow Six Mobile, Tom Clancy’s The Division Resurgence,
another large game as well as Skull and Bones™, The Crew® Motorfest
and XDefiant. Ubisoft Forward
will take place on June 12th.
2023-24
TARGETS CONFIRMED
Paris, May 16, 2023 – Today, Ubisoft released
its earnings figures for FY2022-23.
Yves Guillemot, Co-Founder and Chief Executive
Officer, said “FY2022-23 was in line with our revised financial
targets. While this past year was challenging for the industry and
for Ubisoft, it was pivotal for the Company as we reinforced our
strategic focus on our biggest opportunities, initiated a
meaningful cost reduction plan and provided additional development
time for our strong pipeline of content. As part of our progressive
reallocation of resources, we notably plan to increase the number
of talents working on the Assassin’s Creed brand by 40% over the
coming years. Our teams are making headway across the board as we
look to bring exciting gaming experiences, both premium and
free-to-play, to players on all platforms in FY2023-24 and beyond.
Development of this year’s line-up is progressing well with big
brands like Assassin’s Creed, Avatar, Rainbow Six and The Division,
as well as on long lasting Live Service titles like Skull and
Bones, The Crew Motorfest and XDefiant. More information will be
shared at our upcoming Forward event.
Ubisoft’s unique development model relies on a
robust iterative design process which proved successful to enter
the Open World and Live Services markets, and that we have been
applying to free-to-play. While mastering free-to-play is hard, and
it is very important to remain prudent, recent developments are
encouraging. This indicates that we are on the right path to bring
our brands to significantly larger audiences. The XDefiant closed
beta reached over 1 million players with strong viewership,
community feedback and retention. Similarly, we expect Rainbow Six
Mobile and The Division Resurgence to illustrate our progress and
we are happy to see that the gameplay reveal of The Division
Heartland has received positive community reception. In line with
our commitment, we are making visible iterative progress on which
we can build the next steps toward ultimately delivering a
breakthrough in this major market.”
Frédérick Duguet, Chief Financial Officer,
commented “Our iterative, talent-intensive, organic-driven approach
is a multi-year endeavor. We are now entering a new phase of our
development, starting in 2023-24 with a significant line-up of big
brands and long-lasting Live services. We continue to work on our
cost reduction plan of at least 200 million euros over the next 2
years. With tight control on recruitments as well as initial
targeted restructurings, our total number of employees worldwide
dropped below 20,000.”
Yves Guillemot concluded: “The industry’s
prospects are promising, and Ubisoft has a great opportunity to
transform its brands into truly global phenomena and build an
increasingly recurring business. We have implemented meaningful
evolutions throughout our organization over the past 3 years and
will continue to adapt to the fast-moving environment. Ubisoft’s
future will be built with the help of its talented teams, its
beloved IPs and dependable technologies as well as a strong balance
sheet.”
Game
HighlightsThe Assassin’s Creed
franchise reached a record level of active users for a given fiscal
year. In terms of acquisition, Assassin’s Creed Valhalla now has
44% more players than Assassin’s Creed Origins and 19% more than
Assassin’s Creed Odyssey life-to-date on a comparable timeframe,
with materially higher revenue per player leading to life-to-date
net bookings up respectively +82% vs. and +61%. In September, we
presented a powerful roadmap for the brand, including the upcoming
Assassin’s Creed Mirage, Assassin’s Creed codename Red, Assassin’s
Creed codename Hexe, Assassin’s Creed codename Jade and Assassin’s
Creed codename Invictus as well as the Infinity platform.
Rainbow Six Siege benefited
from positive momentum this year in a highly competitive landscape,
reflecting the team’s remarkable work to deliver cross-platform,
quality content, onboarding features and anti-toxicity measures. We
saw a confirmation of the strong engagement turnaround, with Q4
playtime strongly up +30% vs. last year. March, along with the
release of the Year 8 battle pass, equaled a record month in terms
of DARPU. As a consequence, full-year PRI is up 13% year-on-year.
As we look to bring the franchise to a much larger audience,
Rainbow Six Mobile will start its 6-week closed
beta on June 6th.
The Division 2
saw strong engagement in Q4, with session days up 28%, leading to
full-year net bookings growth of 36% year-on-year. In April, our
teams showcased the future of the franchise during the Division
Day. The Division 2 team announced their Year 5 roadmap with the
first season to launch in early June, which will notably include a
new game mode, Descent. The Division Heartland team showcased the
first gameplay footage, receiving a positive community reception,
and announced that there would be a closed beta later this year.
Finally, The Division Resurgence, the upcoming mobile game,
announced a new testing phase for this summer.
Update on capital
allocation and the cost-cutting
programAs part of our increased strategic focus on our
biggest growth opportunities and progressive reallocation of
resources, Ubisoft will notably increase the number of talents
working on the Assassin’s Creed franchise by 40% over the coming
years to fuel its ambitious expansion.
As announced in January, Ubisoft is also
adapting its organization with an expected net reduction of its
non-variable cost base by at least €200m over the next 2 years.
This will be achieved through targeted restructurings, tight
control of recruitments and divesting some non-core assets. Ubisoft
will continue to look at hiring highly talented people for its
biggest brands and live services.
Following tight control on recruitments as well
as initial targeted restructurings, including the closure of 5
European business offices, the total number of employees worldwide
dropped below 20,0001 versus more than 20,700 at end of September
2022. Structure costs have started to decrease, with H2 2022-23
down 2% year-on-year versus an increase of 18% in H1 2022-23.
R&D investment growth was limited to 5% in H2 2022-23 versus H1
growth of +17%.
Additionally, Ubisoft’s Customer Relation Center
team is evolving its organization, impacting offices in Cary, North
Carolina in the US and Newcastle in the UK.
Reinforcing the Global Creative
OfficeThe Group appointed Katie Scott as Vice President of
Editorial within the Global Creative Office. Katie brings more than
a decade of experience in video game production, having contributed
to more than a dozen titles, including Gears 5 and FIFA games. As
per the Company’s commitment, the past three years have been marked
by the external appointment of three high-profile talents as VP of
Editorial, bringing additional experience and diversity to the
Editorial team.
Generative AIAs the world
adopts Generative AI at a record pace, GDC 2023 demonstrated its
immense potential to profoundly transform creative industries.
Ubisoft is uniquely positioned to lead this transformation, with a
strong game technology expertise, over 20 years of proprietary data
and assets, and a rich portfolio. Internally, early adoption is
fast, with creators and developers of all levels experimenting with
the technology and taking advantage of the booming Generative AI
landscape. With them, Ubisoft is shaping a responsible framework
with talent management and fair use at heart. In parallel, teams
are leveraging years-long R&D efforts in AI and Machine
Learning applications, especially through La Forge, to identify the
best use cases and harness the power of this technology to have a
positive impact on creativity, workflows, and players’
experience.
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 |
2022-23 |
% |
2021-22 |
% |
|
IFRS 15 sales |
1,814.3 |
|
2,125.2 |
|
|
Deferred revenues related to IFRS 15 |
(74.9) |
|
3.3 |
|
|
Net bookings |
1,739.5 |
|
2,128.5 |
|
|
Gross margin based on net bookings |
1,522.9 |
87.5% |
1,858.8 |
87.3% |
|
Non-IFRS R&D expenses |
(1,394.4) |
-80.2% |
(782.7) |
-36.8% |
|
Non-IFRS selling expenses |
(339.1) |
-19.5% |
(408.6) |
-19.2% |
|
Non-IFRS G&A expenses |
(289.6) |
-16.6% |
(259.9) |
-12.2% |
|
Total non-IFRS SG&A expenses |
(628.7) |
-36.1% |
(668.6) |
-31.4% |
|
Non-IFRS operating income
(loss) |
(500.2) |
-28.8% |
407.6 |
19.1% |
|
IFRS operating income (loss) |
(585.8) |
|
241.5 |
|
|
Non-IFRS diluted EPS (in €) |
(3.30) |
|
2.11 |
|
|
IFRS diluted EPS (in €) |
(4.08) |
|
0.65 |
|
|
Non-IFRS cash flows from operating
activities(1) |
(354.2) |
|
(191.6) |
|
|
R&D investment expenditure |
1,328.8 |
|
1,195.6 |
|
|
Non-IFRS net cash/(debt) position |
(662.0) |
|
(282.7) |
|
|
(1) Based on the consolidated cash flow
statement for comparison with other industry players (not audited
by the Statutory Auditors).
Sales and net bookings
IFRS 15 sales for the fourth quarter of 2022-23
came to €310.7 million, down 56.1% (or 56.7% at constant exchange
rates2) on the €708.0 million generated in fourth-quarter 2021-22.
IFRS 15 sales for full-year 2022-23 totaled €1,814.3 million, down
14.6% (or 17.4% at constant exchange rates) versus the 2021-22
figure of €2,125.2 million.
Fourth-quarter 2022-23 net bookings totaled
€313.2 million, down 52.8% (or 53.5% at constant exchange rates) on
the €664.2 million recorded for fourth-quarter 2021-22. Net
bookings for full-year 2022-23 amounted to €1,739.5 million, down
18.3% (or 21.0% at constant exchange rates) on the €2,128.5 million
figure for 2021-22.
Main income statement
items3
Non-IFRS operating loss came in at €(500.2)
million, versus an income of €407.6 million in 2021-22.Non-IFRS
attributable net loss amounted to €(400.0) million, representing
non-IFRS diluted earnings per share (EPS) of €(3.30), compared with
non-IFRS attributable net income of €269.0 million and non-IFRS
diluted earnings per share of €2.11 for 2021-22.IFRS attributable
net loss totaled €(494.2) million, representing IFRS diluted EPS of
€(4.08) (compared with IFRS attributable net income of €79.1
million and IFRS diluted earnings per share of €0.65 for
2021-22).
Main cash flow
statement4 items
Non-IFRS cash flows from operating activities
represented a net cash outflow of €354.2 million in 2022-23 (versus
a net cash outflow of €191.6 million in 2021-22). It reflects a
negative €227.3 million in non-IFRS cash flow from operations
(versus a negative €55.0 million in 2021-22) and a €126.9 million
increase in non-IFRS working capital requirement (compared with a
€136.6 million increase in 2021-22). At March 31, 2023, Cash and
cash equivalents stood at €1,465 million, up versus last year.
Main balance sheet items and
liquidity
At March 31, 2023, the Group’s equity was €1,479
million and its non-IFRS net debt was €662 million versus non-IFRS
net debt of €283 million at end of March 31, 2022. IFRS net debt
totaled €971 million at March 31, 2023, of which €309 million
related to the IFRS16 accounting restatement.
Outlook
First-quarter 2023-24
Net bookings for the first quarter of 2023-24
are expected to come in at around €240 million.
Full-year 2023-24
The Company confirms its financial targets. It
expects strong top line growth and non-IFRS operating income at
approximately €400 million.
Annual General Meeting
Ubisoft's annual general meeting (AGM) will take
place on September 27, 2023. The Company will propose customary
resolutions to its shareholders including on the evolution of the
Board’s composition. To prepare for this AGM, Ubisoft’s Board will
rely on the process undertaken by, and recommendation of, the
Board's Nominations, Compensation and Governance Committee, which
ensures that Ubisoft's corporate governance is aligned with
applicable best practices and in line with the Company’s strategy.
This ongoing process reflects the importance the Board attaches to
having the best skills, experience and expertise available at all
times to steer and oversee Ubisoft in a fast-changing industry.
Conference call
Ubisoft will hold a conference call today,
Tuesday May 16, 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/dwx54x2d
Contacts
Investor Relations Jean-Benoît RoquetteSVP
Investor Relations+ 33 1 48 18 52
39jean-benoit.roquette@ubisoft.com |
Press Relations Fabien DarriguesDirector of
Global Communicationsfabien.darrigues@ubisoft.com |
Alexandre
Enjalbert Investor Relations Director + 33 1 48 18 50 78
alexandre.enjalbert@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 the
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 June 14, 2022 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 €1,739 million. 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
|
Q4
2022-23
|
Q4
2021-22
|
12 months
2022-23
|
12 months
2021-22
|
Europe |
39% |
38% |
32% |
36% |
Northern
America |
44% |
46% |
50% |
48% |
Rest of the world |
17% |
16% |
18% |
16% |
TOTAL |
100% |
100% |
100% |
100% |
Breakdown of net bookings by
platform
|
Q4
2022-23
|
Q4
2021-22
|
12 months
2022-23
|
12 months
2021-22
|
CONSOLES |
45% |
59% |
40% |
60% |
PC |
28% |
27% |
18% |
26% |
MOBILE |
14% |
9% |
31% |
9% |
Others* |
12% |
5% |
11% |
5% |
TOTAL |
100% |
100% |
100% |
100% |
*Ancillaries, etc.
Title release
schedule1st
quarter (April –
June 2023)
DIGITAL
ONLY |
|
|
FOR HONOR®: Year 7 – Season 2 |
PC, PLAYSTATION®4, XBOX ONE |
MIGHTY QUEST ROGUE PALACE |
NETFLIX GAMES |
RIDERS REPUBLIC™: Season 7 |
AMAZON LUNA, PC, PLAYSTATION®4, PLAYSTATION®5, XBOX ONE,
XBOX SERIES X/S |
ROCKSMITH+ |
IOS, ANDROID |
TOM CLANCY’S RAINBOW SIX® SIEGE: Year 8 – Season 2 |
AMAZON LUNA, PC, PLAYSTATION®4, PLAYSTATION®5, XBOX ONE,
XBOX SERIES X/S |
THE CREW ® 2: Season 8 – Episode 2 |
AMAZON LUNA, PC, PLAYSTATION®4, XBOX ONE |
TOM CLANCY’S THE DIVISION® 2: Year 5 – Season 1 |
AMAZON LUNA, PC, PLAYSTATION®4, XBOX ONE |
TRACKMANIA NEXT |
PLAYSTATION®4, PLAYSTATION®5, XBOX ONE, XBOX SERIES X/S
|
Extracts from the Consolidated Financial
Statements at
March 31,
2023
The audit procedures have been carried out and
the audit report is in preparation.
Consolidated income statement (IFRS,
extract from the accounts which have undergone an audit by the
Statutory Auditors).
(in € millions) |
03.31.2023 |
03.31.2022 |
|
|
|
Sales |
1,814.3 |
2,125.2 |
Cost of sales |
(216.6) |
(269.7) |
Gross
margin |
1,597.8 |
1,855.5 |
Research and
Development costs |
(1,440.4) |
(822.5) |
Marketing costs |
(343.2) |
(412.6) |
General and
Administrative costs |
(301.5) |
(270.2) |
Current
operating income (loss) |
(487.3) |
350.2 |
Other non-current
operating income & expense |
(98.4) |
(108.7) |
Operating
income (loss) |
(585.8) |
241.5 |
Net borrowing
costs |
(23.5) |
(23.0) |
Net foreign exchange
gains/losses |
4.4 |
(1.2) |
Other financial
expenses |
(7.2) |
(25.4) |
Other financial
income |
8.2 |
1.2 |
Net
financial income |
(18.1) |
(48.4) |
Share of profit of
associates |
— |
— |
Income tax |
109.1 |
(113.6) |
Consolidated net income
(loss) |
(494.7) |
79.5 |
Net income (loss) attributable to owners of the parent company |
(494.2) |
79.1 |
Net income (loss) attributable to non-controlling interests |
(0.6) |
0.4 |
Earnings per share attributable to owners of the parent
company |
|
|
Basic earnings per share (in €) |
(4.07) |
0.66 |
Diluted earnings per share (in €) |
(4.08) |
0.65 |
Weighted average number of shares in issue |
121,145,035 |
119,608,218 |
Diluted weighted average number of shares |
121,145,035 |
127,320,735 |
Reconciliation of IFRS Net income and
non-IFRS Net income
(in € millions) |
2022-23 |
2021-22 |
except for per share data |
IFRS |
Adjustments |
Non-IFRS |
IFRS |
Adjustments |
Non-IFRS |
IFRS 15 Sales |
1,814.3 |
|
1,814.3 |
2,125.2 |
|
2,125.2 |
Deferred revenues related to IFRS 15 |
|
(74.9) |
(74.9) |
|
3.3 |
3.3 |
Net bookings |
|
|
1,739.5 |
|
|
2,128.5 |
Total Operating expenses |
(2,400.1) |
160.4 |
(2,239.6) |
(1,883.7) |
162.8 |
(1,720.9) |
Stock-based compensation |
(62.0) |
62.0 |
— |
(54.1) |
54.1 |
— |
Non-current operating income & expense |
(98.4) |
98.4 |
— |
(108.7) |
108.7 |
— |
OPERATING INCOME (LOSS) |
(585.8) |
85.6 |
(500.2) |
241.5 |
166.1 |
407.6 |
Net Financial income |
(18.1) |
2.9 |
(15.2) |
(48.4) |
30.7 |
(17.7) |
Income tax |
109.1 |
5.7 |
114.8 |
(113.6) |
(6.8) |
(120.4) |
Consolidated Net Income
(loss) |
(494.7) |
94.1 |
(400.6) |
79.5 |
190.0 |
269.5 |
Net income (loss)
attributable to owners of the parent company |
(494.2) |
|
(400.0) |
79.1 |
|
269.0 |
Net income (loss)
attributable to non-controlling
interests |
(0.6) |
|
(0.6) |
0.4 |
|
0.4 |
Diluted number of shares |
121,145,035 |
|
121,145,035 |
127,320,735 |
|
127,320,735 |
Diluted earnings per share attributable to parent
company |
(4.08) |
0.78 |
(3.30) |
0.65 |
1.47 |
2.11 |
Consolidated balance sheet (IFRS,
extract from the accounts which have undergone an audit by
Statutory Auditors)
Assets |
|
Net |
Net |
(in € millions) |
|
03.31.2023 |
03.31.2022 |
Goodwill |
|
73.2 |
132.1 |
Other intangible assets |
|
1,776.1 |
1,882.0 |
Property, plant and equipment |
|
187.9 |
207.4 |
Right of use assets |
|
271.9 |
302.3 |
Non-current financial assets |
|
53.7 |
52.3 |
Deferred tax assets |
|
252.0 |
180.4 |
Non-current assets |
|
2,614.9 |
2,756.5 |
Inventory |
|
18.5 |
22.2 |
Trade receivables |
|
268.3 |
471.0 |
Other receivables |
|
206.5 |
208.1 |
Other current financial assets |
|
0.7 |
0.8 |
Current tax assets |
|
71.1 |
48.0 |
Cash and cash equivalents |
|
1,490.9 |
1,452.5 |
Current assets |
|
2,056.0 |
2,202.7 |
TOTAL ASSETS |
|
4,670.8 |
4,959.2 |
|
|
|
|
Liabilities and equity |
|
Net |
Net |
(in € millions) |
|
03.31.2023 |
03.31.2022 |
Capital |
|
9.7 |
9.7 |
Premiums |
|
630.2 |
630.2 |
Consolidated reserves |
|
1,333.4 |
1,088.0 |
Consolidated earnings |
|
-494.2 |
79.1 |
Equity attributable to owners of the parent
company |
|
1,479.2 |
1,807.1 |
Non-controlling interests |
|
3.5 |
2.0 |
Total equity |
|
1,482.6 |
1,809.0 |
Provisions |
|
20.9 |
10.0 |
Employee benefit |
|
17.1 |
20.2 |
Long-term borrowings and other financial liabilities |
|
2,325.2 |
1,420.3 |
Deferred tax liabilities |
|
69.5 |
183.1 |
Other non-current liabilities |
|
16.7 |
37.0 |
Non-current liabilities |
|
2,449.3 |
1,670.6 |
Short-term borrowings and other financial liabilities |
|
137.1 |
649.9 |
Trade payables |
|
123.1 |
156.6 |
Other liabilities |
|
464.6 |
644.9 |
Current tax liabilities |
|
14.2 |
28.1 |
Current liabilities |
|
738.9 |
1,479.6 |
Total liabilities |
|
3,188.2 |
3,150.2 |
TOTAL LIABILITIES AND EQUITY |
|
4,670.8 |
4,959.2 |
Consolidated cash flow statement (IFRS, extract from the
accounts which have undergone an audit by Statutory
Auditors)
In millions of euros |
03.31.2023 |
03.31.2022 |
Cash flows from operating activities |
|
|
Consolidated
earnings |
(494.7) |
79.5 |
+/- Net amortization
and depreciation on property, plant and equipment and intangible
assets |
1,287.1 |
672.3 |
+/- Net
Provisions |
21.7 |
6.4 |
+/- Cost of
share-based compensation |
62.0 |
54.1 |
+/- Gains / losses
on disposals |
0.6 |
0.2 |
+/- Other income and
expenses calculated |
(4.1) |
26.4 |
+/- Income Tax
Expense |
(109.1) |
113.6 |
TOTAL CASH FLOW FROM OPERATING ACTIVITIES |
763.4 |
952.6 |
Inventory |
(2.6) |
2.5 |
Trade
receivables |
210.9 |
(118.1) |
Other assets |
(12.7) |
60.3 |
Trade payables |
(22.8) |
1.1 |
Other
liabilities |
(45.1) |
(52.9) |
Deferred income and
prepaid expenses |
(122.4) |
(48.8) |
+/- Change
in working capital |
5.2 |
(155.9) |
+/- Current Income
tax expense |
(79.1) |
(90.9) |
TOTAL CASH FLOW GENERATED BY OPERATING
ACTIVITIES |
689.6 |
705.8 |
Cash flows from investing activities |
|
|
- Payments for the
acquisition of internal & external developments |
(998.7) |
(855.9) |
- Payments for the
acquisition of intangible assets and property, plant and
equipment |
(71.6) |
(90.6) |
+ Proceeds from the
disposal of intangible assets and property, plant and
equipment |
0.1 |
0.2 |
+/- Payments for the
acquisition of financial assets |
(51.4) |
(113.4) |
+ Refund of loans
and other financial assets |
45.8 |
78.3 |
+/- Changes in
scope |
(30.8) |
(26.5) |
CASH GENERATED BY INVESTING ACTIVITIES |
(1,106.6) |
(1,007.9) |
Cash flows from financing activities |
|
|
+ New
borrowings |
1,437.3 |
158.3 |
- Refund of
leases |
(45.0) |
(41.4) |
- Refund of
borrowings |
(949.1) |
(215.6) |
+ Funds received
from shareholders in capital increases |
— |
74.4 |
+/- Change in cash
management assets |
— |
239.9 |
+/- Sales /
purchases of own shares |
100.4 |
(117.0) |
CASH GENERATED BY FINANCING ACTIVITIES |
543.6 |
98.6 |
Net change in cash and cash equivalents |
126.5 |
(203.7) |
Cash and cash
equivalents at the beginning of the fiscal year |
1,391.4 |
1,565.2 |
Foreign exchange
losses/gains |
(53.4) |
29.8 |
Cash and cash equivalents at the end of the
period |
1,464.6 |
1,391.4 |
(1) Including cash in companies acquired and disposed of |
— |
— |
RECONCILIATION OF NET CASH POSITION
Cash and cash equivalents at the end of the
period |
1,464.6 |
1,391.4 |
Bank borrowings
and from the restatement of leases |
(2,397.6) |
(1,972.0) |
Commercial
papers |
(38.0) |
(37.0) |
IFRS NET CASH POSITION |
(971.0) |
(617.6) |
Consolidated cash flow statement for comparison with
other industry players
(non-audited)
in € millions |
03.31.2023 |
03.31.2022 |
Non-IFRS Cash flows from operating activities |
|
|
Consolidated
earnings |
(494.7) |
79.5 |
+/- Net Depreciation
on internal & external games & movies |
1,087.9 |
444.9 |
+/- Other
depreciation on fixed assets |
199.2 |
227.4 |
+/- Net
Provisions |
21.7 |
6.4 |
+/- Cost of
share-based compensation |
62.0 |
54.1 |
+/- Gains / losses
on disposals |
0.6 |
0.2 |
+/- Other income and
expenses calculated |
(4.1) |
26.4 |
+/- Cost of internal
development and license development |
(998.7) |
(855.9) |
+/- IFRS 15
Impact |
(56.1) |
3.4 |
+/- IFRS 16
Impact |
(45.0) |
(41.4) |
Non-IFRS cash flow from operation |
(227.3) |
(55.0) |
Inventory |
(2.6) |
2.5 |
Trade
receivables |
210.9 |
(118.2) |
Other assets |
(95.5) |
61.0 |
Trade payables |
(22.8) |
1.1 |
Other
liabilities |
(216.9) |
(83.0) |
+/- Non-IFRS
Change in working capital |
(126.9) |
(136.6) |
Non-IFRS cash flow generated by operating
activities |
(354.2) |
(191.6) |
Cash flows from investing activities |
|
|
- Payments for the
acquisition of intangible assets and property, plant and
equipment |
(71.6) |
(90.6) |
+ Proceeds from the disposal of intangible assets and property,
plant and equipment |
0.1 |
0.2 |
Free Cash-Flow |
(425.8) |
(282.0) |
+/- Payments for the acquisition of financial assets |
(51.4) |
(113.4) |
+ Refund of loans
and other financial assets |
45.8 |
78.3 |
+/- Changes in
scope |
(30.8) |
(26.5) |
Non-IFRS cash generated by investing
activities |
(107.9) |
(152.0) |
Cash flows from financing activities |
|
|
+ New
borrowings |
1,437.3 |
158.3 |
- Refund of
borrowings |
(949.1) |
(215.6) |
+ Funds received
from shareholders in capital increases |
— |
74.4 |
+/- Change in
cash management assets |
— |
239.9 |
+/- Sales /
purchases of own shares |
100.4 |
(117.0) |
Cash generated by financing activities |
588.6 |
139.9 |
NET CHANGE IN CASH AND CASH EQUIVALENTS |
126.5 |
(203.7) |
Cash and cash
equivalents at the beginning of the fiscal year |
1,391.4 |
1,565.2 |
Foreign exchange
losses/gains |
(53.4) |
29.8 |
CASH AND CASH EQUIVALENTS AT THE END OF THE
PERIOD |
1,464.6 |
1,391.4 |
(1)Including cash in companies acquired and disposed of |
— |
— |
RECONCILIATION OF NET CASH POSITION
CASH AND CASH EQUIVALENTS AT THE END OF THE
PERIOD |
1,464.6 |
1,391.4 |
Bank borrowings and
from the restatement of leases |
(2,397.6) |
(1,972.0) |
Commercial
papers |
(38.0) |
(37.0) |
IFRS 16 |
309.0 |
334.9 |
NON-IFRS NET CASH POSITION |
(662.0) |
(282.7) |
1 As of May 16th, 20232 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
statement. 4 Based on the consolidated cash flow statement for
comparison with other industry players (non-audited)
- Download the press release
UBISoft Entertainment (EU:UBI)
過去 株価チャート
から 4 2024 まで 5 2024
UBISoft Entertainment (EU:UBI)
過去 株価チャート
から 5 2023 まで 5 2024