UBISOFT REPORTS FIRST-HALF 2021-22 EARNINGS FIGURES
UBISOFT REPORTS FIRST-HALF
2021-22 EARNINGS FIGURES
Sales outperformance driven by
strength and depth of
back-catalog
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FIRST-HALF
2021-22: Net bookings well above
target
|
In €m |
Reported change vs. H1
2020-2021 |
Reported change vs. H1
2019-2020 |
In % of total net bookings |
|
H1 2021-22 |
H1 2020-21 |
IFRS 15 sales |
751.3 |
-0.7% |
7.7% |
NA |
NA |
Net bookings |
718.2 |
-4.8% |
8.6% |
NA |
NA |
Digital net bookings |
557.4 |
-15.0% |
3.8% |
77.6% |
86.8% |
PRI net bookings |
348.6 |
-6.2% |
12.5% |
48.5% |
49.2% |
Back-catalog net bookings |
596.2 |
-15.5% |
18.1% |
83.0% |
93.5% |
IFRS operating income |
25.9 |
NA |
NA |
NA |
NA |
Non-IFRS operating income |
44.1 |
-61.4% |
539.8% |
6.1% |
15.1% |
- H1
unique active players and
Monthly Active Users up respectively 15%
and 9% vs. FY20
- Second
fiscal quarter: Net bookings of €392.1 million, well above
target of approximately €340.0 million
- PRI
ex-mobile and
Back-Catalog up respectively 16% and 23% vs. Q2
FY20
ASSASSIN’S
CREED®
VALHALLA: Already the 2nd largest
profit generating game in Ubisoft’s history, in less than 12
months
FAR CRY®
6: Early sales in line with Assassin’s Creed
Odyssey, playtime per player up 25% vs. Far Cry 5
2021-22
TARGETS: Net
bookings now expected flat to slightly down. Non-IFRS operating
income confirmed at between €420 million & €500 million
Paris, October
28,
2021 – Today, Ubisoft released
its earnings figures for the first half of fiscal 2021-22, i.e. the
six months ended September 30, 2021.
Yves Guillemot, Co-Founder and Chief Executive
Officer, said “The industry is thriving and quickly evolving,
offering us new challenges and opportunities. Players have a deeper
impact on the worlds they are engaging with, and technological
breakthroughs are opening up promising new avenues. Against this
favorable backdrop, we continue to invest to bring our biggest
franchises and new brands to a significantly wider audience. Our
roadmap is impressive, with our talented teams developing an
ambitious, diverse and exciting slate of games for the coming
years. With our rich IP portfolio, cutting-edge technologies,
thriving recurring revenues and strong balance sheet, we will
deliver meaningful value for players, our teams and our
shareholders.”
Frédérick Duguet, Chief Financial Officer, said
“We delivered a solid performance in Q2, with revenue well above
target. It was driven by the depth and the strength of our
portfolio of owned IPs, including the remarkable ongoing success of
Assassin’s Creed Valhalla. We relied on continued stronger
structural trends from our back-catalog, up 23% vs. FY20 while PRI
excluding mobile was solidly up 16%. As a consequence, our H1
earnings rose sharply versus two years ago. Looking at the second
half, players are having a great time in Far Cry 6, considered by
many as one of the best in the series, and we are delivering a
strong line up of premium games and dynamic post launch
contents.”
Strength and
Depth of Ubisoft's
Assets
Assassin’s Creed
strong ongoing momentumUbisoft is
fully benefiting from its Montreal and Quebec City teams’
exceptional execution on the past three Assassin’s Creed titles,
aided by the essential contributions from our teams at associate
studios. Assassin’s Creed Valhalla has been outperforming
Assassin’s Creed Odyssey across the board since its release,
notably with higher DARPU levels. This quarter, the Siege of Paris
expansion, whose creation was led by the amazing team at Ubisoft
Singapore, delivered record engagement. We plan to deliver great
new content for year 2 of Assassin’s Creed Valhalla, notably in the
second half of the current fiscal year. With an enhanced gameplay
experience, we released last week Discovery Tour: Viking Age, which
the BBC praised as “an interactive and historically accurate way to
explore history”. In less than 12 months, Assassin’s Creed Valhalla
is already the second largest profit generating game in Ubisoft’s
history, reflecting the remarkable strength and value of the
franchise.
Depth of
back-catalog
and special mention to The Crew®
2Beyond Assassin’s Creed, the quarter’s
outperformance reflects Ubisoft’s portfolio’s global strength.
Engagement trends were solid among many brands with the strongest
contributors to back-catalog being Assassin’s Creed Valhalla, For
Honor®, The Crew 2, Tom Clancy’s Rainbow
Six® Siege and Watch Dogs®:
Legion. The Crew 2 warrants special mention for its continued
strong velocity, with engagement and overall revenues up
respectively 70% and 53% versus two years ago thanks to its unique
positioning as a community-based driving game. The work done by
Ubisoft Ivory Tower in Lyon on the company’s first successful live
service brand is impressive as they continue to build on a growing
community of engaged players and deliver strong post launch
content, resulting in more than 30 million unique players attracted
by The Crew franchise since 2014.
Players are having a great time in Far
Cry 6The community praised the narrative, the protagonists
and villains’ complexity, the stunning and beautiful open world of
Yara as well as the gunplay, without forgetting the “Amigos” like
Chorizo who touched the hearts of many players as much as those of
the unfortunate enemies who crossed his path. This resolutely fun
opus saw playtime per player up 25% vs. Far Cry 5. Early sales are
in line with Assassin’s Creed Odyssey solid performance, a game
released in a similar timeframe. With an exciting post-launch plan
over the coming months, Far Cry 6 is set to be a strong performer
this holiday. The game, having achieved positive reviews from
prestigious gaming outlets, including a 9 from Game Informer and
“Great” rating from IGN, is the second major title delivered during
very challenging times by Ubisoft Toronto teams, confirming the
growing maturity of the studio and opening the way for exciting
future projects.The second quarter saw excellent acquisition for
the Far Cry brand, notably on Far Cry 3 and Far Cry 5.
Riders
Republic™: “Pure
Joy, constant adrenaline” (IGN)The
quarter saw the successful open beta of Riders Republic. The
Ubisoft Annecy team pushed the limits of current technological
power to deliver a game that combines massive world design with
impressive graphics and 64 players mass races. Over the past years,
their goal has been to revolutionize the extreme sport genre, with
Riders Republic being the next phase in this strategy. At its core,
Riders Republic is a community driven game that brings a thrilling
multiplayer experience, one Ubisoft expects to have a very long
life.
Just Dance®
continues to make the world
danceWith more than 80 million units sold
lifetime, Just Dance continues to make the world dance. The brand
is a phenomenon on TikTok thanks to the impressive work of Ubisoft
Paris and the marketing teams. Just Dance 2022 will build on the
excellent momentum of the previous two releases and will continue
to leverage the success of the Nintendo Switch.
Tom Clancy’s Rainbow
Six: Meaningful upcoming content The
Siege team is hard at work building exciting new features and
reinforcing the content strategy for the game and its highly
engaged community. The plan includes more frequent high-quality
content, a progressive Battle Pass expansion, onboarding
improvements and the upcoming international esports competitions.
This will be rolled out over the next twelve months.
The team behind Tom Clancy’s Rainbow Six
Extraction can’t wait to showcase the scope and intensity of their
great game, to be released in January 2022. It will come with
strong replayability at launch and beyond, as well as
high-value cross-ownership rewards and bonus content such as
instant unlock of all 18 Extraction Operators in Siege, and premium
cosmetics only available to players of both games. New details will
be revealed in the next few weeks.
Ubisoft’s teams
accomplishments during
challenging times for productionDespite the COVID
related production challenges that struck the whole industry,
Ubisoft teams are once again set to deliver one of the biggest
line-ups of the industry, with high quality experiences. To be
noted, the last 4 core audience titles released by Ubisoft
(Assassin’s Creed Valhalla, Immortals Fenyx
Rising™, Far Cry 6 and Riders Republic) have all
benefited from very positive player reception. Our teams’
resilience and capacity to adapt continue to be impressive.
Leveraging Ubisoft’s unique development capacity and organization,
they have been able to deliver more high-quality content than any
other developer.
While challenges will remain for a certain
period of time, Ubisoft is confident new, highly-efficient hybrid
models will emerge.
“Whether it is the teams in Canada, France,
Singapore or elsewhere, they should be incredibly proud of what
they have accomplished. I sincerely thank them for continuing to
prove that one of Ubisoft’s greatest strengths is our ability to
unite diverse talents from around the world to deliver excellent
experiences for players, and this despite the major production
challenges,” said Yves Guillemot.
Strength of assetsUbisoft’s
unparalleled production capacity, delivering deep and diverse
gaming experiences to players, reflects the strength of its
dependable assets:
- A production
powerhouse, strong of 17,000 talents, structured around the
seasoned multi-studio collaboration organization from Ubisoft
global network of studios that combine high AAA production
standards with world class creative and engineering talents.
- The deepest and
most diverse portfolio of proprietary brands of the industry.
- Robust proprietary
technologies, from engines to online services and distribution
platform as well as i3D.net, Ubisoft’s thriving video game hosting
business.
Building the future of
Ubisoft
Significantly
expanding Ubisoft’s premium
offering80% of Ubisoft’s investments are focused on
significantly expanding its premium offering for the coming years,
and notably next fiscal year with the releases of Avatar: Frontiers
of Pandora™, Mario + Rabbids®: Sparks of Hope, Skull & Bones™
and more exciting games.
Creating
unique value
through new IPsSkull & Bones
has been in the news recently, highlighting the challenges behind
the creation of the new IP. Work on the game continues to progress
well and the Singapore team passed important new production
milestones. Producing ambitious new IPs is hard, requires fortitude
and long-term vision. This is how major industry franchises like
Assassin’s Creed and Tom Clancy’s The Division® have been created.
Ubisoft is passionate about innovation and new technological
breakthroughs, and nurtures an environment for its talents to
thrive and unleash their full potential. As a consequence, Ubisoft
is developing more new brands and taking more creative risks than
any other publisher. When successful, these organic projects
deliver significant long-term value for players, Ubisoft’s teams
and shareholders.
Leveraging current market trends and
opportunities while progressing along the Free-to-Play learning
curveUbisoft continues to progress
towards its ambition to extend its brands’ reach to significantly
larger audiences across all geographies and platforms with
structurally higher recurring revenues. Ubisoft is building its
Free-to-Play expertise through an iterative process, an approach
that led to its successful transitions to Open World and Live
Services in the past. Success may first imply failures, to grow and
learn as the Group constantly builds new skills, technologies and
capabilities. While there is more work ahead, Ubisoft is confident
these organic investments will ultimately pay off and significantly
enhance the scale and value of its biggest franchises.
Exploring innovative technology:
BlockchainUbisoft recently took part in the latest funding
round of Animoca Brands, a leading blockchain gaming company.
Ubisoft has been exploring blockchain since the early development
of the technology, supporting and learning from the ecosystem
through initiatives like its Entrepreneurs Lab start-up program and
the Blockchain Game Alliance as a founding member. This long-range
exploration ties in with Ubisoft’s constant search for innovation
and new ways to empower players as true stakeholders of its worlds.
It also gives Ubisoft the perspective to reflect on the best ways
to overcome blockchain’s initial limitations for gaming around
sustainability and scalability.
Continuing to attract the
industry’s bestTo sustain its ambitious growth
plans, Ubisoft has increased its workforce by an additional 1,200
new talents over the past 12 months, a reflection of its capacity
to attract the industry’s best.
The videogame industry, like many other
industries, has experienced an increase in turnover. In addition,
there has been an increasingly competitive context in some
geographies, that Ubisoft is reacting quickly to. Ubisoft’s
capacity to recruit among the best talents of the industry from
places spread all over the world thanks to its effective co-dev
model coupled with a strong global brand and employee value
proposition are critical assets in this currently challenging
environment.
Success of Ubisoft’s “MMO” employee
share ownership planUbisoft’s 2021 “MMO” employee share
ownership plan campaign was successful, testifying to the
confidence of the teams and their commitment to the Group’s
long-term strategy. Employee ownership now represents 7.5% of share
capital.
Nomination of Igor Manceau as
Ubisoft’s new Chief Creative
OfficerIgor Manceau, a Creative Director with more than
20-years’ experience at the Company and an exemplary leader, was
appointed as Ubisoft’s Chief Creative Officer. Manceau will be
responsible for defining and nurturing Ubisoft’s overall creative
vision and guiding the creative direction of its games so that they
are accessible, irresistible and enriching for all players. He will
work closely with Virginie Haas, Chief Studios Operating Officer,
Sandrine Caloiaro, Chief Portfolio Officer, and their respective
groups to organically grow Ubisoft’s owned franchises and identify
opportunities to create new titles that can succeed in new or
emerging game genres.
Transformation
of HR organization and building a strong
D&I Anika Grant, Chief People Officer, and her team
are hard at work on the evolution of the HR organization and on
helping build a safe, respectful, and inclusive workplace for
everyone at Ubisoft. They continue to engage with our global teams
to make incremental and meaningful progress toward this goal and to
ensure the organization constantly challenges itself and grows. In
parallel, Raashi Sikka, Vice President of Global Diversity &
Inclusion, and her team are deeply focused on implementing the
right operating framework for the Group’s Employee Resource Groups
(ERGs). The strengthening of support for ERGs is just one example
of how Ubisoft is acting on its commitment to become a more diverse
and inclusive organization. Another meaningful example is that an
internal content review committee now examines the game and
marketing content to provide additional perspectives on its
content, and a global Inclusive Games and Content team is being
created to ensure that diversity and inclusion are embedded into
the production processes.
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 2021-22 |
% |
H1 2020-21 |
% |
H1 2019-20 |
% |
|
IFRS 15 sales |
751.3 |
|
757.0 |
|
697.5 |
|
|
Deferred revenues related to IFRS 15 |
(33.2) |
|
(2.2) |
|
(36.4) |
|
|
Net bookings |
718.2 |
|
754.7 |
|
661.1 |
|
|
Gross margin based on net bookings |
614.4 |
85.6% |
652.8 |
86.5% |
564.3 |
85.4% |
|
Non-IFRS R&D expenses |
(276.2) |
(38.5%) |
(258.5) |
(34.3%) |
(284.9) |
(43.1%) |
|
Non-IFRS selling expenses |
(173.0) |
(24.1%) |
(177.3) |
(23.5%) |
(186.9) |
(28.3%) |
|
Non-IFRS G&A expenses |
(121.1) |
(16.9%) |
(102.6) |
(13.6%) |
(85.7) |
(13.0%) |
|
Total non-IFRS SG&A expenses |
(294.0) |
(40.9%) |
(279.9) |
(37.1%) |
(272.5) |
(41.2%) |
|
Non-IFRS operating income |
44.1 |
6.1% |
114.3 |
15.1% |
6.9 |
1.0% |
|
IFRS operating income |
25.9 |
|
48.1 |
|
9.3 |
|
|
Non-IFRS diluted EPS (in €) |
0.23 |
|
0.71 |
|
0.11 |
|
|
IFRS diluted EPS (in €) |
0.01 |
|
0.17 |
|
0.01 |
|
|
Non-IFRS cash flows from operating
activities(1) |
(288.6) |
|
(72.8) |
|
(20.6) |
|
|
R&D investment expenditure |
(573.1) |
|
(520.3) |
|
(431.4) |
|
|
Non-IFRS net cash/(debt) position |
(260.6) |
|
(124.0) |
|
(217.8) |
|
|
(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 2021-22
came to €398.5 million, up 20.9% (or 21.1% at constant exchange
rates) on the €329.6 million generated in second-quarter 2020-21
and up 19.3% (or 19.5% at constant exchange rates) on the €334.1
million generated in second-quarter 2019-20.For the first half of
2021-22, IFRS 15 sales totaled €751.3 million, down 0.7% (up 1.1%
at constant exchange rates) compared with the first-half 2020-21
figure of €757.0 million and up 7.7% (9.8% at constant exchange
rates) compared with the first-half 2019-20 figure of €697.5
million.
Net bookings for second-quarter 2021-22 totaled
€392.1 million, up 13.8% (14.1% at constant exchange rates)
compared with the €344.7 million recorded for second quarter of
2020-21 and up 13.1% (or 13.4% at constant exchange rates) on the
€346.9 million generated in second-quarter 2019-20.First half
2021-22 net bookings amounted to €718.2 million, down 4.8% (3.0% at
constant exchange rates) on the €754.7 million generated in the
first half 2020-21 and up 8.6% (10.7% at constant exchange rates)
compared with the first-half 2019-20 figure of €661.1 million.
Main income statement
items1
Non-IFRS operating income came in at €44.1
million, versus €114.3 million in the first half 2020-21 and €6.9
million in the first-half
2019-20.
Non-IFRS attributable net income amounted to
€29.6 million, representing non-IFRS diluted earnings per share of
€0.23, compared with non-IFRS attributable net income of €89.1
million and non-IFRS diluted earnings per share of €0.71 in
first-half 2020-21 and with €12.8 million and €0.11 for first-half
2019-20.
IFRS attributable net income for 2021-22 totaled
€0.9 million, representing IFRS diluted earnings per share of
€0.01, compared with IFRS attributable net income of €21.1 million
and IFRS diluted earnings per share of €0.17 in first-half 2020-21,
and €0.9 million and €0.01 in first-half 2019-20.
Main cash flow
statement2 items
Non-IFRS cash flows from operating activities
represented a net cash outflow of €(288.6) million in 2021-22
(versus a €(72.8) million net cash outflow in first-half 2020-21,
and a net outflow of €(20.6) million in first-half 2019-20). It
reflects a negative €(225.1) million in non-IFRS cash flow
from operations (versus a negative €(146.0) million in first-half
2020-21 and a negative €(104.1) million in first-half 2019-20) and
an €(63.5) million increase in non-IFRS working capital requirement
(compared with an €73.3 million decrease in the first six months of
2020-21 and a €83.5 million decrease in the first six months of
2019-20).
Main balance sheet items and
liquidity
At September 30, 2021, the Group’s equity was
€1,742 million and its non-IFRS net debt was €261 million versus
non-IFRS net debt of €124 million at end of September 2020. IFRS
net debt totaled €573 million at September 30, 2021, of which €312
million related to the IFRS16 accounting restatement.
Outlook
Third-quarter 2021-22
Net bookings for the third quarter of 2021-22
are expected to come in at between €725 million and €780
million.
Full-year 2021-22
The Company confirms its non-IFRS operating
income target of between €420 million and €500 million. Net
bookings are now expected to be flat to slightly down vs
single-digit growth previously. Prince of Persia®: The Sands of
Time remake, Rocksmith™+ and Tom Clancy’s The Division Heartland
will be released in 2022-23. While still expected in the current
fiscal year, Roller Champions™ is no longer factored in the
guidance.
Conference call
Ubisoft will hold a conference call today, Thursday October 28,
2021, 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/4xwcaz4b
Contacts
Investor RelationsJean-Benoît RoquetteSVP Investor
Relations+ 33 1 48 18 52 39Jean-benoit.roquette@ubisoft.com |
Press Relations Michael Burk Senior Director of
Corporate Public Relations + 33 1 48 18 24 03
Michael.burk@ubisoft.com |
Alexandre
Enjalbert Senior Investor Relations Manager + 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 not been reviewed by
the Statutory Auditors. (Additional information is provided in the
most recent Ubisoft Registration Document filed on June 10, 2021,
with the French Financial Markets Authority (l’Autorité des Marchés
Financiers)).
About UbisoftUbisoft is a
leading creator, publisher and distributor of interactive
entertainment and services, with a rich portfolio of world-renowned
brands, including Assassin’s Creed®, Far Cry®, For Honor®, Just
Dance®, Watch Dogs®, and Tom Clancy’s video game series including
Ghost Recon®, Rainbow Six® and The Division®. The teams throughout
Ubisoft’s worldwide network of studios and business offices are
committed to delivering original and memorable gaming experiences
across all popular platforms, including consoles, mobile phones,
tablets and PCs. For the 2020-21 fiscal year, Ubisoft generated net
bookings of €2,241 million. To learn more, please visit:
www.ubisoftgroup.com.
© 2021 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
Net bookings corresponds to the sales excluding
the services component and integrating the unconditional amounts
related to license 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 from operation.
IFRS net cash/(debt) position corresponds to
cash and cash equivalents and cash management financial assets 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 2021-22 |
Q2 2020-21 |
6 months 2021-22 |
6 months 2020-21 |
Europe |
30% |
33% |
32% |
33% |
Northern
America |
52% |
49% |
50% |
50% |
Rest of the world |
18% |
18% |
18% |
17% |
TOTAL |
100% |
100% |
100% |
100% |
Breakdown of net bookings by
platform |
|
Q22021-22 |
Q22020-21 |
6 months
2021-22 |
6 months
2020-21 |
PLAYSTATION®4 &PLAYSTATION®5 |
37% |
27% |
34% |
31% |
XBOX One™
&XBOX Series X/S™ |
19% |
16% |
19% |
17% |
PC |
20% |
32% |
21% |
25% |
NINTENDO
SWITCH™ |
7% |
6% |
8% |
9% |
MOBILE |
10% |
13% |
11% |
13% |
Others* |
7% |
6% |
7% |
5% |
TOTAL |
100% |
100% |
100% |
100% |
*Ancillaries, etc.
Title release
schedule3rd
quarter (October
- December
2021)
PACKAGED & DIGITAL |
|
|
|
FAR CRY® 6 |
AMAZON LUNA, PC, PLAYSTATION®4, PLAYSTATION®5, STADIA, XBOX
ONE, XBOX SERIES X/S |
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JUST DANCE® 2022 |
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NINTENDO SWITCHTM, PLAYSTATION®4, PLAYSTATION®5, STADIA, XBOX
ONE, XBOX SERIES X/S |
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MONOPOLY MADNESS (STANDALONE EDITION & MONOPOLY MADNESS +
MONOPOLY PLUS BUNDLE) |
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AMAZON LUNA, PC, NINTENDO SWITCHTMPLAYSTATION®4, STADIA, XBOX
ONE |
RIDERS REPUBLIC™ |
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AMAZON LUNA, PC, PLAYSTATION®4, PLAYSTATION®5, STADIA, XBOX ONE,
XBOX SERIES X/S |
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DIGITAL
ONLY |
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FAR CRY® 3 BLOOD DRAGON REMASTERED |
AMAZON LUNA, PC, PLAYSTATION®4, PLAYSTATION®5, STADIA, XBOX
ONE, XBOX SERIES X/S |
FAR CRY® 6: DLC - EPISODE 1 INSANITY |
AMAZON LUNA, PC, PLAYSTATION®4, PLAYSTATION®5, STADIA, XBOX
ONE, XBOX SERIES X/S |
FOR HONOR® YEAR: 5 – SEASON 4 |
PC, PLAYSTATION®4, XBOX ONE |
RIDERS REPUBLIC™: PRE-SEASON – GRAND OPENING |
AMAZON LUNA, PC, PLAYSTATION®4, PLAYSTATION®5, STADIA, XBOX
ONE, XBOX SERIES X/S |
RIDERS REPUBLIC™: SEASON 1 – WINTER BASH |
AMAZON LUNA, PC, PLAYSTATION®4, PLAYSTATION®5, STADIA, XBOX
ONE, XBOX SERIES X/S |
UNO® THE CALL OF YARA DLC |
AMAZON LUNA, PC, NINTENDO SWITCHTMPLAYSTATION®4, STADIA, XBOX
ONE |
TOM CLANCY’S RAINBOW SIX® SIEGE: YEAR 6 – SEASON 4 |
AMAZON LUNA, PC, PLAYSTATION®4, PLAYSTATION®5, STADIA, XBOX
ONE, XBOX SERIES X/S |
THE CREW® 2 – SEASON 4 |
PC, PLAYSTATION®4, STADIA, XBOX ONE |
EXTRACTS FROM THE CONSOLIDATED FINANCIAL
STATEMENTS AT SEPTEMBER 30, 2021
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 of euros |
09.30.2021 |
09.30.2020 |
|
|
|
IFRS 15 Sales |
751.3 |
757.0 |
Cost of sales |
(103.7) |
(101.9) |
Gross
Margin |
647.6 |
655.0 |
Research and
Development costs |
(306.5) |
(282.2) |
Marketing costs |
(176.5) |
(180.0) |
General and
Administrative costs |
(128.1) |
(108.2) |
Current
operating income |
36.6 |
84.6 |
Other non-current
operating income & expense |
(10.7) |
(36.5) |
Operating
income |
25.9 |
48.1 |
Net borrowing
costs |
(11.3) |
(7.5) |
Net foreign exchange
gains/losses |
(0.9) |
(2.8) |
Other financial
income |
(0.4) |
0.0 |
Other financial
expenses |
0.5 |
0.6 |
Net
financial income |
(12.1) |
(9.7) |
Income tax |
(12.2) |
(16.3) |
Consolidated net income |
1.6 |
22.1 |
Net income attributable to owners of the parent company |
0.9 |
21.1 |
Net income attributable to non-controlling interests |
0.7 |
1.1 |
Earnings per share attributable to parent
company |
|
|
Basic earnings per share (in €) |
0.01 |
0.18 |
Diluted earnings per share (in €) |
0.01 |
0.17 |
Weighted average number of shares in issue |
119,897,485 |
118,190,337 |
Diluted weighted average number of shares in issue |
123,478,324 |
121,302,240 |
Reconciliation of IFRS Net income and non-IFRS Net
income
In millions of euros, except for per share
data |
H1 2021-22 |
H1 2020-21 |
IFRS |
Adjustments |
Non-IFRS |
IFRS |
Adjustments |
Non-IFRS |
IFRS 15 Sales |
751.3 |
|
|
757.0 |
|
|
Deferred revenues related to IFRS 15 |
|
(33.2) |
|
|
(2.2) |
|
Net bookings |
|
|
718.2 |
|
|
754.7 |
Total Operating expenses |
(725.4) |
51.4 |
(674.0) |
(708.9) |
68.5 |
(640.4) |
Stock-based compensation |
(40.8) |
40.8 |
— |
(32.0) |
32.0 |
— |
Goodwill & brand depreciation |
(10.7) |
10.7 |
— |
(36.5) |
36.5 |
— |
Operating Income |
25.9 |
18.3 |
44.1 |
48.1 |
66.2 |
114.3 |
Net Financial income |
(12.1) |
2.7 |
(9.4) |
(9.7) |
2.6 |
(7.0) |
Income tax |
(12.2) |
7.8 |
(4.4) |
(16.3) |
(0.9) |
(17.1) |
Consolidated Net Income |
1.6 |
28.7 |
30.3 |
22.1 |
68.0 |
90.1 |
Net income attributable to owners of the parent company |
0.9 |
|
29.6 |
21.1 |
|
89.1 |
Net income attributable to non-controlling interests |
0.7 |
|
0.7 |
1.1 |
|
1.1 |
Diluted number of shares |
123,478,324 |
4,361,859 |
127,840,183 |
121,302,240 |
4,361,859 |
125,664,099 |
Diluted earnings per share attributable to parent company (in
€) |
0.01 |
0.22 |
0.23 |
0.17 |
0.54 |
0.71 |
Consolidated balance sheet (IFRS,
extract from the accounts which have undergone a limited review by
Statutory Auditors)
ASSETS |
Net |
Net |
In millions of euros |
09.30.2021 |
09.30.2020 |
Goodwill |
210.7 |
293.9 |
Other intangible assets |
1,751.4 |
1,379.4 |
Property, plant and equipment |
203.2 |
182.8 |
Right of use assets |
286.6 |
292.3 |
Non-current financial assets |
26.2 |
14.4 |
Deferred tax assets |
158.2 |
160.9 |
Non-current assets |
2,636.4 |
2,323.8 |
Inventory |
56.8 |
20.8 |
Trade receivables |
293.2 |
248.5 |
Other receivables |
219.7 |
135.5 |
Other current financial assets |
— |
0.6 |
Current tax assets |
60.6 |
62.9 |
Cash management financial assets * |
194.5 |
— |
Cash and cash equivalents |
1,300.3 |
1,283.1 |
Current assets |
2,125.0 |
1,751.5 |
Total assets |
4,761.4 |
4,075.3 |
|
|
|
|
|
|
LIABILITIES AND EQUITY |
Net |
Net |
In millions of euros |
09.30.2021 |
09.30.2020 |
Capital |
9.7 |
9.6 |
Premiums |
627.7 |
551.5 |
Consolidated reserves |
1,103.6 |
932.1 |
Consolidated earnings |
0.9 |
21.1 |
Equity attributable to owners of the parent
company |
1,741.9 |
1,514.2 |
Non-controlling interests |
8.9 |
8.3 |
Total equity |
1,750.8 |
1,522.5 |
Provisions |
6.0 |
3.4 |
Employee benefit |
22.2 |
19.2 |
Long-term borrowings and other financial liabilities |
1,900.1 |
1,300.4 |
Deferred tax liabilities |
104.2 |
76.5 |
Other non-current liabilities |
29.9 |
17.6 |
Non-current liabilities |
2,062.4 |
1,417.1 |
Short-term borrowings and other financial liabilities |
168.4 |
417.2 |
Trade payables |
210.0 |
149.0 |
Other liabilities |
546.2 |
554.8 |
Current tax liabilities |
23.6 |
14.8 |
Current liabilities |
948.3 |
1,135.8 |
Total liabilities |
3,010.6 |
2,552.8 |
Total liabilities and equity |
4,761.4 |
4,075.3 |
* Shares of UCITS invested in short-term
maturity securities, which do not meet the criteria for
qualification as cash equivalents defined by IAS 7.
Consolidated cash flow statement for comparison with
other industry players
(non-reviewed)
In millions of euros |
09.30.2021 |
09.30.2020 |
Non-IFRS
Cash flows from operating activities |
|
|
Consolidated net
income |
1.6 |
22.1 |
+/- Net
Depreciation on internal & external games & movies |
101.3 |
100.9 |
+/- Other
depreciation on fixed assets |
70.4 |
93.2 |
+/- Net
Provisions |
1.3 |
(14.2) |
+/- Cost of
share-based compensation |
40.8 |
32.0 |
+/- Gains /
losses on disposals |
0.1 |
0.2 |
+/- Other income
and expenses calculated |
2.7 |
2.8 |
+/- Cost of
internal development and license development |
(398.1) |
(363.0) |
+/- Impact IFRS
15 |
(24.6) |
(1.7) |
+/- Impact IFRS
16 |
(20.6) |
(18.2) |
NON-IFRS CASH FLOW FROM OPERATION |
(225.1) |
(146.0) |
Inventory |
(32.3) |
6.2 |
Trade
receivables |
51.9 |
50.4 |
Other assets |
41.2 |
(19.9) |
Trade
payables |
59.4 |
7.9 |
Other
liabilities |
(183.7) |
28.6 |
+/-
Non-IFRS Change in working capital |
(63.5) |
73.3 |
Non-IFRS CASH FLOW GENERATED BY OPERATING
ACTIVITIES |
(288.6) |
(72.8) |
Cash
flows from investing activities |
|
|
- Payments for
the acquisition of intangible assets and property. plant and
equipment |
(44.6) |
(42.8) |
+ Proceeds from
the disposal of intangible assets and property. plant and
equipment |
0.1 |
0.0 |
Free Cash-Flow |
(333.1) |
(115.6) |
+/- Payments for
the acquisition of financial assets |
(50.6) |
(98.6) |
+ Refund of loans
and other financial assets |
40.7 |
97.7 |
+/- Changes in
scope (1) |
(25.0) |
(15.9) |
NON-IFRS CASH GENERATED BY INVESTING
ACTIVITIES |
(79.4) |
(59.6) |
Cash
flows from financing activities |
|
|
+ New
borrowings |
121.5 |
433.6 |
- Refund of
borrowings |
(166.8) |
(249.6) |
+ Funds received
from shareholders in capital increases |
71.9 |
74.9 |
+/- Change in
cash management assets |
45.4 |
0.0 |
+/- Sales /
purchases of own shares |
(40.1) |
40.0 |
CASH GENERATED BY FINANCING ACTIVITIES |
31.9 |
298.9 |
Net
change in cash and cash equivalents |
(336.1) |
166.5 |
Cash and cash
equivalents at the beginning of the fiscal year |
1,565.2 |
986.9 |
Foreign exchange
losses/gains |
(0.9) |
(2.9) |
Cash and cash equivalents at the end of the
period |
1,228.2 |
1,150.5 |
(1) Including cash in companies acquired and disposed of |
0.0 |
0.0 |
|
|
|
RECONCILIATION OF NET CASH POSTION |
|
|
Cash
and cash equivalents at the end of the period |
1,228.2 |
1,150.5 |
Bank
borrowings and from the restatement of leases |
(1,952.5) |
(1,343.5) |
Commercial
papers |
(43.0) |
(241.5) |
IFRS 16 |
312.2 |
310.5 |
Cash management
financial assets |
194.5 |
0.0 |
NON-IFRS NET CASH POSITION |
(260.6) |
(124.0) |
Consolidated cash flow statement (IFRS, extract from the
accounts which have undergone a limited review by Statutory
Auditors)
In millions of euros |
09.30.2021 |
09.30.2020 |
Cash flows
from operating activities |
|
|
Consolidated net
income |
1.6 |
22.1 |
+/- Net amortization
and depreciation on property, plant and equipment and intangible
assets |
171.7 |
194.0 |
+/- Net
Provisions |
1.3 |
(14.2) |
+/- Cost of
share-based compensation |
40.8 |
32.0 |
+/- Gains / losses
on disposals |
0.1 |
0.2 |
+/- Other income and
expenses calculated |
2.7 |
2.8 |
+/- Income Tax
Expense |
12.2 |
16.3 |
TOTAL CASH FLOW FROM OPERATING ACTIVITIES |
230.4 |
253.2 |
Inventory |
(32.3) |
6.2 |
Trade
receivables |
51.9 |
50.4 |
Other assets |
41.5 |
(22.7) |
Trade payables |
59.4 |
7.9 |
Other
liabilities |
(98.1) |
22.2 |
Deferred income and
prepaid expenses |
(69.5) |
37.2 |
+/- Change
in working capital |
(47.1) |
101.2 |
+/- Current Income
tax expense |
(53.2) |
(45.9) |
TOTAL CASH FLOW GENERATED BY OPERATING
ACTIVITIES |
130.2 |
308.5 |
Cash flows
from investing activities |
|
|
- Payments for the
acquisition of internal & external developments |
(398.1) |
(363.0) |
- Payments for the
acquisition of intangible assets and property, plant and
equipment |
(44.6) |
(42.8) |
+ Proceeds from the
disposal of intangible assets and property, plant and
equipment |
0.1 |
— |
+/- Payments for the
acquisition of financial assets |
(50.6) |
(98.6) |
+ Refund of loans
and other financial assets |
40.7 |
97.7 |
+/- Changes in scope
(1) |
(25.0) |
(15.9) |
CASH GENERATED BY INVESTING ACTIVITIES |
(477.6) |
(422.7) |
Cash flows
from financing activities |
|
|
+ New
borrowings |
121.5 |
433.6 |
- Refund of
leases |
(20.6) |
(18.2) |
- Refund of
borrowings |
(166.8) |
(249.6) |
+ Funds received
from shareholders in capital increases |
71.9 |
74.9 |
+/- Change in cash
management assets |
45.4 |
— |
+/- Sales /
purchases of own shares |
(40.1) |
40.0 |
CASH GENERATED BY FINANCING ACTIVITIES |
11.3 |
280.7 |
Net change
in cash and cash equivalents |
(336.1) |
166.5 |
Cash and cash
equivalents at the beginning of the fiscal year |
1,565.2 |
986.9 |
Foreign exchange
losses/gains |
(1.0) |
(2.9) |
Cash and
cash equivalents at the end of the period |
1,228.2 |
1,150.5 |
(1) Including cash in companies acquired and disposed of |
— |
— |
|
|
|
RECONCILIATION OF NET CASH POSTION |
|
|
Cash and
cash equivalents at the end of the period |
1,228.2 |
1,150.5 |
Bank borrowings
and from the restatement of leases |
(1,952.5) |
(1,343.5) |
Commercial
papers |
(43.0) |
(241.5) |
Cash management
financial assets |
194.5 |
— |
IFRS NET CASH POSITION |
(572.8) |
(434.5) |
1 See the presentation published on Ubisoft’s website for
further information on movements in the income and cash flow
statement 2 Based on the consolidated cash flow statement for
comparison with other industry players (non reviewed)
- Download the press release
- Download the slideshow
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