Ubisoft Reports First-Half 2024-25 Earnings Figures
UBISOFT REPORTS FIRST-HALF 2024-25
EARNINGS FIGURES
Q2 net bookings in line with revised guidance and FY25
outlook reiterated
Solid underlying performance of
back-catalog highlighting strength of
brand portfolio and Live services
Further progress on the cost reduction
program, that is well on track
First half 2024-25: Net bookings of
€642.3 million
|
|
In €m
|
Reported change
vs. H1 2023-24
|
In % of total net bookings |
|
|
H1 2024-25 |
H1 2023-24 |
|
IFRS 15 sales |
671.9 |
(19.6%) |
NA |
NA |
|
Net bookings |
642.3 |
(21.9%) |
NA |
NA |
|
Digital net bookings |
526.6 |
(26.5%) |
82.0% |
87.1% |
|
PRI net bookings |
312.7 |
(39.2%) |
48.7% |
62.5% |
|
Back-catalog net bookings |
494.2 |
(28.9%) |
76.9% |
84.5% |
|
IFRS operating income |
(271.8) |
NA |
NA |
NA |
|
Non-IFRS operating income |
(252.1) |
NA |
(39.3%) |
5.3% |
Strength of brand portfolio and Live
services, and solid underlying engagement through our catalogue of
games:
- Second quarter:
Net bookings stood at €352.3 million, in line with revised
guidance. Excluding partnerships, back-catalog was up 12%
year-on-year.
- First
half: Strong activity metrics across Console & PC with
Playtime and Session Days up 9% and 6% year-on-year, respectively,
driven by Rainbow Six® Siege playtime and session days
both up double-digit year-on-year. MAUs stood at 37 million, up 3%
year-on-year, and included close to 3 million new accounts per
month. Excluding partnerships, back-catalog net bookings were up
12% year-on-year.
- Last twelve
months: Ubisoft attracted 138 million unique players
across Console & PC, up 4% year-on-year. The Assassin’s
Creed® franchise and Rainbow Six Siege both benefited
from strong audiences, with more than 30 million unique active
users each.
- New milestones achieved in
terms of consumer spending metrics underlining the long-term value
of Ubisoft’s diverse portfolio of brands and Live
services: Over the past decade, the Assassin’s Creed
franchise has generated around €4bn, Rainbow Six Siege has
generated over €3.5bn and Far Cry® has topped around
€2bn. Including The Division®, Ghost Recon®
and Just Dance®, Ubisoft has 6 brands that have
surpassed €1bn in consumer spending.
FY2024-25 targets reiterated: Net bookings of
around €1.95bn and around break-even non-FIRS operating income and
free cash flow.
Paris, October 30, 2024 –
Today, Ubisoft released its earnings figures for the first half of
fiscal 2024-25.
Yves Guillemot, Co-Founder and Chief Executive
Officer, said “Despite recent setbacks, we are continuing to
deeply transform Ubisoft in order to restore the level of
creativity and innovation that built Ubisoft’s success while
delivering stronger execution and predictability. Even if our
first-half performance fell short of our initial expectations, the
double-digit growth of our back catalog excluding partnerships
reaffirms the quality, uniqueness and value embedded in our brand
portfolio and the strength of our Live services. This highlights
our potential to deliver more recurring revenue, sustainable
growth, and long-term value for our stakeholders.
To succeed, we must redouble our focus on
execution and reinforce a player-centric mindset in everything we
do. For example, we are improving the quality of Star Wars Outlaws,
including actively addressing player feedback through title updates
as we get ready for the Steam launch, the first story pack, and the
upcoming holiday season. We are also taking the additional time to
ensure that the upcoming very ambitious opus in our flagship
franchise, Assassin’s Creed Shadows, is a highly polished,
exceptional experience on day one and that it resonates strongly
with players.
Over the past semester, we also further
advanced our cost reduction plan thanks to strict control on
recruitments, targeted restructurings and lower external spend.
This is the fruit of a group-wide effort, and I would like to thank
the teams as we are transforming the Company into a more efficient
and agile organization. Over the first semester, we have already
achieved more than €200m savings versus two years ago on an
annualized basis. There still remains work to be done to support
robust cash-flow generation in the future.
The Executive Committee review, aimed at
improving our execution focused on a player-centric and
gameplay-first approach, is progressing. This notably includes
actions aimed at tackling the dynamics behind the polarized
comments around Ubisoft so as to protect the Group’s
reputation and maximize our game’s sales
potential.
We remain committed to making decisions in
the best interests of all of our stakeholders. In this context, as
we have already indicated, the Company is also reviewing all its
strategic options.”
Frédérick Duguet, Chief Financial Officer,
added, “Our Q2 net bookings are in line with our revised
guidance. We are reaffirming our full-year objectives, with net
bookings expected to reach approximately €1.95bn as well as around
break-even non-IFRS EBIT and free cash flow. This outlook reflects
robust free cash flow generation in the second half of the year. In
addition, we continue exploring the sale of non-core assets as part
of our broader strategy to focus on our two core verticals, Open
World Adventures and GAAS-native experiences, as well as enhance
financial flexibility.”
H1/Q2 Activity
Overall, brands across Ubisoft’s catalog of
games demonstrated their attractiveness, strength and embedded
value throughout the first semester, displaying sustained
engagement metrics across Console & PC, with Playtime and
Session Days up respectively 9% and 6% year-on-year. MAUs stood at
37 million, up 3% year-on-year, and included close to 3 million new
accounts per month.
Live Services
In a challenging FPS environment,
Rainbow Six Siege delivered a solid performance
despite a strong comparable base, leading to Playtime and Session
Days growing double digit year-on-year over the first semester. The
Year 9 Season 3 Battle Pass achieved the second-best ever
conversion rate and the newly introduced operator, Skopós, was
highly appreciated by the community notably thanks to its
innovative gameplay, contributing to Sessions Days per Player
slightly up in Q2. Adoption for the recently introduced membership
service grew solidly this quarter, and the marketplace continued to
establish itself within the game’s ecosystem, engaging a
significant number of players. The team continues to broaden
engagement services by launching the Siege Cup beta on PC, a new
competitive format.
Other Live titles across the portfolio of games
demonstrated strong engagement and activity. The
Crew franchise attracted over 8 million active players
this quarter and saw strong growth in engagement thanks to the
announcements made during The Crew Showcase as well as promotion
initiatives for The Crew®
2. Players were introduced to the extensive
content of Year 2 coming on November 6, and the addition of the new
island of Maui accessible to all players for free, on top of the
final season of content for Year 1 for The
Crew® Motorfest.
Riders Republic™ benefitted from its inclusion in
the Xbox Game Pass, generating a strong uplift to Session Days and
profitability, and has now surpassed 10 million players. For its
part the Ghost Recon franchise also delivered a
strong performance, growing both in terms of activity and net
bookings over the first half.
New releases
This quarter saw the release of Star
Wars Outlaws™, which underperformed sales expectations.
The game achieved solid reviews and user scores across First Party
and Epic Stores reflecting one of the most immersive expressions of
the Star Wars universe ever created. Teams are fully mobilized on
implementing changes to enhance game mechanics and overall polish.
Since launch, the team has delivered three Title Updates focused on
quality-of-life features and bug fixing, notably improvements in
stealth mechanics, NPC AI and save features. This has produced
initial tangible results, with a meaningful community sentiment
improvement. The most significant update yet will be released on
November 21 with the fourth Title Update that will include further
improvements to combat and stealth, and will launch alongside the
release on Steam as well as the first story pack, Wild Card, with
fan-favorite Lando Calrissian from the original trilogy. This
should engage a large audience during the holiday season and
position the game as a strong long-term performer.
Cost reduction plan well on
track
The cost reduction plan, that has the objective
of protecting our production and creation capacity while being more
selective in our investments and simplifying the organization, is
well on track.
With the continued tight control on recruitments
as well as targeted restructurings, the total number of employees
worldwide stood at 18,666 at the end of September 2024, compared to
19,410 at the end of September 2023. This represents a decrease of
more than 2,000 over 24 months.
The H1 FY2024-25 fixed cost base1
stood at around €770m, down €46m and 6% year-on-year. This
represents a €106m reduction versus H1 FY23 meaning that on an
annualized basis, we have already achieved more than €200m savings,
including a favorable foreign exchange impact. There remains work
ahead of us to support robust cash-flow generation.
Employee retention close to historical
levels
Retention has continued to improve significantly
over the period and is now close to the historical-best levels
observed during the 2010-2020 decade that was the foundation for
Ubisoft’s success. Additionally, hundreds of former Ubisoft
employees have rejoined the company, notably at senior levels,
bringing significant expertise and know-how that strengthens our
AAA core teams.
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
2024-25 |
% |
H1
2023-24 |
% |
|
|
IFRS 15 sales |
671.9 |
|
836.0 |
|
|
|
Restatements related to IFRS 15 |
(29.7) |
|
(13.6) |
|
|
|
Net bookings |
642.3 |
|
822.4 |
|
|
|
Gross margin based on net bookings |
552.0 |
85.9% |
734.1 |
89.3% |
|
|
Non-IFRS R&D expenses |
(503.5) |
(78.4%) |
(400.7) |
(48.7%) |
|
|
Non-IFRS selling expenses |
(178.4) |
(27.8%) |
(160.6) |
(19.5%) |
|
|
Non-IFRS G&A expenses |
(122.2) |
(19.0%) |
(129.3) |
(15.7%) |
|
|
Total non-IFRS SG&A expenses |
(300.6) |
(46.8%) |
(289.9) |
(35.2%) |
|
|
Non-IFRS operating income |
(252.1) |
(39.3%) |
43.5 |
5.3% |
|
|
IFRS operating income |
(271.8) |
|
16.1 |
|
|
|
Non-IFRS diluted EPS (in €) |
(1.64) |
|
0.01 |
|
|
|
IFRS diluted EPS (in €) |
(1.94) |
|
(0.28) |
|
|
|
Non-IFRS cash flows from operating
activities(1) |
(106.1) |
|
(261.3) |
|
|
|
R&D investment expenditure |
612.5 |
|
626.9 |
|
|
|
Non-IFRS net cash/(debt) position |
(1,102.2) |
|
(880.8) |
|
|
(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 2024-25
came to €348.4 million, down 36.3% (or 36.1% at constant exchange
rates2) on the €547.1 million generated in the second
quarter 2023-24. For the first half of 2024-25, IFRS 15 sales
totaled €671.9 million, down 19.6% (or 19.7% at constant exchange
rates2) compared with the first half 2023-24 figure of
€836.0 million.
Net bookings for the second quarter of 2024-25
totaled €352.3 million, down 36.5% (or 36.3% at constant exchange
rates2) compared with the €554.8 million recorded for
the second quarter of 2023-24. First half 2024-25 net bookings
amounted to €642.3 million, down 21.9% (21.9% at constant exchange
rates2) on the €822.4 million generated in the
first-half 2023-24.
Main income
statement3
items
Non-IFRS operating income came in at €(252.1)
million, versus €43.5 million in the first half 2023-24.
Non-IFRS attributable net income amounted to €(208.1) million,
representing non-IFRS diluted earnings per share of €(1.64),
compared with non-IFRS attributable net income of €1.7 million and
non-IFRS diluted earnings per share of €0.01 in the first half
2023-24.
IFRS attributable net income totaled €(246.7)
million, representing IFRS diluted EPS of €(1.94), compared with
IFRS attributable net income of €(34.3) million and IFRS diluted
earnings per share of €(0.28) in the first-half 2023-24.
Main cash flow
statement4
items
Non-IFRS cash flows from operating activities
represented a net cash outflow of €(106.1) million in H1 2024-25
(versus a net cash outflow of €(261.3) million in the first half
2023-24). It reflects a negative €(290.9) million in non-IFRS cash
flow from operations (versus a negative €(188.7) million in H1
2023-24) and a €184.9 million decrease in non-IFRS working capital
requirement (compared with a €72.6 million increase in the first
six months of 2023-24).
Main balance sheet items and
liquidity
At September 30, 2024, the Group’s equity was
€1,697 million, up year on year, and its non-IFRS net debt was
€1,102 million versus non-IFRS net debt of €881 million at end of
September 30, 2023. IFRS net debt totaled €1,408 million at
September 30, 2024, of which €306 million related to the IFRS16
accounting restatement. At September 30, 2024, Cash and cash
equivalents stood at €933.1 million, down versus last year.
Outlook
Third-quarter 2024-25
Net bookings for the third quarter of 2024-25 are expected to come
in at approximately €380m.
Full-year 2024-25
The Company confirms its financial targets. It expects net bookings
of around €1.95bn, and around break-even non-IFRS operating income
and free cash flow.
Conference call
Ubisoft will hold a conference call today,
Wednesday, October 30, 2024, at 6:15 p.m. Paris time/13:15 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/akb3rjvc/
Contacts
Investor Relations
Alexandre Enjalbert
Head of Investor Relations
+ 33 1 48 18 50 78
alexandre.enjalbert@ubisoft.com |
Press Relations
Michael Burk
VP, Corporate Communication
michael.burk@ubisoft.com |
|
|
Disclaimer
This 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 20, 2024 with the French Financial Markets Authority
(l’Autorité des Marchés Financiers)).
About Ubisoft
Ubisoft 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 2023–24 fiscal year,
Ubisoft generated net bookings of €2.32 billion. To learn more,
please visit: www.ubisoftgroup.com.
© 2024 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, and
restated for the financing component.
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.
- Financing component on sales
contract.
- 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
2024-25
|
Q2
2023-24
|
6 months
2024-25
|
6 months
2023-24
|
|
Europe |
37% |
39% |
35% |
37% |
| Northern
America |
49% |
51% |
51% |
51% |
|
Rest of the world |
14% |
10% |
14% |
12% |
|
TOTAL |
100% |
100% |
100% |
100% |
Breakdown of net bookings by platform |
|
|
Q2
2024-25
|
Q2
2023-24
|
6 months
2024-25
|
6 months
2023-24
|
| CONSOLES |
60% |
72% |
55% |
65% |
| PC |
23% |
14% |
25% |
19% |
| MOBILE |
8% |
8% |
9% |
9% |
Others*
|
9% |
6% |
11% |
7% |
|
TOTAL |
100% |
100% |
100% |
100% |
*Ancillaries, etc.
Title release schedule
3rd quarter
(October - December 2024)
DIGITAL ONLY
|
|
|
ANNO® 1800: End of an Era
|
PC
|
AVATAR: FRONTIERS OF PANDORA™: SECRETS OF THE SPIRES
Story Pack |
AMAZON LUNA, PC, PLAYSTATION 5, XBOX SERIES X/S
|
|
CHAMPIONS TACTICS™: Grimoria Chronicles |
PC
|
|
DARK FOREST |
ANDROID, IOS
|
FOR HONOR® Year: 8 – Season 4
|
PC, PLAYSTATION®4, XBOX ONE
|
|
JUST DANCE® 2025 EDITION |
NINTENDO SWITCHTM, PLAYSTATION®4,
PLAYSTATION®5, XBOX ONE, XBOX SERIES X/S
|
|
JUST DANCE® VR |
META QUEST 2, META QUEST 3,
META QUEST 3S, META QUEST PRO
|
|
RIDERS REPUBLIC™: Season 13 |
AMAZON LUNA, PC,
PLAYSTATION®4, PLAYSTATION®5,
XBOX ONE, XBOX SERIES X/S
|
|
SKULL AND BONES™: Season 4 |
AMAZON LUNA, PC,
PLAYSTATION®5, XBOX SERIES X/S
|
|
STAR WARS OUTLAWS™: Wild Card |
AMAZON LUNA, PC,
PLAYSTATION® 5, XBOX SERIES X/S
|
|
THE CREW® MOTORFEST: Season 5 |
AMAZON LUNA, PC
PLAYSTATION®4, PLAYSTATION®5,
XBOX ONE, XBOX SERIES X/S
|
|
THE CREW® MOTORFEST: Year 2 Pass |
AMAZON LUNA, PC
PLAYSTATION®4, PLAYSTATION®5,
XBOX ONE, XBOX SERIES X/S
|
|
TOM CLANCY’S RAINBOW SIX® SIEGE: Year 9 – Season 4 |
AMAZON LUNA, PC,
PLAYSTATION®4, PLAYSTATION®5,
XBOX ONE, XBOX SERIES X/S
|
|
TOM CLANCY’S THE DIVISION® 2: Year 6 – Season 2 |
AMAZON LUNA, PC, PLAYSTATION®4, XBOX ONE
|
|
XDEFIANT: Season 3 |
AMAZON LUNA, PC,
PLAYSTATION®5, XBOX SERIES X/S
|
Extracts from the Consolidated Financial
Statements at
September 30, 2024
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) |
09.30.2024 |
09.30.2023 |
|
|
|
|
|
Sales |
671.9 |
836.0 |
| Cost of sales |
(90.3) |
(88.3) |
| Gross
profit |
581.7 |
747.7 |
| R&D costs |
(530.8) |
(430.5) |
| Marketing costs |
(174.0) |
(163.0) |
| Administrative and
IT costs |
(128.5) |
(137.0) |
| Profit
(loss) from ordinary operating activities |
(251.6) |
17.2 |
| Other non-current
operating income & expense |
(20.2) |
(1.0) |
| Operating
profit (loss) |
(271.8) |
16.1 |
| Net borrowing
costs |
(27.3) |
(21.0) |
| Net foreign exchange
gains/losses |
(12.2) |
(1.8) |
| Other financial
expenses |
(2.8) |
(7.6) |
| Other financial
income |
5.3 |
0.5 |
| Net
financial income |
(37.0) |
(29.9) |
| Income tax |
62.2 |
(20.7) |
|
CONSOLIDATED NET INCOME |
(246.5) |
(34.4) |
|
Net income attributable to owners of the parent company |
(246.7) |
(34.3) |
|
Net income attributable to non-controlling interests |
0.2 |
(0.1) |
|
Earnings per share attributable to owners
of the parent company |
|
|
|
Basic earnings per share (in euros) |
(1.94) |
(0.28) |
|
Diluted earnings per share (in euros) |
(1.94) |
(0.28) |
|
Weighted average number of shares in issue |
127,026,713 |
123,180,752 |
|
Diluted weighted average number of shares |
127,026,713 |
123,180,752 |
Reconciliation of IFRS Net income and
non-IFRS Net income
|
(in € millions) |
H1
2024-25 |
H1
2023-24 |
|
except for per share data |
IFRS |
Adjustments |
Non-IFRS |
IFRS |
Adjustments |
Non-IFRS |
|
IFRS 15 Sales |
671.9 |
|
|
836.0 |
|
|
|
Deferred revenues related to IFRS 15 |
|
(29.7) |
|
|
(13.6) |
|
|
Net bookings |
|
|
642.3 |
|
|
822.4 |
|
Total Operating expenses |
(943.7) |
49.3 |
(894.4) |
(819.9) |
41.0 |
(778.9) |
|
Financing component |
6.2 |
(6.2) |
0.0 |
0.0 |
0.0 |
0.0 |
|
Stock-based compensation |
(35.4) |
35.4 |
0.0 |
(40.0) |
40.0 |
0.0 |
|
Non current operating income & expense |
(20.2) |
20.2 |
0.0 |
(1.0) |
1.0 |
0.0 |
|
OPERATING INCOME |
(271.8) |
19.7 |
(252.1) |
16.1 |
27.4 |
43.5 |
|
Net Financial income |
(37.0) |
14.0 |
(22.9) |
(29.9) |
7.3 |
(22.6) |
|
Income tax |
62.2 |
4.9 |
67.1 |
(20.7) |
1.3 |
(19.4) |
|
Consolidated Net Income |
(246.5) |
38.6 |
(207.9) |
(34.4) |
36.0 |
1.6 |
|
Net income attributable to owners of the parent
company |
(246.7) |
|
(208.1) |
(34.3) |
|
1.7 |
Net income attributable
to non-controlling interests |
0.2 |
|
0.2 |
(0.1) |
|
(0.1) |
|
Diluted number of shares |
127,026,713 |
|
127,026,713 |
123,180,752 |
|
144,041,464 |
|
Diluted earnings per share attributable to parent
company |
(1.94) |
0.30 |
(1.64) |
(0.28) |
0.29 |
0.01 |
Consolidated balance sheet (IFRS,
extract from the accounts which have undergone a limited review by
Statutory Auditors)
|
Assets |
|
Net |
Net |
|
(in € millions) |
|
09.30.2024 |
09.30.2023 |
|
Goodwill |
|
55.9 |
73.8 |
|
Other intangible assets |
|
2,183.0 |
2,003.9 |
|
Property, plant and equipment |
|
153.2 |
174.4 |
|
Right-of-use assets |
|
263.7 |
264.3 |
|
Non-current financial assets |
|
57.4 |
54.9 |
|
Deferred tax assets |
|
289.0 |
238.4 |
|
Non-current assets |
|
3,002.2 |
2,809.6 |
|
Inventory |
|
21.1 |
22.0 |
|
Trade receivables |
|
440.5 |
342.2 |
|
Other receivables |
|
170.1 |
185.7 |
|
Current financial assets |
|
0.2 |
0.4 |
|
Current tax assets |
|
59.2 |
87.9 |
|
Cash and cash equivalents |
|
933.1 |
1,305.2 |
|
Current assets |
|
1,624.2 |
1,943.5 |
|
TOTAL ASSETS |
|
4,626.4 |
4,753.1 |
|
|
|
|
|
|
Liabilities and equity |
|
Net |
Net |
|
(in € millions) |
|
09.30.2024 |
09.30.2023 |
|
Capital |
|
10.1 |
9.9 |
|
Premiums |
|
712.7 |
675.0 |
|
Consolidated reserves |
|
1,220.9 |
928.6 |
|
Consolidated earnings |
|
-246.7 |
-34.3 |
|
Equity attributable to owners of the parent
company |
|
1,697.1 |
1,579.1 |
|
Non-controlling interests |
|
2.8 |
3.4 |
|
Total equity |
|
1,699.9 |
1,582.5 |
|
Provisions |
|
10.2 |
21.0 |
|
Employee benefit |
|
22.4 |
17.0 |
|
Long-term borrowings and other financial liabilities |
|
2,158.5 |
1,822.4 |
|
Deferred tax liabilities |
|
26.5 |
11.6 |
|
Other non-current liabilities |
|
9.0 |
15.3 |
|
Non-current liabilities |
|
2,226.5 |
1,887.3 |
|
Short-term borrowings and other financial liabilities |
|
182.7 |
666.7 |
|
Trade payables |
|
179.3 |
144.3 |
|
Other liabilities |
|
321.0 |
436.8 |
|
Current tax liabilities |
|
17.0 |
35.6 |
|
Current liabilities |
|
700.1 |
1,283.3 |
|
Total liabilities |
|
2,926.5 |
3,170.6 |
|
TOTAL LIABILITIES AND EQUITY |
|
4,626.4 |
4,753.1 |
Consolidated cash flow statement for comparison with
other industry players (non reviewed)
|
(in € millions) |
09.30.2024 |
09.30.2023 |
|
Non-IFRS Cash flows from operating activities |
|
|
| Consolidated
earnings |
(246.5) |
(34.4) |
| +/- Net Depreciation
on R&D intangible fixed assets |
284.5 |
229.5 |
| +/- Other
depreciation on fixed assets |
75.2 |
58.7 |
| +/- Net
Provisions |
(11.1) |
(1.6) |
| +/- Cost of
share-based compensation |
35.4 |
40.0 |
| +/- Gains / losses
on disposals |
— |
0.3 |
| +/- Other income and
expenses calculated |
8.2 |
9.1 |
| +/- Cost of internal
development and license development |
(393.7) |
(455.7) |
| +/- IFRS 15
Impact |
(22.1) |
(10.3) |
| +/- IFRS 16
Impact |
(20.8) |
(24.3) |
|
Non-IFRS cash flow from operation |
(290.9) |
(188.7) |
|
Inventory |
(12.7) |
(1.0) |
| Trade
receivables |
300.8 |
(71.0) |
| Other assets |
(2.3) |
32.8 |
| Trade payables |
16.1 |
21.7 |
| Other
liabilities |
(117.0) |
(55.2) |
| +/- Non-IFRS
Change in working capital |
184.9 |
(72.6) |
|
Non-IFRS cash flow generated by operating
activities |
(106.1) |
(261.3) |
|
Cash flows from investing activities |
|
|
| - Payments for the
acquisition of intangible assets and property, plant and
equipment |
(20.3) |
(22.9) |
|
+ Proceeds from the disposal of intangible assets and property,
plant and equipment |
— |
— |
|
Free Cash-Flow |
(126.3) |
(284.2) |
|
+/- Payments for the acquisition of financial assets |
(5.8) |
(5.3) |
| + Refund of loans
and other financial assets |
1.1 |
0.6 |
| +/- Changes in scope
* |
— |
— |
|
Non-IFRS cash generated by investing
activities |
(25.0) |
(27.5) |
|
Cash flows from financing activities |
|
|
| + New
borrowings |
673.2 |
236.9 |
| - Refund of
borrowings |
(839.4) |
(185.8) |
| + Funds received
from shareholders in capital increases |
38.0 |
44.9 |
| +/- Sales /
purchases of own shares |
— |
12.4 |
|
Cash generated by financing activities |
(128.1) |
108.4 |
|
NET CHANGE IN CASH AND CASH EQUIVALENTS |
(259.2) |
(180.4) |
| Cash and cash
equivalents at the beginning of the fiscal year |
1,202.4 |
1,464.6 |
| Foreign exchange
losses/gains |
(11.0) |
20.0 |
|
CASH AND CASH EQUIVALENTS AT THE END OF THE
PERIOD |
932.2 |
1,304.2 |
|
(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 |
932.2 |
1,304.2 |
| Bank borrowings
and from the restatement of leases |
(2,250.9) |
(2,399.8) |
| Commercial
papers |
(89.0) |
(87.5) |
| IFRS 16 |
305.5 |
302.3 |
|
NON-IFRS NET CASH POSITION |
(1,102.2)
|
(880.8) |
Consolidated cash flow statement (IFRS, extract from the
accounts which have undergone a limited review by Statutory
Auditors)
|
In millions of euros |
09.30.2024 |
09.30.2023 |
|
Cash flows from operating activities |
|
|
| Consolidated
earnings |
(246.5) |
(34.4) |
| +/- Net amortization
and depreciation on property, plant and equipment and intangible
assets |
359.7 |
288.2 |
| +/- Net
Provisions |
(11.1) |
(1.6) |
| +/- Cost of
share-based compensation |
35.4 |
40.0 |
| +/- Gains / losses
on disposals |
— |
0.3 |
| +/- Other income and
expenses calculated |
8.2 |
9.1 |
| +/- Income Tax
Expense |
(62.2) |
20.7 |
|
TOTAL CASH FLOW FROM OPERATING ACTIVITIES |
83.5 |
322.3 |
|
Inventory |
(12.7) |
(1.0) |
| Trade
receivables |
300.8 |
(71.0) |
| Other assets |
121.2 |
34.4 |
| Trade payables |
16.1 |
21.7 |
| Other
liabilities |
(110.9) |
(3.5) |
| Deferred income and
prepaid expenses |
(27.0) |
(23.2) |
| +/-
Change in working capital |
287.5 |
(42.5) |
| +/- Current Income
tax expense |
(62.6) |
(61.0) |
|
TOTAL CASH FLOW GENERATED BY OPERATING
ACTIVITIES |
308.5 |
218.7 |
|
Cash flows from investing activities |
|
|
| - Payments for the
acquisition of internal & external developments |
(393.7) |
(455.7) |
| - Payments for the
acquisition of intangible assets and property, plant and
equipment |
(20.3) |
(22.9) |
| + Proceeds from the
disposal of intangible assets and property, plant and
equipment |
— |
— |
| +/- Payments for the
acquisition of financial assets |
(5.8) |
(5.3) |
| + Refund of loans
and other financial assets |
1.1 |
0.6 |
| +/- Changes in scope
(1) |
— |
— |
|
CASH GENERATED BY INVESTING ACTIVITIES |
(418.7) |
(483.2) |
|
Cash flows from financing activities |
|
|
| + New
borrowings |
673.2 |
236.9 |
| - Refund of
leases |
(20.8) |
(24.3) |
| - Refund of
borrowings |
(839.4) |
(185.8) |
| + Funds received
from shareholders in capital increases |
38.0 |
44.9 |
| +/- Sales /
purchases of own shares |
— |
12.4 |
|
CASH GENERATED BY FINANCING ACTIVITIES |
(148.9) |
84.1 |
|
Net change in cash and cash equivalents |
(259.2) |
(180.4) |
| Cash and cash
equivalents at the beginning of the fiscal year |
1,202.4 |
1,464.6 |
| Foreign exchange
losses/gains |
(11.0) |
20.0 |
|
Cash and cash equivalents at the end of the
period |
932.3 |
1,304.2 |
|
(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 |
932.3 |
1,304.2 |
| Bank borrowings
and from the restatement of leases |
(2,250.9) |
(2,399.8) |
| Commercial
papers |
(89.0) |
(87.5) |
|
IFRS NET CASH POSITION |
(1,407.7)
|
(1,183.1) |
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
bonuses
2 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
year
3 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 reviewed)
- Ubisoft Reports First-Half 2024-25 Earnings Figures
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