Ubisoft Entertainment · EURONEXT:UBI
Ubisoft Entertainment — H1 FY23 Earnings Presentation
12 slides from Ubisoft Entertainment's earnings presentation, Oct 27, 2022
Slide 1: H1 FY23 Earnings
H1 FY23 EARNINGS October 27, 2022 1
Slide 2: Disclaimer
DISCLAIMER Yves Guillemot, Chairman and Chief Executive Officer Frédérick Duguet, Chief Corporate Finance Officer D I S C L A I M E R This slide show may contain estimated financial data, information on future projects and transactions and future financial results/performance. Such forward-looking d
Slide 3: Agenda
AGENDA H1 FY23 PERFORMANCE F Y 2 3 TA R G E T S 3
Slide 4: H1 FY23 Net Bookings Well Above FY18 Target
H1 FY23 NET BOOKINGS WELL ABOVE FY18 TARGET 6-MONTHS NET BOOKINGS €699m, -3% YoY DIGITAL REVENUES €642m, +15% YoY, 92% of total net bookings PLAYER RECURRING €422m, +21% YoY, 60% of total net bookings) INVESTMENT BACK-CATALOG €505m, -15% YoY, 72% of net bookings 4
Slide 5: Key Highlights
KEY HIGHLIGHTS ROBUST ACTIVITY IN H1 ▪ Unique active players and Monthly Active Users stable YoY STRONGER-THAN-EXPECTED Q2 PERFORMANCE ▪ Q2 total net bookings of €406m, well above target of approximately €270m. Outperformance driven by: ▪ Much stronger back-catalog ▪ And, to a greater extent, from t
Slide 6: H1 FY23: Non-IFRS P&L
H1 FY23: NON-IFRS P&L in € millions, except for per share data H1 2022-23 H1 2021-22 % % IFRS15 Sales 731.2 751.3 Deferred revenue related to IFRS15 standard (31.7) (33.2) Net bookings 699.4 718.2 Gross profit based on net bookings 618.1 88.4 614.4 85.6 Non-IFRS R&D expenses (452.2) (64.7) (276.2) (
Slide 7: H1 FY23: R&D
H1 FY23: R&D In € millions H1 2022-23 H1 2021-22 Depreciation of in-house software-related production 273.2 99.8 Depreciation of external software-related production and licenses 2.8 1.5 Royalties 12.4 12.3 Non Capitalized R&D & others* 163.9 162.7 Total R&D P&L 452.2 276.2 Capitalized in-house soft
Slide 8: H1 FY23: Cash Flows & Closing Cash Position
H1 FY23: CASH FLOWS & CLOSING CASH POSITION In € millions H1 2022-23 H1 2021-22 Non-IFRS Opening cash position (282.7) 79.2 Cash flows from operation (292.5) (225.1) Change in WCR 224.1 (63.5) Cash flows from operating activities (68.3) (288.6) Net investment in capital assets (41.7) (44.5) Net free
Slide 9: Agenda
AGENDA H1 FY23 PERFORMANCE F Y 2 3 TA R G E T S 9
Slide 10: FY23 Targets
FY23 TARGETS Q3 FY23e NET BOOKINGS: approximately €830m NET BOOKINGS: Significant growth FY23e NON-IFRS OPERATING INCOME: Approximately €400m Opencritic score 10
Slide 11: Appendix
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Slide 12: H1 FY23: IFRS / Non-IFRS Reconciliation
H1 FY23: IFRS / NON-IFRS RECONCILIATION In € millions H1 2022-23 H1 2021-22 except for per share data IFRS Adjustments Non-IFRS IFRS Adjustments Non-IFRS IFRS 15 Sales 731.2 751.3 Deferred revenues related to IFRS 15 (31.7) (33.2) Net bookings 699.4 718.2 Total Operating expenses (946.5) 108.1 (838.
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