Ubisoft Entertainment · EURONEXT:UBI
Ubisoft Entertainment — H1 FY20 Earnings Presentation
13 slides from Ubisoft Entertainment's earnings presentation, Oct 30, 2019
Slide 1: H1 FY20 Earnings
H1 FY20 EARNINGS October 30, 2019
Slide 2: Disclaimer
DISCLAIMER Yves Guillemot, Chairman and Chief Executive Officer Frédérick Duguet, Chief Financial 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 data are
Slide 3: Agenda
AGENDA H1 FY20 PERFORMANCE Q 3 & F Y 2 0 TA R G E T S F Y 2 1 TA R G E T S 3
Slide 4: H1 FY20 Performance
H1 FY20 PERFORMANCE H1 FY20 661.1 M€, -11.4% yoy NET BOOKINGS (Q2 Net Bookings: 346.9 M€ vs target of 310 M€) DIGITAL NET BOOKINGS 537.1 M€, +3.5% yoy PLAYER RECURRING INVESTMENT 310.0 M€, +18.3% yoy BACK-CATALOG 511.6 M€, -8.8% yoy 4
Slide 5: H1 FY20: Non-IFRS P&L
H1 FY20: NON-IFRS P&L in € millions, except for per share data H1 2019-20 H1 2018-19 % % IFRS15 Sales 697,5 767,0 Deferred revenue related to IFRS15 standard (36,4) (21,0) Net bookings 661,1 746,1 Gross profit based on net bookings 564,3 85,4 635,0 85,1 Non-IFRS R&D expenses (284,9) (43,1) (272,0) (
Slide 6: H1 FY20: R&D
H1 FY20: R&D In € millions H1 2019-20 H1 2018-19 Depreciation of in-house software-related production 157,5 168,8 Depreciation of external software-related production and licenses 2,3 5,1 Royalties 11,3 6,5 Non Capitalized R&D & others* 113,9 91,7 Total R&D P&L 284,9 272,0 Capitalized in-house softw
Slide 7: H1 FY20: IFRS / Non-IFRS Reconciliation
H1 FY20: IFRS / NON-IFRS RECONCILIATION In € millions H1 2019-20 H1 2018-19 except for per share data IFRS Adjustment Non IFRS IFRS Adjustment Non IFRS IFRS15 Sales 697,5 697,5 767,0 767,0 Deferred revenue related to IFRS15 standard -36,4 -36,4 -21,0 -21,0 Net bookings 661,1 746,1 Total Operating ex
Slide 8: H1 FY20: Cash Flows & Closing Cash Position
H1 FY20: CASH FLOWS & CLOSING CASH POSITION In € millions H1 2019-20 H1 2018-19 Opening cash position (293,8) (548,1) Cash flows from operation (104,1) 88,4 Change in WCR 83,5 (66,4) Cash flows from operating activities (20,6) 22,0 Net investment in capital assets (50,1) (35,0) Net free cash flow (7
Slide 9: Solid Financial Position
SOLID FINANCIAL POSITION H1 FY20 NON-IFRS NET DEBT: 218 M€ FY20e SIGNIFICANT IMPROVEMENT IN NET FINANCIAL SITUATION EXPECTED • TOTAL COMMITTED AVAILABLE FUNDING: ~1 300 M€ (with no maturity within 3 years, excl. 50 M€ Schuldschein in March 2020) • TOTAL EQUITY AS AT SEPT 30, 2019: ~1,085 M€ 9
Slide 10: Agenda
AGENDA H1 FY20 PERFORMANCE Q 3 & F Y 2 0 TA R G E T S F Y 2 1 TA R G E T S 10
Slide 11: Q3 & FY20 Target
Q3 & FY20 TARGET Q3 FY20e Q3 FY20 NET BOOKINGS: ~ 410 M€ FY20 NET BOOKINGS: ~ 1,450 M€ FY20e NON-IFRS OPERATING INCOME: 20 M€ - 50 M€ 11
Slide 12: Agenda
AGENDA H1 FY20 PERFORMANCE Q 3 & F Y 2 0 TA R G E T S F Y 2 1 TA R G E T S 12
Slide 13: FY21 & FY22 Targets
FY21 & FY22 TARGETS FY21 NET BOOKINGS: ~ 2,600 M€ NON-IFRS OPERATING INCOME: ~ 600 M€ FY21e 5 AAA RELEASES POSITIVE IMPACT OF NEW GEN GROWING PRI, ASIA & PC 3-4 AAA RELEASES FY22e STRONG BACK CATALOG & GROWING PRI, ASIA & PC BEYOND GROWING BENEFITS FROM TENCENT DEAL ON MOBILE 13
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