Ubisoft's revenue and market capitalization
Founded in 1986 and based in Montreuil, France, Ubisoft is a French company specialising in the development, publishing and distribution of video games. The group has been a key player in this field for several years. Moreover, the company has achieved an excellent fiscal year 2020/21. This is illustrated by the good financial performance recorded for this financial year. More on this in the next few lines.
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About the turnover and net bookings in 2020/21
For fiscal year 2020/21 (ending March 2021), Ubisoft posted IFRS15 sales of €2,223.8 million, compared with €1,594.8 million in 2019/20. 1,594.8 million in 2019/20, an increase of 39.4% year-on-year. At constant exchange rates, turnover is 42.7% higher than in the previous year.
In the fourth quarter of 2020/21, the company's turnover amounted to 501.8 million euros, compared to 481.1 million euros in the same period last year. 481.1 million a year earlier at the same time. This represents an increase of 4.3% (8.7% at constant exchange rates) compared to Q4-2019/20.
Net bookings for the financial year 2020/21 amounted to €2,240.6 million, compared to €1,534.0 million in 2019/20. It grew by 46.1% year-on-year. At constant exchange rates, it increased by 49.5%. This performance is in line with the group's target.
The latter was expecting between €2,220 million and €2,280 million. As a reminder, in the fourth quarter of 2020/21, the French video game giant posted net bookings of 484.9 million euros, up 16.2% compared to Q4-2019/20 (417.4 million euros).
Performance of other financial indicators for the financial year 2020/21
For the full year 2020/21, Ubisoft generated non-IFRS operating income of €473.3 million, compared to €34.2 million a year earlier. This result is in line with the company's target of between €450 million and €500 million.
Non-IFRS net profit (group share) was 313.5 million euros in 2020/2 (or 2.48 euros per non-IFRS diluted share). A year earlier, it was EUR 10.2 million (EUR 0.09 per non-IFRS diluted share).
The IFRS net result (group share) amounted to EUR 103.1 million in 2020/21. This corresponds to IFRS earnings per share (diluted) of EUR 0.85. 125.6 million, which corresponds to IFRS earnings per share (diluted) of EUR 1.12.
Financial structure at the end of the financial year 2020/21
At the end of March 2021, cash generation from non-IFRS operating activities is estimated at EUR 169.0 million. At the same date a year earlier, the company had used €86.4 million. This performance reflects an estimated non-IFRS cash flow of €64.6 million, compared to €169.9 million at the end of the previous year.
It also reflects a decrease in non-IFRS working capital of €104.5 million, compared to a decrease of €83.4 million in 2019/20. At the end of fiscal year 2020/21, Ubisoft's equity is estimated at €1,656 million.
The company's non-IFRS net financial position stood at €79 million at the end of March 2021, compared with non-IFRS net debt of €101 million a year earlier. At the end of the 2020/21 financial year, the group had an IFRS net debt of EUR 227 million.
Performance in the first half of 2021/22
For the first six months of fiscal year 2021/22 as a whole, Ubisoft's IFRS15 sales reached €751.3 million, compared with €757.0 million in H1-2020/21. 757.0 million in H1-2020/21, a year-on-year decrease of 0.7%. However, at constant exchange rates, sales increased by 1.1% year-on-year.
For the first half of 2021/22, the group recorded net bookings of EUR 718.2 million, compared to EUR 754.7 million for the same period a year earlier. It fell by 4.8% compared to H1 2020/21. At constant exchange rates, the decrease was 3.0%.
For the full year H1-2021/22, the company generated a non-IFRS operating profit of €44.1 million, compared to €114.3 million a year earlier at the same time. Non-IFRS net profit (group share) was EUR 29.6 million compared to EUR 89.1 million in H1 2020/21.
Non-IFRS earnings per share (diluted) were EUR 0.23 in H1 2021/22, compared to EUR 0.71 a year earlier. Net IFRS profit (group share) was EUR 0.9 million compared to EUR 21.1 million in H1 2020/21. As a result, IFRS earnings per share (diluted) amounted to EUR 0.01 in H1 2021/22, compared to EUR 0.17 a year earlier.
Financial structure at the end of the first half of 2021/22
In the first half of 2021/22, cash consumption from non-IFRS operating activities is estimated at EUR 288.6 million, compared to EUR 72.8 million in the same period a year earlier.
At the end of September 2021, Ubisoft's shareholders' equity stood at €1,742 million. Non-IFRS net debt at the end of the first half of the year amounted to €261 million, compared with €124 million at the end of the first half of 2020/21. IFRS net debt at 30 September 2021 was €573 million.
About Ubisoft's dividend and market capitalization
As far as the dividend is concerned, Ubisoft does not appear to have decided to distribute a coupon to its shareholders for the 2020/21 financial year. Moreover, the company is listed on the Paris Stock Exchange on the Euronext market in compartment A.
It is also a component of the CAC All Shares benchmark index. It is also included in the composition of other stock market indices such as: Euronext 100, CAC All Tradable, SBF 120, CAC Large 60, Stoxx France 50, PEA and CAC Next 20. At the beginning of January 2022, its market capitalisation is estimated at more than 5 billion euros.
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