Ubisoft Forecasting

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Data

for the Years Ended March 31,
Consolidated Income Statements
For the Years Ended March 31,
(In thousands of euros)
2020 2019 2018 2017 2016 2015
Sales 1,594,831 1,845,522 1,731,894 1,459,874 1,393,997 -4.8% 1,463,753
Cost of sales (253,077) -15.9% (328,972) -17.8% (296,820) -17.1% (270,887) -18.6% (305,065) -21.9% (337,073)
Gross profit 1,341,754 1,516,550 1,435,074 1,188,987 1,088,932 1,126,680
R&D expenses (720,829) -45.198% (740,969) -40.150% (690,592) -39.875% (548,735) -37.588% (509,779) -36.570% (580,554)
Marketing expenses (386,604) -24.241% (410,070) -22.220% (339,274) -19.590% (316,806) -21.701% (305,735) -21.932% (284,965)
Administrative and IT expenses (193,011) -12.102% (157,295) -8.523% (144,649) -8.352% (122,538) -8.394% (117,296) -8.414% (100,051)
Operating income from continuing operations 41,310 -27.2% 208,216 -23.6% 260,559 -22.6% 200,908 -22.6% 156,122 -22.3% 161,110
Other non-current operating income and expenses (100,806) (49,231) (38,242) (25,094) (19,334) (21,717)
Operating income (59,496) 158,985 222,317 175,814 136,788 139,393
Interest on borrowings (18,121) -1.136% (20,920) -1.134% (17,732) -1.0% (12,081) -0.8% (8,429) -0.60% (5,322)
Income from cash 4,189 0.4% 2,780 0.3% 1,823 0.2% 1,265 0.1% 989 0.2% 556
Net borrowing cost (13,932) (18,140) (15,909) (10,816) (7,440) (4,766)
Result from foreign-exchange operations (3,787) (5,311) (5,747) (2,288) (5,168) 1,159
Other financial expenses (1,474) (23,941) (56) (5,449) (3,666) (1,764)
Other financial income 132 36,515 8,312 2,348 2,548 6,083
Net financial income (19,061) (10,877) (13,400) (16,205) (13,726) 712
Share in profit of associates 0 294 (224) (339) 0 0
Total income tax (45,685) (48,417) (69,241) (51,457) (29,654) (53,094)
Consolidated net income (124,242) 99,985 139,452 107,813 93,408 87,011
Net income attributable to non-controlling interests 1,382 0 0 0 0 0
Net income attributable to owners of the parent company (125,624) 99,985 139,452 107,813 93,408 87,011
Ubisoft Entertainment SA and Subsidiaries
Consolidated Balance Sheets
March 31,
(In thousands of euros)
2020 2019 2018 2017 2016 2015
ASSETS
Goodwill 334,558 15.1% 290,721 12.0% 259,462 43.6% 180,735 70.2% 106,194 -18.3% 129,906
Other intangible assets 1,115,283 26.3% 882,925 12.8% 782,402 6.2% 736,465 13.7% 647,602 13.2% 572,225
Property, plant and equipment 174,393 9.0% 159,958 40.2% 114,116 7.3% 106,375 26.7% 83,946 80,983
Right-of-use assets 229,906 0 0 0 0 0
Investments in associates 7 7 (289) (69) 0 0
Non-current financial assets 13,710 8,660 106,895 5,478 4,339 4,162
Deferred tax assets 169,338 168,443 84,181 88,831 122,193 134,954
Non-current assets 2,037,195 1,510,714 1,346,767 1,117,815 964,274 922,230
Inventory 12,446 -61.0% 31,880 57.3% 20,264 -20.1% 25,359 30.9% 19,374 5.2% 18,425
Trade receivables 307,060 -35.6% 476,641 9.4% 435,573 7.4% 405,557 -3.3% 419,577 1655.3% 23,904
Other receivables 127,456 -29.2% 179,982 -13.8% 208,778 42.5% 146,467 45.0% 100,985 -11.3% 113,855
Current financial assets 453 146.2% 184 -97.8% 8,320 635.6% 1,131 -91.8% 13,780 180.1% 4,919
Current tax assets 41,034 3.7% 39,555 2.8% 38,481 16.7% 32,967 -20.5% 41,464 234.9% 12,380
Cash and cash equivalents 1,079,197 2.8% 1,049,803 40.5% 746,939 -12.4% 852,699 84.8% 461,375 -29.7% 656,661
Current assets 1,567,646 1,778,045 1,458,355 1,464,180 1,056,555 830,144
Total assets 3,604,841 3,288,759 2,805,122 2,581,995 2,020,829 1,752,374
LIABILITIES AND EQUITY
Share capital 9,374 8,650 8,652 8,752 8,710 8,478
Premiums 863,547 335,759 234,123 280,975 215,125 180,515
Consolidated reserves 567,256 475,624 507,102 736,276 701,267 703,378
Consolidated earnings (125,624) 99,985 139,453 107,813 93,408 87,011
Equity attributable to owners of the parent company 1,314,553 920,018 889,330 1,133,816 1,018,510 979,382
Non-controlling interests 7,190 0 0 0 0 0
Total equity 1,321,743 920,018 889,330 1,133,816 1,018,510 979,382
Provisions 3,091 2,469 3,074 4,246 8,888 7,497
Employee benefit liabilities 15,769 14,382 10,289 9,079 6,618 5,430
Long-term borrowings and other financial liabilities 1,176,198 890,366 933,629 640,705 277,383 275,739
Deferred tax liabilities 109,531 127,902 96,047 72,773 47,648 48,944
Other non-current liabilities 59,568 0 0 0 0 0
Non-current liabilities 1,364,157 1,035,119 1,043,039 726,803 340,537 337,610
Short-term borrowings and other financial liabilities 246,863 453,299 361,538 293,403 228,218 183,226
Trade payables 139,208 188,787 176,613 178,283 206,246 94,919
Other liabilities (includes deferred revenue) 517,730 664,618 321,935 219,818 213,807 149,614
Current tax liabilities 15,140 26,918 12,667 29,872 13,511 7,623
Current liabilities 918,941 1,333,622 872,753 721,376 661,782 435,382
Total liabilities and equity 3,604,841 3,288,759 2,805,122 2,581,995 2,020,829 1,752,374 0
Ubisoft Entertainment SA and Subsidiaries
Consolidated Cash Flow Statements
For the Years Ended March 31,
(In thousands of euros)
2020 2019 2018 2017 2016 2015
Cash flows from operating activities
Consolidated earnings (124,242) 99,985 139,452 107,813 93,408 87,011
Share in profit of associates 0 (294) 224 338 0 0
Net amortization and depreciation on PP&E 619,429 584,259 544,031 474,635 462,800 510,963
Net provisions 2,264 22,039 4,052 (2,563) 449 3,201
Cost of stock-based-compensation 53,772 54,686 39,558 36,836 12,918 9,609
Gains/losses on disposals 682 261 308 408 104 64
Other income and expenses calculated 10,650 (5,403) 8,578 (10,655) 24,335 (15,534)
Tax expense 45,685 48,418 69,241 51,457 29,654 53,094
Cash flows from operating activities 608,240 803,951 805,444 658,269 623,668 648,408
Inventory 20,186 (31,326) 229 (5,381) (11) 3,007
Customers (trade receivables) 182,891 (18,031) (61,544) 31,934 (402,877) 53,783 Operating cycle
Other assets (excluding deferred tax assets) 58,194 105% 28,408 -135% (81,048) -570% 17,240 -156% (30,588) (23,503) 2,020 2,019 2,018 2,017 2,016 2,015
Suppliers (trade payables) (49,199) 3,181 15,243 (45,082) 116,466 (5,292) (18) (35) (25) (34) (23) (20)
Other liabilities (excluding deferred tax liabilities) (51,805) 6,389 49,380 24,871 61,635 34,034 38 63 65 60 45 39
Deferred income and prepaid expenses (96,525) 248,384 (3,089) 0 0 0
Change in WCR linked to operating activities 63,742 237,005 (80,829) 23,582 (255,375) 62,029 20 28 40 26 22 19
Current tax (71,624) (68,582) (33,460) (36,140) (27,586) (56,362)
Total cash flow generated by (used in) operting activities 600,358 972,374 691,155 645,711 340,707 654,075
Cash flows from investment activities
Payments for internal and external developments (651,202) (587,699) (521,290) (496,588) (489,464) (421,683)
Payments for other intangible assets and PP&E (104,909) (74,402) (59,366) (62,916) (42,499) (56,244)
Proceeds from the disposal of intangible assets and PP&E 179 25 20 603 67 122
Payments for the acquisition of financial assets (215,697) (43,816) (31,493) (44,373) (34,391) (23,709)
Security deposit CACIB 0 100,000 (100,000) 0 0 0
Refund of loans and other financial assets 210,498 42,057 29,790 43,322 34,115 23,373
Changes in scope (143,735) (84,327) (77,589) (105,642) 358 (3,188)
Cash generated by (used in) investing activities (904,866) (648,162) (759,928) (665,594) (531,814) (481,329)
Cash flow from financing activities
New finance leases contracted 0 20 5,054 1,416 0 10,142
New borrowings 935,241 604,985 893,596 669,165 234,540 622,185
Accrued interest (25) (1,324) 1,002 (18) 14 87
Refund of borrowings in relation to leases (35,577) (1,300) (1,672) (898) (891) (291)
Repayment of borrowings (584,908) (572,177) (487,677) (214,663) (230,216) (466,578)
Funds received from shareholders in capital increases 81,466 131,910 48,951 9,465 21,924 18,054
Sales/purchases of own shares 35,348 (201,899) (411,498) (67,844) (77,272) 650
Associated current accounts 0 0 0 0 258 (260)
Cash generated by (used in) financing activities 431,545 (39,785) 47,756 396,623 (51,643) 183,989
Net change in cash and cash equivalents 127,037 284,427 (21,017) 376,740 (242,750) 356,735
Cash and cash equivalents at the beginning of the period 878,612 583,354 632,314 255,688 505,215 115,610
Foreign exchange losses/gains (18,722) 10,831 (27,943) (114) (6,777) 32,870
Cash and cash equivalents at the end of the period 986,927 878,612 583,354 632,314 255,688 505,215
Vertical
2020 2019 2018 2017 2016 2015
Sales 100% 100% 100% 100% 100% 100%
Cost of sales -15.87% -17.83% -17.14% -18.56% -21.88% -23.03%
Gross profit 84.13% 82.17% 82.86% 81.44% 78.12% 76.97%
R&D expenses -45.20% -40.15% -39.87% -37.59% -36.57% -39.66%
Marketing expenses -24.24% -22.22% -19.59% -21.70% -21.93% -19.47%
Administrative and IT expenses -12.10% -8.52% -8.35% -8.39% -8.41% -6.84%
Operating income from continuing operations 2.59% 11.28% 15.04% 13.76% 11.20% 11.01%
Other non-current operating income and expenses -6.32% -2.67% -2.21% -1.72% -1.39% -1.48%
Operating income -3.73% 8.61% 12.84% 12.04% 9.81% 9.52%
Interest on borrowings -1.14% -1.13% -1.02% -0.83% -0.60% -0.36%
Income from cash 0.26% 0.15% 0.11% 0.09% 0.07% 0.04%
Net borrowing cost -0.87% -0.98% -0.92% -0.74% -0.53% -0.33%
Result from foreign-exchange operations -0.24% -0.29% -0.33% -0.16% -0.37% 0.08%
Other financial expenses -0.09% -1.30% -0.00% -0.37% -0.26% -0.12%
Other financial income 0.01% 1.98% 0.48% 0.16% 0.18% 0.42%
Net financial income -1.20% -0.59% -0.77% -1.11% -0.98% 0.05%
Share in profit of associates 0.00% 0.02% -0.01% -0.02% 0.00% 0.00%
Total income tax -2.86% -2.62% -4.00% -3.52% -2.13% -3.63%
Consolidated net income -7.79% 5.42% 8.05% 7.39% 6.70% 5.94%
Net income attributable to non-controlling interests 0.09% 0.00% 0.00% 0.00% 0.00% 0.00%
Net income attributable to owners of the parent company -7.88% 5.42% 8.05% 7.39% 6.70% 5.94%
2020 2019 2018 2017 2016 2015
Sales -13.6% 6.6% 18.6% 4.7% -4.8%
Cost of sales -23.1% 10.8% 9.6% -11.2% -9.5%
Gross profit -11.5% 5.7% 20.7% 9.2% -3.4%
R&D expenses -2.7% 7.3% 25.9% 7.6% -12.2%
Marketing expenses -5.7% 20.9% 7.1% 3.6% 7.3%
Administrative and IT expenses 22.7% 8.7% 18.0% 4.5% 17.2%
Operating income from continuing operations -80.2% -20.1% 29.7% 28.7% -3.1%
Other non-current operating income and expenses 104.8% 28.7% 52.4% 29.8% -11.0%
Operating income -137.4% -28.5% 26.5% 28.5% -1.9%
Interest on borrowings -13.4% 18.0% 46.8% 43.3% 58.4%
Income from cash 50.7% 52.5% 44.1% 27.9% 77.9%
Net borrowing cost -23.2% 14.0% 47.1% 45.4% 56.1%
Result from foreign-exchange operations -28.7% -7.6% 151.2% -55.7% -545.9%
Other financial expenses -93.8% 42651.8% -99.0% 48.6% 107.8%
Other financial income -99.6% 339.3% 254.0% -7.8% -58.1%
Net financial income 75.2% -18.8% -17.3% 18.1% -2027.8%
Share in profit of associates -100.0% -231.3% -33.9% - -
Total income tax -5.6% -30.1% 34.6% 73.5% -44.1%
Consolidated net income -224.3% -28.3% 29.3% 15.4% 7.4%
Net income attributable to non-controlling interests - - - - -
Net income attributable to owners of the parent company -225.6% -28.3% 29.3% 15.4% 7.4%
Profitability: 2020 2019 2018 2017 2016 2015
Gross margin 84.1% 82.2% 82.9% 81.4% 78.1% 77.0%
Operating margin 2.6% 11.3% 15.0% 13.8% 11.2% 11.0%
Net margin -7.9% 5.4% 8.1% 7.4% 6.7% 5.9%
Assets turnover 46.3% 60.6% 64.3% 63.4% 73.9% 83.5%
Return on Assets -3.6% 3.3% 5.2% 4.7% 5.0% 5.0%

&P

Base Assumption

Assumption:
Revenue historical 2016 2017 2018 2019 2020
-4.8% 4.7% 18.6% 6.6% -13.6% Will use this rate to compute projected A/R
Revenue growth 2021 2022 2023 2024 2025
15.0% 9.0% 9.0% 9.0% 9.0%
Expenses histo 2016 2017 2018 2019 2020
COGS -21.9% -18.6% -17.1% -17.8% -15.9% % of sales
SGA 7.3% 3.6% 7.1% 20.9% -5.7% This is the change
Other non-current op. -11.0% 29.8% 52.4% 28.7% 104.8%
Expenses growth 2021 2022 2023 2024 2025
COGS 3.2% 1.9% 1.9% 1.9% 1.9% COGS is 21% of the increase of revenue.Will use this rate to compute projected inventory
SGA 4.5% 2.7% 2.7% 2.7% 2.7%
Other non-current op. 0.0% 0.0% 0.0% 0.0% 0.0% This will not have any incease as there is any acquisitions
Interest borrowing 1.13% 1.13% 1.13% 1.13% 1.13% We assume to have the same rate of sales as the last few years
Tax rate (by year) 2016 2017 2018 2019 2020
Hist. -2.1% -3.5% -4.0% -2.6% -2.9%
2021 2022 2023 2024 2025
grow. 3.0% 3.0% 3.0% 3.0% 3.0% Historically the company had a rate rage of 2-4%, so we are assuming that the company will have a rate of 3% as an average of sales!
Dividends
Operating assets 2016 2017 2018 2019 2020
2021 2022 2023 2024 2025
Operating liability 2016 2017 2018 2019 2020
2021 2022 2023 2024 2025
Debt ratio 2016 2017 2018 2019 2020
2021 2022 2023 2024 2025
Equity 2016 2017 2018 2019 2020

Forecast

for the Years Ended March 31,
Consolidated Income Statements
For the Years Ended March 31,
(In thousands of euros) Actual Forecast
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Sales 1,463,753 1,393,997 1,459,874 1,731,894 1,845,522 1,594,831 1,834,056 1,999,121 2,179,042 2,375,155 2,588,919
Cost of sales (337,073) (305,065) (270,887) (296,820) (328,972) (253,077) (57,773) (37,783) (41,184) (44,890) (48,931)
Gross profit 1,126,680 1,088,932 1,188,987 1,435,074 1,516,550 1,341,754 1,776,283 1,961,337 2,137,858 2,330,265 2,539,989
R&D expenses (580,554) (509,779) (548,735) (690,592) (740,969) (720,829) (753,266) (773,604) (794,492) (815,943) (837,974) As the company stated that in order for them to develop exceptional video games, they are using the most recent technological advances.This means that Ubisoft will continue spending on R&D as they expected to have a stable level of sales.
Marketing expenses (284,965) (305,735) (316,806) (339,274) (410,070) (386,604) (404,001) (414,909) (426,112) (437,617) (449,432) since the company continued with R&D, they will keep supporting of the Group's premium games
Administrative and IT expenses (100,051) (117,296) (122,538) (144,649) (157,295) (193,011) (201,696) (207,142) (212,735) (218,479) (224,378)
Operating income from continuing operations 161,110 156,122 200,908 260,559 208,216 41,310 417,319 565,681 704,519 858,226 1,028,205
Other non-current operating income and expenses (21,717) (19,334) (25,094) (38,242) (49,231) (100,806) 0 0 0 0 0
Operating income 139,393 136,788 175,814 222,317 158,985 (59,496) 417,319 565,681 704,519 858,226 1,028,205
Interest on borrowings (5,322) (8,429) (12,081) (17,732) (20,920) (18,121) (20,725) (22,590) (24,623) (26,839) (29,255)
Income from cash 556 989 1,265 1,823 2,780 4,189 3,238 3,238 3,238 3,238 3,238
Net borrowing cost (4,766) (7,440) (10,816) (15,909) (18,140) (13,932) (17,487) (19,352) (21,386) (23,602) (26,017)
Result from foreign-exchange operations 1,159 (5,168) (2,288) (5,747) (5,311) (3,787) 0 0 0 0 0
Other financial expenses (1,764) (3,666) (5,449) (56) (23,941) (1,474) 0 0 0 0 0 this both wont have any increase of change since there is no acuisition or gain or loss from foreign exchange
Other financial income 6,083 2,548 2,348 8,312 36,515 132 0 0 0 0 0
Net financial income 712 (13,726) (16,205) (13,400) (10,877) (19,061) (17,487) (19,352) (21,386) (23,602) (26,017)
Share in profit of associates 0 0 (339) (224) 294 0 0 0 0 0 0
Total income tax (53,094) (29,654) (51,457) (69,241) (48,417) (45,685) (55,022) (59,974) (65,371) (71,255) (77,668)
Consolidated net income 87,011 93,408 107,813 139,452 99,985 (124,242) 344,810 486,355 617,762 763,370 924,520
Net income attributable to non-controlling interests 0 0 0 0 0 1,382 0 0 0 0 0
Net income attributable to owners of the parent company 87,011 93,408 107,813 139,452 99,985 (125,624) 344,810 486,355 617,762 763,370 924,520
Ubisoft Entertainment SA and Subsidiaries
Consolidated Balance Sheets
March 31,
(In thousands of euros) Forecast
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
ASSETS
Goodwill 129,906 106,194 180,735 259,462 290,721 334,558 334,558 334,558 334,558 334,558 334,558
Other intangible assets 572,225 647,602 736,465 782,402 882,925 1,115,283 1,171,047 1,147,626 1,124,674 1,102,180 1,080,137
Property, plant and equipment 80,983 83,946 106,375 114,116 159,958 174,393 172,649 170,922.58 169,213.35 167,521.22 165,846.01
Right-of-use assets 0 0 0 0 0 229,906 - 0 - 0 - 0 - 0 - 0
Investments in associates 0 0 (69) (289) 7 7 - 0 - 0 - 0 - 0 - 0
Non-current financial assets 4,162 4,339 5,478 106,895 8,660 13,710 13,710 13,710 13,710 13,710 13,710
Deferred tax assets 134,954 122,193 88,831 84,181 168,443 169,338
Non-current assets 922,230 964,274 1,117,815 1,346,767 1,510,714 2,037,195 1,691,964 1,666,817 1,642,155 1,617,969 1,594,251
Inventory 18,425 19,374 25,359 20,264 31,880 12,446 12,838 13,081 13,081 13,328 13,328 along with COGS
Trade receivables 23,904 419,577 405,557 435,573 476,641 307,060 353,119 384,900 419,541 457,299 498,456 Along with revenue
Other receivables 113,855 100,985 146,467 208,778 179,982 127,456 146,574 159,766 174,145 189,818 206,902 Along with revenue
Current financial assets 4,919 13,780 1,131 8,320 184 453 453 453 453 453 453
Current tax assets 12,380 41,464 32,967 38,481 39,555 41,034
Cash and cash equivalents 656,661 461,375 852,699 746,939 1,049,803 1,079,197 1,079,197 1,079,197 1,079,197 1,079,197 1,079,197
Current assets 830,144 1,056,555 1,464,180 1,458,355 1,778,045 1,567,646 1,592,181 1,637,396 1,686,416 1,740,095 1,798,336
Total assets 1,752,374 2,020,829 2,581,995 2,805,122 3,288,759 3,604,841 3,284,146 3,304,213 3,328,571 3,358,065 3,392,587
LIABILITIES AND EQUITY
Share capital 8,478 8,710 8,752 8,652 8,650 9,374 9,374 9,374 9,374 9,374 9,374
Premiums 180,515 215,125 280,975 234,123 335,759 863,547
Consolidated reserves 703,378 701,267 736,276 507,102 475,624 567,256
Consolidated earnings 87,011 93,408 107,813 139,453 99,985 (125,624)
Equity attributable to owners of the parent company 979,382 1,018,510 1,133,816 889,330 920,018 1,314,553 9,374 9,374 9,374 9,374 9,374
Non-controlling interests 0 0 0 0 0 7,190
Total equity 979,382 1,018,510 1,133,816 889,330 920,018 1,321,743 9,374 9,374 9,374 9,374 9,374
Provisions 7,497 8,888 4,246 3,074 2,469 3,091
Employee benefit liabilities 5,430 6,618 9,079 10,289 14,382 15,769
Long-term borrowings and other financial liabilities 275,739 277,383 640,705 933,629 890,366 1,176,198 1,176,198 1,176,198 1,176,198 1,176,198 1,176,198
Deferred tax liabilities 48,944 47,648 72,773 96,047 127,902 109,531
Other non-current liabilities 0 0 0 0 0 59,568
Non-current liabilities 337,610 340,537 726,803 1,043,039 1,035,119 1,364,157 1,176,198 1,176,198 1,176,198 1,176,198 1,176,198
Short-term borrowings and other financial liabilities 183,226 228,218 293,403 361,538 453,299 246,863 246,863 246,863 246,863 246,863 246,863
Trade payables 94,919 206,246 178,283 176,613 188,787 139,208 160,089 174,497 190,202 207,320 225,979
Other liabilities (includes deferred revenue) 149,614 213,807 219,818 321,935 664,618 517,730
Current tax liabilities 7,623 13,511 29,872 12,667 26,918 15,140
Current liabilities 435,382 661,782 721,376 872,753 1,333,622 918,941 406,952 421,360 437,065 454,183 472,842
Total liabilities and equity 1,752,374 2,020,829 2,581,995 2,805,122 3,288,759 3,604,841 1,592,524 1,606,932 1,622,637 1,639,755 1,658,414
Ubisoft Entertainment SA and Subsidiaries
Consolidated Cash Flow Statements
For the Years Ended March 31,
(In thousands of euros) Forecast
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Cash flows from operating activities
Consolidated earnings 87,011 93,408 107,813 139,452 99,985 (124,242) 344,810 486,355 617,762 763,370 924,520
Share in profit of associates 0 0 338 224 (294) 0 0 0 0 0 0
Net amortization and depreciation on PP&E 510,963 462,800 474,635 544,031 584,259 619,429
Net provisions 3,201 449 (2,563) 4,052 22,039 2,264
Cost of stock-based-compensation 9,609 12,918 36,836 39,558 54,686 53,772
Gains/losses on disposals 64 104 408 308 261 682
Other income and expenses calculated (15,534) 24,335 (10,655) 8,578 (5,403) 10,650
Tax expense 53,094 29,654 51,457 69,241 48,418 45,685
Cash flows from operating activities 648,408 623,668 658,269 805,444 803,951 608,240
Inventory 3,007 (11) (5,381) 229 (31,326) 20,186 12,838 13,081 13,081 13,328 13,328
Customers (trade receivables) 53,783 (402,877) 31,934 (61,544) (18,031) 182,891 353,119 384,900 419,541 457,299 498,456
Other assets (excluding deferred tax assets) (23,503) (30,588) 17,240 (81,048) 28,408 58,194
Suppliers (trade payables) (5,292) 116,466 (45,082) 15,243 3,181 (49,199)
Other liabilities (excluding deferred tax liabilities) 34,034 61,635 24,871 49,380 6,389 (51,805)
Deferred income and prepaid expenses 0 0 0 (3,089) 248,384 (96,525)
Change in WCR linked to operating activities 62,029 (255,375) 23,582 (80,829) 237,005 63,742
Current tax (56,362) (27,586) (36,140) (33,460) (68,582) (71,624)
Total cash flow generated by (used in) operting activities 654,075 340,707 645,711 691,155 972,374 600,358
Cash flows from investment activities
Payments for internal and external developments (421,683) (489,464) (496,588) (521,290) (587,699) (651,202)
Payments for other intangible assets and PP&E (56,244) (42,499) (62,916) (59,366) (74,402) (104,909)
Proceeds from the disposal of intangible assets and PP&E 122 67 603 20 25 179
Payments for the acquisition of financial assets (23,709) (34,391) (44,373) (31,493) (43,816) (215,697)
Security deposit CACIB 0 0 0 (100,000) 100,000 0
Refund of loans and other financial assets 23,373 34,115 43,322 29,790 42,057 210,498
Changes in scope (3,188) 358 (105,642) (77,589) (84,327) (143,735)
Cash generated by (used in) investing activities (481,329) (531,814) (665,594) (759,928) (648,162) (904,866)
Cash flow from financing activities
New finance leases contracted 10,142 0 1,416 5,054 20 0
New borrowings 622,185 234,540 669,165 893,596 604,985 935,241
Accrued interest 87 14 (18) 1,002 (1,324) (25)
Refund of borrowings in relation to leases (291) (891) (898) (1,672) (1,300) (35,577)
Repayment of borrowings (466,578) (230,216) (214,663) (487,677) (572,177) (584,908)
Funds received from shareholders in capital increases 18,054 21,924 9,465 48,951 131,910 81,466
Sales/purchases of own shares 650 (77,272) (67,844) (411,498) (201,899) 35,348
Associated current accounts (260) 258 0 0 0 0
Cash generated by (used in) financing activities 183,989 (51,643) 396,623 47,756 (39,785) 431,545
Net change in cash and cash equivalents 356,735 (242,750) 376,740 (21,017) 284,427 127,037
Cash and cash equivalents at the beginning of the period 115,610 505,215 255,688 632,314 583,354 878,612
Foreign exchange losses/gains 32,870 (6,777) (114) (27,943) 10,831 (18,722)
Cash and cash equivalents at the end of the period 505,215 255,688 632,314 583,354 878,612 986,927
2015 2016 2018 2017
77.0% 78.1% 81.4% 82.9% 82.2% 84.1%
11.0% 11.2% 13.8% 15.0% 11.3% 2.6%
5.9% 6.7% 7.4% 8.1% 5.4% -7.9%
67.5% 57.8% 49.7% 54.0% 56.1% 46.3%
4.0% 3.9% 3.7% 4.4% 3.0% -3.6%