Ubisoft 2004 Annual Report Download - page 53

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51
UBISOFT > 2005 FINANCIAL REPORT
2
FINANCIAL REPORT FOR THE FISCAL YEAR ENDING MARCH 31, 2005
Statement of changes in cash flow for comparison with other industry firms
€K 3.31.05 3.31.04
Operating activities
Net income 20,022 -9,023
Share in results of companies using the equity method of accounting -202 -34
Depreciation of game software (internal and external production) 112,323 114,937
Depreciation of other tangible and intangible fixed assets 9,569 9,622
Depreciation of deferred charges 2,500 3,018
Amortization of goodwill write-backs 7,180 6,019
Changes in provisions -6,561 5,139
Grants -33 -61
Internal development and brand and license development expenses -119,739 -89,797
Total cash flow from operating activities 25,059 39,820
Inventory 13,936 -851
Trade receivables -48,941 17,102
Advances and installments 4,905 14,223
Sundry assets -16,075 10,332
Tradepayables 38,792 -11,328
Sundry liabilities 40,768 1,639
Total change in working capital requirement 33,385 31,117
Total cash flow from operations 58,444 70,937
Investing activities
Acquisition of tangible and other intangible fixed assets -11,531 -10,882
Acquisition of equity holdings and other financial assets -642 -7,093
Charges to be spread over several fiscal years -3 -1,099
Disposal of fixed assets 176 153
Flows from the disposal of fixedassets 3,507 385
Disposal of financial assets 665 519
Provisions on securities -278 -22,720
Changes in scope of consolidation1-19,513 -1,678
Total cash flow from investments - 27,619 -42,415
Financing activities
Long- and medium-term loans -567 44,837
Increase in capital 6,562 647
Other flows - -5
Total cash flow from financing activities 5,995 45,479
Effect of exchange rate fluctuations 1,835 503
Net change in cash flow 38,655 74,504
Net cash position at the beginning of the fiscal year 52,212 -22,292
Net cash position at the end of the fiscal year 90,867 52,212