Ubisoft 2014 Annual Report Download - page 14

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Management Report
2014
9
Net debt at March 31, 2014, stood at €12.9 million, compared with net cash of €104.5 million at
March 31, 2013. This change is mainly attributable to:
Consumption of cash flow from operating activities of €120.1 million
Investment in property, plant and equipment and intangible assets of €(42.9) million
Capital increases of €65.7 million
Disposal of Gameloft shares of €6.0 million
Acquisitions for a total of €(9.7) million
Translation adjustments of €(16.3) million
1.2.8 ASSET FINANCING POLICY
The Company does not use securitization agreements, Dailly assignment agreements or sale and
repurchase agreements with the exception of one-off operations such as market opportunities or
factoring regarding the Canadian credit multimedia shares (September 2013 and March 2014).
However, the Company does use invoice discounting and receivables factoring in Germany, the
United Kingdom and occasionally the United States.
Factoring commitment at the closing date:
In millions of euros
03/31/2014
03/31/2013
03/31/12
03/31/11
03/31/10
United Kingdom
5.8
(0.3)
10.2
15.8
19.8
Germany
(0.3)
1.5
6.8
12.6
20.4
Total
5.5
1.2
17.0
28.4
40.2
During the financial year, the Company financed its peak cash requirements using confirmed credit
facilities of €289.5 million, including a syndicated loan of €214.5 million, €50 million in bilateral credit
lines maturing in 2017 and €25 million in bilateral credit lines maturing in less than one year.
The Group issued bonds for €20 million in December 2012, then €40 million in May 2013, and
implemented a commercial paper program with a maximum of €300 million.