Atari 2010 Annual Report Download - page 24

ANNUAL FINANCIAL REPORT – REGISTRATION DOCUMENT
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2.3. CONSOLIDATED BALANCE SHEETS
SIMPLIFIED CONSOLIDATED BALANCE SHEET AS OF MARCH 31, 2010 AND MARCH 31, 2009
in €m
Atari
March 31,
2010
Atari
March 31,
2009
restated
Goodwill 24.5 34.9
Intangible assets 31.3 44.6
Tangible assets 4.0 4.9
Other non current assets 3.2 3.5
Non current assets 63.0 87.9
Current Assets 18.4 30.8
Current assets classified as held for sale - 85.3
Cash and cash equivalents 10.3 5.9
Current assets 28.7 122.0
Total Assets 91.7 209.9
Shareholders' equity attributable to the Group 1.8 (13.3)
(1)
Minority interest 0.1 (8.8)
Total shareholders' equity 1.9 (22.1)
Long Term Debt 10.9 11.2
Other non-current liabilities 13.4 22.9
(1)
Non current liabilities 24.3 34.1
Short term debt 8.6 51.1
Current liabilities 56.9 79.0
Liabilities classified as held for sale - 67.8
Current liabilities 65.5 197.9
Total equity and liabilities 91.7 209.9
(1) Prior fiscal year financial statements have been restated for the correction of income tax expense (€4.2 million)
Consolidated shareholders' equity was €1.9 million as of March 31, 2010, an increase of €24.0 million down from a
negative €22.1 million at March 31, 2009. The table below shows the changes in equity during the year:
Total equity as of March 31, 2009
(1)
(22.1)
Net loss (23.2)
Share issuance 27.4
Bond issuance 14.9
Sale of 66% of Namco Bandai Partners 12.6
Acquisition of Cryptic Studios (3.2)
Other (4.5)
Total equity as of March 31, 2010
1.9
(1) Prior fiscal year financial statements have been restated for the correction of income tax expense (€4.2 million)
Net cash
As of March 31, 2010, the Group had a net debt of €9.2 million, compared with net debt of €56.4 million as of the end of
the previous fiscal year. The cash and debt positions were as follows:
€ in million
March 31,
2010
March 31,
2009
OCEANEs 2011 and 2020 (5.9) (5.9)
ORANEs (3.7) (3.0)
BueBay credit facility (5.3) (46.9)
Other (4.6) (6.5)
Total debt
(19.5)
(62.3)
Cash and cash equivalent 10.3 5.9
Net cash (net debt)
(9.2)
(56.4)
(1) BlueBay assumed the credit facility from Bank of America in FY 2009/2010
Net cash (net debt) is defined as cash and cash equivalents less current and long-term portions of debt.
The strengthening of the Group’s cash position was primarily due to the following:
• January 2010 rights issuance, raising approximately €30 million of cash after the conversion of a portion of the
existing debt to equity. A portion of the cash from the issuance was used to pay down the credit facility.
• €36 million cash received in connection with the sale of the 66% interest in Namco Bandai Partners. A portion
of the cash from the sale was used to pay down the credit facility.
• Cash flow of €8 million (before debt service and taxes) reflecting continuing cost cutting measures and the new
publishing strategy implemented in the current fiscal year.