Ubisoft 2003 Annual Report Download - page 12

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Sustained Growth
2003/04
The group’s products, in particular Prince of Persia®The Sands of Time and
Far Cry™, were received with enthusiastic critical acclaim and won an impres-
sive number of industry awards. The continued success of the highly popular
Tom Clancy and Prince of Persia®brand series should boost Ubisoft’s overall
performance in 2004/05 and further confirm its position as a global leader in
the market.
› In-house Development Spurs
Expansion
Increased Recognition
Sales went up sharply (+22.5% at a constant exchange rate),
due to a substantial increase in market share in North America
and Europe. Ubisoft showed gross margin growth (65% of sales
this year), and 1.5 million euros in operating results.
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186.5
259.8
369
453
508
1999/2000
2000/2001
2001/2002
2002/2003
2003/2004
A Line-up of Top-ranking Hits
Focusing our efforts on creating and market-
ing popular hits has proved effective: Tom
Clancy's Splinter Cell®has sold over six
million units since its release*, while five
major titles have each topped the million
unit mark, and four franchises gone beyond
the two million mark.
Prince of Persia®The Sands of Time 2.4 million
Tom Clancy’s Rainbow Six®3 2.2 million
Tom Clancy’s Splinter Cell®: Pandora Tomorrow 1.7 million
Tom Clancy's Ghost Recon®1.5 million
XIII 1.4 million
Tom Clancy's Ghost Recon®
Island Thunder / Jungle Storm 1.1 million
›
*As of March 2004
and
› Free Cash Flow : ¤58 million
Ubisoft exceeded its objective of generating net free cash flow due
to a seven-fold increase in total cash flow from operating activities
and to an improvement in the working capital requirement of ¤31
million, wich represented 26% of sales. Net free cash flow generated,
excluding acquisitions, amounted to a positive ¤58 million.
Sales growth in millions of euros