Ubisoft 2003 Annual Report Download - page 48

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FINANCIAL REPORT
2004
48
2.1.4 Consolidated cash flow statement as of March 31, 2004
Statement of changes in cash flow
(according to OEC Notice 30)
in thousands/¤ 3/31/04 3/31/03
Flows arising from operating activities
Net income -9,023 4,854
Share in results of companies using
the equity method of accounting -34 -
Depreciation of tangible and intangible
fixed assets 124,559 80,082
Depreciation of deferred charges 3,018 3,597
Amortization of goodwill write-backs 6,019 5,340
Changes in provisions -17,581 21,957
Grants -61 -332
Flows arising from the disposal
of fixed assets 385 150
Total cash flow arising from
operating activities 107,282 115,648
Inventory -851 8,165
Trade receivables 17,102 -51,572
Advances and installments 14,223 6,667
Sundry assets 10,332 -48,284
Trade payables -11,328 21,187
Sundry liabilities 1,639 39,993
Total change in working capital requirement 31,117 -23,844
Cash flow from investments
Acquisitions of intangible assets -95,071 -92,879
Acquisitions of tangible assets -5,608 -7,937
Acquisition of equity holdings -6,448 -3,088
Acquisition of other financial fixed assets -645 -339
Charges to be spread over several years -1,099 -222
Disposal of fixed assets 153 2,939
Disposal of
financial assets 519 11,261
Changes in scope of consolidation (1) -1,678 -1,173
Total cash flow from investments -109,877 -91,438
Cash flow from financial transactions
New long- and medium-term loans 56,694 604
Repayment of loans -11,857 -57,851
Increase in capital 13 53
Increase in issue premium 633 405
Increase in conversion premium 1 -
Increase in issue premium on shares with warrants - 2
Increase in issue premium on group savings plan - 930
Grants received - 120
Repayment of shareholders' current accounts - -1,233
Other flows -5 -
Total cash flow from financial transactions 45,479 -56,970
Impact of conversion rate adjustments 503 -3,311
Net change in cash flow 74,504 -59,915
Net cash position at the beginning
of the financial year -22,292 37,623
Net cash position at the end
of the financial year 52,212 -22,292
(1) Including cash position of companies
acquired and sold -297 256
in thousands/¤ 3/31/04 3/31/03
Flows arising from operating activities
Net income -9,023 4,854
Share in results of companies using
the equity method of accounting -34 -
Depreciation of game software
(internal and external) 114,937 72,016
Depreciation of other tangible
and intangible fixed assets 9,622 8,066
Depreciation of deferred charges 3,018 3,597
Amortization of goodwill write-backs 6,019 5,340
Changes in provisions 5,139 -991
Grants -61 -332
Internal development and brand
and license development expenses -89,797 -86,770
Total cash flow arising from operating activities 39,820 5,780
Inventory -851 8,165
Trade receivables 17,102 -51,572
Advances and installments 14,223 6,667
Sundry assets 10,332 -48,284
Trade payables -11,328 21,187
Sundry liabilities 1,639 39,993
Total change in working capital requirement 31,117 -23,844
Total cash flow from operations 70,937 -18,064
Cash flow from investments
Acquisition of tangible and
other intangible assets -10,882 -14,046
Acquisition of equity holdings
and other financial assets -7,093 -3,427
Charges to be spread over several years -1,099 -222
Disposal of fixed assets 153 2,939
Flows arising from the disposal of fixed assets 385 150
Disposal of financial assets 519 11,261
Provisions for expense on securities -22,720 22,948
Changes in scope of consolidation(1) -1,678 -1,173
Total cash flow from investments -42,415 18,430
Cash flow from financial transactions
Long- and medium-term loans 44,837 -57,247
Increase in capital 647 1,390
Grants received - 120
Repayment of shareholders' current accounts - -1,233
Other flows -5 -
Total cash flow from financial transactions 45,479 -56,970
Impact of conversion rate adjustments 503 -3,311
Net change in cash flow 74,504 -59,915
Net cash position at the beginning
of the financial year -22,292 37,623
Net cash position at the end
of the financial year 52,212 -22,292
Statement of changes in cash flow for comp.
with other industry firms
The net cash position is calculated using the gross value of cash and investment securities,
unlike net financial debt (Note 13), which is calculated on a net basis.