Ubisoft 2006 Annual Report Download - page 46
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UBISOFT • FINANCIAL REPORT 2007
03.31.07 03.31.06
K€ K€
Cash flow from operating activities
Consolidated net income 40,558 11,932
+/- Share in earnings of associates - 3,149 - 19,109
+/- Depreciation of game software 214,499 146,100
+/- Other depreciation 15,619 12,692
+/- Provisions 884 2,776
+/- Cost of share-based payments 3,344 2,692
+/- Capital gains or losses 243 126
+/- Other income and expenses -221 - 147
+/- Internal development and license development expenses - 226,009 - 183,459 (2)
Operating cash flow 45,768 - 26,397
Inventory - 1,914 - 2,873
Trade receivables -842 54,688
Other assets - 34,830 - 7,048
Trade payables 11,539 - 32,204
Other liabilities 33,429 - 18,434
+/- Change in working capital requirement 7,382 - 5,871
Cash from operating actvities 53,150 - 32,268
- Purchases of tangible & intangible assets - 43,394 - 18,407 (2)
+ Sales of tangible and intangible assets 95 140
+/- Purchases/sales of financial assets - 15,778 - 4,227
+/- Other cash flow related to investment operations - 153 - 153
+ Proceeds from loans and other financial assets 16,078 3,787
+/- Partial sale of associates (1) 170 22,691
Cash from investment activities - 42,982 3,831
Cash flow from financing activities
+ New financial leasing loans 60 128
+ New long- and medium-term loans 30,740 7,537
- Repayment of financial leasing loans - 230 - 1,040
- Repayment of loans - 151,933 - 24,875
- Accrued interest - 807 - 650
+ Proceeds from issue of capital 106,551 40,786
+/- resales/purchases of own shares 625 - 503
+/- Other cash flows - 42 -
Cash from financing activities - 15,036 21,383
Net change in cash and cash equivalents - 4,868 - 7,054
Net cash and cash equivalents at the beginning of the fiscal year 80,894 90,493
Exchange gains/losses on cash 2,627 -2,545
Net cash and cash equivalents position at the end of the fiscal year 78,653 80,894
(1) Including cash position of companies purchased and sold - 17 22,697
(2) Adjustment at 31 march 2006 of 1,5 M€ corresponding to the acquisition of Far Cry from the line “Internal development expenses” to the line “Purchases of tan-
gible & intangible assets”.
Statement of changes in cash flow for comparison with other industry firms