Ubisoft 2008 Annual Report Download - page 59
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57
UBISOFT ANNUAL REPORT 2009
ma n a G e m e n t r e p o r t 01
Cash ow statement for comparison with other industry players
IN THOUSANDS OF EUROS 03.31.09 03.31.08
Cash flows from operating activities
Consolidated earnings 68,848 109,844
+/- Share in profit of associates -15 -28
+/- Gain (loss) on the disposal of discontinued operations - -14, 827
+/- Gaming software amortization 219,031 239,284
+/- Other amortisation 16,337 15,213
+/- Provisions 2,034 35
+/- Cost of share-based payments 16,855 8,526
+/- Gains/losses on disposals 193 2,096
+/- Other income and expenses calculated 3,272 -600
+/- Internal development and license development costs -288,464 -300,849
Cash flows from operating activities 38,091 58,694
Inventory -23,088 -17,569
Trade receivables 19,738 -7, 0 9 6
Other assets 35,313 -27,936
Trade payables -45,380 60,714
Other liabilities 3,133 49,981
+/- Change in WCR linked to operating activities -10,284 58,095
Total cash flow generated by operating activities 27,807 116,788
Cash flows from investment activities
- Payments for the acquisition of property, plant
and equipment and other intangible assets
-30,230 -48,344
+ Proceeds from the disposal of intangible assets and property, plant and equipment 93 475
- Payments for the acquisition of financial assets -36,042 -23,731
+/- Other cash flows from investing activities - -66
+ Repayment of loans and other financial assets 35,181 23,735
+ Proceeds from the disposal of discontinued operations - 25,110
+/- Changes in consolidation scope (1) -6,248 -18,342
Cash used by investing activities -37,246 -41,162
Cash flows from financing activities
+ New finance leases 36 268
- Repayment of finance leases -23 -55
- Repayment of borrowings -1,032 -
+ Proceeds from shareholders in capital increases 12,799 15,825
+/- Sales/purchases of own shares -349 -392
+/- Other flows related to financing activities - 3
Cash generated (used) by financing activities 11,431 15,649
Net change in cash and cash equivalents 1,992 91,275
Cash and cash equivalents at the beginning of the period 173,181 78,653
Impact of translation adjustments 1,720 3,253
Cash and cash equivalents at the end of the period 176,893 173,181
(1) Including cash in companies acquired and disposed of -1,938 -897