Ubisoft 2013 Annual Report Download - page 13

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Management Report
2013
8
CHANGES IN THE INCOME STATEMENT 1.2.6
The gross profit margin totaled €913.5 million (72.7% as a percentage of revenue), a significant
increase compared with the gross profit margin of €718.1 million (67.7%) in 2011/2012. The continued
improvement in the gross profit margin since 2010/2011 is attributable, over the past 12 months, to the
increase in the average net sales price of titles for core gamers and of Just Dance
®
4 and the sharp
rise in high-margin online sales.
Non-IFRS operating profit totaled €100.3 million, compared with €56.0 million in 2011/2012. Non-IFRS
operating profit is higher than the target range announced a year earlier (between €70 million and €90
million) and at the higher end of the target range recently revised upward (between €90 million and
€100 million).
Non-IFRS operating profit breaks down as follows:
Increase of €195.4 million in the gross profit margin;
Increase of €79.8 million in R&D costs to €428.2 million (34.1% of revenue), compared with
€348.4 million (32.8%) in 2011/2012;
Increase of €71.3 million in SG&A expenses to €385.0 million (30.6%), compared with €313.7
million (29.6%) in 2011/2012:
− Variable marketing expenses totaled 18.2% of revenue (€228.7 million), compared with
16.7% (€177.1 million) in 2011/2012. This increase is mainly attributable to higher
expenses at the end of each console cycle;
− Structuring costs totaled 12.4% of revenue (€156.3 million) compared with 12.9% (€136.6
million).
Non-IFRS net profit totaled €69.2 million, corresponding to non-IFRS earnings per share (diluted) of
€0.71, compared with a non-IFRS net profit of €37.4 million in 2011/2012, i.e. €0.39 per share.
IFRS net profit totaled €64.8 million, corresponding to IFRS earnings per share (diluted) of €0.67,
compared with IFRS net profit of €37.3 million in 2011/2012, i.e. €0.39 per share.