Asamacubi

Peut etre il y aura des investisseurs qui vendent en panique le matin,
mais ca changera après la publication (positive) des analystes.

C’est un peu comme Activision :
Résultats excellents, prévisions très bas (voire ridicule):

-7% au début, maintenant +10% après quelques jours

De rien !

hihihihi thanks

Je vais faire un petit résumé

C’était en anglais, je suis désolé.
Tout le monde a compris (plus au moins) ?

No more questions ?
Conference call ends….

Sales in emerging markets becoming more and more important.

Ubisoft : Competition between PS4 & Xbox is positive, lots of publicity, lower prices. Volume will increase, good for game developers.
We’re optimistic on growth.

BRYAN GARNIER :
1) Are there FIVE triple AAA games this year ?
2) Debt position ?
3) Growth ?

Ubisoft :
1) The Division, AC, Rainbow six, rest is for may (no confirmation)
2) 12 mio net debt at the start of the year, +150 mio net cash end this accounting year.
3) More growth due to more PC, more digital, console cycle is positive

Exane : 1) Division ACU / ACR (which percentage was ACU and which ACR)
2) Currencies
3) Game release schedule next year ?

Ubisoft : 1) We do not disclose this info
2) USD and CAD was favorable
3) DETAIL ON PIPELINE IN MAY !!!

Free Cash Flow prediction by Ubisoft is quite high (€ 150 M)

Berenberg : Ebit guidance is a bit lower due to higher depreciation.
Ubi : accounting policy as such has not changed. Depreciation depends on number of games already sold and number of games still expected to sell.
But we depreciate a bit faster because the game cycle is faster.

(Ubisoft speeding up depreciation, which wheighs on results this…En afficher davantage

Each time with transition to new console cycle, you have to make completely 100% new engines = difficult & costly.
ACU : was not perfect, but engine is now good, we can use it now for more games.

Ubisoft : There is a good window of opportunity for launching new titles with the new console cycle, but it also has risks.

Loooooooooooooooooooooooooooooong question…

Benchmark company now asking questions

There are also local costs in USD !
Therefore, Ubisoft has 50% upside on the dollar.
Most important COST currency = CANADIAN dollar, not USD !