Ubisoft® REPORTS FIRST-HALF 2014-15
SALES AND EARNINGS FIGURES
- Higher-than-expected first-half performance
- Sales: €484 million
- Non-IFRS operating income: €24 million
-
- Targets for full-year 2014-15 and 2015-16 confirmed
Paris, October 30, 2014 - Today, Ubisoft released its sales and earnings figures for the six months ended September 30, 2014.
Non-IFRS income statement and key financial data
| In € millions | H1 2014-15 | % | H1 2013-14 | % |
| Sales | 484.2 | 293.3 | ||
| Gross margin | 378.1 | 78.1% | 202.2 | 68.9% |
| R&D expenses | (181.2) | -37.4% | (138.9) | -47.4% |
| Selling expenses | (127.2) | -26.3% | (123.5) | -42.1% |
| General and administrative expenses | (45.6) | -9.4% | (37.8) | -12.9% |
| Total SG&A expenses | (172.8) | -35.7% | (161.3) | -55.0% |
| Non IFRS operating income/(loss) | 24.2 | 5.0% | (98.0) | -33.4% |
| Non-IFRS net income/(loss) | 17.1 | (62.1) | ||
| Non-IFRS diluted earnings/(loss) per share (in €) | 0.15 | (0.59) | ||
| Cash flows from operating activities* | (19.5) | (260.7) | ||
| R&D investment expenditure** | (250.0) | (233.3) | ||
| Net cash/(debt) position | (40.3) | (141.7) |
* Based on the consolidated cash flow statement for comparison with other industry players (non audited)
** Including royalties but excluding future commitments
Commenting on these results, Yves Guillemot, Chief Executive Officer, stated "The very strong momentum we saw at the beginning of the fiscal year carried on into the second quarter and enabled us to once again exceed our performance expectations. Ubisoft continued to capitalize on the popularity of new consoles, the successful launch of Watch Dogs, the quality of its back catalog and the considerable growth of the digital segment. Consequently, our operating income and cash flows improved significantly during the period."
Sales
Sales for the first half of 2014-15 came to €484.2 million, up 65.1% (or 67.9% at constant exchange rates) compared with the €293.3 million recorded for first-half 2013-14.
Sales in the second quarter of 2014-15 totaled €124.1 million versus €217.7 million in the corresponding prior-year period, representing a decrease of 42.9% (or 45.2% at constant exchange rates). Second-quarter 2014-15 sales were higher than the target of approximately €85.0 million issued when Ubisoft released its sales figures for the first quarter of the fiscal year.
Ubisoft's sales performance in first-half 2014-15 reflects:
- The ongoing success of Watch Dogs®, with more than 9 million units sold in.
- A 90.4% surge in digital segment revenues, which reached €134.7 million (27.8% of total sales), fueled by digital distribution, mobile operations and sales of items and DLC.
- A firm back catalog showing, stable at €113.7 million, thanks to the performance of Assassin's Creed® Black Flag, South ParkTM: The Stick of TruthTM, Far Cry® 3 and Rayman® Legends.
Main income statement items
Gross margin represented a record 78.1% of sales (€378.1 million) in the first half of 2014-15, up from 68.9% (€202.2 million) for the first six months of 2013-14. This sharp improvement reflects the positive impact of the success of Ubisoft's games and the increasing importance of the digital segment.
Ubisoft ended the first half of 2014-15 with non-IFRS operating income of €24.2 million, a significant improvement on the €98.0 million operating loss reported for the same period of 2013-14.
This year-on-year positive swing reflects the following combined factors:
- A €175.9 million increase in gross margin.
- A €42.2 million rise in R&D expenses to €181.2 million (37.4% of sales) from €138.9 million (47.4% of sales) in first-half 2013-14.
- An €11.5 million increase in SG&A expenses to €172.8 million (35.7% of sales) from €161.3 million (55.0% of sales) in the first six months of 2013-14:
- Variable marketing expenses represented 19.0% of sales (€91.9 million) compared with 30.0% (€88.0 million) in first-half 2013-14.
- Structure costs corresponded to 16.7% of sales (€80.8 million) against 25.0% (€73.2 million).
Ubisoft recorded non-IFRS net income of €17.1 million for the first half of 2014-15, representing non-IFRS diluted earnings per share of €0.15, compared with a non-IFRS net loss of €62.1 million and a non-IFRS diluted loss per share of €0.59 in first-half 2013-14.
IFRS net income came to €11.7 million, representing IFRS diluted earnings per share of €0.10, versus an IFRS net loss of €62.3 million and an IFRS diluted loss per share of €0.60 for the first six months of 2013-14.
Main cash flow statement[1] and balance sheet items
Cash flows from operating activities represented a net outflow of €19.5 million compared with a €260.7 million net outflow in first-half 2013-14. This reflects a negative €37.5 million in cash flow from operations (versus a negative €144.7 million in the same period of 2013-14) and an €17.9 million reduction in working capital requirement (against a €115.9 million increase in first-half 2013-14).
As of September 30, 2014, Ubisoft had net debt of €40.3 million versus €141.8 million one year earlier. The increase compared with the net debt position of €12.7 million as of March 31, 2014 was primarily attributable to:
- The above-mentioned €19.5 million net cash outflow from operating activities.
- €28.1 million in purchases of tangible and intangible assets.
- €2.3 million in cash outflows for business acquisitions.
- A €7.5 million inflow from equity increases.
- €14.9 million in positive translation adjustments.
Outlook
Yves Guillemot stated "Our performance in the first half of the fiscal year has strengthened our confidence that we will reach our annual targets. It demonstrates that our strategy of creating strong brands and investing in digital is paying off. This strategy is underpinned by a creative force of an unrivalled scale as well as constantly enhanced execution. It has positioned us at the forefront of the new console cycle and will be a determining factor in creating value for our shareholders in the short, medium and long term."
He concluded by saying "We also are standing by our target for 2015-16."
Full-year 2014-15
Ubisoft is standing by its previously-announced targets for full-year 2014-15, namely sales of at least €1,400 million and non-IFRS operating income of at least €150 million.
Sales for the third quarter of 2014-15
The third quarter of 2014-15 will see the following main releases:
- Assassin's Creed® Unity for Xbox OneTM, PLAYSTATION®4 and PC
- Assassin's Creed® Rogue for PLAYSTATION®3 and Xbox 360TM
- Far Cry® 4 for PLAYSTATION®4, Xbox OneTM, PC, PLAYSTATION®3 and Xbox 360TM
- Just Dance® 2015 for PLAYSTATION®4, Xbox OneTM, PLAYSTATION®3, Xbox 360TM, WiiTM and Wii UTM
- The CrewTM for PLAYSTATION®4, Xbox OneTM, PC and Xbox 360TM
Ubisoft expects third-quarter 2014-15 sales to amount to around €730 million, up by 40% on the third quarter of 2013-14.
Full-year 2015-16
Ubisoft confirms that it expects its non-IFRS operating income to amount to at least €200 million for full-year 2015-16.
Recent significant events
Market share: In the first nine months of calendar 2014, Ubisoft was the number 3 independent publisher in the United States with 10.0% market share (compared with number 4 and 5.4% one year earlier) and number 3 in Europe with 12.3% market share (compared with number 3 and 7.2%). Source: NPD and GFK.
Contact
| Investor relations Jean-Benoît Roquette SVP Investor Relations + 33 1 48 18 52 39 Jean-benoit.roquette@ubisoft.com |
Non-IFRS financial information
Ubisoft considers that "Non-IFRS operating income/(loss)" and "Non-IFRS net income/(loss)" - which are measures that are not prepared strictly in accordance with IFRS - are relevant indicators of the Group's operating and financial performance. Management uses them to run the Group's business as they are the best reflection of its recurring performance and exclude the majority of non-operating and non-recurring items. A reconciliation between the IFRS and non-IFRS measures is provided in the appendices to this press release.
Disclaimer
This statement may contain estimated financial data, information on future projects and transactions and future business results/performance. Such forward-looking data are provided for estimation purposes only. They are subject to market risks and uncertainties and may vary significantly compared with the actual results that will be published. The estimated financial data have been presented to the Board of Directors and have not been audited by the Statutory Auditors. (Additional information is specified in the most recent Ubisoft Registration Document filed on June 26, 2014 with the French Financial Markets Authority (l'Autorité des Marchés Financiers)).
About Ubisoft
Ubisoft is a leading creator, publisher and distributor of interactive entertainment and services, with a rich portfolio of world-renowned brands, including Assassin's Creed, Just Dance, Tom Clancy's video game series, Rayman, Far Cry and Watch Dogs. The teams throughout Ubisoft's worldwide network of studios and business offices are committed to delivering original and memorable gaming experiences across all popular platforms, including consoles, mobile phones, tablets and PCs. For the 2013-14 fiscal year Ubisoft generated sales of €1,007 million. To learn more, please visit www.ubisoftgroup.com.
© 2014 Ubisoft Entertainment. All rights Reserved. Just Dance, Watch Dogs, Assassin's Creed, Black Flag, Far Cry, The Crew, Rayman, Imagine, Petz, Rabbids, Rocksmith, Galaxy Life, Ubisoft and the Ubisoft logo are trademarks of Ubisoft Entertainment in the US and/or other countries. © 2014 South Park Digital Studios LLC. All Rights Reserved. South Park and all elements thereof © 2014 Comedy Partners. All Rights Reserved. Comedy Central, South Park and all related titles, logos, and characters are trademarks of Comedy Partners. Game software © 2014 Ubisoft Entertainment. All Rights Reserved. Developed by Obsidian Entertainment, Inc. Game Engine and other technology © 2014 Obsidian Entertainment, Inc. All Rights Reserved. Obsidian and the Obsidian Entertainment logo are trademarks and/or registered trademarks of Obsidian Entertainment, Inc. © 2014 Ubisoft Entertainment. All Rights Reserved. All creative works and elements from the POPTROPICA virtual world © 2014 Pearson Education, Inc and are used under license. All Rights Reserved. POPTROPICA® is a registered trademark of Pearson Education, Inc. in the USA and other countries, used under license. "MONOPOLY, BOGGLE, SCRABBLE, TRIVIAL PURSUIT, RISK, and CRANIUM are trademarks of Hasbro and are used with permission. SCRABBLE, the associated logo, the design of the distinctive SCRABBLE brand game board, and the distinctive letter tile designs are trademarks of Hasbro in the United States and Canada. © 2014 Hasbro. All Rights Reserved. Licensed by Hasbro to Ubisoft Entertainment. Games software © 2014 Ubisoft Entertainment. All Rights Reserved." Tetris ® & © 1985~2014 Tetris Holding. Tetris logos, Tetris theme song and Tetriminos are trademarks of Tetris Holding. The Tetris trade dress is owned by Tetris Holding. Licensed to The Tetris Company.Game Design by Alexey Pajitnov. Original Logo Design by Roger Dean. All Rights Reserved.© 2014 Additional game content by Ubisoft Entertainment. All Rights Reserved. Ubisoft, and the Ubisoft logo are trademarks of Ubisoft Entertainment in the US and/or other countries. Developed and published under license by The Tetris Company.
APPENDICES
| Breakdown of sales by geographic region | ||||
| % Sales | % Sales | % Sales | % Sales | |
| Q2 2014/15 | Q2 2013/14 | 6 months 2014/15 | 6 months 2013/14 | |
| Europe | 47% | 41% | 45% | 40% |
| North America | 40% | 49% | 43% | 50% |
| Rest of world | 13% | 10% | 12% | 10% |
| TOTAL | 100% | 100% | 100% | 100% |
| | ||||
| Breakdown of sales by platform | ||||
| | ||||
| Q2 2014/15 | Q2 2013/14 | 6 months 2014/15 | 6 months 2013/14 | |
| PLAYSTATION®4 | 21% | 0% | 32% | 0% |
| XBOX One(TM) | 9% | 0% | 15% | 0% |
| XBOX 360(TM) | 16% | 30% | 14% | 29% |
| PLAYSTATION®3 | 19% | 24% | 17% | 24% |
| PC | 17% | 13% | 15% | 17% |
| Wii(TM) | 2% | 20% | 1% | 18% |
| Wii U(TM) | 1% | 7% | 0% | 6% |
| Nintendo 3 DS(TM) | 1% | 0% | 0% | 1% |
| PLAYSTATION® VITA | 1% | 2% | 0% | 2% |
| Others | 13% | 4% | 6% | 3% |
| TOTAL | 100% | 100% | 100% | 100% |
| Title release schedule 3rd quarter (October - December 2014) |
| PackageD Goods | |||
| ASSASSIN'S CREED® ROGUE | PlayStation®3, Xbox 360(TM) | ||
| ASSASSIN'S CREED® UNITY | PC, PlayStation®4, , Xbox One(TM) | ||
| FAR CRY® 4 | PC, PlayStation®3, PlayStation®4, Xbox 360(TM), Xbox One(TM) | ||
| IMAGINE® COLLECTION | 3DS | ||
| JUST DANCE® 2015 | PlayStation®3, PlayStation®4, Xbox 360(TM), Xbox One(TM), Wii(TM), Wii U(TM) | ||
| PETZ® COUNTRYSIDE | 3DS | ||
| PETZ® BEACH | 3DS | ||
| POPTROPICA FORGOTTEN ISLANDS (US only) | 3DS | ||
| RABBIDS® INVASION THE INTERACTIVE TV SHOW | PlayStation®4, Xbox 360(TM), Xbox One(TM) | ||
| RAYMAN® AND RABBIDS® FAMILY PACK | 3DS | ||
| ROCKSMITH® 2014 | PlayStation®4, Xbox One(TM) | ||
| SHAPE UP | Xbox One(TM) | ||
| TETRIS® ULTIMATE | 3DS | ||
| THE CREW(TM) | PC, PlayStation®4, Xbox 360(TM), Xbox One(TM) | ||
| WATCH DOGS® | Wii U(TM) | ||
| ONLINE Digital MOBILE | |||
| GALAXY LIFE® | Android | ||
| HASBRO GAME CHANNEL (MONOPOLY, RISK, TRIVIAL PURSUIT LIVE!) | PlayStation®3, PlayStation®4, Xbox 360(TM), Xbox One(TM) | ||
| THE BOT SQUAD PUZZLE BATTLES | Android, iOS | ||
The Statutory Auditors have completed the procedures for their limited review of the consolidated financial statements. They will issue their limited review report after verifying the Group's interim financial report.
Consolidated income statement (IFRS, reviewed)
| In thousands of euros | 09.30.14 | 09.30.13 | ||||
| Sales | 484 168 | 293 349 | ||||
| Cost of sales | -106 031 | -91 123 | ||||
| Gross Margin | 378 137 | 202 226 | ||||
| Research and Development costs | -184 855 | -142 191 | ||||
| Marketing costs | -127 878 | -123 840 | ||||
| General and Administrative costs | -46 209 | -38 452 | ||||
| Current operating income | 19 195 | -102 257 | ||||
| Non-current expenses and income | -5 662 | -11 724 | ||||
| Operating income | 13 533 | -113 981 | ||||
| Net borrowing costs | -2 832 | -2 388 | ||||
| Net foreign exchange gains/losses | 222 | -803 | ||||
| Other financial income | 5 590 | 16 710 | ||||
| Other financial expenses | -252 | -74 | ||||
| Net financial income | 2 728 | 13 444 | ||||
| Share of profit of associates | 0 | 0 | ||||
| Income tax | -4 569 | 38 194 | ||||
| Profit for the period | 11 691 | -62 342 | ||||
| Earnings per share | ||||||
| Basic earnings per share (in €) | 0,11 | -0,63 | ||||
| Diluted earnings per share (in €) | 0,10 | -0,60 | ||||
| Weighted average number of shares in issue | 106 473 849 | 99 602 251 | ||||
| Diluted weighted average number of shares in issue | 112 930 545 | 104 508 310 | ||||
Reconciliation of IFRS Net income and non-IFRS Net income
| In million of euros, except for per share data | H1 2014-15 | H1 2013-14 | ||||
| IFRS | Adjustment | Non-IFRS | IFRS | Adjustment | Non-IFRS | |
| Sales | 484,2 | 484,2 | 293,3 | 293,3 | ||
| Total Operating expenses | (470,6) | 10,6 | (460,0) | (407,3) | 16,0 | (391,3) |
| Stock-based compensation | (5,0) | 5,0 | 0,0 | (4,3) | 4,3 | 0,0 |
| Non-current expenses and income | (5,7) | 5,7 | 0,0 | (11,7) | 11,7 | 0,0 |
| Operating Income | 13,5 | 10,7 | 24,2 | (114,0) | 16,0 | (98,0) |
| Net Financial income | 2,7 | (5,3) | (2,5) | 13,4 | (15,8) | (2,4) |
| Income tax | (4,6) | 0,0 | (4,6) | 38,2 | 0,0 | 38,2 |
| Net Income | 11,7 | 5,4 | 17,1 | (62,3) | 0,2 | (62,1) |
| Diluted earnings per share | 0,10 | 0,05 | 0,15 | (0,60) | 0,00 | (0,59) |
| Consolidated balance sheet (IFRS , reviewed) | ||||||
| ASSETS | Net | Net | ||||
| In thousands of euros | 09.30.14 | 03.31.14 | ||||
| Goodwill | 139 163 | 138 335 | ||||
| Other intangible assets | 673 163 | 598 523 | ||||
| Property, plant and equipment | 67 598 | 56 740 | ||||
| Other financial assets | 3 773 | 3 566 | ||||
| Deferred tax assets | 131 429 | 116 226 | ||||
| Non current assets | 1 015 127 | 913 391 | ||||
| Inventory | 38 643 | 21 343 | ||||
| Trade receivables | 20 879 | 73 320 | ||||
| Other receivables | 93 219 | 74 812 | ||||
| Other current financial assets | 3 606 | 1 532 | ||||
| Current tax assets | 18 782 | 16 972 | ||||
| Cash and cash equivalents | 163 932 | 237 946 | ||||
| Current assets | 339 061 | 425 925 | ||||
| Total assets | 1 354 188 | 1 339 316 | ||||
| LIABILITIES AND EQUITY | Net | Net | ||||
| In thousands of euros | 09.30.14 | 03.31.14 | ||||
| Capital | 8 297 | 8 200 | ||||
| Premiums | 165 150 | 337 250 | ||||
| Consolidated reserves | 674 676 | 530 123 | ||||
| Consolidated earnings | 11 690 | -65 525 | ||||
| Total equity | 859 814 | 810 048 | ||||
| Provisions | 4 171 | 4 304 | ||||
| Employee benefit | 4 292 | 3 715 | ||||
| Long-term borrowings | 63 018 | 63 439 | ||||
| Deferred tax liabilities | 52 303 | 40 956 | ||||
| Non-current liabilities | 123 784 | 112 415 | ||||
| Short-term borrowings | 144 793 | 189 323 | ||||
| Trade payables | 101 987 | 93 643 | ||||
| Other liabilities | 118 500 | 128 884 | ||||
| Current tax liabilities | 5 310 | 5 003 | ||||
| Current liabilities | 370 589 | 416 853 | ||||
| Total liabilities | 494 374 | 529 268 | ||||
| Total liabilities and equity | 1 354 188 | 1 339 316 | ||||
| Consolidated cash flow statement for comparison with other industry players (non audited) | |||||||
| In thousands of euros | 09.30.14 | 09.30.13 | |||||
| Cash flows from operating activities | |||||||
| Consolidated earnings | 11 690 | -62 342 | |||||
| +/- Share of profit of associates | 0 | 0 | |||||
| +/- Depreciation on internal & external games & movies | 141 234 | 114 070 | |||||
| +/- Other depreciation | 20 847 | 24 086 | |||||
| +/- Provisions | 627 | -545 | |||||
| +/- Cost of share-based payments | 4 982 | 4 299 | |||||
| +/- Gains / losses on disposals | 16 | -4 217 | |||||
| +/- Other income and expenses calculated | -6 799 | -11 673 | |||||
| +/- Cost of internal development and license development | -210 100 | -208 439 | |||||
| CASH FLOW FROM OPERATION | -37 503 | -144 761 | |||||
| Inventory | -16 857 | -23 670 | |||||
| Trade receivables | 54 276 | -85 512 | |||||
| Other assets | -26 679 | -16 856 | |||||
| Trade payables | 4 939 | 43 570 | |||||
| Other liabilities | 2 275 | -33 422 | |||||
| +/- Change in working capital from operating activities | 17 955 | -115 890 | |||||
| TOTAL CASH FLOW GENERATED BY OPERATING ACTIVITIES | -19 548 | -260 651 | |||||
| - Payments for the acquisition of intangible assets and property, plant and equipment | -28 110 | -16 395 | |||||
| + Proceeds from the disposal of intangible assets and property, plant and equipment | 29 | 104 | |||||
| + Stock disposal | 0 | 6 003 | |||||
| +/- Other cash flows from investing activities | -10 290 | -7 266 | |||||
| + Repayment of loans and other financial assets | 10 201 | 7 393 | |||||
| +/- Changes in scope (1) | -2 299 | -3 090 | |||||
| CASH USED BY INVESTING ACTIVITIES | -30 471 | -13 251 | |||||
| Cash flows from financing activities | |||||||
| + New long term loans | 139 662 | 40 931 | |||||
| + New finance leases | 0 | 0 | |||||
| - Repayment of finance leases | -47 | -62 | |||||
| - Repayment of borrowings | -156 506 | -535 | |||||
| + Proceeds from shareholders in capital increases | 7 136 | 36 344 | |||||
| +/- Sales / purchases of own shares | 397 | -85 | |||||
| CASH GENERATED (USED) BY FINANCING ACTIVITIES | -9 358 | 76 593 | |||||
| Net change in cash and cash equivalents | -59 376 | -197 309 | |||||
| Cash and cash equivalents at the beginning of the fiscal year | 115 610 | 129 505 | |||||
| Impact of translation adjustments | 14 865 | -8 720 | |||||
| Cash and cash equivalents at the end of the fiscal year | 71 100 | -76 524 | |||||
| (1) Including cash in companies acquired and disposed of | - | 371 | |||||
| RECONCILIATION OF NET CASH POSITION | |||||||
| Cash and cash equivalents at the end of the period | 71 100 | -76 524 | |||||
| Bank borrowings and from the restatement of finance leases | -64 936 | -65 253 | |||||
| Commercial papers | -46 500 | - | |||||
| NET CASH POSITION | -40 336 | -141 777 | |||||
| Consolidated cash flow statement IFRS (reviewed) | |||
| In thousand of euros | 09.30.14 | 09.30.13 | |
| Cash flows from operating activities adjusted | |||
| Consolidated earnings | 11 690 | -62 342 | |
| +/- Share of profit of associates | 0 | 0 | |
| +/- Depreciation | 162 081 | 138 156 | |
| +/- Provisions | 627 | -545 | |
| +/- Cost of share-based payments | 4 982 | 4 299 | |
| +/- Gains / losses on disposals | 16 | -4 217 | |
| +/- Other income and expenses calculated | -6 799 | -11 673 | |
| +/- Tax Expense | 4 570 | -38 195 | |
| TOTAL CASH FLOW FROM OPERATIONS | 177 168 | 25 483 | |
| Inventory | -16 857 | -23 670 | |
| Trade receivables | 54 276 | -85 512 | |
| Other assets | -20 424 | 19 664 | |
| Trade payables | 4 939 | 43 570 | |
| Other liabilities | -5 666 | -24 304 | |
| +/-Change in working capital from operating activities adjusted | 16 270 | -70 252 | |
| +/- Payable tax expense | -2 887 | -7 445 | |
| TOTAL CASH FLOW GENERATED BY OPERATING ACTIVITIES | 190 552 | -52 214 | |
| - Payments for the acquisition of internal & external games | -210 100 | -208 439 | |
| - Payments for the acquisition of intangible assets and property, plant and equipment | -28 110 | -16 395 | |
| + Proceeds from the disposal of intangible assets and property, plant and equipment | 29 | 104 | |
| + Stock disposal | 0 | 6 003 | |
| +/- Other cash flows from investing activities | -10 290 | -7 266 | |
| + Repayment of loans and other financial assets | 10 201 | 7 394 | |
| +/- Changes in scope (1) | -2 299 | -3 090 | |
| CASH USED BY INVESTING ACTIVITIES ADJUSTED | -240 570 | -221 690 | |
| Cash flows from financing activities | |||
| + New long term loans | 139 662 | 40 931 | |
| + New finance leases | 0 | 0 | |
| - Repayment of finance leases | -47 | -62 | |
| - Repayment of borrowings | -156 506 | -535 | |
| + Proceeds from shareholders in capital increases | 7 136 | 36 344 | |
| +/- Sales / purchases of own shares | 397 | -85 | |
| CASH GENERATED (USED) BY FINANCING ACTIVITIES | -9 358 | 76 593 | |
| Net change in cash and cash equivalents | -59 376 | -197 311 | |
| Cash and cash equivalents at the beginning of the fiscal year | 115 610 | 129 505 | |
| Impact of translation adjustments | 14 865 | -8 713 | |
| Cash and cash equivalents at the end of the fiscal year | 71 100 | -76 519 | |
| (1) Including cash in companies acquired and disposed of | - | 371 | |
[1] Based on the consolidated cash flow statement for comparison with other industry players (non audited)
