Ubisoft 2016 Annual Report Download - page 17

Group presentation
2
2015/2016 fi nancial year
Covenant management
With regard to the syndicated loan, the Schuldschein type loan, the
bonds and the bilateral credit lines, Ubisoft must comply with the
following ratios calculated on the basis of the IFRS consolidated
annual fi nancial statements:
♦ the “Net debt restated for assigned receivables/equity restated
for goodwill” ratio must be below 0.8;
♦ the “Net debt restated for assigned receivables/EBITDA” ratio
must be below 1.5. over the last 12 months.
As at March 31, 2016, the Ubisoft Group was in compliance with these
ratios and expects to remain so during the 2016/2017 fi nancial year.
Financing in 2016/2017
For the 2016/2017 fi nancial year, and unless the Company makes a
major acquisition, Ubisoft should be able to fi nance its operations
from cash and the facilities at its disposal, including at least
€510 million in lines of credit of more than one year.
2.5 2015/2016 financial year
❙ 2.5.1 FINANCIAL YEAR HIGHLIGHTS
October2015– Acquisition of the Ivory Tower
studio
This studio developed The Crew game which has a strong online
component.
October2015– Announcement of the acquisition
of the assets of Longtail Halifax
This studio is known, above all, for the development of two games,
Rocksmith
®
and Sports Connection
®
, and will specialize exclusively
in the development of mobile games.
December2015– Announcement of the
development of Eagle Flight™
This virtual reality game, where gamers fl y over Paris, will be
available on the main virtual reality platforms, including PlayStation
VR, Oculus Rift and HTC Vive for PC, in 2016.
February2016– Success of the Open Beta version
of Tom Clancy’s The Division
with the participation of over 6.4 million players. These fi gures
make it the most successful beta version in the industry for a new
license on this generation of consoles.
March2016– Launch of Tom Clancy’s The Division
Record “sell through” sales for Tom Clancy’s The Division, with
gross sales of USD 330 million worldwide in the fi rst fi ve days. The
Division becomes the highest selling game from a new brand in its
fi rst week of release.
March2016– Concurrent user peak for To m
Clancy’s The Division at 1.2million players
Tom Clancy’s The Division has beaten all gamer engagement records
for a Ubisoft game.
2016– Share buybacks
At March 31, 2016, 3,488,214 shares had been bought back over
the previous 12 months for the sum of €79.3 million.
❙ 2.5.2
CHANGES IN THE INCOME STATEMENT
The consolidated fi nancial statements for the fi nancial year
ended March 31, 2016 have been prepared in accordance with the
International Financial Reporting Standards (IFRS) applicable at
March 31, 2016, as adopted by the European Union.
Only those standards approved by the European Commission and
published in its offi cial journal prior to March 31, 2016, and which
have been mandatory since April 1, 2015, have been applied by
the Group to its consolidated fi nancial statements for the fi nancial
year ended March 31, 2016. No standard or interpretation whose
application does not become mandatory until after March 31, 2016
has been applied early to the consolidated fi nancial statements for
the fi nancial year ended March 31, 2016.
The IFRS standards as adopted by the European Union differ in some
ways from the IFRS standards published by the IASB. However, the
Group has made sure that the fi nancial information presented would
not have been substantively different if it had applied IFRS standards
as published by the IASB.
- Registration Document 2016 15