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27.03.2008 | 18:28
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PR Newswire·Mehr Nachrichten von PR Newswire

PARIS, March 27 /PRNewswire-FirstCall/ --

- Current Operating Income of EUR2.9M, up 15% in 2007 - Net Result Before SO of EUR-1.1M 2007 Annual Results

Gameloft's financial statements for the year ending 31 December 2007 break down as follows:

In EURM 2007 2006 Sales 96.1 68.4 Other revenues 0.0 0.6 Cost of sales (9.0) (5.0) R&D (51.8) (39.4) Sales & Marketing (23.9) (16.5) Administration (7.6) (5.6) Other expenses (0.8) 0.1 Current operating income 2.9 2.5 Stock-based compensation expenses (3.0) (3.0) Other operational revenues and expenses (0.2) 19.7 Operating income (0.3) 19.2 Financial income (1.5) (1.6) Income Tax (2.3) (1.3) Net Income (Group share)* (1.1) 19.3 Net Income (Group share) (4.1) 16.3 *before stock-based compensation expenses

Gameloft's revenues increased by 40% over the 2007 fiscal year. On a comparable consolidation and exchange rate basis, full-year growth would have reached 46%, the same growth as in 2006.

Over the full year of 2007, operating income before stock-based compensation reached EUR2.9M, up 15% compared to 2006. The operating margin stands at 3.0% for 2007, slightly down compared to 2006. This small decrease in the operating margin is mostly due to the company's significant investments dedicated to R&D in 2007. Moreover, the company has booked nearly EUR2M in exceptional and non recurring items which have negatively impacted the operating margin for 2007.

The annual impact from expensing stock options is EUR3.0M. This charge will have no impact on the company's equity and cash level.

Interest income amounted to EUR-1.5M and is mainly comprised of exchange rate losses, due to the drop in the American dollar. More than half of these losses are linked to intergroup accounting transactions and do not have any impact on the group's cash level.

Net profit before stock based compensation expenses stands at EUR-1.1M, significantly lower than in 2006 which had benefitted from an exceptional net capital gain of EUR20.4M following the sale of the jeuxvideo.com web site.

Healthy financial position

Gameloft's financial position remains very solid. The company's equity increased by 7%, reaching EUR47M at December 31, 2007 and net cash was EUR14M. Gameloft, therefore, has the financial resources necessary for its international growth strategy.

Operating cash flow improved sharply in 2007 standing at EUR-1.7M compared to EUR-6.4M in 2006. The company, therefore, is in a position to self-finance its strong growth and aims at generating an operating cash flow close to breakeven or even positive during 2008.

Outlook for 2008

Additional investments made in 2007 have allowed the company to grow faster than all of its major competitors and reach the number one worldwide position in the industry. These strategic investments have also prepared the future growth of the company, especially in the "rich games" segment which was initially forecasted to launch in 2007, but has been postponed to 2008 by handset manufacturers. Gameloft currently benefits from:

- the industry's largest development capacity, well beyond that of its competitors with nearly 3,400 developers in its studios. This allows Gameloft to release around 80 new games each year and its catalogue now has over 200 games covering 1,200 handset models;

- a unique know-how demonstrated by its ability to diversify on platforms such as iPod, Nintendo DS, Xbox Live Arcade, etc. and with games that innovate as well as caters to a mass market audience;

- strong licenses with many of its own brands that are among the bestselling mobile games worldwide (Asphalt: Urban GT, Block Breaker Deluxe, Miami Nights, Real Football, etc.) and thanks to recent partnerships with world-renown brands (Ferrari, CSI, Grey's Anatomy, Wimbledon, etc.);

- the world's most complete distribution network with over 180 operators and 150 affiliates that distribute our games in more than 80 countries throughout the world.

Gameloft is in a position to confirm its financial sales growth objective for 2008 comprised between 25% and 30%, and operational margin before stock base compensation between 10% and 15% in 2008. This very significant increase in the operating margin will be achieved by stabilizing the staff and by benefiting from the first returns of strategic investments in 2007, especially on new patforms such as the Nokia N-Gage, the Apple iPhone or the Microsoft Xbox Live Arcade.

In the long term, Gameloft is in an ideal position to remain the number one mobile gaming company. With its successful investments, in a market that is predicted to reach nearly 4 billion potential consumers in 2010[1], the company expects to continue its steadfast growth and impact.

Sales for the first quarter of 2008 will be published on 24 April 2008. P&L (in thousands of euros) 2007 S2 2007 S1 2007 2006 Sales 96,071 50,213 45,858 68,421 Other revenues (including capitalized 3,577 3,366 211 566 R&D) Cost of sales -9,036 -5,254 -3,782 -4,999 R&D -55,345 -30,252 -25,093 -39,422 Sales and Marketing -23,898 -13,408 -10,490 -16,545 Administration -7,637 -3,985 -3,652 -5,596 Other income and operating expenses -834 -118 -716 105 Current operating income 2,897 561 2,336 2,530 Stock-based compensation -2,995 -1,461 -1,535 -3,029 Other operating revenue and expenses -168 -125 -44 19,672 Operating income -267 -1,024 757 19,172 Cost of net financial indebtedness 635 384 251 199 Interest income 3,078 2,609 469 207 Interest expense -5,211 -4,400 -811 -1,986 Financial result -1,499 -1,407 -91 -1,580 Income Tax -2,315 -1,682 -633 -1,297 Net Income before stock-based - 1,085 -2, 653 1,568 19,324 compensation Net income -4,080 -4,114 34 16,295 . Group's share -4,080 -4,114 34 16,258 . minority interests 0 0 0 37 Income per share -0.06 -0.06 0.00 0.23 Diluted income per share -0.05 -0.05 0.00 0.22 BALANCE SHEET (in thousands of euros) 12/31/2007 12/31/2006 ASSETS Net intangible fixed assets 7,154 2,816 Net tangible fixed assets 5,345 3,551 Non-current financial assets 2,288 962 Deferred tax assets 627 821 Total non-current assets 15,413 8,151 Inventories 70 111 Client receivables 30,485 26,283 Investment securities 6,266 7,119 Cash 7,794 11,573 Other current assets 5,929 5,154 Total current assets 50,544 50,240 TOTAL 65,957 58,390 LIABILITIES Share Capital 3,653 3,538 Additional paid-in capital 62,860 58,592 Reserves -15,240 -34,223 Net profit -4,080 16,258 Shareholders' equity 47,194 44,165 Minority interests 0 0 Non-current liabilities 1,224 1,036 Current liabilities 17,539 13,190 TOTAL 65,957 58,390 CASH FLOW STATEMENT (in thousands of euros) 2007 2006 Operating transactions Net income -4,080 16,258 Depreciation of tangible and intangible fixed assets 6,852 3,229 Variation of provisions 48 -27 Result from stocks options and assimilated 2,995 3,029 Tax expense 1,190 -2 Capital gains or losses on sales of assets 168 -20,349 Capitalized R&D -3,537 0 License acquisition -3,843 -2,174 Operating cash flow before working capital -206 -36 Change in stocks 41 130 Change in operating receivables -4,782 -9,140 Change in operating debts 3,265 2,640 Change in working capital -1,476 -6,370 Operating cash flow -1,682 -6,406 Transactions linked to investments Acquisitions of intangible fixed assets -169 -186 Acquisitions of tangible fixed assets -4,539 -2,171 Acquisition of other fixed financial assets -1,822 -469 Acquisition of controlling interests -64 0 Sale of fixed assets 177 21,561 Repayment of loans and other capital assets 501 153 Reimbursement advances 1 204 Change in scope -113 -1,003 Cash flows from investing activities -6,029 18,090 Transactions from financing New long- and medium-term loans 0 88 Reimbursement of loans -136 -5,036 Capital increase 115 95 Increase in the issue premium 4,268 3,203 Cash flows from financing activities 4,248 -1,649 Net change in cash and cash equivalents -3,463 10,036 Net cash flow at the beginning of the year 18,660 8,840 Impact of conversion differentials -1,259 -217 Net cash flow at the end of the year 13,938 18,660 --------------------------------- [1] Source: Strategy Analytics Contact: Anne-Laure Descleves Tel: +33(0)1-58-16-20-82anne-laure.descleves@gameloft.com


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