Watch Dogs and The Crew Delayed to 2014
Today, Ubisoft updated its financial targets for 2013-14 and its games release schedule. The Company also communicated initial Non-IFRS operating income targets for fiscal years 2014-15 and 2015-16.
Watch Dogs and The Crew, previously planned for release in fiscal year 2013-14, are now scheduled for 2014-15. The revision of targets for 2013-14 is principally a reflection of these changes. The Company now targets sales of between €995 million and €1,045 million and a non-IFRS operating loss of between €(70) million and €(40) million. Prior targets were sales of between €1,420 million and €1,450 million and non-IFRS operating income of between €110 million and €125 million.
The Company also provided initial Non-IFRS operating income targets of at least €150 million for 2014-15 and at least €200 million for 2015-16.
"Our long term goal is to win the next generation. The tough decisions we are taking today to fully realize the major potential of our new creations have an impact on our short-term performance. We are convinced that, longer term, they will prove to be the right decisions both in terms of satisfaction for our fans and in terms of value creation for our shareholders. We are building franchises that will become perennial pillars of Ubisoft’s financial performance. In a context of growing successes for mega-blockbusters, the additional time given to the development of our titles will allow them to fulfill their huge ambitions and thus offer players even more exceptional experiences” stated Ubisoft co-founder and CEO Yves Guillemot. He concluded “Fueled by strong momentum for PlayStation 4 and XboxOne, calendar 2014 will see the return of growth to the console market. Combined with the quality of our line-up and our strong financial situation, this growth will allow us to achieve record operating income in fiscal 2014-15 and 2015-16."
Based on the information at Ubisoft’s disposal today, sales for the second quarter of 2013-14 should exceed €210 million. Final first half earnings will be released on November 12, 2013.