Editorial

Results for the First Half of 2009
Revenues up by 20%
Current Operating Income of €4.5M, up 65%
Net Cash of €16.9M, up 57%

2009 Half-Year Results

Gameloft’s financial statements for the first half-year ending June 30, 2009 break down as follows:

*Before stock-based compensation

Gameloft achieved consolidated sales of €60.1 million for the first half of 2009, up by 20% from the first half of the previous year. Mobile games activity accounts for 95% of the company's half-year sales. The remaining 5% are related to console games.

The solid growth in sales and the stabilization of the company's headcount resulted in a significant increase in operating income and net income. Current operating income for the first six months of 2009 stands at €4.5M, up 65% compared to the first half of 2008. The operating margin stands at 7.6%, compared to 5.5% in the first half of 2008.

Stock-based compensation reached €1.3M. This expense does not have any negative impact on the company's equity and cash level. Interest income amounted to €0.3M and is comprised of exchange gains and interest on the company's cash.

The net half-year profit therefore stands at €2.2M, a clear improvement over the first half of 2008.

Healthy Financial Position

Gameloft's financial position remains very strong as of June 30, 2009. The company's equity stands at €52.1M, net cash was €16.9M and financial indebtedness remained at zero. Cash generation was particularly healthy with over €6M in additional cash generated over the first six months of the year. Gameloft therefore has the financial resources necessary to continue its fast growth and take market shares around the world.

Outlook for 2009

Gameloft continues to reap the fruit of its investments in its development and distribution abilities. These investments that enabled Gameloft to grow quickly and to position itself as one of the industry leaders in the past few years are now also resulting in increased profitability for the company.

• Gameloft is probably the player that benefits most from the innovations introduced by the traditional telephone manufacturers such as Nokia and Samsung and from the arrival of new dynamic players in the market such as Apple and RIM. As such, Gameloft has become one of the top game publishers on Apple's AppStore with 35 games released so far, of which 18 are or were ranked in the Top 10 Best-Selling Games.
   
• Gameloft continues to win over substantial market shares in Smartphones and traditional Java and Brew phones.
   
• Gameloft is one of the very rare players in the market that has the resources and know-how that allows it to be present with downloadable content for the launch of all the new consoles (PlayStation Network, Nintendo DSiWare, Nintendo WiiWare, etc.).

Gameloft is therefore renewing its growth target for sales as well as for profitability over the full year of 2009.

Sales for the third quarter of 2009 will be published on October 28, 2009.

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