Ubisoft 2000 Annual Report Download - page 62

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UBI SOFT / REFERENCE DOCUMENT
61
>>> VII. EXCEPTIONAL INCOME/EXPENSE
Exceptional income breaks down as follows:
(IN ‘000 FF) 03/31/01 03/31/00
Exceptional income from management transactions 465 (758)
Exceptional income from capital transactions (844) 22,219
Depreciation and provisions (47) (25,222)
Total net exceptional income (426) (3,761)
As of March 31, 2001, net exceptional income was generated by the sale of Game Service to GameLoft.com
SA and divestment of trademark utilization rights to Ludi Wap SA, as well as exceptional depreciation of
intangible fixed assets connected with projects abandoned during the financial year.
As of March 31, 2001, net exceptional income included the total income of companies which were control-
led previously, and which were incorporated into the consolidation structure during the financial year.
>>> VIII. CORPORATE TAX
Corporate tax breaks down as follows:
(IN ‘000 FF) 03/31/01 03/31/00
CURRENT TAX 31,029 22,056
DEFERRED TAX (33,006) (5,055)
TOTAL (1,977) 17,001
Tax payable by French companies was calculated at the rate in force on March 31, 2001, i.e. 33.33% plus
6% and, where appropriate, the contribution of 3.3%:
(IN ‘000 FF) 03/31/01
DEFERRED TAX ASSETS 53,522
DEFERRED TAX LIABILITIES 13,960
Breakdown of deferred taxes by main category:
(IN ‘000 FF) 03/31/01
LEASING 22
REALIZABLE AND LIQUID ASSETS (36,751)
MARGIN ON INVENTORY (6,695)
ELIMINATION OF INTERCOMPANY TRANSACTIONS (160)
ELIMINATION OF INTERNAL RESULTS (1,082)
STANDARDIZATION 9,840
ELIMINATION OF SECURITIES 1,820
TOTAL (33,006)
Reconciliation of taxation rates:
(IN ‘000 FF) 03/31/01
PRE-TAX EARNINGS, EXCLUDING GOODWILL 31,016
THEORETICAL TAX 35.33% 10,958
CAPITALIZATION OF LIQUID ASSETS:
UBI STUDIOS LTD : 16.706*X 30% (5,012)
IMPACT OF TAX RATE DIFFERENCE FOR SUBSIDIARIES:
UBI SOFT INC : - 45.878 X (41,76% - 35,33%)*(2,950)
UBI SHANGHAI: TAX EXEMPTION 6.101 X (35,33% - 0%)*(2,156)
OTHER SUBSIDIARIES (2,817)
TOTAL (1 977)
*Positive impact, given that the company was in deficit