Ubisoft 2001 Annual Report Download - page 65

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FINANCIAL REPORT
Consolidated accounts
65
VI. EXCEPTIONAL INCOME/EXPENSE
Exceptional income breaks down as follows:
03.31.02 03.31.01
Exceptional income from
management transactions 2,728 71
Exceptional income from capital
transactions (276) (128)
Depreciation and provisions (275) (7)
Total net exceptional income 2,177 (64)
On March 31, 2002, exceptional income includes the accumulated
income from companies that were formerly controlled, and were
then integrated into the consolidation structure during the financial
year, together with the bonus on the purchase of equity shares, the
compensation paid by Take2 and bankruptcy of the customer Kmart.
VII. CORPORATE TAXE
Corporate tax breaks down as follows:
03.31.02 03.31.01
Current tax 2,869 4.730
Deferred tax 6,347 (5,032)
Total 9,216 (302)
Tax payable by French companies was calculated at the rate in force
on March 31, 2002, i.e. 33.33% plus 3%.
03.31.02 03.31.01
Deferred tax assets 14,185 8,159
Deferred tax liabilities 5,162 2,128
Breakdown of deferred taxes by main category:
03.31.02 03.31.01
Leasing 70 3
Realizable and liquid assets (7,695) (5,602)
Margin on inventory 47 (1,021)
Elimination of intercompany transactions 790 (24)
Elimination of internal results (368) (165)
Standardization (13,425)* 1,500
Elimination of securities 78 277
Total 6,347 (5 032)
* including 8.6 for the transfer of TLC business assets to Red Storm and 3.9 for the
restatement of intangible assets
Reconciliation of taxation rates:
03.31.02
Pre-tax earnings, excluding goodwill 22,579
Theoretical tax (34.33%) 7,752
Réintégrations
Ubi Soft Entertainment : 1,825*34.33% 627
Impact of tax rate difference for subsidiaries :
Ubi Soft Inc.: 13,325* [41.76% - 34.33%] 990
Red Storm: (3,571)* [38.95% - 34.44%] (165)
Other subsidiaries 12
Total 9,216