Ubisoft 2001 Annual Report Download - page 72

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72
Financial fixed assets
Equity holdings are valued at their historical cost, excluding
acquisition fees. If the book value is lower than the gross
value at the end of the year, a provision for depreciation is
made to cover the difference.
The value of an equity holding is reviewed at the end of each
financial year on the basis of the net position of the subsidiary
concerned on that date and its prospects for growth over
the medium term.
Inventory
Inventories are valued on the basis of cost prices based on
normal trading, using the weighted average cost method.
The gross value of goods and supplies includes purchase
price and related expenses. Financial costs are excluded
from inventory valuation in all cases.
A provision for depreciation is made where the probable net
realizable value is less than the book value.
Trade receivables
These are valued at their face value. Where applicable,
receivables may be depreciated by way of a provision when
their inventory value is less than their book value.
Conversion of accounts payable and receivable expressed
in foreign currencies
These were converted at the rates applicable on March 31,
2002. Any resulting unrealized exchange gains or losses
are shown in the Balance Sheet under a specific heading. A
provision for exchange risk is made in the accounts if
conversion reveals the existence of underlying losses.
Provisions for risks and charges
Provisions for risks and charges are made when risks and
charges which relate to a clearly determined object, but
which are not certain to arise, are made more likely by
events which have occurred or are in progress.
As of March 31, 2002, provisions for risks and charges
covered :
■the exchange risks relating to discounting of claims and
debts denominated in foreign currencies.
■risks relating to a tax inspection,
■risks relating to the closure of certain subsidiaries with
low levels of activity.
3.2.4.3 Explanatory notes
on the Balance Sheet
I. INTANGIBLE ASSETS
Intangible assets break down as follows:
On 03.31.01 On 03.31.02
Gross Increase Decrease Gross
Released software programs 108,542 (1) 60,697 16,448 152,791
External developments 4,846 (2) 8,923 6,121 7,648
Software programs in progress 65,494 80,383 65,494 80,383
Software tools 19,153 (3) 3,182 7,538 14,797
Other licenses 642 86 / 728
Others intangible assets in progress / 1,636 / 1,636
Other 15 57 / 72
Total 198,692 154,964 95,601 258,055
(1) including K58 943 for reclassification of accounts to the accounts
(2) including K4 269 for reclassification of accounts to the accounts
(3) including K2 281 for reclassification of accounts to the accounts
Intangible fixed assets