Ubisoft 2003 Annual Report Download - page 30

FINANCIAL REPORT
2004
30
1. General overview 32
1.1 Introduction 32
1.2 Highlights of fiscal year 2003-04 32
1.3 Analysis of activity and comments
on results for fiscal year 2003-04 33
1.3.1 Quarterly and annual consolidated sales 33
1.3.2 Sales by activity 34
1.3.3 Change in production volumes 34
1.3.4 Sales by platform 34
1.3.5 Sales by region 35
1.3.6 Change in Income statement 35
1.3.7 Change in working capital requirement (WCR)
and indebtedness 35
1.3.8 Asset financing policy 35
1.3.9 Pro forma accounting 36
1.3.10 Transition to IAS/IFRS standards 36
1.3.11 Financial table for the last five fiscal years - Corporate
accounts of Ubisoft Entertainment (pursuant to Article
135 of the Decree of March 23, 1967) 37
1.4 Human resources and environmental data 37
1.4.1 Employees 37
1.4.2 Turnover 37
1.4.3 Contracts 37
1.4.4 Entrepreneurial spirit 37
1.4.5 Working hours 37
1.4.6 Ongoing training 38
1.4.7 Distribution of staff by activity 38
1.4.8 Distribution of Ubisoft personnel by country as of
March 31, 2004 38
1.4.9 Environmental data 38
1.5 Subsidiaries and affiliates 39
1.5.1 Organizational structure as of March 31, 2004 39
1.5.2 Acquisitions 40
1.5.3 Activities by subsidiaries 40
1.6 General information 41
1.6.1 Protection of trademarks and patents 41
1.6.2 Investment policy 41
1.6.3 Research and development policy 41
1.6.4 Litigation 41
1.7 Risk Factors 42
1.7.1 Risk related to delays or a poor launch
when releasing a top game 42
1.7.2 Risk arising from the termination
of a licensing partnership 42
1.7.3 Risk related to computer security 42
1.7.4 Dependence on customers 42
1.7.5 Dependence on suppliers and subcontractors 42
1.7.6 Market risk 43
1.7.7 Risk related to future acquisitions
and integration of companies acquired 43
1.7.8 Risk related to the departure of key personnel 43
1.7.9 Risk related to liquid assets 43
1.8 Commitments 44
1.9 Insurance 44
1.10 Recent events, outlook and strategies 44
1.10.1 Recent developments 44
1.10.2 Outlook and strategy for 2004-05 45
2. Financial report for the fiscal
year ending march 31, 2004 46
2.1 Consolidated accounts as of March 31, 2004 46
2.1.1 Consolidated balance sheet 46
2.1.2 Consolidated income statement 47
2.1.3 Table of changes in share capital 47
2.1.4 Consolidated cash flow statement
as of March 31, 2004 48
2.1.5 Explanatory notes on the consolidated accounts 49
2.1.6 Sector information 69
2.1.7 Compensation of corporate officers 70
2.1.8 Off-balance-sheet commitments 71
2.1.9 Events after closure of accounts 72
2.1.10 Employees 72
2.2 Corporate accounts of Ubisoft Entertainment SA
as of March 31, 2004 73
2.2.1 Ubisoft Entertainment SA balance sheet 73
2.2.2 Ubisoft Entertainment SA income statement 74
2.2.3 Table of changes in share capital 75
2.2.4 Cash flow statement 75
2.2.5 Explanatory notes on the corporate accounts 76
2.2.6 Other information 89
2.2.7 Subsidiaries and affiliated companies 91
3. Declaration by the statutory auditors 92
3.1 Report on the consolidated account statements
for the fiscal year ending March 31, 2004 92
3.2 General Report on the Fiscal Year ending
March 31, 2004 93
3.3 Special Report on Regulated Agreements
for the Fiscal Year ending March 31, 2004 94
4. General information 99
4.1 General information on the company 99
4.1.1 Company name and registered office 99
4.1.2 Legal status 99
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