Ubisoft 2003 Annual Report Download - page 89

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FINANCIAL REPORT
2004 89
02
Financial Report for FY ending 3/31/04
Note 26. Corporate tax
As of March 31, 2004, the scope of fiscal integration remained unchanged. Ubisoft France SAS and Ubisoft EMEA SARL are
integrated fiscally, with Ubisoft Entertainment SA at the head of the group.
Under the tax integration agreement, it was decided that the tax savings resulting from implementation of this group tax system
would be irrevocably allocated to the integrating company.
The data for Ubisoft Entertainment SA, independent of the tax group, are as follows:
The corporate tax charge consists of the annual flat-rate corporation tax for 2001, as well as group tax owed for the 2002-03
fiscal year.
As of March 31, 2004, there remained K¤25,860 of deferred depreciation, which was created entirely during FY 2001-02.
2.2.6 Other information
2.2.6.1 Personnel
As of March 31, 2004, personnel consisted of five executives.
2.2.6.2 Financial commitments and other information
3/31/04 3/31/03 3/31/03
Pro forma Former presentation
Pre-tax operating profit (loss) less financial profit (loss) -7,672 14,386 -842
Extraordinary income (expense) 9,073 -8,534 6,694
Pre-tax profit (loss) 1,401 5,852 5,852
Tax basis 3,027 3,456 3,456
3/31/04 Due date 3/31/03
Sureties and guarantees given: 27,524 49,475
Debtor Type of guarantee
Ubisoft Divertissements Inc. Loan repayment guarantee 2,503 1/26/06
Ubisoft Entertainment GmbH Receivables payment guarantee 10,226 Indefinite
Ubisoft Entertainment SA Guarantee of SPW prices 1,636 3/11/06
Ubisoft Divertissements Inc. Comfort letter 2,003 Annual negotiation
Ubi EMEA SARL Stand by letter 1,300 9/30/04
Ubisoft Inc. Commitment guarantee 2,454 End of commercial relationship
Ubisoft Inc. Stand by letter 2,454 6/30/04
Ubisoft Inc. Stand by letter 818 6/30/04
Ubisoft Inc. Stand by letter 1,636 6/30/04
Ubisoft Nordic AS Distribution contract guarantee 1,398 6/30/04
Collateral for loans None None
Foreign exchange hedges 28,136 73,262
GGB pound Forward sale 17,384 April 2004 and May 2004
US dollar Forward sale 10,752 From April 2004 to June 2005
Notes receivable discounted None None