Ubisoft 2005 Annual Report Download - page 104
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ter is lower than the purchase price.
Conversion of accounts payable and receivable
expressed in foreign currencies
These were converted at the rates in effect on March 31,
2006. Any resulting unrealized exchange gains or losses
are shown in the balance sheet under a special heading. A
provision for exchange risk is made in the accounts if
conversion reveals the existence of unrealized losses.
Foreign exchange hedges
Since hedges are not allocated to specific transactions,
Ubisoft has chosen not to apply the hedge accounting method
with regard to the hedging of its foreign exchange rate.
Provisions for risk and charges
Provisions for risk and charges are made when risk and
charges that relate to a clearly determined objective but
which are not certain to arise are made more likely by
events that have occurred or are in progress. As of March
31, 2006, the provisions for risk and charges covered only
the exchange risk relating to the discounting of claims and
debts denominated in foreign currencies.
Note 1. Intangible assets
Intangible assets break down as follows:
(1) Acquisition of the Far Cry®brand for €9 million: €1.5 million during the fiscal year and €7.5 million remaining to be paid during the next fiscal year.
Acquisition of the license to use CryEngine technology for €3 million during this fiscal year.
(1) Additional depreciation of €69.2 million was entered over the course of the fiscal year, reflecting the shortfall in estimated sales and projected operating income
on certain games.
(2) Includes €4.4 million of additional depreciation reflecting the shortfall in estimated sales and projected operating income on certain games.
Explanatory notes on the balance sheet
3.5.6
Fixed assets As of Reclassification Other As of
03.31.05 Increase Decrease of software Reclassi- 03.31.06
Gross programs fications Gross
in progress
Released commercial software 325,891 132,283 157,778 -10,853 - 289,543
External commercial software 36,269 23,943(1) 5,711 -7,175 - 47,326
Software programs in progress 85,713 - - 18,028 - 103,741
ERP 8,925 - 417 - 483 8,991
Production licenses 1,701 893(1) 791 - - 1,803
Other intangible assets
in progress 652 16,075 - - -483 16,244
Other 350 - - - 45 395
Total 459,501 173,194 164,697 - 45 468,043
Depreciation As of 03.31.05 As of 03.31.06
Cumulative Increase Decrease Cumulative
Released commercial software (1) 262,790 119,387 157,778 224,399
External commercial software (2) 29,986 10,998 5,711 35,273
ERP 3,319 2,068 417 4,970
Production licenses 927 102 791 238
Other 53 45 - 98
Total 297,075 132,600 164,697 264,978