Ubisoft 2005 Annual Report Download - page 79

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Chief characteristics of OBSAR (bonds with redeemable share subscription warrants):
At its meeting of November 3, 2003, the Board of Directors used the authorization granted by the Combined General
Shareholders’ Meeting of September 12, 2002 to proceed with an OBSAR bond issue (bonds with redeemable share
subscription warrants).
Characteristics of the bonds
Number: 716,746 bonds.
Nominal issue price: €76.70.
Term of bond: Five years from the settlement date.
Nominal rate, yield: The bonds will bear interest at a variable rate payable quarterly in arrears. The
annual nominal rate is based on the three-month Euribor.
Normal redemption: The bonds will be redeemed on one occasion on December 2, 2008 by redemp-
tion at par, i.e. €76.70 per bond.
During the year, five bonds were redeemed.
As of March 31, 2006, there were 716,741 outstanding bonds.
Characteristics of BSAR (redeemable share warrants)
Number of BSAR: 1,433,492 BSAR (two BSAR are attached to each bond).
Parity: One BSAR entitles the holder to subscribe one new share.
Exercise price: €38.35.
Exercise period: BSAR can be exercised at any time between December 3, 2003 and December 2,
2008, subject to the provisions governing the early redemption of BSAR at the
option of the issuer and those concerning circumstances under which the exercise
of BSAR may be suspended.
204 BSAR were exercised during the fiscal year.
As of March 31, 2006, there were 1,433,288 BSAR in circulation.
2
77
UBISOFT • 2006 ANNUAL REPORT
FINANCIER
Ubisoft group’s consolidated accounts as of March 31, 2006
Note 16 Deferred tax liabilities
(1) Our Canadian subsidiary benefits from multimedia credits. As these credits are taxable the year they are used but are recorded on the basis of a fiscal period, the
company must book a future tax liability for this item.
Due date of deferred tax liabilities:
Short-term: €994 thousand
Long-term: €21,860 thousand
Note 17 Trade creditors and related accounts payable
Trade creditors break down as follows:
All trade payables have a maturity of less than one year.
As the above amount is short-term and does not bear interest, a change in interest rates does not pose a significant rate risk.
03.31.06 03.31.05
Grants (1) 10,922 7,129
TLC brands 3,510 3,277
Equity swaps 5,934 3,479
Bond debentures 1,112 2,252
Other 1,376 1,130
Total 22,854 17,267
03.31.06 03.31.05
Trade payables 65,305 98,582
Debts on fixed assets 5,728 1,961
Total 71,033 100,543