Ubisoft 2012 Annual Report Download - page 111
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Financial Statements
2012
106
Treasury shares
Occasionally, the Group buys its own shares on the market. The timing of these purchases depends
on the share price.
As at March 31, 2012, the Company held 566,584 treasury shares. These are measured at the
average quoted price of €4.40 and are recognized as a deduction from equity in the amount of
€2,491 thousand (a reduction of €1,371 thousand compared to March 31, 2011, essentially due to the
acquisition of 400,000 shares allocated to cover stock option plans).
Dividends
At March 31, 2012, no dividend was paid in respect of 2010/2011 earnings.
Note 12. Provisions
Opening
balance
Provisions
Reversals
(used
provision)
Reversals
(unused
provision)
Changes in
scope
Transl
ation
adjust
ments
Closing
balance
Provision for tax risk
2,176
-
-
-
-
77
2,253
Other provisions for risks
119
1,576
44
-
8
6
1,665
Total at 03/31/12
2,295
1,576
44
-
8
83
3,918
Total at 03/31/11
2,215
109
13
-
-
(16)
2,295
As part of the tax assessment at Ubisoft Divertissements Inc. (Canada) from 1999 to 2003, and from
2004 to 2008, a bilateral transfer price agreement has been initiated with the tax authorities. Pending
the final agreement, the provision of CAD 3 million is maintained unchanged.
Other provisions for risks relate to labor or commercial disputes in progress.
Contingent liabilities
A tax audit is underway at Ubisoft Canada Inc. for the period from April 1 , 2003 to March 31 , 2008.
No proposed adjustments have been received to date. Consequently, no provision has been
recognized in the accounts.
A tax audit is underway at Ubisoft Holdings Inc. for the financial year 2008/2009. No proposed
adjustments have been received to date. Consequently, no provision has been recognized in the
accounts.
Note 13. Employee benefit liabilities
Opening balance
Provisions
Reversals
Translation
adjustments
Changes in
scope
Closing
balance
Provisions for post-
employment benefits
1,196
339
-
-
33
1,568
Total at 03/31/12
1,196
339
-
-
33
1,568
Total at 03/31/11
1,710
5
519
-
-
1,196
Assumptions
Japan
Italy
France
03/31/12
03/31/11
03/31/12
03/31/11
03/31/12
03/31/11
Wage growth
2% to 4%
1.50% to
5%
1.50% to
2%
1.50% to
2%
1.50% to 3%
1.50% to 3%
Discount rate
4.56%
4.45%
4.56%
4.45%
4.56%
4.45%
Average remaining working life
25.3 years
25.6 years
26.7 years
24 years
33.6 years
34.4 years