Ubisoft 2012 Annual Report Download - page 117
Download and view the complete annual report
Please find page 117 of the 2012 Ubisoft annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107 -
108 -
109 -
110 -
111 -
112 -
113 -
114 -
115 -
116 -
117 -
118 -
119 -
120 -
121 -
122 -
123 -
124 -
125 -
126 -
127 -
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
-
189
-
190
-
191
-
192
 |
 |
Financial Statements
2012
112
Analysis of financial liabilities by maturity
03/31/12
Schedule
Carrying
amount
Total
contractual
cash flows*
< 1 year
1 to 2
years
3 to 5
years
> 5 years
Current and non-current financial
liabilities
Bank borrowings
1,031
1,031
99
151
451
330
Borrowings resulting from the
restatement of finance leases
721
721
147
114
294
166
Trade payables
80,800
80,800
80,739
15
46
-
Other operating debts**
116,531
116,531
96,517
9,197
10,537
280
Current tax liabilities
3,145
3,145
3,145
-
-
-
Cash liabilities
89,378
89,378
89,378
-
-
-
Derivative liabilities
Non-hedge derivatives
1,421
99,627
99,627
TOTAL
293,027
391,233
369,679
9,452
11,326
776
* Liabilities are presented at the closing exchange rate, while variable-rate interest is calculated based on the closing spot rate.
** Others operating debts at more than one year are mainly related to the deferred payments of consideration transferred as part
of business combinations.
FOREIGN EXCHANGE RISK
The Group is exposed to foreign exchange risk on its cash flows from operating activities and on its
investments in foreign subsidiaries. The percentage of sales generated outside the euro currency area
is 72%.
The Group only hedges its exposures on cash flows from operating activities in the main significant
foreign currencies (US dollar, Canadian dollar, pounds sterling and Australian dollar). Its strategy is to
hedge only one year at a time, so the hedging horizon never exceeds 18 months.
The Group first uses natural hedges provided by transactions in the other direction (development costs
in foreign currency offset by royalties from subsidiaries in the same currency). The parent company
uses foreign currency borrowings, forward sales or foreign exchange options to hedge any residual
exposures and non-commercial transactions (such as inter-company loans in foreign currencies).
Derivatives for which documentation on the hedging relationship does not meet the requirements of
IAS 39 are not referred to as hedging instruments in the accounts.
As at March 31, 2012, foreign exchange transactions denominated in US dollars and pounds sterling
meet the cash flow hedging requirements under IAS 39.
Hedging commitments are made by the parent company’s treasury department in France. No hedging
is taken out at subsidiaries in France or abroad.
The fair value of foreign exchange derivatives is confirmed by the banking counterparty. It is estimated
on the basis of market conditions, using the market price which the Group would have to pay to
unwind its positions.