Ubisoft 2012 Annual Report Download - page 123
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Financial Statements
2012
118
Note 22. Non-current expenses and income
03/31/12
03/31/11
Profit on disposal of fixed assets
-
(364)
Other operating income
-
62
Other operating expenses*
-
(97,074)
TOTAL
-
(97,376)
* As at March 31, 2011, reorganization costs consist primarily of the withdrawal of games in the amount of €82.2 million and the
costs of ceasing merchandising activity of €9.5 million.
Note 23. Net financial income
03/31/12
03/31/11
Income from cash
1,820
1,458
Interest on borrowings
(4,347)
(6,546)
Cost of net financial debt
(2,527)
(5,088)
Foreign exchange gains
38,104
27,268
Foreign exchange losses
(41,508)
(31,578)
Result from foreign exchange operations*
(3,404)
(4,310)
Other financial income
193
65
Disposal of the equity swap on Gameloft shares
8,512
5,999
Financial income
8,705
6,064
Other financial expenses
(308)
(345)
Financial expenses
(308)
(345)
TOTAL
2,466
(3,679)
* The foreign exchange income is mainly linked to changes in the Canadian dollar (€(0.5) million), pound sterling (€(0.7) million)
and US dollar (€(1.3) million).
Note 24. Share in profit of associates
The share of profit of associates is attributable to the Related Designs Software GmbH associate.
03/31/2012
03/31/2011
Assets
773
829
Liabilities excluding income
716
743
Sales
2,802
3,506
Net profit
57
86
Note 25. Income tax and deferred taxes
Analysis of tax liabilities (savings):
03/31/12
03/31/11
Current tax
(7,667)
12,599
Deferred tax
(3,112)
19,446
TOTAL
(10,778)
32,045
There are three tax consolidation groups:
- In France, the tax group includes all French companies, with the exception of those created
and acquired during the financial year. On March 31, 2012, the tax group’s loss carryforwards
totaled €357,219 thousand, including €330,720 thousand in accelerated depreciation relating
to the application of Article 236 of the CGI (General Tax Code) for software development
expenses.
- In the US, the tax group included two companies: Red Storm Entertainment Inc. and Ubisoft
Inc. As at March 31, 2012, the tax group generated tax expense of €3,197 thousand.
- In the UK, the tax group included two companies: Ubisoft Limited and Ubisoft Reflections
Limited. As at March 31, 2012, the tax group generated tax expense of €277 thousand.
Deferred tax relating to the operations of the French tax group is recognized at the tax rate applicable
to the parent company (33.33%).
Deferred tax relating to the operations of the groups abroad is recognized at the tax rate applicable in
each country.