Ubisoft 2012 Annual Report Download - page 125
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Financial Statements
2012
120
Deferred tax assets
Expiry of deferred tax assets as at March 31, 2012:
- Short-term: €20,455 thousand
- Long-term: €71,870 thousand
Transfer price policy of the Group
Because of a transfer price policy implemented by the Group, the distribution companies and
companies fulfilling support functions systematically report operating profits; similarly, the studios
invoice salaries with a margin that includes their overheads.
Taxes on capitalized/non-capitalized losses:
03/31/12
03/31/11
In thousands of euros
Capitalized
losses
Non-
capitalized
losses
TOTAL
Capitalize
d losses
Non-
capitalized
losses
TOTAL
Tax group France (1)
8,537
629
9,166
8.712
804
9,516
Ubi Workshop Inc.
35
35
14
14
Hybride Technologies Inc.
230
230
-
-
Quazal Technologies Inc.
-
-
27
27
Shanghai Bi Han
249
249
-
-
Ubisoft Nordic A/S
60
60
47
47
Ubisoft Motion Pictures SARL
73
73
73
73
Ubisoft Singapore Pte Ltd
-
-
11
11
Ubisoft Limited (Hong Kong)
-
-
19
19
Ubisoft SA (Spain)
170
170
-
-
Ubisoft GmbH
1,214
1.214
1,521
1,521
TOTAL
10,568
629
11,197
10,424
804
11,228
(1) Deferred tax on accelerated depreciation has been reclassified under loss carryforwards.
Deferred income tax assets are recognized if their recovery is likely, particularly when taxable profit is
expected during the period of validity of the deferred tax assets.
The forecast period used to determine taxes on capitalized losses is 5 to 8 years, a period which is
considered reasonable by management. The entire loss carryforwards of the French tax group over
the past year were therefore capitalized on March 31, 2012.
The expiry of tax loss carryforwards breaks down as follows:
5 to 20 years: €574 thousand
No expiry: €9,994 thousand
Investment tax credit:
03/31/12
03/31/11
Capitalized tax credit
46,763
36,663
TOTAL
46,763
36,663
Ubisoft Divertissements Inc. benefits from tax credits contingent upon the generation of taxable
income. These recoverable tax credits on future income tax payable have a life of 20 years (except prior to 2006:
10 years). Future use of these tax credits is subject to tax planning both at local level and at group level. They are
recognized on the assets side of the group balance sheet if their horizon of recovery is considered reasonable.
Deferred tax liabilities
Expiry of deferred tax liabilities:
- Short-term: €2,459 thousand
- Long-term: €34,977 thousand