Ubisoft 2012 Annual Report Download - page 142
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Financial Statements
2012
137
Provisional data are updated using a rate based on a valuation of the average cost of capital which
stood at 9.62% at March 31, 2012, against 8.41% at March 31, 2011.
Property, plant and equipment
These are recognized at their historical cost. They are depreciated over their useful life. The following
depreciation rates are used:
Type of asset
Depreciation method
Equipment
5 years, straight-line
Fixtures and fittings
10 years, straight-line
Computer hardware
3 years, straight-line
Office furniture
10 years, straight-line
Non-current financial assets
Equity investments are valued at their historical cost, plus all related acquisition costs and any
additional payments. If the value of the securities exceeds their value of use, a provision for
depreciation is recognized for the difference.
The value of use is assessed at the end of each financial year based on the net assets of the
subsidiary in question at that date, the market capitalization at the balance sheet date if the company
is listed and/or its medium-term earnings prospects.
If applicable, the provisional data utilized are updated using a rate based on a valuation of the average
cost of capital: 9.62% at March 31, 2012.
Treasury shares are valued at the lower of cost or market value (average of the last 20 trading
sessions).
Deposits and sureties are recognized on the basis of the amounts paid.
Advances and prepayments made
Advances and prepayments primarily involve distribution and reproduction rights (licenses) acquired
from other software publishers. License agreements commit Ubisoft to an amount of guaranteed
royalties. This guaranteed amount is registered in the balance sheet under the heading “advances and
prepayments made”, whether or not it has been paid at the year-end date. These guaranteed amounts
are recognized in the income statement on the basis of the agreements signed with software
publishers (either by the unit or based on gross profit or on sales) or amortized on a straight-line basis
for agreements with fixed royalty payments (flat fees).
At the end of the financial year, the net accounting value is compared with sales projections on the
basis of the terms and conditions of the agreement. If they are insufficient, depreciation is recognized.
Provisional data are updated using a rate based on a valuation of the average cost of capital: 9.62% at
March 31, 2012.
Trade receivables
Trade receivables are carried at their nominal amount. Where applicable, a provision for depreciation
is recorded based on the likelihood of their collection at the year-end date.
Investment securities
Investment securities consist of interests in mutual funds and short-term investments and are
measured at the lower of cost or market value.