Ubisoft 2014 Annual Report Download - page 134
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Financial statements
2014
129
A tax audit is underway at the British companies Ubisoft Ltd and Ubisoft Reflections Ltd for the period
from April 1, 2011, to March 31, 2012. No proposed adjustments have been received to date. Thus, no
provision has been recognized in the financial statements.
Note 12. Employee benefit liabilities
Opening
balance
Provisions
Change in
other
comprehe
nsive
income
Reversal
s
Transl
ation
adjust
ments
Reclassificatio
ns
Changes
in scope
Closing
balance
Provisions for post-
employment benefits
2,997
649
17
(36)
10
78
-
3,715
Total at 03/31/14
2,997
649
17
(36)
10
78
-
3,715
Total at 03/31/13
1,568
530
913
-
(14)
-
-
2,997
Assumptions
Japan
Italy
France
India
03/31/14
03/31/13
03/31/14
03/31/13
03/31/14
03/31/13
03/31/14
Wage growth
2%
2 to 4%
2%
2%
1.50 to 2%
1.50 to 2%
10%
Discount rate
2.92%
2.97%
2.92%
2.97%
2.92%
2.97%
9.30%
Average remaining working life
26.16
years
24.49
years
25.92
years
26.12
years
31.90
years
32.78
years
33.34
years
Death rate assumptions are based on published statistics and tables.
The definition of and principles for measurement and recognition of these benefit liabilities are
presented in section 1.6.5.3 Consolidation principles – Employee benefits.
An increase of 50 basis points in the discount rate would result in a fall of 10.5% in the amount of the
benefit liability.
A decrease of 50 basis points in the discount rate would result in a rise of 12% in the amount of the
benefit liability.
Note 13. Payments based on equity instruments
Impact on the financial statements:
Equity at 03/31/13
82,696
Personnel costs
7,121
Stock options
2,128
Bonus share grants
4,553
Group savings scheme
440
Equity instruments capitalized
-
Equity at 03/31/14
89,817
The impact of these stock-based-compensation payments on reserves corresponds to all equity
instruments issued by Ubisoft as at March 31, 2014, and are shown in the statement of changes in
equity presented in section 1.4.
Stock options
The fair value of share subscription or purchase options, subject to satisfaction of presence and
performance requirements for corporate officers and a presence requirement for employee
beneficiaries, is estimated and fixed at the grant date. The expense is recognized over a four-year
vesting period, but is not straight-line given the vesting terms.