Ubisoft 2014 Annual Report Download - page 141
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Financial statements
2014
136
At closing, the fair value of foreign exchange derivatives is as follows:
03/31/2014
03/31/2013
USD
CAD
GBP
SGD
INR
JPY
SEK
USD
CAD
GBP
SGD
INR
JPY
SEK
Hedging
(1)
(1,659)
Swap
Net foreign exchange
options
Qualifying foreign
exchange hedging
derivatives
-
(1,659)
-
-
-
-
-
Hedging
(1)
567
(174)
128
29
(236)
(11)
(53)
903
(13)
213
19
1
82
(1)
Net foreign exchange
options
Non-hedge foreign
exchange derivatives
567
(174)
128
29
(236)
(11)
(53)
903
(13)
213
19
1
82
(1)
(1)
Mark-to-market, level 2 in the hierarchy of fair value under IFRS 7
The amount of ineffective derivative instruments qualifying for hedge accounting under IAS 39 is
recognized in financial income.
Exposure to foreign exchange risk
In thousands of currency units
USD
GBP
CAD
AUD
Net position before hedging *
224,407
56,351
(210,286)
26,952
Futures contracts
(20,923)
(2,800)
81,000
-
Net position after hedging
203,484
53,551
(129,286)
26,952
* Transaction position brought about by any operation triggering a payment or future earnings.
Credit and counterparty risk
Exposure to credit risk
Credit risk reflects the risk of financial loss to the Group in the event that a customer or counterparty to
a financial instrument may fail to meet its contractual obligations. This risk is mainly incurred on trade
receivables and investment securities.
The Group’s exposure to credit risk is mainly influenced by customer-specific factors. The statistical
profile of customers, notably including the risk of bankruptcy for each sector of activity and country in
which customers operate, has no real influence on credit risk.
Given the large number of customers in many different countries, and their presence in the mass retail
sector, the Company believes the counterparty risk on trade accounts is limited.
Ubisoft’s largest customer, the North America distribution zone, accounts for 10% of Group sales
excluding tax. The top five account for 32% and the top 10 for 47%.
Moreover, in order to protect itself against the risk of arrears, the Group’s main subsidiaries, which
generate approximately 68% of Group sales, are all covered by credit insurance.
At closing, the maximum credit risk exposure, represented by the carrying amount of financial assets,
was as follows: