Ubisoft 2014 Annual Report Download - page 143

Financial statements
2014
138
The risks and benefits associated with 15% of transferred receivables retained by the Group, a portion
of 15% of outstanding claims relating to unvested rights of the organization Investissement Québec
under the so-called “CTMM” grant remains the balance sheet of the Group. A similar agreement was
signed by the production subsidiary Ubisoft Studio Saint Antoine.
Input (in thousands of euros)
Factoring agreement on the
“CTMM” grant – Ubisoft
Divertissements Inc.
Factoring agreement on the
“CTMM” grant – Ubisoft
Studio Saint Antoine
Nature of the assets transferred
Claim on a government agency
on the right to receive a
government grant
Claim on a government agency
on the right to receive a
government grant
Nature of the risks and rewards of ownership of the
transferred assets
Default risk/ Risk of late
payment
Default risk/ Risk of late
payment
Total carrying amount of assets before the initial transfer
€41.9 million
€2.3 million
Carrying amount of assets still recognized
€6.3 million
€0.4 million
Carrying amount of the associated liabilities
N/A
N/A
Nature of the relationship between the transferred assets
and associated liabilities
N/A
N/A
Restrictions on use of the assets transferred arising from
the transfer
Legal ownership of the debt
transferred to the counterparty
Legal ownership of the debt
transferred to the counterparty
Financial assets derecognized in their entirety
In December 2013, the Group’s British and German distribution subsidiaries concluded a factoring
agreement on trade receivables from subsidiaries domiciled in the United Kingdom and Germany.
The risks associated with these receivables, mainly counterparty risk is transferred to the counterparty
of the factoring agreement. The transferred receivables were completely derecognized from the
balance sheet of the Group.
However, these two subsidiaries operate a collection service on behalf of the counterparty, a service
that is constitutive of the continuing involvement of the Group in trade receivables transferred under
these factoring contracts.
Input (in thousands of euros)
Factoring agreement on trade
receivables – Germany
Factoring Agreement on trade
receivables – United Kingdom
Nature of the assets transferred
Trade receivables relating to
the subsidiary in Germany
Trade receivables relating to the
subsidiary in the United Kingdom
Nature of continued involvement
Collection service on behalf of
the counterparty
Collection service on behalf of
the counterparty
Nature of representative assets/liabilities in continued
involvement
N/A
N/A
Carrying amount of representative assets/liabilities in
continued involvement
N/A
N/A
Fair value of representative assets/liabilities in continued
involvement
N/A
N/A
Maximum exposure under continued involvement
N/A
N/A
Fee for the collection service
N/A
N/A
Remaining commitment related to continuing involvment
on receivables transferred at the closing date
€(0.35) million
€5.812 million
Maturity of assets representing continued involvement
N/A
N/A