Ubisoft 2014 Annual Report Download - page 145
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Financial statements
2014
140
Note 17. Other liabilities
03/31/14
03/31/13
Advances and prepayments received
-
-
Employee-related liabilities
74,115
87,419
Other tax liabilities
18,346
22,954
Other liabilities
27,362
31,881
Deferred income
9,061
6,083
TOTAL
128,884
148,337
Other liabilities mainly include:
- Earn out to be paid for the following acquisitions: €3.9 million for Related Designs Software
GmbH, €2.4 million for Owlient, €5.1 million for RedLynx Oy, €6.8 million for Future Games of
London Ltd
- Incentive rental income at Ubisoft Divertissements Inc. and Ubisoft Studio Saint Antoine Inc.
for €2.9 million and €2.3 million respectively
- Rental debt at Ubisoft Studio Saint Antoine Inc. amounting to €1.4 million
-
1.6.8 NOTES TO INCOME STATEMENT
Note 18. Sales
In millions of euros
03/31/14
03/31/13
Core games
758
928
Casual games
249
328
TOTAL
1,007
1,256
At current exchange rates, sales have fallen by 19.9%. At constant exchange rates, there has been a
decrease of 16.9%.
Note 19. Operating expenses by destination
R&D expenses , which account for 43.09% of sales (€434 million) compared with 34.6% in 2012/2013
(€435 million), are stable. R&D expenses are rising up regarding revenues percentage , because of
anticipated depreciation.
The decrease in SG & A expenses, which total €363.2 million (36.1% of sales) against €386.3 million
(30.8% of sales) in 2012/2013, relates to:
- Variable marketing expenses of €204.3 million (20.3% of sales), which are down on the
figure of €228.7 million (18.2%) for 2012/2013. This decrease is linked to main titles
delays.
- Structural costs, stable, amounting to €158.9 million (15.8% of sales), compared to
€157.6 million (12.5% of sales) for 2012/2013.