Ubisoft 2014 Annual Report Download - page 164

Financial statements
2014
159
3.5 NOTES TO THE CORPORATE FINANCIAL STATEMENTS
The notes and tables that follow, presented in thousands of euros, are an integral part of the annual
financial statements for the financial year ended March 31, 2014, and constitute the notes to the
balance sheet. The financial statements are prepared in accordance with French accounting
standards.
The financial year is a 12-month period from April 1, 2013, to March 31, 2014.
3.5.1 FINANCIAL YEAR HIGHLIGHTS
3.5.1.1 ACQUISITION/CREATION OF SUBSIDIARIES
October 2013, the subsidiary Ubisoft Mobile Games SARL in France became operational.
March 2014, creation of the subsidiary Ubisoft Paris-Mobile SARL in France.
3.5.1.2 DISPOSALS AND CONTRIBUTION OF SHARES
N/A
3.5.1.3 OTHER
May 2013 – Establishment of a bond of €40 million
Pursuant to Article L.228-40 of the French Commercial Code, the Board of Directors on February 8,
2013 authorized the issuance of bonds up to a total nominal amount of €80 million, of which
€40 million was utilized in the 2013/2014 financial year. Each with a nominal unit value of
€100 thousand, these bonds were traded on the regulated market of Euronext Paris on May 6, 2013.
This bond with a lifetime of 5 years comes with a paying interest of 3.038%.
July 2013 – Subscription of a new credit line
Ubisoft Entertainment SA signed a new bilateral credit line for a period of 4 years in the amount of
€15 million. This line follows the same covenants as the syndicated loan.
July 2013 – Disposal of Gameloft shares
Sale of the one million remaining Gameloft shares at an average price of €6. The capital gain on the
sale of the shares amounted to €4 million and was recorded as a non-recurring item.
August 2014 – Acquisition of assets of the company Digital Chocolate Inc.
On August 22, 2013, Ubisoft acquired assets of the company Digital Chocolate Inc., a leader in the
development and distribution of casual games for mobiles and social networking (acquisition price of
$2 million).
Avril to October 2013 – Conversion of share subscription warrants
As of the end of October, 97.4% of share subscription warrants were converted, equating to a
€59 million increase in equity.
October 2013 – Issue of commercial papers
Ubisoft signed a commercial paper issue program for a maximum amount of €300 million. The current
amount as of the end of March is €63 million. All of the details regarding this program are available on
the Banque de France website.
October 2013 – Announcement of delays to Watch Dogs
TM
and The Crew
TM
On October 15, 2013, Ubisoft announced that Watch Dogs
TM
and The Crew
TM
would be delayed until
the 2014/2015 financial year. As a result of these delays, the Group lowered its sales and operating
income targets for the 2013/2014 financial year.