Atari 2011 Annual Report Download - page 153

ANNUAL FINANCIAL REPORT – REGISTRATION DOCUMENT
153
equivalent periods of Fiscal Year 2010/2011.
Overall the Company expects continued improvement in Current Operating Income for the full year
2011/2012.
Main events of Q1 2011/2012
Corporate governance evolution: Following the resignations of Mr. D’Hinnin, Mr. Lamouche and of The
BlueBay High Yield Investment (Luxembourg) SARL, Atari’s Board of Directors was composed as follows at the
end of June 30, 2011:
• Frank Dangeard, Chairman, Independent Director;
• Jim Wilson, Chief Executive Officer, Director (subject to September 30, 2011 shareholders meeting
approval);
• Tom Virden, Independent Director;
• The BlueBay Value Recovery (Master) Fund Limited, represented by Gene Davis.
Restructuring at Eden Games: In April 2011 Atari announced a project to restructure Eden Games, its
development studio headquartered in Lyon (France). The plan which was effective at the end of the first quarter of
Fiscal Year 2011/2012 reduces the workforce to just under 30 employees, adjusting costs to the size of the
business and its revenues.
Credit line maturity extended: On June 30, 2011, the Company and BlueBay have agreed to an extension of a
credit facility of €49 million to December 31, 2011.
Cryptic Studios divestiture: On May 31, 2011, Perfect World Co., Ltd. and Atari announced that they have
entered into a definitive agreement whereby Perfect World would acquire 100% equity interest in Cryptic Studios
from Atari, the sole shareholder of Cryptic Studios. Under the stock purchase agreement, Perfect World would
pay an aggregate purchase price of approximately €35.0 million in cash, subject to working capital and other
adjustments as provided in the agreement. The consummation of the transactions contemplated in the agreement
is subject to satisfaction of closing conditions. In line with the previously stated strategy of fewer but more
profitable releases and further expansion into casual online and mobile games, the Company has chosen to focus
on external development to benefit from additional flexibility.
PARTIES RESPONSIBLE FOR THE REGISTRATION DOCUMENT AND STATEMENTS
STATEMENT BY THE PERSON RESPONSIBLE FOR THE REGISTRATION
DOCUMENT
NAME OF THE PERSON RESPONSIBLE
Jim Wilson, Chief Executive Officer
I hereby certify that, based on all reasonable diligences in this respect, the information contained in this
Reference Document, filed with the AMF on July 29, 2011 is, to the best of my knowledge, consistent with the
facts and does not omit anything likely to materially affect its import.
I hereby certify that, to the best of my knowledge, the financial statements for the past Fiscal Year have been
prepared in accordance with applicable accounting rules and provide a true picture of the assets, financial
position and income of the Company and all consolidated entities, and the financial report included page13 to 43
in the present document fairly reflects the principal events that occurred during the past Fiscal Year, their impact
on the financial statements, the principal transactions with related parties and the principal risks and uncertainties.
I have received an audit letter from the independent auditors, Mazars S.A. and Deloitte & Associés, in which they
state that they have examined the information on the financial position and the financial statements contained
herein, and have read this entire document.
The audit letter by the statutory auditors does not contain any observations.
The statutory auditors have issued a report concerning the financial data included in this reference document for
Fiscal Year 2010/2011, included in pages 93, 94,116 and 117 hereof, in which they call attention of the readers
on the uncertainty related to the ongoing concern mentioned in note 2.1 to the annual financial statements in note
2.1 to the consolidated financial statements.
The historical financial data for Fiscal Year ended March 31, 2010 and March 2009 are incorporated by reference.
The report for Fiscal Year ended March 31, 2010 called attention on the ongoing concern in note 2.1 to the annual
financial statements in note 2.1 to the consolidated financial statements and to note 16 to the consolidated
financial statements on changes in accounting methods resulting from the application of new accounting rules and