Atari 2011 Annual Report Download - page 99
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ANNUAL FINANCIAL REPORT – REGISTRATION DOCUMENT
99
4. FINANCIAL ASSETS
4.1. Changes in financial assets
The decrease of €1,363 k in investments in subsidiaries is due to the adjustment of the definitive price of Cryptic studio
shares. The earn out payable as at February 2011 was accrued in previous years for an over-estimated amount.
As of March 31, 2011, the gross value of receivables from subsidiaries represented primarily shareholder advances of
172 million euros to Atari Interactive Inc., 19 million euros to Studio Cryptic and 91 million euros to Atari Europe. The
decrease of receivables from subsidiaries came mainly from the impact of exchange rate between $US and € (for €13 m)
concerning the loan to Atari Interactive Inc.
All receivables from subsidiaries are due in more than one year.
As of March 31, 2011, the Company holds 2,470 treasury shares.
4.2. Provisions for impairments of financial fixed assets
(€ thousands) 3/31/2010 Additions Reversals 3/31/2011
Investments in subsidiaries and associates 624,600 6,000 (8,329) 633,065
Receivables from subsidiaries and
associates 170,106 18,829 (8,714) 170,477
Loans 2,249 (1,000) 1,249
Total 796,955 24,829 (18,043) 803,742
Changes in provisions on financial fixed assets primarily reflect:
• Movement of provisions on investments and receivables:
- Addition to provisions in the amount of €18.3 million recognized on the shares of Atari Europe
- Addition to provisions in the amount of €2 million recognized on the shares of Eden Games
- Addition to provisions in the amount of €4.5 million recognized on the shares of Cryptic Studios
As well as:
- Reversal of provision in the amount of € 7.6 million recognized on the shares of California US Holding;
- Reversal of provision in the amount of € 0.7 million recognized on the shares of Game One
- Reversal of provision in the amount of € 8.6 million recognized on the shares of Atari Interactive Inc.
• Movement of loans:
- Reversal of provision concerning the loan to BB26 of €1 million.
5. TRADE RECEIVABLES
All of the above receivables are due in less than one year.
3/31/2010
Gross Impairment
Net
Net
Trade receivables
- external
-
48
- intra-
group
197 -
197 5,816
- accrued 6,731 -
6,731 3,054
Total
6,928
-
6,928
8,918
(€ thousands) 3/31/2011
(€ thousands)
3/31/2010
Increases Decreases Currency impact
3/31/2011
Investments in subsidiaries and associates
736 613 (1 363) 735 250
Receivables from subsidiaries and
associates 308 990 2 268 (2 180) (13 519)
295 559
Accrued interest on receivables
2 201 (674)
5 811
Loans and other fixed assets 9 716 - (3 075) (255)
6 386
Total gross value
1 057 521
5 094 (12 629)
(14 507)
1 043 006
Provisions (796 954) 18 043
(803 742)
Total net value
260 567 239 264
4 284
24 829