Ubisoft 2002 Annual Report Download - page 53

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2003
53
FINANCIAL
REPORT
Accounts on March 31, 2003
V. Inventory and work-in-progress
Inventory and work-in-progress break down as follows:
The significant decrease in inventories of goods as of March 31, 2003 is related to inventory reductions and to better control of
rotation timescales.The base inventory level decreased from 3.8 to 2.5 months.
Inventory is depreciated according to the age of the platform.The low level of provisions for inventory can be explained by for-
ward management of volumes and inventory reductions.
VI.Advances and installments paid
These are essentially guaranteed advances paid on licensing contracts totaling K48,150.These advances are taken to earnings
in proportion to sales made of the licensed products.
At year end,the amount of advances and installments paid remaining to be amortized is compared with sales projections;in the
event that projected sales are insufficient,additional amortization will be undertaken.
On 03.31.03 On 03.31.02
Gross Provision Net Net
Goods 39,135 987 38,148 48,645
TOTAL 39,135 987 38,148 48,645
Percentage of holdings in non-consolidated companies:
General information on the main non-consolidated companies (in euros)
Company Acquisition value Percentage held
of shares (K)
Gameloft SA 7,612 14%
Ubi Voices Inc 9 100%
Ubi Soft Entertainment Inc 170 100%
Ubi Music Publishing Inc 1 100%
SA Teamchman 3,049 20%
Cybersearch 149 Insignificant
Gameloft Ltda 1 1%
Ubi Studios Ltd - 100%
TOTAL 10,991
Listed companies Gameloft SA Cybersearch
Book value on 03.31.03 7,611,746 148,800
Number of shares 8,838,047 24,000
Value of securities per share on 03.28.03 1.49 0.33
Write-back over fiscal year 95,124 -
Depreciation over fiscal year - (41,040)
Unlisted companies Accounts as of Share capital Income for fiscal year Depreciation over fiscal year
SA Teamchman 01.31.03 1,223,305 (1,297,832) -
Companies on which the Group does not exert any significant
influence are not included in the scope of consolidation. The
companies concerned are Gameloft SA, TeamChman,
Cybersearch and Gameloft Ltda.
Other companies were excluded from the scope of consolidation
for the following reasons:
they were in the process of liquidation (Ubi Voices Inc, Ubi
Soft Entertainment Inc) ;
they fell below materiality thresholds (Ubi Music Publishing Inc)