Ubisoft 2002 Annual Report Download - page 58

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2003
58
FINANCIAL
REPORT
The covenants on bilateral lines primarily concern net debt / share-
holders' equity and net debt / cash flow from operations.
As of March 31,the Company was in compliance with all ratios and
expects to remain in compliance over FY 2003/04.
Leasing agreements primarily cover IT hardware, with contracts
of a term of no more than three years. New borrowings over the
fiscal period amounted to K604.
Bank overdrafts are used to finance temporary cash require-
ments related to changes in working capital requirements.
Shareholders' current accounts were repaid in full over the fiscal
period in the amount of K1,187.
Repayment/buy-back of borrowings during the fiscal year:
bank loans in the amount of K152
loans in connection with the reprocessing of lease agreements in
the amount of K628
government advances in the amount of K38
bonded debt in the amount of K57,033
At the close of FY 2002/03, net borrowings were K177,278.
The breakdown of financial debts by currency is as follows:
03.31.03 03.31.02
Financial debt excluding
government advances 299,394 228,859
Cash (97,905) (30,548)
Investment securities (24,211) (40,365)
Net borrowings 177,278 157,946
Chief characteristics of the 1998 convertible bond issue:
Number and face value: 314,815 bonds with a face value of 164.64 (FF 1,080)
As a consequence of the 5-for-1 stock split, one bond allows five shares to be subscribed each with a face value of 0.31
Issue price: 164.64 (FF 1,080) per bond
Dated date and settlement day: July 16,1988
Term of bond: 7 years
Annual yield: 3.80% per year,or 6.26 (FF 41.04) per bond, payable on July 16 of each year
Gross redemption yield: 3.80% on July 16, 1998
Normal redemption: amortized in full on July 16, 2005 by redemption at a price of 164.64 (FF 1,080),
or 100% of the issue price
163,721 bonds were converted during preceding fiscal periods,no bonds were converted during the current period.
151,094 bonds remain to be converted.
Chief characteristics of the OCEANE convertible bond issue: (Bonds convertible/exchangeable into new and/or existing shares)
At its meeting on November 13, 2001, with the authorization granted by the Extraordinary General Meeting of October 19, 2001
the Board of Directors agreed to issue bonds with the option of conversion into and/or exchange for new or existing shares in
the company to a total maximum value of about 172.5 million.
Number and face value: 3,150,000 bonds each with a face value of 47.50
Each bond entitles the holder to one share
Issue price: 47.50
Dated date and settlement date: November 30,2001
Term of bond: 5 years from settlement date
Annual yield: 2.5% per year,payable in arrears on November 30 of each year.
Gross redemption yield: 4.5% on settlement date (if there is no conversion and/or exchange of shares,
and if there is no early redemption)
Normal redemption: the bonds would be redeemed in full on November 30, 2006 at a price of 52.70,
or roughly 110.94 % of their face value.
During the fiscal year, the company bought back 1,200,699 bonds with the option of conversion and/or exchange for new or
existing shares in the amount of 36,319,599.These bonds were cancelled.
As of March 31, 2003,1,949,301 bonds remain to be converted.
03.31.03 03.31.02
Euros 278,636 202,877
US dollars 11,550 24,296
Canadian dollars 2,695 1,569
Japanese yen 397 -
Pounds sterling 6,113 153
Others 3 2
Financial Debt 299,394 228,897