Ubisoft 2002 Annual Report Download - page 78

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2003
78
FINANCIAL
REPORT
Chief characteristics of the convertible/exchangeable bond issue: OCEANE (Bonds convertible/exchangeable into new and/or
existing shares)
At its meeting on October 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: Five 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.
2.2.4.4 Notes on the Income Statement
I.Sales
As a result of the transfer of its distribution activity in France to
its subsidiary Ubi Soft France SA and the transfer of its produc-
tion and distribution activities in the EMEA region (Europe
excluding France, the Middle East and Asia) to its subsidiary
Ubi EMEA SARL,the sales of Ubi Soft Entertainment SA for fiscal
year 2002/03 consist primarily of intra-Group billings for
services and royalties.
II.Other operating income and costs
transferred
XVII. Other debts
XVIII.Accrued expenses (liabilities adjustment account)
This item includes only includes foreign exchange conversion adjustments to liabilities for receivables and debts.
03.31.03 03.31.02
Trade creditors and credit
notes to be issued 2,266 13,147
Miscellaneous 412 71
Other debts 2,678 13,218
03.31.03 03.31.02
Write-back of depreciation and provisions 532 1,416
Transfer of expenditure 15,487 7,263
Other operating income 555 208
TOTAL 16,574 8,887
On 03.31.02 On 03.31.03
Cumulative Increase Decrease Cumulative
Exchange conversion adjustment to liabilities 799 649 799 649