Ubisoft 2003 Annual Report Download - page 59

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FINANCIAL REPORT
2004 59
SA Teamchman was placed in receivership on November 4, 2003.
The equity investments and the bond issue relating to this company were fully amortized. The fiscal year charge was K¤1,421
for the equity investments and K¤200 for the other long-term investments.
02
Financial Report for FY ending 3/31/04
3/31/04 3/31/03
Gross Provision Net Net
Goods 39,003 3,875 35,128 38,148
TOTAL 39,003 3,875 35,128 38,148
Provision 3/31/04 Change in consolidation 3/31/04
Cumulative Increase Decrease structure Cumulative
Non-consolidated investments 2,209 1,623 140 1 3,693
Other long-term investments - 200 - - 200
TOTAL 2,209 1,823 140 1 3,893
Note 5 Equity in subsidiaries
Since the further acquisitions of Gameloft SA shares on September 15, 2003, Ubisoft Entertainment SA has held a controlling
percentage of 21.775%; therefore, the shares were entered as equity in subsidiaries beginning on September 15, 2003.
Gameloft SA’s contribution to Ubisoft Entertainment SA's earnings was K¤34 as of March 31, 2004.
Note 6 Inventory and work-in-progress
Inventory and work-in-progress break down as follows:
Fixed assets 3/31/03 Change in Exchange 3/31/04
Gross Increase Decrease consolidation rate Gross
structure differences
Equity in subsidiaries - 34 18 309 - 325
TOTAL - 34 18 309 - 325
3/31/04 3/31/03 3/31/03
Gross Provisions Net Pro forma Former
presentation, net
Trade receivables 97,776 1,562 96,214 117,184 153,304
TOTAL 97,776 1,562 96,214 117,184 153,304
Provisions for inventory rose from K¤987 to K¤3,875 in order to reflect future product destruction projects and the reduction
in the attainable value of certain products.
Note 7 Advances and installments paid
These are essentially guaranteed advances paid on licensing contracts, totaling K¤31,347.
In light of the weak sales outlook for certain games, an additional depreciation of ¤18.8 million was charged to the results as
of March 31, 2004.
Note 8 Trade and other receivables
Trade receivables break down as follows:
The significant drop in trade receivables is due to less seasonality in the fiscal year fourth quarter and to the reclassification
of credits to be issued, which in the past were entered as other debts. These credits to be issued are primarily end-of-year
discounts relating to the principal game sales contracts.