Ubisoft 2003 Annual Report Download - page 61

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FINANCIAL REPORT
2004 61
●Investment funds via UCITS and open-ended investment
trusts (SICAV):
No depreciation was carried to the mutual funds as of March
31, 2004.
Note 11 Cash
The Cash account showed a balance of cash and bank
accounts in the net amount of K¤76,915 on March 31, 2004,
compared with K¤97,905 on March 31, 2003.
Note 12 Share capital
Capital
On March 31, 2004, Ubisoft Entertainment SA's capital
consisted of 17,582,304 shares with a face value of ¤0.31 each,
i.e. ¤5,450,514.24.
Number of Ubisoft Entertainment SA shares
Maximum number of shares
that may be created: 6,385,287
●By bond conversion: 2,598,318
●By exercise of stock options: 1,207,577
●By exercise of warrants: 2,579,392
02
Financial Report for FY ending 3/31/04
Nature Number Avg. price, Gross value Closing Provision Net value Percentage
in euros K€price K€K€of capital
Treasury shares 40,249* 25.3481 1,020 19.70 227 793 0.23%
3/31/04 3/31/03
Mutual fund: Centrale
Monétaire 5,605 11,765
Mutual fund: CLAM EONIA 14,368 -
SICAV: CPR CASH SI 18,125 -
SICAV: SOGEMONE 4,241 -
TOTAL 42.339 11.765
The change in tax credits is principally the result of:
●The consumption of ¤1 million at Ubisoft Entertainment SA.
●The consumption of ¤0.4 million at Ubi.com SA.
●The deactivation of ¤1.5 million at Ubi.com Inc.
●Offset by the activation of ¤1.1 million at Ubisoft Divertissements Inc.
Related deferred tax on assets:
(2) Leasing 44
Temporary tax differences 1,462
Elimination of inter-company profit 955
Other 164
Apart from activated ARD, redemption premiums of convertibles bonds and losses, all receivables have a maturity of less
than one year.
Note 10 Investment securities
Investment securities break down as follows:
* Including the 5,500 shares in the liquidity contract.
●Treasury shares:
The value of own shares was determined using the closing rate (see table below).
Nature 3/31/04 3/31/03
Gross value Provision Net value Net value
Treasury shares 1,020 227 793 12,446
Investment funds 42,339 - 42,339 11,765
TOTAL 43,359 227 43,132 24,211
As of April 1, 2003 17,540,082
Exercised options 42,185
Bond conversions 37
As of March 31, 2004 17,582,304
(3) This amount includes €10.6 million in VAT credit, of which €9.7 million has been redeemed since March 31, 2004.
(4) The original amount of the redemption premium of the convertible exchangeable bonds (OCEANEs) taken to assets is K€16,380. This
premium is amortized in proportion to accrued interest, i.e. K€4,578 as of March 31, 2004. The buy-back of 1,400,699 bonds resulted in
a decrease in the redemption premium of K€7,284. The net redemption premium as of March 31, 2004, was K€4,518.