Ubisoft 2003 Annual Report Download - page 71

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FINANCIAL REPORT
2004 71
02
2.1.8 Off-balance-sheet commitments
3/31/04 Due date 3/31/03
Sureties and guarantees given: 28,053 49,722
Debtor Type of guarantee
Ubisoft Divertissements Inc. Loan repayment guarantee 2,503 1/26/06
Ubi Soft Entertainment GmbH Receivables payment guarantee 10,226 Indefinite
Ubisoft Entertainment SA Guarantee of SPW prices 1,636 3/11/06
Ubisoft Divertissements Inc. Comfort letter 2,003 Annual negotiation
Ubi EMEA SARL Stand by letter 1,300 9/30/04
Ubisoft Inc. Commitment guarantee 2,454 End of commercial
relationship
Ubisoft Inc. Stand-by letter 2,454 6/30/04
Ubisoft Inc. Stand-by letter 818 6/30/04
Ubisoft Inc. Stand-by letter 1,636 6/30/04
Ubisoft Nordic AS Distribution contract guarantee 1,398 6/30/04
Collateral for loans None None
Foreign exchange hedges 28,136 73,262
GBP Forward sale 17,384 April 2004 and May 2004
USD Forward sale 10,752 From April 2004 to June 2005
Notes receivable discounted None 3,736
1. Equity swap contract
As part of the transaction concluded with Crédit Lyonnais on September 30, 2003, the latter will sell its shares at the end of
an 18-month period on the understanding that Ubisoft will record in its entirety any fluctuation in the share price from the
sale price of ¤18.66. Changes between the date on which the contract is signed and its expiration will be recorded in temporary
accounts pending a final adjustment. Unrealized gains are not recorded in the income statement. A provision for risk and
charges must be included for any unrealized gains.
Crédit Lyonnais may transfer all or a portion of these shares in advance at Ubisoft’s request.
Financial Report for FY ending 3/31/04
Initial Depreciation Net Payments Payments remaining Residual
value value made to be made value
< 1 year > 1 year
5,550 5,237 313 539 224 215 56
2. Leasing
Leases mainly cover IT hardware leased under contracts of a maximum of three years.