Ubisoft 2003 Annual Report Download - page 72

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FINANCIAL REPORT
2004
72
3. Authorizations
Short-term lines of credit amount to ¤71 million; they are unconfirmed and revocable with 30 days’ prior notice.
Confirmed bilateral lines of credit total ¤15 million and were in full use as of March 31, 2004. These lines of credit are in
euros and US dollars.
A syndicated loan has been confirmed in the amount of ¤97.5 million; it was not in use as of March 31, 2004.
4. Other commitments
Various products are marketed under licensing agreements signed by Ubisoft Entertainment SA. As of March 31, 2004, the
commitments accepted by the company provided for the future payment of guaranteed minimum royalties.
Commitments by virtue of this guaranteed minimum amounted to ¤28.6 million.
2.1.9 Events after closure of accounts
Employee-owned stock as part of the Company Mutual Fund (FCPE)
The extraordinary portion of the Combined Ordinary and Extraordinary General Meeting of September 12, 2003 authorized
the Board of Directors, at its sole initiative, to proceed with a new equity issue reserved for French employees, subject to a
limit of 2.5% of the total shares comprising the company's share capital at the time the authorization was used, through the
intermediary of a Company Mutual Fund (hereinafter "FCPE").
At its meeting on March 3, 2004, the Board of Directors used the authorization granted by the Shareholders' Meeting of
September 12, 2003 that set the subscription price for the shares to be issued at ¤13.75 each, and specified that these shares
would be subscribed for by the Ubi Actions FCPE.
The employees subscribed for 99,627 shares via the Ubi Actions FCPE. The Board of Directors took note of this equity issue
at its meeting on May 18, 2004.
Sale of shares
On April 26, 2004, Ubisoft Entertainment SA sold the shares of its subsidiary Ubisoft World Studio SARL to Ludimédia SAS
for the amount of ¤199,950.
Mergers and acquisitions
On April 6, 2004, Red Storm Entertainment Inc. proceeded with the merger/takeover of Blue Byte Software Inc.
On June 1, 2004, Ludimédia SAS proceeded with the merger/takeover of Ubisoft World Studios SARL, which was made
retroactive to April 1, 2004.
Acquisition of Gameloft SA shares
On April 16, 2004, Ubisoft Entertainment SA acquired 6,284,876 shares of Gameloft SA at the price of ¤2.99. The company now
holds 31.55% of the voting rights.
2.1.10 Employees
(note part 1.4.8) The Group does not provide profit sharing or salary contributions.