Ubisoft 2004 Annual Report Download - page 29

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27
UBISOFT > 2005 FINANCIAL REPORT
1
GROUP’S ACTIVITIES AND PERFORMANCE DURING FISCAL YEAR 2004/2005
1
GROUP’S ACTIVITIES AND
PERFORMANCE DURING
YEAR 2004/2005
Introduction 28
1.1 Highlights of fiscal year 2004/2005 28
1.2 Analysis of activity and comments on results 29
for fiscal year 2004/2005
1.2.1 Quarterly and annual consolidated sales 29
1.2.2 Breakdown of sales by core activity 30
1.2.3 Change in production volumes 30
1.2.4 Sales by platform 30
1.2.5 Sales by destination 31
1.2.6 Change in income statement 31
1.2.7 Change in working capital requirement (WCR) and indebtedness 31
1.2.8 Asset financing policy 32
1.2.9 Pro forma accounting 32
1.2.10 Table of results for the last five fiscal years, Ubisoft Entertainment SA 33
1.3 Human resources and environmental data 33
1.3.1 Workforce as of March 31, 2005 33
1.3.2 Recruiting 34
1.3.3 Work-time organization 34
1.3.4 Compensation 35
1.3.5 Gender equality in the workplace 35
1.3.6 Outside labor costs 35
1.3.7 Ongoing training 35
1.3.7.1 Qualitative information 35
1.3.7.2 Training 35
1.3.8 Health and safety conditions 35
1.3.9 Disabled persons 35
1.3.10 Social service activities 35
1.3.11 Environmental data 35
1.4 Investments 37
1.4.1 Organizational structure as of March 31, 2005 37
1.4.2 Equity investments 38
1.4.2.1 Disposal of shares 38
1.4.2.2 Liquidations 38
1.4.2.3 Share acquisitions 38
1.4.2.4 Asset purchases 38
1.4.2.5 Increases in capital 38
1.4.3 Activity of the subsidiaries 38
1.5 General information 39
1.5.1 Investment policy 39
1.5.2 Research and development policy 39
1.5.3 Litigation 39
1.6 Risk factors 39
1.6.1 Risk relating to the rapid growth in new-generation consoles 39
1.6.2 Risk related to delays or a poor launch when releasing a top game 40
1.6.3 Risk related to recruiting problems 40
1.6.4 Risk related to the departure of key personnel 40
1.6.5 Risk arising from the termination of a licensing partnership 40
1.6.6 Risk related to intellectual property 41
1.6.7 Risk related to computer security 41
1.6.8 Risk related to customer dependence 41
1.6.9 Risk related to dependence on suppliers and subcontractors 41
1.6.10 Market risks 41
1.6.11 Risk related to future acquisitions and integration of companies acquired 43
1.6.12 Risk related to liquid assets 43
1.7 Commitments 44
1.8 Insurance 44
1.9 Recent events, outlook and strategy 44
1.9.1 Recent developments 44
1.9.2 Outlook and strategy for 2005/2006 44