Ubisoft 2004 Annual Report Download - page 93

Download and view the complete annual report

Please find page 93 of the 2004 Ubisoft annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 143

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143

91
UBISOFT > 2005 FINANCIAL REPORT
2
FINANCIAL REPORT FOR THE FISCAL YEAR ENDING MARCH 31, 2005
3.31.05 3.31.04
Other debts 12,811 2,120
These consist primarily of margin calls on the equity swap contract (see § 2.2.6.2 Off-balance-sheet commitments).
Chief characteristics of the OBSAR (bonds with redeemable share subscription warrant)
At its meeting on November 3, 2003, the Board of Directors used the authorization granted by the Combined General
Shareholders' Meeting of September 12, 2002, to proceed with an OBSAR bond issue (bonds with redeemable share
subscription warrants).
Characteristics of the bonds
lNumber: 716,746 bonds
lIssue price: €76.70
lTerm of bond: Five years from the settlement date
lNominal rate, yield: The bonds will bear interest at a variable rate payable quarterly in arrears.
The annual nominal rate is based on the three-month Euribor.
lNormal redemption: The bonds will be amortized on a single redemption date of December 2,
2008, at the par rate of €76.70 per bond.
As of March 31, 2005, there were 716,746 bonds in circulation.
Characteristics of BSAR (redeemable share warrants)
lNumber of BSAR: 1,433,492 BSAR (two BSAR are attached to each bond)
lParity: One BSAR entitles the holder to subscribe for one new share.
lExercise price: €38.35
lExercise period: The BSAR can be exercised at any time between December 3, 2003, and
December 2, 2008, subject to the provisions governing the early redemption
of BSAR at the option of the issuer and those concerning circumstances under
which the exercise of BSAR may be suspended.
As of March 31, 2005, there were 1,433,492 BSAR in circulation.
Covenants
Under the terms of the syndicated loan and redeemable share subscription warrant (OBSAR) and in the case of bilateral
lines of credit, the company is required to respect certain financial ratios (known as covenants).
All covenants are calculated on the basis of the annual consolidated accounts (see Note 14 in the explanatory notes on the
consolidated accounts).
Note 16 Other debts
As of 31.03.04 As of 3.31.05
Cumulative Increase Decrease Cumulative
Deferred income1- -3,857 - 3,857
Exchange conversion adjustment to liabilities 236 110 236 110
TOTAL 236 3,967 236 3,967
Note 17 Accruals
1- Corresponds to deferred sales.