Ubisoft 2004 Annual Report Download - page 97

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95
UBISOFT > 2005 FINANCIAL REPORT
2
FINANCIAL REPORT FOR THE FISCAL YEAR ENDING MARCH 31, 2005
Initial value Depreciation Net value Payments made Payments remaining Residual value
to be made
--1 year +1 year
489 489 - 96 - - 3
Other information
2.2.6.1 Personnel
As of March 31, 2005, the team consisted of five executives.
2.2.6.2 Financial commitments and other information
2.2.6
3.31.05 Due date 3.31.04
Sureties and guarantees given 32,576 27,524
Debtor Type of guarantee
Ubisoft Divertissements Inc. Loan repayment guarantee 2,542 1.26.06
Ubisoft Entertainment GmbH Receivables payment guarantee 10,226 Indefinite
Ubisoft Entertainment SA Guarantee of SPW prices 1,543 3.11.06
Ubisoft Divertissements Inc. Comfort letter 2,033 Annual negotiation
Ubisoft EMEA SARL Stand by letter 2,000 3.31.05
Ubisoft Inc. Commitment guarantee 2,314 End of commercial relationship
Ubisoft Inc. Stand by letter 771 12.31.04
Ubisoft EMEA SARL Stand by letter 3,000 6.30.05
Ubisoft EMEA SARL Stand by letter 2,000 3.30.05
Ubisoft Entertainment GmbH Property investment partnership 600 6.1.05
guarantee
Ubisoft Inc. Stand by letter 1,543 5.31.05
UbisoftInc. Stand by letter 1,543 6.30.05
UbisoftNordic AS Distribution contract guarantee 1,352 6.30.04
Collateral for loans None None
Foreign exchange hedges 64,140 28,136
Pound sterling Forward sale 17,232 April 2005
US dollar Forward sale 36,073 April 2005 - May 2005
Australian dollar Forward sale 2,383 April 2005
Canadian dollar Forward sale 8,452 April 2005 - May 2005
Notes receivable discounted None None
1. Equity swap contract
As part of the transaction concluded with Crédit Lyonnais
on September 30, 2003, and extended on January 5, 2005,
for one year, Crédit Lyonnais will sell its shares at the end
of the operation, i.e., on February 28, 2006. 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.
Aprovision for risk and charges must be included for any
unrealized gains). As of March 31, 2005, unrealized gains
stood at €10,960 thousand.
Since918,137 shares were sold, the impact of a reduction
in the sale price(€18.66) of one euro would be €918,137.
Crédit Lyonnais may transfer all or a portion of these
shares in advance at Ubisoft's request.
2. Financial leasing (in €K)
Leasedassets consist primarily of IT hardware.