Ubisoft 2004 Annual Report Download - page 98

96
UBISOFT > 2005 FINANCIAL REPORT
3. Authorizations
Short-term lines of credit amount to €76.5 million; they
are unconfirmed and revocable with 30 days' prior notice.
Confirmed bilateral lines of credit total €6.6 million and
were not in use as of March 31, 2005. These lines of credit
are in euros and US dollars.
Asyndicated loan has been confirmed in the amount of
€97.5 million; it was not in use as of March 31, 2005.
4. Other commitments
lSince the team consists of officers of the company, no
retirement compensation is owed;
lVarious products are marketed in accordance with
licensing contracts signed by Ubisoft Entertainment SA.
The commitments accepted by the company provide for
the payment of guaranteed minimum royalties. As of
March 31, 2005, commitments by virtue of this
guaranteed minimum amounted to €19.1 million;
lFrance's law of May 4, 2004, grants French employees an
individual right to training. Under this new law, employees
may receive training at their initiative, with their
employer's approval. Full-time employees enjoy the right
to between 20 and 21 hours of training each year, in
accordance with the union provisions applicable within
each firm. These hours may be accrued for up to six years;
lDuring the next fiscal year, abatements in the calculation
of corporate tax will be as follows (no increases have been
identified):
-Organic K€ 194
-Exchange rate fluctuations K€ 110
K€ 304
lUbisoft Entertainment SA has pledged to provide financial
support to its subsidiaries to meet their cash requirements.
2.2.6.3 Compensation of corporate
officers
Ubisoft Entertainment SA paid €546 thousand to corporate
officers during the 2004/2005 fiscal year as compensation.
No attendance fees were paid.
No loans or advances were made to officers of the
company in accordance with Article L.225-43 of the
French Commercial Code.
2.2.6.4 Events after closure of accounts
On May 13, 2005, a syndicatedloan of €100 million was
signedbetween Ubisoft Entertainment SA and ten banks. It
replaces the syndicated loan of €130 million signed on
August 13, 2001, and modified to €97.5 million on
April 22, 2002.
This loan is initially for a three-year period and may be
extendedby one additional year for the full initial amount
depending on the ratio of net debt to EBITDA.
2.2.6.5 Subsidiaries and affiliated companies (March 31, 2005)
Currency Gross Net Loans and
value value advances
Other subsidiaries
French subsidiaries Euro 3,070 3,057 -
Foreign subsidiaries Euro 21,207 20,478 8,099
Subtotal 24,277 23,535 8,099
AFFILIATED COMPANIES:
BETWEEN 10 AND 50% OF CAPITAL HELD
Interests in French companies Euro 32,183 32,183 -
Subtotal 32,183 32,183 -
Overall total 56,460 55,718 8,099
Country Currency Capital Reserves and Percentage Book value Loans and Total Net sales Net income Dividends
amounts carried of of advances collateral and excluding for last collected
forward before capital held securities granted by guarantees tax complete
allocation held the company provided by year
of earnings and not yet the company
in K in K in K in K in K in K
of currency of currency Gross Net of currency of currency of currency of currency
units units units units units units
SUBSIDIARIES: AT LEAST 50% OF CAPITAL HELD
UBISOFT USA US dollar 90,405 -7 100% 96,991 96,991 - - 79 -291 none
UBISOFT EMEA France Euro 11,960 38,749 99.99% 55,158 55,158 -- - 199,583 -216 none
SARL
UBISOFT France France Euro 20,623 -4,637 99.99% 22,872 22,872 - - 51,809 885 none
SAS
UBISOFT GmbH Germany Euro 9,320 3,619 100% 12,573 12,573 - - 56,601 625 none
UBISOFT Canada Canadian 1,000 10,921 100% 641 641 18,475 - 64,552 3,124 none
DIVERTISSEMENTS dollar
Inc.
Total 188,235 188,235 18,475