Ubisoft 2005 Annual Report Download - page 72
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Note 7 Inventory and work-in-progress
Inventory and work-in-progress break down as follows:
Provisions on inventory rose from €2.4 million as of March 31, 2005 to €4.1 million as of March 31, 2006 due to the rapid
drop in video game sales on earlier generation consoles.
There are no guarantees on inventory.
Note 8 Trade receivables
Trade receivables break down as follows:
As trade receivables have a due date of less than a year, the impact of discounting is not significant and not booked.
Note 9 Other receivables
Other receivables break down as follows:
(1) The reduction in VAT totaling €10 million is tied to significant seasonal factors in the fourth quarter of the last year.
(2)As the grants are paid annually in the month of September following the end of the relevant fiscal year, the increase in grants to be received by the Canadian
subsidiary Ubisoft Divertissements Inc. is related to the payment of €21 million received and the equivalent increase in this entry for €34 million.
Other receivables have a due date of less than one year, except for €6.4 million of Canadian grants which will be deducted
from the income tax payment.
Note 10 Financial assets
In order to limit the group’s foreign exchange risk, Ubisoft Entertainment SA hedges exchange rate fluctuations by
forward sales contracts and options contracts. The derivatives are recorded at their fair value as balance sheet assets or
current financial liabilities. Losses and gains reflecting a change in the market value of non-hedge derivatives at the closing
date are reported on the income statement.
As of 03.31.06 As of 03.31.05
Gross Provision Net Net
Goods 27,864 4,148 23,716 21,849
Total 27,864 4,148 23,716 21,849
As of 03.31.06 As of 03.31.05
Gross Provision Net Net
Trade receivables 93,311 2,065 91,246 140,976
Total 93,311 2,065 91,246 140,976
03.31.06 03.31.05
Net Net
Derivatives on exchange rate transactions (1) 228 241
Equity swap contract (2) 93 -
Total 321 241
As of 03.31.06 As of 03.31.05
Gross Provision Net Net
Advances and installments received 1,305 - 1,305 429
Current account advances 34 - 34 34
VAT (1) 21,239 - 21,239 31,645
Grant to be received (2) 34,124 - 34,124 21,571
Other tax and social security liabilities 513 - 513 532
Factoring guarantee deposits - - - 5,404
Other 813 - 813 184
Prepaid expenses 4,262 - 4,262 3,943
Total 62,290 - 62,290 63,742