Ubisoft 2005 Annual Report Download - page 88

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Initial value Amortization Net value Payments made Payments still to be made Residual value
- 1 year + 1 year
620 394 226 240 180 65 15
2.5.6.3 Off-balance-sheet commitments
03.31.06 Due date 03.31.05
Sureties and guarantees given 25,209 32,927
Debtor Type of guarantee
Ubisoft Divertissements INC. Loan repayment guarantee 2,840 01.26.07
Ubisoft GmbH Receivables payment guarantee 10,226 Indefinite
Ubisoft Divertissements INC. Comfort letter 2,272 Annual negotiation
Ubisoft INC. Commitment guarantee 2,479 End of commercial relationship
Ubisoft EMEA SAS Stand-by letter 2,000 06.30.06
Ubisoft INC. Stand-by letter 1,652 09.30.06
Collateral for loans None None
Notes receivable discounted 1,000 982
1. Leasing
- Finance leasing arrangements
Finance leasing arrangements mainly cover computer
hardware leased under contracts of a maximum of three
years.
- Simple leases
These mainly involve leases related to property for
€8,623 thousand for which the term of the lease is at most
ten years.
2. Authorizations
Bilateral short-term lines of credit amount to €86.2 million;
they are unconfirmed and revocable with 30 days prior
notice.
The syndicated loan is confirmed for the amount of
€100 million; it has not been used as of March 31, 2006.
3. Other commitments
Future guarantee payments
Various products are marketed under licensing contracts
signed by the group. As of March 31, 2006, the commit-
ments made provided for the future payment of guaran-
teed minimum royalties. The commitments under this
guaranteed minimum amounted to €33.2 million.
Individual right to training
France’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 accor-
dance with the labor agreements applicable within each
firm. These hours may be accrued for up to six years.
There are no other significant off-balance-sheet
commitments.
Employees
As of 31 March 2006, the Group’s workforce breaks down
as follows:
The average number of staff members during the 2005-
2006 fiscal year was 3,240.
There is no employee profit-sharing or shareholding
system within the group.
2.5.7
03.31.06 03.31.05
Europe 929 915
Asia 446 353
Canada 1,444 1,110
United States 351 321
Morocco 41 42
Romania 218 218
Australia 12 13
Total 3,441 2,972