Ubisoft 2006 Annual Report Download - page 82
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UBISOFT • FINANCIAL REPORT 2007
The expiry dates of tax deficits break down as follows:
- less than 1 year: €117 thousand
- 1 to 5 years: €88 thousand
- more than 5 years: €214 thousand
- unlimited: €16,446 thousand
Due dates of deferred tax assets at March 31, 2007:
- short-term: €16,199 thousand
- long-term: €21,431 thousand
Deferred income tax assets are recognized if their
recovery is probable, particularly when taxable profit is
expected during the period of validity of the deferred tax
assets.
Because of a transfer price policy implemented at the
Group, retail companies systematically report an opera-
ting profit; similarly, the studios invoice salaries with a
margin that includes their costs structure.
There is therefore a real probability of recovery of carry-
over losses for all the companies; only Ubisoft World
Studios SAS has no sufficient short-term guarantees.
The €4.5 million decrease in tax assets was tied mainly to use of deferred depreciation as follows:
- 1 M€ by Ubisoft Entertainment SA,
- 0.9 M€ by Ubisoft EMEA SAS,
- 2.1 M€ by the France tax group.
The increase in provisions pertains to the change in value of Ubi Soft Entertainment Ltda (Brazil). This change in value is a
result of equity movements. No financial assets were used as a guarantee for debts.
Note 6 Deferred income tax assets
(1) Ubisoft Entertainment SA’s activated losses before fiscal integration came to €4,626 thousand.
Activated/non-activated losses:
Provisions As of 03.31.06 Increases Decreases As of 03.31.07
Cumulative Cumulative
Assets available for sale 176 26 - 202
Total 176 26 - 202
03.31.07 03.31.06
Activated losses 16,865 21,365
Temporary tax differences 18,906 19,450
Elimination of studios’ internal margin 1,303 1,008
Elimination of other internal results 117 44
Other restatements with regard to consolidation 439 454
Total 37,630 42,321
in thousands of euros 03.31.07 03.31.06
Activated Non-activated Total Activated
losses losses losses
Ubisoft Entertainment SA 15,521(1) - 15,521(1) 18,693
Ubisoft EMEA SAS - - - 930
Ubisoft World Studios SAS - 871 871 49
Ubisoft Warenhandels GmbH - - - 94
Red Storm Entertainment Inc. 101 - 101 199
Ubisoft Holdings Inc. - - - 19
Ubisoft Computing SARL 100 - 100 93
Ubisoft GmbH 553 - 553 654
Ubisoft BV 121 - 121 118
Shanghai Ubi Computer Software Ltd 172 - 172 227
Tiwak SAS 151 - 151 160
Other 146 - 146 129
Total 16,865 871 17,736 21,365