Ubisoft 2006 Annual Report Download - page 83
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CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2007
71
2
Note 7 Inventory and work-in-progress
Inventory and work in progress breaks down as follows:
The provision for inventory decreased from €4.1 million at March 31, 2006 to €3.9 million at March 31, 2007.
The are no guarantee on inventory.
Note 8 Trade receivables
Trade receivables break down as follows:
All other receivables are due in less than one year, with the exception of Canadian subsidies in the amount of €7.2 million,
which will be charged against payment of tax.
Note 10 Current financial assets
Current financial assets break down as follows:
In order to limit the group's foreign exchange risk, Ubisoft Entertainment SA uses forward sales contracts and options
contracts to hedge the risk of exchange rate fluctuations.
These derivative instruments are shown on the balance sheet at their fair value under current financial assets or liabilities.
Losses and gains reflecting a change in the market value of non-hedge derivatives at the balance sheet date are reported
on the income statement.
As of 03.31.07 As of 03.31.06
Gross Provision Net Net
Goods 28,699 3,905 24,794 23,716
Total 28,699 3,905 24,794 23,716
As of 03.31.07 As of 03.31.06
Gross Provision Net Net
Trade receivables 88,843 986 87,857 91,246
Total 88,843 986 87,857 91,246
03.31.07 03.31.06
Net Net
Derivatives on exchange rate transactions (1) 182 228
Equity Swap contract (2) 19,001 93
Total 19,183 321
As of 03.31.07 As of 03.31.06
Gross Provision Net Net
Advances and installments received 685 - 685 1,305
Current account advances 119 - 119 34
VAT 32,710 - 32,710 21,239
Subsidy to be received 34,732 - 34,732 34,124
Other tax and social security liabilities 413 - 413 513
Other 1,273 - 1,273 813
Pre-paid expenses 4,027 - 4,027 4,262
Total 73,959 - 73,959 62,290
Since trade receivables are due in less than one year, the impact of discounting is not significant and not recognized.
The provision decreased from €2 million at March 31, 2006 to €1 million at March 31, 2007.
Note 9 Other receivables
Other receivables break down as follows: