Ubisoft 2006 Annual Report Download - page 89
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Bank overdrafts
Bank overdrafts are used to finance temporary cash requi-
rements generated by changes in working capital require-
ments. They may be offset with existing liquid assets at other
group companies as part of a notional cash pooling system.
Leasing
Leases mainly concern computer equipment leased under
contracts of a maximum of three years. During the fiscal
year, new borrowings totaled €60 thousand and repay-
ments totaled €230 thousand.
Net financial surplus
At March 31, 2007, the net financial surplus was €54,972
thousand.
The financial position improved by €120,316 thousand
over the fiscal year.
The breakdown of borrowings by currency is as follows:
Chief characteristics of OCEANE (bonds convertible/exchangeable into new and/or existing shares)
Number: 3,150,000 bonds.
As a result of the adjustment made in connection with the issue of warrants for
the purchase of existing shares and/or the subscription of new shares in May
2003, one bond entitles its holder to subscribe for 1,037 shares, each with a face
value of €0.31.
Nominal issue price: €47.50
Dated date and settlement date: November 30, 2001
Bond term: Five years from the settlement date.
Annual yield: 2.5% per year, payable in arrears on November 30 of each year.
Gross redemption yield: 4.5% on the settlement date (if no conversion into and/or exchange for shares
and no early redemption).
Normal redemption: Redemption in full on November 30, 2006, at a price of €52.70, or 110.94% of
face value.
The settlement date was November 22, 2006.
During the fiscal year, 475,998 shares with a face value of €0.31 were created following the conversion of 459,013
OCEANE, and 1,290,288 OCEANE were redeemed.
CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2007
77
2
03.31.07 03.31.06
Borrowings 71,580 202,335
Cash on hand - 95,766 - 99,732
Net investment securities - 30,786 - 37,259
Financial surplus - 54,972 65,344
03.31.07 03.31.06
Euros 61,473 193,949
US dollars 276 79
Canadian dollars 9,826 8,277
Pounds sterling 3 17
Other 2 13
Borrowings 71,580 202,335