Ubisoft 2006 Annual Report Download - page 90

UBISOFT • FINANCIAL REPORT 2007
Chief characteristics of the OBSAR (bonds with redeemable share subscription warrants):
At its meeting of November 3, 2003, the Board of Directors used the authorization granted by the Combined General
Meeting of September 12, 2002 to issue OBSAR bonds (bonds with redeemable share subscription warrants).
Characteristics of the bonds
Number: 716,746 bonds.
Nominal issue price: €76.70
Bond term: Five years from the settlement date.
Nominal rate, yield: The bonds will bear interest at a variable rate payable quarterly in arrears.
The annual nominal rate is based on the 3-month Euribor.
Normal redemption: The bonds will be redeemed on a single redemption date –December 2, 2008
–at the par rate of €76.70 per bond.
Characteristics of the BSAR (redeemable share warrants)
Number of BSAR: 1,433,492 (two BSAR are attached to each bond).
Parity: One BSAR entitles its holder to subscribe for one new share with a face value of
€0.31.
Strike price: €38.35
Exercise period: The BSAR can be exercised between December 3, 2003 and December 2, 2008,
subject to the provisions governing the early redemption of BSAR at the option
of the issuer and those concerning circumstances under which the exercise of
BSAR may be suspended.
At its meeting of January 19, 2007, the Board of Directors voted in favor of the early redemption on February 26, 2007 of
the outstanding BSAR and bonds, in accordance with the provisions of Articles 2.2.7.3.2 and 2.5.6.1 of securities note 03-
1001 of November 14, 2003 approved by the Autorité des Marchés Financiers. The early redemption of the BSAR resulted
in the redemption of the outstanding bonds.
During the fiscal year ended March 31, 2007, following the exercise of 1,313,907 BSAR: 69 shares with a face value of €0.31
and 2,627,676 shares with a face value of €0.155 were created.
Note 16 Deferred tax liabilities
(1) The Canadian subsidiary benefits from multimedia credits. As these credits are taxable in the year in which they are used but are recorded on a fiscal year basis,
the company recognizes a future tax liability for this item.
Due date of deferred tax liabilities:
- short-term: €997 thousand
- long-term: €27,217 thousand
Note 17 Trade creditors and related accounts payables
Trade creditors break down as follows:
All trade payables have a due date of less than one year.
As the above amount is short-term and does not bear interest, a change in interest rates does not pose a significant inte-
rest rate risk.
03.31.07 03.31.06
Subsidies (1) 10,810 10,922
TLC brands 3,190 3,510
Equity Swap 13,032 5,934
Bond debentures - 1,112
Other 1,182 1,376
Total 28,214 22,854
03.31.07 03.31.06
Trade payables 78,589 65,305
Debts on fixed assets 2,589 5,728
Total 81,178 71,033