Ubisoft 2007 Annual Report Download - page 104

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UBISOFT • FINANCIAL REPORT 2008
The increase in equity investments basically stems from:
the acquisition of Sunflowers GmbH, for €14,375 thousand,
the acquisition of a 25% interest in Avator GmbH, for
€2,075 thousand,
the acquisition of Digital Kids Col Ltd., for €1,303 thousand,
the capital increase in Ubisoft World SAS, for €29,985
thousand.
The decrease stems from:
the disposal of Gameloft SA stock, for €27,344 thousand,
the disposal of Avator GmbH stock, for €2,075 thousand.
The change in other non-current investments reflects pur-
chases and sales of own shares held under the liquidity
agreement.
The increase in provisions for the depreciation of equity investments is primarily attributable to the impairment of the inte-
rest in Ubisoft Warenhendels GmbH, an Austrian company that is being liquidated.
The decrease in the provision for depreciation of equity investments is primarily attributable to the increase in the value in
use of the shares in Ubisoft EMEA SAS, calculated on the basis of the present value of the cash flows from non-Group re-
venue and the cash position at the balance sheet date.
Note 3. Non-current financial assets
Non-current financial assets break down as follows:
Non-current assets Gross as of Augmentations Diminutions Gross as of
03.31.07 03.31.08
Equity investments 240,098 48,295 29,419 258,974
Other non-current investments 798 42,530 41,753 1,575
Deposits and sureties 332 27 - 359
Total 241,228 90,852 71,172 260,908
Provisions Cumulative as Cumulative as
of 03.31.07 Increases Decreases of 03.31.08
Equity investments 20,794 1,422 6,284 15,932
Other non-current investments 13 - 13 -
Total 20,807 1,422 6,297 15,932
Note 4. Advances and prepayments made
These consist primarily of guaranteed advances paid on license agreements.
Trade receivables basically consist of inter-company receivables.
Note 5. Trade receivables
Trade receivables break down as follows:
As of 03.31.07 New Payments As of 03.31.08
Net guarantees Net
Licenses 29,898 25,451 31,023 24,326
Total 29,898 25,451 31,023 24,326
As of 03.31.08 As of 03.31.07
Gross Provision Net Net
Trade receivables 51,560 - 51,560 63,538
Total 51,560 - 51,560 63,538