Ubisoft 2007 Annual Report Download - page 74
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UBISOFT • FINANCIAL REPORT 2008
Expiry of deferred tax assets as of March 31, 2008:
- Short-term: €13,002 thousand
- Long-term: €8,682 thousand
Deferred income tax assets are recognized if their reco-
very is likely, 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, the distribution companies systematically report
operating profits; similarly, the studios invoice salaries
with a margin that includes their overheads.
There is thus a real likelihood of recovery of loss carry-
forwards for all the companies; only Ubisoft World Studios
SAS and Sunflowers GmbH do not offer sufficient short-
term guarantees.
The €16.4 million decrease in tax assets reflects essentially Ubisoft Entertainment SA’s use of €15.5 million in loss carry-forwards.
The expiry of tax loss carry-forwards broke down as follows:
- 1 to 5 years: €175 thousand
- > 5 years: € 0 thousand
- No expiry: €231 thousand
The change in provisions reflects the change in the value of Ubi Soft Entertainment Ltda (Brazil), Ubisoft Music Inc., and SEK GmbH.
No financial assets were used to guarantee any liabilities.
Capitalized / uncapitalized deemed deferred depreciation and loss carry-forwards:
Provisions Cumulative Increase Decrease Changes Cumulative
as of 03.31.07 in scope as of 03.31.07
Assets available for sale 202 63 13 156 408
Deposits and sureties 7 7
Total 202 70 13 156 415
03.31.08 03.31.07
Capitalized loss carry-forwards and deemed deferred depreciation 406 16,865
Temporary tax differences 16,178 18,906
Elimination of studios’ internal margin 3,840 1,303
Elimination of other internal profits 11 117
Foreign exchange transactions 466 0
Other consolidation adjustments 783 439
Total 21,684 37,630
In thousands of euros 03.31.08 03.31.07
Capitalized deemed Uncapitalized deemed Total Capitalized deemed
deferred depreciation deferred depreciation deferred depreciation
and loss carry-forwards and loss carry-forwards and loss carry-forwards
Ubisoft Entertainment SA - - 15,521
Ubisoft World Studios SAS 582 582 -
Red Storm Entertainment Inc. 64 - 64 101
Ubisoft Computing SARL 32 - 32 100
Ubisoft GmbH 41 - 41 553
Ubisoft BV 15 - 15 121
Shanghaï Ubi Computer Software Ltd 175 - 175 172
Tiwak SAS 77 - 77 151
Sunflowers GmbH - 1,036 1,036 -
Other 2 - 2 146
Total 406 1,618 2,024 16,865
The increase in assets available for sale reflects the acquisition of shares in Max Design GmbH and SEK GmbH, in which
Sunflowers GmbH had respective interests of 100% and 60%.
The change in other non-current receivables reflects stock purchases and sales under the liquidity agreement.
Maturity of financial assets as of March 31, 2008:
Short-term: €306 thousand
Long-term: €2,626 thousand
Note 6 Deferred tax assets