Ubisoft 2007 Annual Report Download - page 75

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CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2008
71
2
Note 7 Inventory and work in progress
The inventory of goods break down as follows:
03.31.08 03.31.07
Gross Provision Net Net
Goods 43,084 3,205 39,879 24,794
Total 43,084 3,205 39,879 24,794
03.31.08 03.31.07
Gross Provision Net Net
Trade receivables 85,327 1,101 84,226 87,857
Total 85,327 1,101 84,226 87,857
Since trade receivables are due in under a year, the impact of discounting is not material and is not recognized.
Risk of dependency on customers
Because it has many large retailer customers in many countries, the Company believes that it has no significant dependency
on any customer that could impact its development goals.
Ubisoft’s 10 largest customers accounted for 45% of Group revenue excluding tax.
Moreover, in order to protect itself against the risk of default, the Group’s main subsidiaries, which account for approxi-
mately 85% of Group revenue, are all covered by credit insurance.
Note 9 Other receivables
Other receivables break down as follows:
03.31.08 03.31.07
Net Net
Foreign exchange derivatives (1) 445 182
Equity swap derivatives (2) 38,839 19,001
Total 39,284 19,183
31.03.08 31.03.07
Net Net
Assets available for sale (Gameloft stock) (3) 25,058 -
Total 25.058
All other receivables are due in under a year, with the exception of €10.3 million in grants from the Canadian government
that will be offset against the payment of tax.
Note 10 Current financial assets and assets available for sale
Current financial assets break down as follows
03.31.08 03.31.07
Gross Provision Net Net
Advances and prepayments received 604 604 685
Current account advances 38 38 119
VAT 40,956 40,956 32,710
Grants receivable 36,411 36,411 34,732
Other tax and employee-related receivables 373 373 413
Miscellaneous 4,263 4,263 1,273
Prepaid expenses 9,038 9,038 4,027
Total 91,683 - 91,683 73,959
Asset available for sale are only composed of Gameloft shares.
The provision for inventory went from €3.9 million as of March 31, 2007 to €3.2 million as of March 31, 2008. No inventory was
used to guarantee any liabilities.
Note 8 Trade receivables
Trade receivables break down as follows: