Ubisoft 2008 Annual Report Download - page 139

137
UBISOFT ANNUAL REPORT 2009
fI n a n c I a l s t a t e m e n t s 02
2.1.5.5 Accounting principles and valuation methods
2.1.5.5.1 Comparability of nancial statements
Balance sheet and Income statement
At March 31, 2008, Gameloft shares previously accounted for by the equity method were transferred to “Assets held-for-sale” as
Ubisoft had decided to dispose of them via an equity swap with Calyon. At year-end, shares not disposed of were recorded at fair
value under equity: gains from the disposal of shares were recorded in "Income from discontinued activities”.
There were no disposals of Gameloft shares over the year. At March 31, 2009, Gameloft shares were therefore reclassied as
"Current nancial assets" and the "Income from discontinued activities" shown in the nancial statements at March 31, 2008 has
been reclassied in the following items:
• Financial income from the capital gain on disposal of shares: €14,568 thousand,
• Share of Gameloft income under equity method accounting up to the disposal date of Calyon shares, and impact of the dilution:
€540 thousand,
• Tax expense incurred on the disposal: €281 thousand.
2.1.5.5.2 Impact of documentation on hedging relationship
As indicated in the part entitled "Recognition and measurement of nancial derivatives", since April1, 2008 the Group has applied
hedge accounting.
As hedging documentation must be provided before transactions, hedge accounting cannot be applied retrospectively, therefore
there is no effect on previous years.
2.1.5.5.3 Bases of preparation
Bases of measurement
The consolidated nancial statements have been prepared using the historical cost method, with the exception of the following
assets and liabilities, which are measured at fair value: derivatives, nancial instruments held for trading and available-for-sale
nancial assets.
Operating and presentation currency
The consolidated nancial statements are presented in euros, which is the company's operating currency. All nancial data presented
in euros are rounded to the nearest thousand.