Ubisoft 2008 Annual Report Download - page 158

156
UBISOFTANNUAL REPORT 2009
Note 9. Current nancial assets
Other current nancial assets break down as follows:
Gross 03.31.09
Impairment
Net amount 03.31.08
Net amount
Foreign exchange derivatives (1) 5,557 - 5,557 445
Equity swap derivatives (2) - - - 38,839
Gameloft shares (3) 15,053 - 15,053 25,058
Total 20,610 - 20,610 64,342
(1) Fair value of nancial instruments:
This line item includes foreign exchange derivatives whose market value at the year-end is positive (see analysis in note 16).
(2) Fair value of the Ubisoft equity swap:
The asset value recognised as of March 31, 2008 was cleared following the sale of the 1,243,121 shares remaining as of March 31, 2008 at an average price of
€61.68. This sale generated a capital gain of €8,840 thousand for the year, recorded in nancial result.
(3) Fair value of Gameloft shares:
The change in fair value is due to the difference in price between March 31, 2008 and March 31, 2009. Gameloft shares are a current asset as dened by IAS 39.
As of March 31, 2009, the unit price of the 9,178,725 Gameloft shares was €1.64, representing a balance sheet value of €15,053 thousand. The difference in price
over the period (€1.64 versus €2.73 at 31 March 2008) resulted in a loss in value of €10,004 thousand, of which €8.6 million was booked in prot and loss.
Note 10. Cash and cash equivalents
The cash and cash equivalents line item include:
03.31.09 03.31.08
Cash (1) 142,610 120,973
Investment securities 94,596 107,940
of which UCITS investment funds 69,598 84,446
Mutual Fund 14,998 18,494
Term certificates of deposit 10,000 5,000
Total 237,207 228,913
(1) Cash includes the balances of cash accounts and bank accounts.
The change in net cash breaks down as follows:
03.31.09 03.31.08
Cash and cash equivalents 237,207 228,913
Bank overdrafts and short-term loans -60,317 -55,732
Cash and cash equivalents on the cash flow statement 176,890 173,181