Ubisoft 2008 Annual Report Download - page 160

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158
UBISOFTANNUAL REPORT 2009
Hedging reserve
The hedging reserve includes the effective part of the cumulative net change in the fair value of cash ow hedge instruments
attributable to hedged transactions that have not yet materialised.
AT THE BEGINNING OF THE FINANCIAL YEAR -
Gains/losses on cash flow hedging
Foreign exchange hedges
3.837
Deferred tax
-1,321
Reclassification under profit and loss
Foreign exchange hedges
204
Deferred tax
-65
At the end of the financial year 2,655
The portion reclassied under prot and loss is booked under current operating income.
Fair value reserve
The fair value reserve includes the cumulative net change in the fair value of nancial assets until these have been divested
or impaired.
Own Shares
As at March 31, 2009, the Company held 80,914 of its own shares. These are measured at the average quoted price of €12.45
and are recognised as a deduction from equity for a total of €1,008 thousand.
Dividends
At March 31, 2009, no dividend had been paid in respect of 2007/08 earnings.
Note 12. Provisions
Provisions break down as follows:
Opening Provisions Reversals
(provision
used)
Reversals
(provision not
used)
Translation
adjustments
Closing
Provision for tax risk 1,861 166 2 - -51 1,974
Other provisions for risks - 10 - - - 10
Total 03.31.09 1,861 176 2 - -51 1,984
Total 03.31.08 1,952 12 - - -103 1,861
Ahead of the Ubisoft Divertissements Inc. (Canada) tax audit for 1999 to 2003, and 2004 to 2008, a bilateral transfer price agreement
has been initiated with the tax authorities. Waiting for the nal agreement, the provision of CAD 3 million remains unchanged.