Ubisoft 2008 Annual Report Download - page 166

164
UBISOFTANNUAL REPORT 2009
Liquidity risk
The Group's liquidity risk is mostly on the maturing of the €20 million debt on which interest is paid. As the other lines had not
been drawn down at March 31, 2009, this risk is not signicant.
As at March 31, 2009, the Group had nancial debt of €83 million and net cash (including liquid assets and short-term investment
securities) of €154 million.
03.31.09 03.31.08
Financial debt 83,046 79,420
Cash -142,610 -120,973
Net investment securities -94,597 -107,940
Financial surplus -154,161 -149,493
With the exception of a €20 million loan, financial debt at March 31, 2009 consisted mainly of intra-group cash pooling
transactions.
In order to nance temporary needs related to increases in working capital during especially busy periods, the Group has a
€180 million syndicated loan, €30 million in conrmed credit facilities and other bank credit facilities totalling €73.5 million
at March 31, 2009.
The syndicated loan and the conrmed bank loans in place are governed by nancial covenants that are based on the ratio of net
debt to equity and that of net debt to cash ow from operating activities.
Covenants
Under the terms of the syndicated loan and €20 million bilateral line, the Company is required to full some nancial ratios
(covenants).
The covenants are as follows:
2008/2009 2007/2008
Net debt restated for assigned receivables/equity restated for goodwill < 0.80 0.85
Net debt restated for assigned receivables/Ebitda < 1.5 1.5
In 2006-07 the Company also signed a €10 million line, which is subject to the same covenants but uses 0.9 for the net debt/equity ratio.
All covenants are calculated on the basis of the consolidated annual nancial statements under IFRS.
As at March 31, 2009, the Company is in compliance with all these ratios and expects to remain so during the 2009-10 nancial year.
Analysis of nancial liabilities by maturity
03.31.09 Schedule
Carrying
amount
Total contractual
flows(1) (2)
<1 year 2 years 3 to 5 years
Current and non-current financial liabilities
Current financial debt 22,632 23,819 432 432 22,955
Borrowings resulting from restatement of leases 97 97 47 50
Trade Payables 136,664 136,664 119,802 6,823 10,039
Other operating debts 76,867 76,867 76,867 - -
Current tax liabilities 19,993 19,993 19,993
Cash liabilities 60,317 60,317 60,317 - -
Derivative liabilities
Non-hedge derivatives 1,458 48,864 48,864 - -
Total 316,570 366,621 326,322 7,305 32,994
(1) Debts are shown at the closing exchange rate.
(2) Variable-rate interest is calculated on the basis of the closing rate.