Ubisoft 2008 Annual Report Download - page 173

171
UBISOFT ANNUAL REPORT 2009
fI n a n c I a l s t a t e m e n t s 02
Note 25. Analysis of nancial income and expenses
03.31.09 03.31.08
Cost of net financial debt 929 -1,340
Income from cash 4,133 2,342
Interest on borrowings -3,204 -3,682
Foreign-exchange income -5,343 -13,742
Foreign-exchange gains 39,662 15,665
Foreign-exchange losses -45,005 -29,406
Financial income 8,846 42,869
Disposal of the equity swap on Ubisoft shares 8,862 27,989
Net income on the disposal of financial assets -16 -
Disposal of the equity swap on Gameloft shares - 14,568
Other financial income - 312
Financial expenses -9,272 -793
Fair value adjustment of financial assets (1) -8,661 -
Other financial expenses -611 -793
Total -4,840 26,994
(1) Cf Note 9 –Gameloft shares at fair value.
Note 26. Share of prot of associates
The share of prot of associates is attributable to the Related Designs Software GmbH associate.
Note 27. Income tax and deferred taxes
Tax liabilities
• Analysis of tax liabilities:
03.31.09 03.31.08
Current tax -26,196 -18,981
Deferred tax -13,596 -29,976
Total -39,792 -48,957
Tax owed by French companies was calculated at the rate prevailing at March 31, 2009 (33.33%), plus the 3.3% contribution for
the tax-consolidated group.
There are two tax consolidation groups:
• In France, the group includes Ubisoft Entertainment SA (head of the group), distribution companies and support service providers.
As of March 31, 2009, the tax group generated a tax expense of €17,438 thousand. Nevertheless, any tax savings arising from
the use of losses at the tax group’s member companies will only be temporary, since the companies in question may use them
at any time for their own purposes;
• In the United States, the group includes three companies: Ubisoft Holdings Inc., Red Storm Entertainment Inc. and Ubisoft Inc.
As of March 31, 2009, the tax group generated a tax expense of €5,343 thousand.