Ubisoft 2008 Annual Report Download - page 174

172
UBISOFTANNUAL REPORT 2009
Reconciliation between the theoretical tax liability and the recognised tax liability:
03.31.09
Consolidated income excluding GW, tax, profit from associates, and excluding income from discontinued activities 108,624
Theoretical tax (34.43%) 37,399
Payments of tax deferred from previous years:
Activation of Ubi World studios tax loss, previously not activated -533
Impact of changes in the rate applied to deferred taxes -610
Other -310
Effect of permanent differences between corporate income and consolidated income:
Payroll top-up under IFRS 2 4,763
Cancellation of provisions for impairment of goodwill -342
Other permanent differences -1,086
Effect of permanent differences between corporate income and taxable income: 1,264
Taxation of foreign companies at different tax rates -90
Other adjustments
Impact of additional tax and tax refund -665
Total income tax 39,791
Real tax rate 37%
Deferred tax
• Breakdown by nature of tax on the balance sheet and income statement:
03.31.08 Change
in income
Change
in equity
Carried over
from business
combinations
03.31.09
Intangible assets
Elimination of other internal profits 11 27 - - 38
Non-current assets 3,840 609 - - 4,449
Non-current financial assets - 2,982 - - 2,982
Receivables
Capitalised loss carry-forwards
and deemed deferred depreciation
406 1,048 - - 1,454
Hedging derivatives 466 36 - - 502
Other
Temporary tax differences 16,178 -2,707 -4 - 13,467
Other consolidation adjustments 783 141 - - 924
Total deferred tax assets 21,684 2,136 -4 0 23,816
Intangible assets
Brands -4,186 -506 - -29 -4,721
Accelerated tax depreciation on expenses/games -8,393 -30,523 - - -38,916
Receivables
Government grants -11,081 -1,985 - - -13,066
Derivatives
Ubisoft equity swap -19,363 19,363 - - -
Foreign exchange hedges - -1,328 - - -1,328
Other -967 -963 - -359 -2,289
Total deferred tax liabilities -43,990 -15,942 - -388 -60,320
Total net deferred taxes -22,306 -13,805 -4 -388 -36,504