Ubisoft 2008 Annual Report Download - page 65

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63
UBISOFT ANNUAL REPORT 2009
ma n a G e m e n t r e p o r t 01
1.1.3.3 Borrowing terms and nancing structure
During 2008-09, most nancing came from a medium-term loan of €20 million. Ubisoft has barely touched the syndicated loan
of €180 million agreed in May 2008, nor the bilateral credit facilities. On the other hand, the Company placed surplus cash on
a consistent basis.
The average cost of borrowing was 2.16%.
The covenants with which the Company must comply in relation to the new syndicated loan as well as those for the €20 million
bilateral credit facilities signed in 2006/07 are as follows:
2008-09 2007-08
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
Furthermore, in 2006-07, the Company contracted a €10 million credit line, which is subject to the same covenants but uses
0.9 for the net debt/equity ratio.
For nancial year 2009-10, and unless the Company makes a major acquisition, Ubisoft should be able to nance its operations
from cash and the various facilities made available to it, including €210 million in conrmed credit facilities (including
€180 million from the Syndicated Loan signed in 2008) and €76 million from short-term facilities.
1.1.4 Sustainable development
1.1.4.1 Human Resources
Ubisoft key gures as of March 31, 2009
As of March 31, 2009 As of March 31, 2008 As of March 31, 2007
Number of employees 5,765 4,323 3,934
Average headcount 5,076 4,118 3,734
Number of countries 28 24 22
Average age 31.2 years old 31.5 years old 31 years old
Average seniority 3.6 years 3.8 years 3.5 years
The number of employees has thus risen by more than 33% since March 31, 2008.
Breakdown of headcount by activity(1)
ACTIVITY As of March 31, 2009 As of March 31, 2008 As of March 31, 2007
Production 4,790 3,481 3,194
Business 975 842 740
Total 5,765 4,323 3,934
(1) Headcount only includes permanent employees. Interns and temporary employees (contract workers and temporary staff) are thus excluded
from the total headcount.
83% of employees work in production and 17% in business or support functions.