Ubisoft 2009 Annual Report Download - page 111
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107
Hedging reserve
The hedging reserve includes the effective part of the cumulative net change in the fair value of cash flow hedge
instruments attributable to hedged transactions that have not yet materialized.
As of 03.31.09 2,655
Gains/losses on cash flow hedging
Foreign-exchange hedges -4,093
Deferred tax 1,406
Reclassification under profit and loss
Foreign-exchange hedges -219
Deferred tax 70
As of 03.31.10 -181
The portion reclassified under profit 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 financial assets until these have
been divested or impaired.
Own shares
Occasionally, the Group buys its own shares on the market. The timing of these purchases depends on the share
price.
As of March 31, 2010, the Company held 94,318 of its own shares. These are measured at the average quoted
price of €9.61 and are recognized as a deduction from equity for a total of €907 thousand (a reduction of €101
thousand compared with March 31, 2009, essentially due to the drop in the share price).
Dividends
At March 31, 2010, no dividend had been paid in respect of 2008/2009 earnings.
Note 12. Provisions
Opening
balance
Provisions Reversals
(provision
used)
Reversals
(provision not
used)
Translation
adjustments
Closing
balance
Provision for tax risk 1,974 - 176 - 394 2,192
Other provisions for risks 10 13 - - - 23
TOTAL 03.31.10 1,984 13 176 - 395 2,215
TOTAL 03.31.09 1,861 176 2 - -51 1,984
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 final agreement, the provision
of CAD 3 million remains unchanged.
Contingent liabilities
A tax audit is underway at Ubisoft PTY Ltd (Australia) for the period from April 1, 2004 to March 31, 2007. No
proposed adjustments have been received to date. Consequently, no provisions have been made in the accounts.