Ubisoft 2009 Annual Report Download - page 118
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114
The syndicated loan and the confirmed bank loans in place are governed by financial covenants that are based on
the ratio of net debt to equity and that of net debt to Ebitda.
Covenants
Under the terms of the syndicated loan and €20 million bilateral line, the Company is required to fulfill some
financial ratios (covenants).
The covenants are as follows:
2009/2010 2008/2009
Net debt restated for assigned receivables/equity restated for goodwill < 0.80 0.80
Net debt restated for assigned receivables/Ebitda < 1.5 1.5
Furthermore, in 2006/2007, 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.
All covenants are calculated on the basis of the consolidated annual financial statements under IFRS.
As at March 31, 2010, the Company is in compliance with all these ratios and expects to remain so during the
2010/2011 financial year.
Other borrowings are not governed by covenants.
Analysis of financial liabilities by maturity
03.31.10 Schedule
Carrying
amount
Total
contractual
flows (1) (2)
< 1 year 1 to 2
years
3 to 5
years
> 5 years
Current and non-current financial
liabilities
Current financial debt 22,671 22,671 924 21,016 731 -
Borrowings resulting from the restatement
of finance leases
97
3
973 172 15
6
28
6
35
9
Trade payables 144,499 144,499 144,499
Other operating debts 93,617 93,617 93,617
Current tax liabilities 3,352 3,352 3,352
Cash liabilities 120,340 120,340 120,340
Derivative liabilities
Non-hedge derivatives 348 54,755 54,755
Total 385,800 440,207 417,659 21,172 1,017 359
(1) Debts are shown at the closing exchange rate.
(2) Variable-rate interest is calculated on the basis of the closing rate.
Foreign-exchange risk
The Group is exposed to foreign exchange risk on its operating cash flows and on its investments in foreign
subsidiaries. The operating net revenue% exposures outside the euro currency area reach 67%.