Ubisoft 2009 Annual Report Download - page 125
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121
Taxes were calculated for French companies based on the rate prevailing on March 31, 2010, which was 33.33%.
There are three tax consolidation groups:
- In France, the tax group includes all French companies, with the exception of those created during the
financial year. As at March 31, 2010, the tax group generated a tax deficit of €171,576 thousand,
including a net increase of €69,726 thousand in accelerated tax depreciation. As the tax deficit was
generated mainly by amortization on intangible assets, the deferred tax asset relating to the tax deficit
reduced the deferred tax liability relating to the accelerated tax depreciation.
Any tax savings arising from the use of losses at the tax group’s member companies will only be
temporary, since the company in question may use them at any time for its 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, 2010, the tax group generated a tax expense of €3,470 thousand.
- In the UK, the group includes two companies: Ubisoft Limited and Ubisoft Entertainment Limited. As of
March 31, 2010, the tax group generated tax income of €49 thousand.
Reconciliation between the theoretical tax liability and the recognized tax liability:
03.31.10
Consolidated income excluding GW, tax, profit from associates, and excluding income from discontinued activities -66,980
Theoretical tax (33.33%) -22,327
Payments of tax deferred from previous years:
Impact of supplementary tax -1,199
Impact of changes in the rate on the tax basis -1,260
Impact of permanent differences between corporate income and
consolidated earnings:
Payroll top-up under IFRS 2 3,801
Cancellation of provisions for impairment of goodwill -309
Cancellation of studio margin -716
Other permanent differences 192
Impact of permanent differences between corporate income and
taxable income: 1,039
Taxation of foreign companies at different tax rates 37
Other adjustments
Other local taxes -2
Tax credit -2,881
Total income tax -23,624
Real tax rate 35.27%