Ubisoft 2009 Annual Report Download - page 40

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36
Counterparty risk
The Group is exposed to counterparty risk – mostly banking-related – in the course of its financial
management. The aim of the Group’s banking policy is to focus on the creditworthiness of its counterparties
and thus reduce its risks.
Securities risk
1/ Risk to the Company's shares
In accordance with its share buyback policy and within the authorizations granted by the Shareholders’
Meeting, the Company may decide to buy back its own shares. The fluctuations in the price of shares bought
in this way have no impact on the Group’s income.
2/ Risk on other shares
As of March 31, 2010 the gameloft shares are covered by an equity swap agreement signed with Calyon.
For these Shares, a significant and/or prolonged drop in the share price may have an adverse effect on the
Group’s income.
As of March 31, 2010 the fair value of this receivable with Calyon is reflected in the balance sheet (see Note
9 to the consolidated financial statements and Accounting principles).
1.1.7.5 Industrial or environment-related risks
The Group currently has no knowledge of any industrial or environmental risk.
Ubisoft did not record any provision, purchase any insurance to cover potential environmental risks, or pay
any compensation in this regard during the financial year.
Nevertheless, the Company remains alert to regulatory changes in countries where it is present.
Even if the Company has no direct impact on the environment, this issue is an integral part of the Group’s
policy and has become a subject for discussion. It is presented and discussed in more detail in the
“Sustainable development” section of this report.