Ubisoft 2010 Annual Report Download - page 41

)LQDQFLDO5HSRUW




),1$1&,1*$1'/,48,',7<5,6.
,QWKHFRXUVHRILWVRSHUDWLQJDFWLYLW\WKH*URXSKDVQRUHFXUUHQWRUVLJQLILFDQWGHEWV2SHUDWLQJFDVK
IORZV DUH JHQHUDOO\ VXIILFLHQW WR ILQDQFH RSHUDWLQJ DFWLYLW\ DQG RUJDQLF JURZWK +RZHYHU WKH *URXS
PD\QHHGWRLQFUHDVHLWVGHEWE\XVLQJFUHGLWOLQHVWRILQDQFH0HUJHU$FTXLVLWLRQDFWLYLW\,QRUGHUWR
ILQDQFH WHPSRUDU\QHHGV UHODWHG WRLQFUHDVHV LQ ZRUNLQJ FDSLWDO GXULQJ HVSHFLDOO\ EXV\ SHULRGVWKH
*URXS KDV D ¼ PLOOLRQ V\QGLFDWHG ORDQ ¼ PLOOLRQ LQ FRQILUPHGFUHGLWIDFLOLWLHVDQGRWKHUEDQN
FUHGLWIDFLOLWLHVWRWDOLQJ¼PLOOLRQDW0DUFK
7KH*URXS¶VOLTXLGLW\ULVNPDLQO\OLHVZLWKWKHPDWXULW\RID¼PLOOLRQGHEWRQZKLFKLQWHUHVWLVSDLGDV
ZHOODVSD\PHQWIORZVRQGHULYDWLYHVDQGWKLVULVNLVWKHUHIRUHQRWVLJQLILFDQW
,17(5(675$7(5,6.
,QWHUHVWUDWHULVNLVPDLQO\LQFXUUHGWKURXJKWKH*URXSVLQWHUHVWEHDULQJGHEW7KLVLVHVVHQWLDOO\HXUR
GHQRPLQDWHGDQGFHQWUDOO\PDQDJHG,QWHUHVWUDWHULVNPDQDJHPHQWLVSULPDULO\GHVLJQHGWRPLQLPL]H
WKHFRVWRIWKH*URXSVERUURZLQJVDQGUHGXFHH[SRVXUHWRWKLVULVN)RUWKLVSXUSRVHWKH*URXSXVHV
SULPDULO\IL[HGUDWHORDQVIRULWVORQJWHUPILQDQFLQJQHHGVDQGYDULDEOHUDWHORDQVWRILQDQFHVSHFLILF
QHHGVUHODWHGWRLQFUHDVHVLQZRUNLQJFDSLWDOGXULQJSDUWLFXODUO\EXV\SHULRGV
$W0DUFKWKH*URXS¶VQHWGHEWLQFOXGHGDYDULDEOHUDWH ORDQ DQG EDQN RYHUGUDIWV ZKLFK
JLYHQWKH*URXS¶VSRVLWLYHQHWFDVKSRVLWLRQDUHXVHGHVVHQWLDOO\WRILQDQFHWKHKLJK\HDUHQGZRUNLQJ
FDSLWDOUHTXLUHPHQWHQWDLOHGLQWKHKLJKO\VHDVRQDOQDWXUHRIWKHEXVLQHVV
7KH VHQVLWLYLW\ RI GHEW WR D FKDQJH LQ LQWHUHVW UDWHV LV GHVFULEHG LQ 1RWH  WR WKH FRQVROLGDWHG
ILQDQFLDOVWDWHPHQWV
&2817(53$57<5,6.
7KH *URXS LV H[SRVHG WR FRXQWHUSDUW\ ULVN ± PRVWO\ EDQNLQJUHODWHG ± LQ WKH FRXUVH RI LWVILQDQFLDO
PDQDJHPHQW 7KH DLP RI WKH *URXS¶V EDQNLQJ SROLF\ LV WR IRFXV RQ WKH FUHGLWZRUWKLQHVV RI LWV
FRXQWHUSDUWLHVDQGWKXVUHGXFHLWVULVNV

6(&85,7,(65,6.
5,6.727+(&203$1<66+$5(6
,QDFFRUGDQFHZLWKLWVVKDUHEX\EDFNSROLF\DQGZLWKLQWKHDXWKRUL]DWLRQVJUDQWHGE\WKH6KDUHKROGHUV¶
0HHWLQJWKH&RPSDQ\PD\GHFLGHWREX\EDFNLWVRZQVKDUHV7KHIOXFWXDWLRQVLQWKHSULFHRIVKDUHV
ERXJKWLQWKLVZD\KDYHQRLPSDFWRQWKH*URXS¶VLQFRPH
5,6.2127+(56(&85,7,(6
7KH *DPHORIW VKDUHV DUH FRYHUHG E\ DQ HTXLW\ VZDS DJUHHPHQW VLJQHG E\ WKH *URXS ZLWK &$&,%
&UpGLW$JULFROH&RUSRUDWH,QYHVWPHQW%DQN)RUWKHVH6KDUHVDVLJQLILFDQWDQGRUSURORQJHGGURS
LQWKHVKDUHSULFHPD\KDYHDQDGYHUVHHIIHFWRQWKH*URXS¶VLQFRPH
$VRI0DUFKWKHIDLUYDOXHRIWKLVUHFHLYDEOHZLWK&DO\RQLVUHIOHFWHGLQWKHEDODQFHVKHHW
VHH1RWHWRWKHFRQVROLGDWHGILQDQFLDOVWDWHPHQWVDQGDFFRXQWLQJSULQFLSOHV
 ,1'8675,$/25(19,5210(175(/$7('5,6.6
7KH*URXSFXUUHQWO\KDVQRNQRZOHGJHRIDQ\LQGXVWULDORUHQYLURQPHQWDOULVN
8ELVRIWGLGQRWUHFRUGDQ\SURYLVLRQSXUFKDVHDQ\LQVXUDQFHWRFRYHUSRWHQWLDOHQYLURQPHQWDOULVNVRU
SD\DQ\FRPSHQVDWLRQLQWKLVUHJDUGGXULQJWKHILQDQFLDO\HDU
1HYHUWKHOHVVWKH&RPSDQ\UHPDLQVDOHUWWRUHJXODWRU\FKDQJHVLQFRXQWULHVZKHUHLWLVSUHVHQW
(YHQ LI WKH &RPSDQ\ KDV QR GLUHFW LPSDFW RQ WKH HQYLURQPHQW WKLVLVVXHLVDQLQWHJUDOSDUWRIWKH
*URXS¶VSROLF\DQGKDVEHFRPHDVXEMHFWIRUGLVFXVVLRQ,WLVSUHVHQWHGDQGGLVFXVVHGLQPRUHGHWDLO
LQWKHʊ6XVWDLQDEOHGHYHORSPHQt”VHFWLRQRIWKLVUHSRUW