Ubisoft 2012 Annual Report Download - page 108

Download and view the complete annual report

Please find page 108 of the 2012 Ubisoft annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 192

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192

Financial Statements
2012
103
Note 6. Inventory and work in progress
Inventory and work
in progress
Opening
balance
Changes in inventory
Changes in scope
Translation
adjustments
Closing
balance
Goods
51,198
(25,392)
-
1,241
27,047
Total at 03/31/12
51,198
(25,392)
-
1,241
27,047
Total at 03/31/11
56,827
(4,862)
7
(774)
51,198
Provisions
Opening
balance
Provisions/Reversals
Changes in scope
Translation
adjustments
Closing
balance
Goods
15,980
(9,135)
-
189
7,034
Total at 03/31/12
15,980
(9,135)
-
189
7,034
Total at 03/31/11
8,854
7,263
-
(137)
15,980
Note 7. Trade receivables
Trade receivables
Opening balance
Gross
Movement
Changes in
scope
Translation
adjustments
Closing
balance
Gross
Trade receivables
51,373
(64,914)
1,682
710
(11,149)
Total at 03/31/12
51,373
(64,914)
1,682
710
(11,149)
Total at 03/31/11
71,020
(19,389)
1,215
(1,473)
51,373
Provisions
Opening
balance
Provisions
Reversals
Changes in
scope
Translation
adjustments
Closing
balance
Trade receivables
2,110
1,542
1,573
(128)
43
1,994
Total at 03/31/12
2,110
1,542
1,573
(128)
43
1,994
Total at 03/31/11
2,272
1,630
1.791
1
(2)
2,110
Trade receivables are due in less than one year.
The analysis of credit risk appears in note 16.
In financial year 2011/2012, the seasonality affected by weaker sales in the last quarter generated a
credit balance of accounts receivable due to the recognition of provisions for returns and price
protection.
Note 8. Other receivables
03/31/12
03/31/11
Other receivables
Gross
Impairment
Net
Net
Advances and prepayments received
1,962
-
1,962
2,985
VAT
28,153
-
28,153
29,037
Grants receivable
24,394
-
24,394
16,126
Other tax and employee-related receivables
2,133
-
2,133
1,792
Other*
16,007
-
16,007
1,204
Prepaid expenses
10,943
-
10,943
8,334
TOTAL
83,592
-
83,592
59,478
* The large increase in other receivables is mainly due to the fact that receivables from the customer Game, which is in a state
of insolvency, are presented in this item. These receivables are fully covered by the credit insurer Coface for €6,690 thousand.
All other receivables are due in less than one year.
An amount of receivables under grants receivable in the amount of €30.5 million was deconsolidated
following the signing of the factoring contract regarding the Canadian multimedia titles tax credit
(€31 million, March 31, 2011). The contractual terms of the factoring agreement signed in March 2012
allow Ubisoft to transfer all the risks and rewards relating to the 80% share of these receivables held,
including the risk of default of the assigned debtor. Consequently, 80% of these grants were
derecognized as at March 31, 2012.