Ubisoft 2012 Annual Report Download - page 121

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Financial Statements
2012
116
Other liabilities mainly include additional sums to be paid for the following acquisitions: €4 million for
Nadeo, €5.1 million for RedLynx and €16.1 million for Owlient.
1.6.8 NOTES TO THE INCOME STATEMENT
Note 19. Sales
03/31/12
03/31/11
Sales of goods
992,898
993,232
Licenses
52,930
27,168
Services
15,468
18,426
TOTAL
1,061,296
1,038,826
At current exchange rates, sales have risen by 2.1%; at constant exchange rates, there has been an
increase of 3.9%.
Note 20. Operating expenses by destination
The decrease of €14.6 million in research and development costs, which represent 33.5% of sales
(€355 million) compared to 35.6% in 2010/11 (€369.6 million), is primarily due to the lower number of
games released on high-definition consoles during the period, partially offset by higher royalties and a
rise in certain non-capitalized online costs.
During the year, released commercial software was amortized in the amount of €206 million
(€200 million in 2010/11) and external developments in the amount of €64 million (€61 million in
2010/11).
The increase of €31.7 million in SG&A expenses, which represent 29.9% of sales (€317.5 million)
compared to 27.5% in 2010/2011 (€285.8 million), relates to:
- Variable marketing expenses, up at €177 million (16.7% of sales) compared to
€160 million (15.4%) in 2010/11. This increase is primarily related to growth in online and
dance activities.
- Structuring costs, also up at €140 million (13.2% of sales) compared to €125.8 million
(12.1%) in 2010/11. This increase is primarily explained by higher expenses relating to
online activity.
Note 21. Operating expenses by type
Employee benefits expenses
03/31/12
03/31/11
Salaries and payroll taxes
403,515
356,907
Wage subsidies
(62,021)
(54,585)
Share-based payments*
9,090
13,276
Portion of share-based payments capitalized
(5,281)
(8,235)
TOTAL
345,303
307,363
* See breakdown in note 14
In financial year 2011/2012, €5.3 million in share-based compensation was capitalized and €6.6 million
amortized for the year.
The Group has total expenses of €10,133 thousand resulting from its defined contribution plans.