Ubisoft 2012 Annual Report Download - page 86

Download and view the complete annual report

Please find page 86 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
81
1.6 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The notes and tables that follow are presented in thousands of euros, unless expressly stated
otherwise.
1.6.1 COMPANY PRESENTING THE CONSOLIDATED FINANCIAL
STATEMENTS
Ubisoft Entertainment is domiciled in France.
The consolidated financial statements for the year ended March 31, 2012 cover Ubisoft Entertainment
and its subsidiaries (collectively referred to as “the Group”).
The consolidated financial statements were approved by the Board of Directors on May 14, 2012 and
will be presented to the General Meeting on Thursday, September 20, 2012.
1.6.2 HIGHLIGHTS OF THE FINANCIAL YEAR
April 2011 – Subscription of a new credit line
Ubisoft Divertissements Inc. purchased a bilateral credit line for a period of 2 years in the amount of
€25 million. This line is secured by Ubisoft Entertainment SA and follows the same covenants as other
lines.
June 2011 – Extension of Gameloft equity swap contract
The equity swap contract concluded on July 12, 2007 with Credit Agricole Corporate and Investment
Bank (formerly Calyon) on Gameloft shares has been extended for 2 years, until July 15, 2013.
September 2011 – Sale of €8.5 million in receivables under the factoring agreement
The factoring agreement relating to the Canadian multimedia titles tax credit concluded between the
BNC and Ubisoft Entertainment Inc. allowed for the assignment of receivables of €8.5 million in the
first half of the year.
September 2011 – Disposal of research tax credit claim
Ubisoft Entertainment SA disposed of a €3.6 million research tax credit claim for research expenditure
incurred during the year ended March 31, 2011 by the companies forming part of the French tax
group; it was assigned without recourse by way of a discount to Natexis.
September 2011 – Share buyback
Between September 8 and September 19, 2011, Ubisoft bought back 400,000 Ubisoft shares on the
market at an average price of €3.97, a share buyback authorized by the General Meeting of June 30,
2011 and implemented by the Board of Directors on the same date.
This treasury stock has been allocated to cover stock option plan 24, authorized by the Board of
Directors on March 9, 2012.
November 2011 to March 2012 – Disposal of Gameloft shares
Sale of 3,171.818 Gameloft shares at an average price of €4.32.
March 2012 – Sale of €22 million in receivables under the factoring agreement
The factoring agreement relating to the Canadian multimedia titles tax credit concluded between the
BNC and Ubisoft Entertainment Inc. allowed for the assignment of receivables of €22 million in the
second half of the year.
March 2012 – Issue of 9,400,000 share subscription warrants
Under the authorization granted by the General Meeting of June 30, 2011 pursuant to the 11th
resolution, it was decided on March 20, 2012 that 9,400,000 share subscription warrants would be