Ubisoft 2013 Annual Report Download - page 123
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Financial Statements
2013
118
A tax audit is underway at Ubisoft Divertissements for the period April 1, 2007 to March 31, 2013,
following the challenging by Canadian authorities (Investissement Québec) of CTMM (Canadian credit
multimedia shares) for a significant amount in profitability bonuses paid to employees of the company.
Based on advice of counsel to the Company, no provision has been booked.
Note 13. Employee benefit liabilities
Opening
balance
Provisions
in income
Change in
other elements
of
comprehensive
income
Reversals
Translation
adjustments
Changes in
scope
Closing
balance
Provisions for post-
employment benefits
1
,568
530
913
-
(14)
-
2
,997
Total at 03/31/13
1,568
530
913
-
(14)
-
2,997
Total at 03/31/12
1,196
339
-
-
-
33
1,568
Assumptions
Japan
Italy
France
03/31/13
03/31/12
03/31/13
03/31/12
03/31/13
03/31/12
Wage growth
2 to 4%
2 to 4%
2%
1.50 to 2%
1.50 to 2%
1.50 to 3%
Discount rate
2.97%
4.56%
2.97%
4.56%
2.97%
4.56%
Average remaining working life
24.49 years
25.3
years
26.12
years
26.7 years
32.78 years
33.6 years
Death rate assumptions are based on published statistics and tables.
The definition of and principles for measurement and recognition of these benefit liabilities are
presented in 1.6.5.3 Consolidation principles - Employee benefits.
A 50-point change in the discount rate would result in a rise of 16.1% in the amount of the benefit
liability.
Note 14. Payments based on equity instruments
Impact on the financial statements:
Equity at 03/31/12
77,769
Employee benefits expenses
1,313
Stock options
1,006
Bonus share grants
269
Group savings scheme
38
Equity instruments capitalized
3,614
Equity at 03/31/13
82,696
The impact of these share-based payments on reserves corresponds to all equity instruments issued
by Ubisoft as of March 31, 2013 and can be seen in the statement of changes in equity presented in
§1.4.
Stock options
The fair value of share subscription or purchase options, subject to satisfaction of presence and
performance requirements for corporate officers and a presence requirement for employee
beneficiaries, is estimated and fixed at the grant date. The expense is recognized over a four-year
vesting period, but is not straight-line given the vesting terms. IFRS 2 has been applied to instruments
granted after November 7, 2002 that were not vested as of December 31, 2004 (only the 7
th
plan has
not been retreated regarding IFRS 2).