Ubisoft 2013 Annual Report Download - page 156
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Financial Statements
2013
151
Foreign exchange hedges
Ubisoft uses financial derivatives to reduce its exposure to market risks linked to movements in exchange
rates.
For purposes of the hedging thus established, income and expenses on financial derivatives are recognized
as financial income and are offset against the income and expenses arising on the hedged items.
The transactions attached to hedging derivatives (mostly USD) are recognized in operating income at the
hedging rate. The difference between the historical rate of the hedged transaction and the relevant hedging
rate is recognized in financial income.
Provisions for risks and charges
Provisions for risks and charges are recognized where risks and charges have a clearly defined purpose but
are not certain to arise, made likely by events that have occurred or are in progress.
A provision for exchange losses is recognized, if applicable, up to the negative fair value of the non-hedge
foreign exchange derivatives.
Regulated provisions
Regulated provisions relate only to the accelerated depreciation on:
- Acquisition costs incorporated in the cost price of participating interests. These costs are deducted in
tax terms over five years by means of accelerated tax depreciation.
- Development expenditure of software. The Company decided to adopt immediate deductibility of
expenditure for the development of software according to Article 236 of the CGI (French General Tax
Code).