Ubisoft 2013 Annual Report Download - page 168
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Financial Statements
2013
163
Note 21. Depreciation, amortization and provisions
03/31/13
03/31/12
Amortization of intangible assets
556,247
516,930
Released commercial software *
515,517
454,767
Released external developments
16,578
39,858
Commercial software and external developments in progress *
22,897
21,100
Other
1,255
1,205
Amortization and depreciation of property, plant and equipment
596
642
Buildings
11
-
Fixtures and fittings
552
618
Computer hardware and furniture
29
24
Transport equipment
4
-
Provisions for risks
-
270
TOTAL
556,843
517,842
* Net of reversals (see note 19), the depreciation on commercial software therefore amount to
€333,437 thousand.
Note 22. Net financial income
03/31/13
03/31/12
Financial income:
Financial income from shareholdings
418
-
Other interest received
1,240
1,059
Reversal of provisions
1,663
1,985
Foreign exchange gains
(1)
35,230
30,331
Net proceeds on sale of investment securities
30
37
38,581
33,412
Financial expenses:
Amortization and provisions
2,054
3,253
Other interest paid
(2)
4,755
4,946
Foreign exchange losses
(1)
36,785
32,137
43,594
40,336
Net financial income͓͓
(5,013)
(6,924)
(1)
The foreign exchange rate loss of €(1.6) million is mainly related to fluctuations in the price of the US dollar €(1) million and
the Japanese Yen €(0.5) million.
Foreign exchange risk
The Company’s exposure to foreign exchange risk stems from operating cash flows and its
investments in foreign subsidiaries.
The Company only hedges its exposures on cash flows from operating activities in the main significant
foreign currencies (US dollar, Canadian dollar and Pound sterling). Its strategy is to hedge only one
year at a time, so the hedging horizon never exceeds 18 months.
The Company first uses natural hedges provided by transactions in other directions (development
costs in a foreign currency offset by royalties from subsidiaries in the same currency). The parent
company uses foreign currency borrowings, forward sales or foreign exchange options to hedge any
residual exposures and non-commercial transactions (such as inter-company loans in foreign
currencies).