Ubisoft 2014 Annual Report Download - page 109

Financial statements
2014
104
April to October 2013: Conversion of share subscription warrants
As of the end of October, 97.4% of share subscription warrants were converted, equating to a €59
million increase in equity.
October 2013: Acquisition of studio Future Games of London Ltd
On October 1, 2013, Ubisoft acquired a 100% shareholding in the studio Future Games of London Ltd,
specializing in the development of free-to-play games for mobiles and tablets.
October 2013: Announcement of delays to Watch Dogs
TM
and The Crew
TM
On October 15, 2013, Ubisoft announced that Watch Dogs
TM
and The Crew
TM
would be delayed until
the 2014/2015 financial year. As a result of these delays, the Group lowered its sales and operating
income targets for the 2013/2014 financial year.
October 2013: Issue of commercial papers
Ubisoft signed a commercial paper issue program for a maximum amount of €300 million. All of the
details regarding this program are available on the Banque de France website.
November 2013: Signature of an amendment to the factoring contract with CA-CIB
On November 19, 2013, Ubisoft Inc. signed an amendment to the factoring contract with CA-CIB. The
contract is to finance, via CA-CIB, eligible loans on two specified debtor companies for maximum
funding amounts of $70 million and $30 million (US dollars) respectively.
March 2014: Sale of €20.1 million in receivables under the factoring agreement
The factoring agreement relating to the Canadian credit multimedia shares concluded between BNC
and Ubisoft Divertissements Inc. allowed for the assignment of receivables of €20.1 million in the
second half of the year.
March 2014: Factoring agreement with Ubisoft Studio Saint Antoine Inc.
A factoring agreement relating to the Canadian credit multimedia shares was concluded between
BNC and Ubisoft Studio Saint Antoine Inc. At closing, the assigned receivable amounted to €2 million.
1.6.3 CHANGES IN THE CONSOLIDATION SCOPE
April 2013: Acquisition of 70% of the remaining capital in the studio Related Designs Software
GmbH
On April 1, 2013, Ubisoft GmbH acquired a 70% stake in the company Related Designs Software
GmbH, a studio based in Germany and a leader in the development of PC strategy games, most
notably the award-winning franchise Anno™. Ubisoft previously held a 30% stake in the company,
accounted for under the equity method.
This acquisition, which took place in stages, achieved the following:
- Reassessed at fair value the shareholding of 30% previously accounted for under the equity
method and recognized in financial income in the amount of €241 thousand.
- Recognized goodwill of €5.7 million (on 100% of the share capital of Related Designs
Software GmbH), which mainly represents the workforce, which could not be identified
separately.
The following assets and liabilities were taken into account at the date of entry into the scope:
In thousands of euros
03/31/14
Net assets and liabilities acquired
1,040
Goodwill
5,683
Fair value of the consideration transferred
6,723
Cash acquired
371
The measurement of goodwill is provisional as of March 31, 2014, mainly because of the estimates of
future earnings that have been retained when determining the contingent consideration.