Ubisoft 2014 Annual Report Download - page 138

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Financial statements
2014
133
03/31/2014
TOTAL
Grant date
14/05/2013
17/06/2013
09/10/2013
29/10/2013
11/02/2014
17/03/2014
Maturity – vesting period (in years)
4 years
4 years
4 years
4 years
4 years
4 years
Fair value of the instrument in € per
share
8.6
10.3
10.55
8.92
11.40
12.51
Percentage of operating targets
reached
100%
100%
100%
100%
100%
100%
Number of instruments as at April 1,
2013
1,879,528
Number of instruments granted during
the period
160,900
223,163
40,000
694,900
10,000
268,200
1,397,163
Number of cancelled instruments
during the period
5,300
-
-
11,540
-
-
43,730
Number of instruments exercised
during the period
-
-
-
-
-
-
349,594
Number of instruments as at March
31, 2014
155,600
223,163
40,000
683,360
10,000
268,200
2,883,367
*Number and fair value adjusted following the issuance of share subscription warrants on April 10, 2012
Group savings scheme
Ubisoft also offers Group savings schemes, which allow workers to acquire Ubisoft shares as part of
reserved capital increases. Workers acquire these shares with a maximum discount of 15% versus the
average opening price over the 20 trading days prior to the Board of Directors’ meeting that approved
the capital increase.
The difference between the share subscription price and the share price on the grant date (the same
as the plan’s announcement date) constitutes the benefit awarded to beneficiaries. This estimated
expense is fixed on the grant date and recognized immediately as remuneration for past services.
The lock-in period is five years for French employees.
03/31/14
03/31/13
Grant date
03/26/2014
06/17/2013
07/19/2012
Subscription price (in euros)
10.13
6.237
4.48
Data at date of announcement to employees:
Share price (in euros)
10.67
10.30
5.15
Number of shares subscribed
96,587
95,415
56,421
Fair value of the benefit in € per share
0.54
4.06
0.67
Note 14. Current and non-current financial liabilities
03/31/14
03/31/13
Bank borrowings
63,066
23,999
Borrowings resulting from the restatement of finance leases
373
458
Non-current financial liabilities
63,439
24,457
Bank borrowings
1,718
379
Commercial papers
63,000
-
Bank overdrafts and short-term loans
121,823
107,782
Accrued interest
513
417
Borrowings resulting from the restatement of finance leases
119
149
Foreign exchange derivatives*
2,151
32
Current financial liabilities
189,324
108,759
TOTAL
252,763
133,216
Fixed-rate debt
65,789
25,163
Variable-rate debt
186,974
108,021
* Measured at fair value (level 2, IFRS 7 hierarchy)