Ubisoft 2014 Annual Report Download - page 148
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Financial statements
2014
143
Note 22. Net financial income
03/31/14
03/31/13
Income from cash
369
403
Interest on borrowings
(6,154)
(5,032)
Cost of net financial debt
(5,785)
(4,629)
Foreign exchange gains
32,062
40,108
Foreign exchange losses
(33,205)
(39,399)
Profit or loss from foreign exchange operations *
(1,143)
709
Other financial income**
13,010
911
Disposal of the equity swap on Gameloft shares
4,366
7,227
Financial income
17,376
8,138
Other financial expenses
(114)
(219)
Financial expenses
(114)
(219)
TOTAL
10,334
3,999
* Profit or loss from foreign exchange operations relates mainly to changes in the Canadian dollar (€(0.7) million) and the pound
sterling (€(0.6) million).
**Other financial income includes 11.9M€ related to earn-out reevaluation after the Business Combination’s evaluation period.
Note 23. Income tax and deferred taxes
Analysis of tax expenses (savings):
03/31/14
03/31/13
Current tax
(9,761)
(8,936)
Deferred tax
31,842
(18,147)
TOTAL
22,081
(27,083)
There are three tax consolidation groups:
- In France, the tax group includes all French companies, with the exception of those created
and acquired during the financial year. As at March 31, 2014, the tax group’s loss
carryforwards totaled €569,596 thousand, including €474,933 thousand in accelerated
depreciation relating to the application of Article 236 of the CGI (General Tax Code) for
software development expenses.
In the United States, the tax group included three companies: Ubisoft LLC, Redstorm
Entertainment Inc. and Ubisoft Inc. As at March 31, 2014, the tax group generated tax
expense of €2,031 thousand.
- In the United Kingdom, the tax group included two companies: Ubisoft Limited and Ubisoft
Reflections Limited. As at March 31, 2014, the tax group generated tax expense of
€222 thousand.
Deferred tax relating to the operations of the French tax group is recognized at the tax rate applicable
to the parent company, or 38% for those with an expected use in the 2013/2014 financial year and
34.43% for those with an expected use in subsequent financial years.
Deferred tax relating to the operations of the groups abroad is recognized at the tax rate applicable in
each country.