Ubisoft 2014 Annual Report Download - page 152

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Financial statements
2014
147
Deferred tax liabilities
Grants and tax credits
Ubisoft Entertainment Inc. benefits from multimedia credits and investment tax credits. These credits
are taxable during the year of their receipt or use, but are recognized on a financial year basis. The
Company recognizes a future tax liability for this item.
Accelerated depreciation (Article 236 of the CGI)
As permitted under the provisions of Article 236 of the French General Tax Code, Ubisoft
Entertainment SA opted to immediately expense software development costs where design started
during the period. Provisions for the financial year amounted to €67.1 million for commercial software
and €2.3 million for external software. In accordance with IAS 12, the cancellation of the accelerated
tax depreciation generates a deferred tax liability, which is then classified under loss carryforwards.
Note 24. Earnings per share
Net earnings from continuing operations at March 31, 2014 €(65,525) thousand
Weighted average number of shares in circulation: 101,798,904
Dilutive shares: 5,543,739
Stock options 2,660,372
Bonus share grants 2,883,367
Weighted average number of shares after exercise of the rights on dilutive instruments: 107,342,642
Diluted earnings per share from continuing operations as at March 31, 2014 = €(0.61)