Ubisoft 2014 Annual Report Download - page 168
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Financial statements
2014
163
Foreign exchange hedges
Ubisoft uses financial derivatives to reduce its exposure to market risks linked to movements in
exchange rates.
For purposes of the hedging thus established, income and expenses on financial derivatives are
recognized as financial income and are offset against the income and expenses arising on the hedged
items.
The transactions attached to hedging derivatives (mostly USD and CAD) are recognized in operating
income at the hedging rate. The difference between the historical rate of the hedged transaction and
the relevant hedging rate is recognized in financial income.
Provisions for risks and charges
Provisions for risks and charges are recognized where risks and charges have a clearly defined
purpose but are not certain to arise, made likely by events that have occurred or are in progress.
A provision for exchange losses is recognized, if applicable, up to the negative fair value of the non-
hedge foreign exchange derivatives.
Regulated provisions
Regulated provisions relate only to the accelerated depreciation on:
- Acquisition costs incorporated in the cost price of equity investments. These costs are
deducted in tax terms over five years by means of accelerated tax depreciation.
- Development expenditure of software. The Company decided to adopt immediate deductibility
of expenditure for the development of software according to Article 236 of the CGI (French
General Tax Code).
Borrowings and financial liabilities
Borrowings are recognized under liabilities according to their payment dates.
Unused agreements at the balance sheet date are listed in the off-balance sheet commitments.
Costs related to the issue of loans are broken down over the term of the loan in question.