Ubisoft 2014 Annual Report Download - page 184

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Financial statements
2014
179
Foreign exchange hedges
(2)
210,206
112,928
Canadian dollar
Forward purchase
April 2013
-
13,824
Forward purchase
April 2014
30,213
-
Forward purchase
April 2014
6,568
-
Forward purchase
May 2014
6,568
-
Forward purchase
June 2014
6,568
-
Forward purchase
July 2014
6,568
-
Forward purchase
August 2014
6,568
-
Forward purchase
September 2014
6,568
-
Forward purchase
October 2014
6,568
-
Forward purchase
November 2014
6,568
-
US dollar
Forward purchase
April 2013
-
67,499
Forward purchase
April 2014
66,652
-
Forward sale
April 2014
31,783
-
Pound sterling
Forward purchase
April 2013
-
16,556
Forward purchase
April 2014
12,074
-
Forward sale
April 2014
3,381
-
Swedish krona
Forward purchase
April 2013
3,830
Forward purchase
June 2014
4,694
-
Yen
Forward purchase
April 2013
-
4,137
Forward sale
April 2013
-
1,390
Forward purchase
June 2014
2,809
-
Rupee
Forward purchase
October 2013
-
2,343
Forward purchase
October 2014
1,974
2,343
Singapore dollar
Forward purchase
April 2013
-
1,006
Forward purchase
April 2014
2,073
-
Danish krona
Forward purchase
June 2014
2,009
-
(1)
Only commitments of over €500 thousand are detailed
(2)
Fair value in euros valued by Mark-to-Market at year-end
The syndicated loan and confirmed bank loans in place are governed by financial covenants that are
based on the ratio of net debt to equity and that of net debt to EBITDA.
Within the context of the syndicated loan and bilateral lines of credit, the following covenants are to be
complied with:
2013/2014
2012/2013
Net debt restated for assigned receivables/equity restated for goodwill <
0.80
0.80
Net debt restated for assigned receivables/EBITDA <
1.5
1.5
All covenants are calculated on the basis of the consolidated annual financial statements under IFRS.
As at March 31, 2014, the Company was in compliance with all these ratios and expects to remain so
during the 2014/2015 financial year.
Other borrowings are not governed by covenants.