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Financial statements
5
Consolidated fi nancial statements asatMarch31, 2016
The notes and tables that follow are presented in thousands of euros, unless expressly stated otherwise.
COMPANY PRESENTING THE CONSOLIDATED FINANCIAL STATEMENTS
Ubisoft Entertainment is domiciled in France at 107, avenue Henri-
Fréville, 35207 Rennes.
The consolidated fi nancial statements for the year ended March 31,
2016 cover Ubisoft Entertainment SA and its subsidiaries (collectively
referred to as “the Group”).
The fi nancial statements were approved by the Board of Directors,
which authorized their publication on May 12, 2016. They will
be presented for approval at the General Meeting to be held on
September 29, 2016.
FINANCIAL YEAR HIGHLIGHTS
September2015: Sale of €37.6million in
receivables under the factoring agreement
The factoring agreement relating to the Canadian Credit Multimedia
titles, concluded between BNC and Ubisoft Entertainment Inc.,
allowed for the assignment of receivables of €37.6 million in the
fi rst half of the year.
November2015: Subscription of a new credit line
Ubisoft Entertainment SA subscribed a new €10 million bilateral
credit line with a one-year term. This credit line complies with the
same covenants as the syndicated loan.
December2015: Arrangement of a €5million loan
agreement
Ubisoft Entertainment SA has taken out a €5 million loan, the fi nal
repayment date of which is December 31, 2018. The loan is intended
to fi nance capital goods.
March2016: Sale of €24.7million in receivables
under the factoring agreement
The factoring agreement relating to the Canadian Credit Multimedia
titles, concluded between BNC and Ubisoft Entertainment Inc.,
allowed for the assignment of receivables of €24.7 million in the
second half of the year.
2016: Share buyback
At March 31, 2016, 3,488,214 shares had been bought back over
the previous 12 months for the sum of €79.3 million.
CHANGES IN THE CONSOLIDATION SCOPE
October2015: Acquisition of the Ivory Tower studio
On October 5, 2015, Ubisoft acquired full ownership of the French
studio, Ivory Tower SAS, and its subsidiary, Ivory Art & Design SARL,
the creator of the successful racing game, The Crew.
The profit from this acquisition on favorable terms was
€1,708 thousand and was generated by the difference between
the acquisition value of the Ivory Tower shares and the assets and
liabilities identifi ed at October 5, 2015. The following assets and
liabilities were recognized upon initial consolidation:
(in €thousands) 03/31/16
Net assets and liabilities acquired 1,716
Profi t from the acquisition on favorable terms 1,708
Fair value of the consideration transferred 8
Cash acquired 371
Mergers
April 2015: merger of Ubisoft Music Inc. with Ubisoft
Entertainment Inc.
April 2015: merger of Ubisoft Studio Saint-Antoine Inc. with
Ubisoft Entertainment Inc.
April 2015: merger of THQ 9275-8309 Québec Inc. with Ubisoft
Entertainment Inc.
April 2015: merger of Ubisoft LLC. with Redstorm
Entertainment Inc.
These mergers have no impact on the consolidated fi nancial
statements.
Opening of subsidiaries
June 2015: Ubisoft L.A. Inc. in the United States.
September 2015: Ubisoft Création SAS in France.
- Registration Document 2016 109