Ubisoft 2016 Annual Report Download - page 136
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Financial statements
5Consolidated fi nancial statements asatMarch31, 2016
03/31/16 Total
Grant date 09/23/15 09/23/15 10/19/15 12/16/15 03/03/16
Maturity– vesting period (in years) 4 years 3 years 4 years 3 years 4 years
Fair value of the instrument in € per share €18.29 €11.61 €24.92 €15.45 €26.81
Percentage of operating targets reached 100% 100% 100% 100% 100%
Number of instruments as at April1, 2015 -----3,432,224
Number of instruments granted during the period 970,220 141,180 183,833 45,000 179,100 1,519,333
Number of cancelled instruments during the period 19,276----174,936
Number of instruments exercised during the period -----128,195
Number of instruments as at March31, 2016 950,944 141,180 183,833 45,000 179,100 4,648,426
Group savings scheme
Ubisoft also offers Group savings schemes, which allow workers
to acquire Ubisoft shares as part of reserved capital increases.
Employees acquire these shares with a maximum discount of 15%
versus the average opening price over the 20 trading days prior to
the Board of Directors’ meeting that approved the capital increase.
The difference between the share subscription price and the share
price on the grant date (the same as the plan’s announcement date)
constitutes the benefi t awarded to benefi ciaries. This estimated
expense is fi xed on the grant date and recognized immediately as
remuneration for past services.
The retention period is fi ve years for French employees.
03/31/16 03/31/15
Grant date 07/21/15 04/02/15 07/15/14
Subscription price (in €) €12.18 €14.22 €8.89
Data at date of announcement to employees:
Share price (in €) 16.41 17.46 13.80
Number of shares subscribed 134,116 179,300 211,142
Fair value of the benefi t in € per share 4.23 3.24 4.91
NOTE14 CURRENT AND NON-CURRENT FINANCIAL LIABILITIES
03/31/16 03/31/15
Bank borrowings 268,830 266,289
Borrowings resulting from the restatement of fi nance-leases 8,553 9,450
Non-current financial liabilities 277,383 275,739
Bank borrowings 4,090 2,261
Commercial papers 15,000 15,000
Bank overdrafts and short-term loans 205,207 151,024
Accrued interest 480 421
Borrowings resulting from the restatement of fi nance-leases 900 895
Foreign exchange derivatives* 2,541 13,625
Current financial liabilities 228,218 183,226
TOTAL 505,601 458,965
Fixed-rate debt 137,354 114,503
Variable-rate debt 368,247 344,462
* Measured at fair value (level 2, IFRS7 hierarchy). The fair value hierarchy was unchanged from March31, 2015
- Registration Document 2016
134