Ubisoft 2016 Annual Report Download - page 178

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Financial statements
5Separate fi nancial statements of Ubisoft EntertainmentSA for the year ended March31, 2016
Net income
before tax
Income tax
Net income
Theoretical
(taxcredit) Due
Current 28,732 (20,826) 24 28,756
Non-recurring (139,200) 53,125 - (139,200)
Tax consolidation 5,138 5,138
TOTAL (110,468) 32,299 5,162 (105,306)
Tax income comprised:
♦ cancellation of the tax expense recorded by the subsidiaries of
the tax consolidation group in the amount of €5,138 thousand;
♦ appropriations to the holding company of €24 thousand;
The carryforward defi cit of the tax group at March 31, 2016,
amounted to €575,879 thousand, including €516,699 thousand of
accelerated tax depreciation related to the application of Article 236
of the CGI (General Tax Code).
OTHER INFORMATION
NOTE25 FINANCIAL COMMITMENTS AND OTHER INFORMATION
Off-balance sheet commitments related to Company fi nancing
Summary
Type Description 03/31/16 03/31/15
Commitments given by Ubisoft EntertainmentSA
Financial guarantees 85,367 96,312
Commitments received by Ubisoft EntertainmentSA
Lines of credit received and not utilized 275,000 275,000
Foreign exchange hedges 607,256 454,690
Breakdown of commitments of over €10million
Type Description Expiry date 03/31/16
Commitments given by Ubisoft EntertainmentSA
Financial guarantees 85,367
Ubisoft EntertainmentInc. Loan guarantee 05/01/17 35,000
Ubisoft Ltd
Payment guarantee for acquisition price
ofshares in Future Games of London Ltd 12/31/16 10,107
Commitments received by Ubisoft
EntertainmentSA
Lines of credit received and not utilized 275,000
Syndicated loan 07/09/19 250,000
Committed lines of credit 10/06/16 10,000
Committed lines of credit 07/23/17 15,000
The syndicated loan and confi rmed bank loans in place are governed by fi nancial covenants that are based on the ratio of net debt to
equity and that of net debt to EBITDA.
- Registration Document 2016
176