Ubisoft 2002 Annual Report Download - page 81

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2003
81
FINANCIAL
REPORT
Accounts on March 31, 2003
2.2.4.5 Miscellaneous Information
1.Personnel
As of March 31, 2003,staff consisted of five executives.
2.Financial commitments and other information
Guarantees given: K49,475
Foreign exchange hedges purchase of CA$ 2,000,000 at an average rate of 1.44
sale of GB£ 26,000,000 at an average rate of 0.6917
sale of US$ 34,415,325 at an average rate of 1.0735
sale of AU$ 4,029,500 at an average rate of 1.8108
Collateral for loans: none
Guaranteed received: none
Leasing (in K):
Leased assets consist primarily of IT hardware.
Notes receivable discounted: none
Retirement gratuities:because of the average age of the staff, retirement-related commitments are insignificant.
Various products are marketed under licensing agreements signed by Ubi Soft Entertainment S.A. As of March 31, 2003,
the commitments made by the company provided for the payment of guaranteed minimum royalties.
At the close of the fiscal year,commitments by virtue of this guaranteed minimum amounted to 23 million.
During the next fiscal year,abatements (increases:none) in the calculation of corporate tax will be as follows:
Organic 140
Exchange rate fluctuations 649
K789
Ubi Soft Entertainment SA undertakes to provide financial support to its subsidiaries to meet their cash requirements.
3.Compensation of corporate officers
Compensation for corporate officers during FY 2002/03 amounted to K495. No attendance fees were paid.
No loans or advances were made to officers of the company in accordance with Article L225-43 of the French Commercial Code.
4.Events after closure of accounts
Issuance of new share purchase or subscription warrants attributed free of charge on May 14, 2003:
Number and face value: 17,540,082. Fifteen warrants are needed to subscribe one share with a face value of 0.31
Exercise period: from May 14, 2003 through May 14, 2006.
Exercise price: 28
The subscription warrants attributed to Ubisoft Entertainment, namely 1,169,733 warrants,were cancelled.
The company made a commitment to dispose of directly held shares in excess of 1% of its stock before September 30,2003.
Since April 1, 2003, the company has bought back 200,000 convertible bonds, each valued at 33.
Initial value Depreciation Net value Payments made
Payments remaining to be made
Residual value
< 1 year > 1 year
2,066 1,775 291 641 393 96 18