Ubisoft 2003 Annual Report Download - page 44

Download and view the complete annual report

Please find page 44 of the 2003 Ubisoft annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 136

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136

FINANCIAL REPORT
2004
44
The group has worldwide coverage according to country, specifically with regard to the risk of property damage, civil liability,
vehicles, and apartments rented to employees on temporary assignment. The company does not carry business interruption
coverage.
The following table summarizes the coverage limits for each type of insurance carried by the primary entities:
The group’s management has made no firm commitments on future investments.
1.8
Commitments
1.9
Insurance
Coverage limits France Canada China
In euros In CDN $ in Chinese yuan
Professional civil liability 9,485,000 18,050,000 1,000,000
Property assurance 3,350,000 11,973,000 6,804,116
Inventory insurance 7,500,000 1,000,000 -
1.10.1 Recent developments
April 2004
●Ubisoft announces the Fall 2004 release of Myst®IV
Revelation, developed by the Montreal studio.
●Tom Clancy's Splinter Cell®Pandora Tomorrow is rated the
top-selling game on consoles and Far Cry™ the top-selling
game on PCs in Germany, France, Great Britain and the
United States. (Source: GFK, Media control, Chart Track,
UBS Warburg).
●An exclusive licensing agreement is concluded with Metro-
Goldwyn-Mayer for the publication of Rocky Legends™ on
PlayStation®2 and Xbox™ in the fall of 2004.
●Ubisoft announces that its Montreal studio has developed
Far Cry™ Instincts for Xbox™, the console version of the
first-person shooter (FPS) game is released for PCs at the
start of 2004.
●Ubisoft announces the development of Tom Clancy’s Ghost
Recon®2, the sequel to the popular original military shooter,
thus extending its activity to all segments of the war-games
category.
●A long-term agreement is signed with developer Gearbox
Software for the publication of Brothers in Arms™, a new
military license game for consoles and PCs; release is planned
for the end of 2004.
●Ubisoft's strategic interest in the capital of Gameloft
increases to 30%.
●An exclusive long-term publishing agreement is signed with
the US Army to develop and distribute America’s Army
franchise games for consoles.
May 2004
●The major products for the 2004-05 fiscal year are presented
at E3, the international video-game show in Los Angeles:
Tom Clancy’s Ghost Recon®2, Brothers in Arms™, Prince
into new or existing shares) of ¤92 million are not subject to
financial covenants.
The lines of credit provided by banking institutions, as well as
the ¤55 million bond with redeemable share subscription
warrants established in November 2003, are governed by
financial covenants that are based on the ratio of net debt to
equity capital and that of net debt to total cash flow from
operating activities.
1.10
Recent events, outlook and strategy