Ubisoft 2007 Annual Report Download - page 112
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Personnel
As of March 31, 2008, personnel consisted of five officers.
Financial commitments and other information
UBISOFT • FINANCIAL REPORT 2008
Equity swap agreement on Ubisoft stock
Under the terms of the agreement signed with Calyon on
September 30, 2003 and expiring on February 28, 2010:
193,153 shares were disposed of during the year, gene-
rating a €10.8 million capital gain and reducing the num-
ber of shares to 1,243,121;
the remaining shares were disposed of in April and May.
As of May 12, all the shares had been disposed of at an
average price of €61.68.
Any fluctuations in the share price vis-à-vis the €9.33 dis-
posal price are wholly recognized by Ubisoft Entertainment
SA. Unrealized gains are not recognized in income, and any
unrealized losses are the subject of a provision for risks
and charges. As of March 31, 2008, the unrealized gain
amounted to €56,239 thousand (closing price of €54.57).
Given the number of shares remaining at the balance sheet
date, a one euro decrease in the share price versus the €9.33
disposal price would have an impact of €1,243 thousand.
Equity swap agreement on Gameloft stock
On July 12, 2007, Ubisoft Entertainment SA signed two
agreements with Calyon, the investment bank.
The first agreement dealt with the disposal of all 13,367,923
Gameloft shares held by Ubisoft Entertainment SA (repre-
senting 18.73% of Gameloft’s capital) for €6.08 each.
The second related to Ubisoft Entertainment SA’s ability
to continue participating in upward or downward move-
ments in the price of Gameloft stock vis-à-vis the €6.08
per share price set in the first agreement, until such time
as Calyon disposes of the shares to a third party.
3.6.1
3.6.2
Other information
3.6
In thousands of euros 03.31.08 Expiry 03.31.07
Sureties and Guarantees given 53,095 49,608
Obligor Type of guarantee
Red Storm Entertainment Inc. Lease payment guarantee 361 10.31.09
Ubisoft Divertissement Inc. Lease payment guarantee 542 Expiry of lease
Ubisoft Inc. Guarantee of commercial commitments 6,324 End of commercial relationship
Ubisoft Ltd. Loan guarantee 20,000 12.29.11
Ubisoft Ltd. Lease payment guarantee 2,521 06.15.16
Ubisoft SA Lease payment guarantee 1,022 07.21.12
Ubisoft Inc. Stand-by letter 3,795 03.31.09
Ubisoft Inc. Stand-by letter 2,530 06.30.08
Ubisoft EMEA SAS Stand-by letter 16,000 08.15.08
Collateralized guarantees given None None
Foreign exchange hedges 62,223 16,090
Canadian dollar Forward sale 11,796 April 2008
Options 19,396 March 2009
US dollar Forward sale 30,389 April 2008
July 2008
July 2009
Japanese yen Forward sale 642 April 2008
Outstanding notes receivable discounted None None