Ubisoft 2007 Annual Report Download - page 86
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UBISOFT • FINANCIAL REPORT 2008
Note 27 Net financial income
Net financial income breaks down as follows:
Note 28 Share of profit of associates
Share of profit of associates breaks down as follows:
Share of profit of associates is attributable to the Related
Designs Software GmbH associate.
Following the disposal of the Gameloft SA stock to Calyon
on July 12 (see Section 2.5.1), the capital gain on the stock
sold on the market was recognized in income under discon-
tinued operations. The unrealized capital gain on the stock
that was not disposed of was recognized in equity (see
Section 2.5.5 Note 10).
Note 29 Income tax
Income tax breaks down as follows:
Current tax:
Tax owed by French companies was calculated at the pre-
vailing rate as of March 31, 2008 (33.33%), plus the 3.3%
contribution for the consolidated group.
There are two tax consolidation groups:
In France, the group covers nine companies: Ubisoft
Entertainment SA, Ubisoft EMEA SARL, Ubisoft France
SAS, Ubisoft Books and Records SARL, Ubisoft
Organisation SARL, Ubisoft World SAS, Ludi Factory
SARL, Ubisoft Manufacturing SARL and Ubisoft
Marketing International SARL. As of March 31, 2008,
the tax group recovered €15,522 thousand in deferred
tax assets and generated €10,940 thousand in current
tax. Nevertheless, any tax savings arising from the use of
losses at the tax group’s member companies will only be
temporary, since the companies in question may use
them at any time for their own purposes;
In the United States, the group covers three companies:
Ubisoft Holdings Inc., Red Storm Entertainment Inc. and
Ubisoft Inc. As of March 31, 2008, the tax group gene-
rated a tax expense of €4,906 thousand.
Deferred tax:
03.31.08 03.31.07
Cost of net financial debt (321) (5,591)
Income from cash 2,605 1,521
Interest on borrowings (2,926) (7,067)
Gain (loss) on cash flow hedges - (45)
Financial income 43,521 38,201
Foreign exchange gains 15,220 11,108
Fair value adjustment of the equity swap 22,401 25,171
Disposal of the equity swap 5,588 1,886
Other financial income 312 36
Financial expenses (30,774) (14,563)
Foreign exchange losses (29,225) (12,807)
Other financial expenses (1,549) (1,756)
Total 12,426 18,047
03.31.08 03.31.07
Share of profit of associates 28 3,149
Total 28 3,149
03.31.08 03.31.07
Current tax (18,981) (7,129)
Deferred tax (29,976) (8,088)
Total (48,957) (15,217)
03.31.08 03.31.07
Deferred tax assets
(see breakdown in Note 6) 21,684 37,630
Deferred tax liabilities
(see breakdown in Note 16) 43,990 28,214