Ubisoft 2009 Annual Report Download - page 122
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118
As of March 31, 2010, these unpaid commitments amounted to €59,114 thousand. They were €68,335 thousand
the previous year.
As these debts are short-term and do not bear interest, a change in interest rates does not represent a significant
interest-rate risk.
Note 18. Other liabilities
03.31.10 03.31.09
Advances and prepayments received 19 61
Employee-related liabilities 48,717 41,342
Other tax liabilities 31,378 20,579
Other liabilities 8,144 8,827
Deferred income
(1)
5,359 6,060
TOTAL 93,616 76,867
(1) Deferred income includes €2.7 million in prepaid revenue at Hybride Technologies Inc. and €1.2 million in prepaid revenue at Ubisoft
Entertainment Inc.
Other liabilities are due in under a year, with the exception of an amount of €1 million relating to the acquisition of
Hybride Technologies Inc. and an amount of €3.7 million relating to the acquisition of Nadeo SAS.
2.1.6.8 Notes to the income statement
Note 19. Sales
03.31.10 03.31.09
Sales of goods 838,117 1,027,668
Licenses 19,510 20,817
Services 13,327 9,441
TOTAL 870,954 1,057,926
In order to bring the reports of the US subsidiary into line with the Group’s accounting principles, an amount of
€7.8 million was reclassified from sales to marketing costs for the financial year, which had the effect of increasing
the sales by the same amount.
At current exchange rates, sales fell by 17.66%; at constant exchange rates, there was a decline of 17.74%.
Note 20 Operating expenses by destination
The increase of €52,9 million in research and development costs, which represent 35.8% of sales (€311.4 million),
compared with 24.4% in 2008/09 (€258,5 million), is mainly due to accelerated and advance depreciation
amounting to almost €60 million over the financial year.
The stabilization of SG&A expenses in terms of value (€273,0 million compared with €268,8 million) and the
increase as a percentage of sales to 31.3% compared with 25.4% in 2008/09 is due to:
- An increase in variable marketing expenses to 17.6% of sales (€153,6 million), compared with 14.8%
(€156.9 million) in 2008/09,
- An increase in structural costs to 13.7% of sales (€119.4 million), compared with 10.5% (€111.1 million) in
2008/09.