Ubisoft 2013 Annual Report Download - page 137
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Financial Statements
2013
132
Note 22. Non current expenses and income
03/31/13
03/31/12
Goodwill
3.612
-
Brands
681
-
TOTAL
-4.293
-
A partial write-off has been booked further to operational activity review at March 31, 2013.
Note 23. Net financial income
03/31/13
03/31/12
Income from cash
403
1,820
Interest on borrowings
(5,032)
(4,347)
Cost of net financial debt
(4,629)
(2,527)
Foreign exchange gains
40,108
38,104
Foreign exchange losses
(39,399)
(41,508)
Result from foreign exchange operations*
709
(3,404)
Other financial income
911
193
Disposal of the equity swap on Gameloft shares
7,227
8,512
Financial income
8,138
8,705
Other financial expenses
(219)
(308)
Financial expenses
(219)
(308)
TOTAL
3,999
2,466
* The foreign exchange income is mainly linked to changes in the Canadian dollar (€0.1 million), pound sterling (€(0.5) million)
and US dollar (€1.4 million).
Note 24. Share of profit of associates
The share of profit of associates is attributable to the Related Designs Software GmbH associate.
31/03/2013
31/03/2012
Assets
1,356
773
Liabilities excluding income
1,317
716
Sales
3,879
2,802
Net profit
39
57
Note 25. Income tax and deferred taxes
Analysis of tax liabilities (savings):
03/31/13
03/31/12
Current tax
(8,936)
(7,667)
Deferred tax
(18,147)
(3,112)
TOTAL
(27,083)
(10,778)
There are three tax consolidation groups:
- In France, the tax group includes all French companies, with the exception of those created
and acquired during the financial year. At March 31, 2013, the tax group’s loss carryforwards
totaled €395,900 thousand, including €405,567 thousand in accelerated depreciation relating
to the application of Article 236 of the CGI (General Tax Code) for software development
expenses.
In the US, the tax group included two companies: Redstorm Entertainment Inc. and Ubisoft
Inc. As at March 31, 2013, the tax group generated tax expense of €3,274 thousand.
- In the UK, the tax group included two companies: Ubisoft Limited and Ubisoft Reflections
Limited. As at March 31, 2013, the tax group generated tax expense of €537 thousand.
Deferred tax relating to the operations of the French tax group is recognized at the tax rate applicable
to the parent company (36.10%).