Ubisoft 2013 Annual Report Download - page 97

Download and view the complete annual report

Please find page 97 of the 2013 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 227

  • 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
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192
  • 193
  • 194
  • 195
  • 196
  • 197
  • 198
  • 199
  • 200
  • 201
  • 202
  • 203
  • 204
  • 205
  • 206
  • 207
  • 208
  • 209
  • 210
  • 211
  • 212
  • 213
  • 214
  • 215
  • 216
  • 217
  • 218
  • 219
  • 220
  • 221
  • 222
  • 223
  • 224
  • 225
  • 226
  • 227

Financial Statements
2013
92
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1.6
The notes and tables that follow are presented in thousands of euros, unless expressly stated
otherwise.
COMPANY PRESENTING THE CONSOLIDATED FINANCIAL 1.6.1
STATEMENTS
Ubisoft Entertainment is located (headquartered) in France.
The consolidated financial statements for the year ended March 31, 2010 include Ubisoft
Entertainment and the entities under control (collectively referred to as "the Group").
The consolidated financial statements were approved by the Board of Directors, which authorized
publication on May 14, 2013. They will be presented for approval at the General Shareholders'
Meeting on June 27, 2013.
FINANCIAL YEAR HIGHLIGHTS 1.6.2
April 2012 - Renewal of CIJV (video game tax credit) by the European Commission
The video game tax credit, renewed by the European Commission, the amount corresponding to the
period from January 1 to March 31 2012 of € 0.4 million has been recognized this year.
July 2012 - Signature of a new syndicated loan
A new syndicated loan has been signed July 9, 2012, for an amount of € 214.5 million over 5 years. It
replaces the amount of €180 million from the previous contract, signed in May 2008 for five years and
the two bilateral lines which ran until May 2013 for an amount of €70 million. This syndicated loan is
subject to the following covenants:
Limit
Net debt restated for assigned receivables/equity restated for goodwill <
0.80
Net debt restated for assigned receivables/EBITDA <
1.5
September 2012 - Subscription of new lines of credit
Ubisoft Entertainment SA has signed two new lines of credit with Arkéa and Saarbank for a period of
one year and an amount of €10 million each. These lines follow the same covenants as the syndicated
loan.
Ubisoft Entertainment SA has also taken out a loan of participatory development with Oséo for a
period of 7 years in the amount of €3 million.
September 2012 - Sale of €14.1 million in receivables under the factoring agreement
The factoring agreement on the Canadian, Credit Multimedia Shares agreement between CNB and
Ubisoft Divertissements Inc. enabled the assignment of a claim of € 14.1 million in the first half.
November 2012 - Signature of a factoring contract with CA-CIB
Ubisoft Inc. signed on November 16, 2012 a factoring agreement with CA-CIB. The contract is to
finance, via CA-CIB, eligible receivables on a specified debtor company for a maximum funding
amount of $50 million (U.S. dollars).