Ubisoft 2014 Annual Report Download - page 181
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Financial statements
2014
176
Note 21. Depreciation, amortization and provisions
03/31/14
03/31/13
Amortization of intangible assets
608,642
556,247
Released commercial software *
553,279
515,517
Released external software developments
23,724
16,578
Commercial software and external software developments in progress *
30,057
22,897
Other
1,582
1,255
Amortization & depreciation of property, plant and equipment
715
596
Buildings
38
11
Fixtures and fittings
633
552
Computer hardware and furniture
40
29
Transport equipment
4
4
Provisions for risks
13
-
TOTAL
609,370
556,843
* Net reversals (see Note 19) on internal and external commercial software developments therefore
amount to €319,982 thousand and €31,679 thousand respectively.
Note 22. Net financial income
03/31/14
03/31/13
Financial income
Financial income from equity investments
-
418
Other interest received
2,028
1,240
Reversals of provisions and reinvoiced costs
1,278
1,663
Foreign exchange gains
(1)
28,684
35,230
Net proceeds on sale of investment securities
22
30
32,012
38,581
Financial expenses
Amortization and provisions
8,427
2,054
Other interest paid
(2)
5,959
4,755
Foreign exchange losses
(1)
27,306
36,785
41,692
43,594
Net financial income
(9,680)
(5,013)
(1)
The foreign exchange rate gain of €1.4 million is mainly related to fluctuations in the price of the US dollar €(0.8) million, the
Japanese Yen €(0.4) million and the Canadian dollar €(0.3) million.
Foreign exchange risk
The Company’s exposure to foreign exchange risk stems from operating cash flows and its
investments in foreign subsidiaries.
The Company only hedges its exposures on cash flows from operating activities in the main significant
foreign currencies (US dollar, Canadian dollar and Pound sterling). Its strategy is to hedge only one
year at a time, so the hedging horizon never exceeds 18 months.
The Company first uses natural hedges provided by transactions in other directions (development
costs in a foreign currency offset by royalties from subsidiaries in the same currency). The parent
company uses foreign currency borrowings, forward sales or foreign exchange options to hedge any
residual exposures and non-commercial transactions (such as inter-company loans in foreign
currencies).