Ubisoft 2016 Annual Report Download - page 145
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Financial statements
5
Consolidated fi nancial statements asatMarch31, 2016
NOTE21 OTHER NON-CURRENT OPERATING INCOME AND EXPENSES
03/31/16 03/31/15
Goodwill (19,103) (19,154)
Brands (231) (2,563)
TOTAL (19,334) (21,717)
Other non-current operating income and expenses include:
♦
depreciation on goodwill and brands recognized further to a
review of operating activities on March 31, 2016;
♦ the proceeds of an acquisition on favorable terms.
As those expenses are non-recurring and relevant, they are presented
as non-current expenses.
NOTE22 NET FINANCIAL INCOME
03/31/16 03/31/15
Income from cash 989 556
Interest on borrowings (8,429) (5,322)
Net borrowing cost (7,440) (4,766)
Foreign exchange gains 93,407 103,647
Foreign exchange losses (98,575) (102,489)
Result from foreign-exchange operations (5,168) 1,159
Other fi nancial income 2,548 6,085
Financial income 2,548 6,085
Other fi nancial expenses* (3,666) (1,764)
Financial expenses (3,666) (1,764)
TOTAL (13,726) 712
* Other fi nancial expenses include an expense of €3.3million related to earn-out revaluation after the Business Combination’s evaluation period
NOTE23 INCOME TAX AND DEFERRED TAXES
Analysis of tax expenses/savings
03/31/16 03/31/15
Current tax (27,586) (56,362)
Deferred tax (2,068) 3,366
TOTAL (29,654) (52,996)
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 fi nancial year.
As at March 31, 2016, the tax group’s loss carryforwards totaled
€575,879 thousand, including €516,699 thousand in accelerated
depreciation relating to the application of Article 236 of the CGI
(French General Tax Code) for software development expenses;
♦ in the United States, the tax group includes three companies:
Ubisoft LA Inc., Redstorm Entertainment Inc. and Ubisoft Inc.
As at March 31, 2016, the tax group generated a current income
tax expense of €2,698 thousand;
♦ in the United Kingdom, the tax group includes four companies:
Ubisoft Ltd, Ubisoft Refl ections Ltd, Future Games of London
Ltd and Ubisoft CRC Ltd. As at March 31, 2016, the tax group
generated a current income tax expense of €9,720 thousand.
- Registration Document 2016 143