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74 Seiko Epson Annual Report 2005
19. Related party transactions
The Company has entered into real estate lease agreements and certain other agreements with K.K. Sunritz (“Sunritz”)
in which Mr. Yasuo Hattori, a Vice Chairman and Director of the Company, and their relatives own 9.5% and 71.3%
of the outstanding shares of Sunritz, respectively.
Mr. Hideaki Yasukawa, a Chairman and Director of the Company, is a Chairman of SE GAKUEN Educational
Foundation (“SE GAKUEN”). Mr. Hideaki Yasukawa owns 0.1% of the outstanding shares of the Company.
The Company’s management believes that all transactions with related parties as described in the preceding
paragraphs and in the table below were in accordance with terms and conditions decided on a market-determined basis.
Transactions with these related parties for the years ended March 31, 2003, 2004 and 2005, and related balances
at March 31, 2004 and 2005, were as follows:
Thousands of
Millions of yen U.S. dollars
Year ended Year ended
March 31 March 31,
2003 2004 2005 2005
Transactions:
With Sunritz –
Rental expenses for real estates ¥124 ¥120 ¥115 $1,071
With SE GAKUEN –
Other incomes 11 59 69 643
Other expenses 9 17 328
With other related companies –
Other expenses 1 4 57 531
Thousands of
Millions of yen U.S. dollars
March 31 March 31,
2004 2005 2005
Balances:
With Sunritz –
Other investments ¥2 ¥2 $19
With SE GAKUEN –
Other current assets 4 437
Payables 1 ––