Konica Minolta 2002 Annual Report Download - page 30
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At March 31, 2002 and 2001, significant components of
deferred tax assets and liabilities are as follows:
Thousands of
Millions of yen U.S. dollars
2002 2001 2002
Gross deferred tax assets:
Tax effect on loss of a consolidated
subsidiary previously not recognized
¥ 3,057 ¥ 1,298 $ 22,950
Tax loss carryforwards
9,459 7,511 71,014
Reserve for employees’ retirement
allowance
15,451 13,899 115,998
Inventories, etc
2,631 4,936 19,752
Other, net
16,477 14,346 123,701
Subtotal
47,075 41,992 353,416
Valuation allowance
(6,764) (7,034) (50,781)
Deferred tax assets total
40,311 34,957 302,635
Total gross deferred tax liabilities
(8,521) (8,783) (63,971)
Net deferred tax assets
¥31,789 ¥26,174 $238,656
Deferred tax assets relating to operating losses are recorded
because the Japanese accounting standard requires that the benefit
of tax loss carryforwards be estimated and recorded as an asset,
with deduction of a valuation allowance if it is expected that some
portion or all of the deferred tax assets will not be realized.
9. Research and Development Expenses
Total amounts charged to income for the fiscal years ended March
31, 2002 and 2001 are ¥29,171 million (US$219,002 thousand)
and ¥26,672 million, respectively.
10. Shareholders’ Equity
Until September 30, the Japanese Commercial Code required that
an amount equal to at least 10% of cash distributions paid out of
retained earnings should be appropriated to a legal reserve until
this reserve equals 25% of common stock. Effective from October
1, 2001, the Japanese Commercial Code was amended such that an
amount equal to at least 10% of the cash distribution paid out of
retained earnings should be appropriated to the legal reserve until
the total amount of this reserve and additional paid-in capital
equals 25% of common stock. Thus, in accordance with the modi-
fied Japanese Commercial Code, the Company does not appro-
priate to the legal reserve. The legal reserve is not available for cash
dividends but may be used to reduce a deficit by a shareholders’
resolution or may be capitalized by a Board of Directors’ resolution.
On June 25, 2002, the shareholders approved a cash dividend
to be paid to shareholders on record as of March 31, 2002 totaling
¥1,787 million (US$13,416 thousand), at the rate of ¥5.00
(US$0.04) per share of common stock.
11. Commitments and Contingent Liabilities
The Company and its subsidiaries were contingently liable, as of
March 31, 2002, for trade notes discounted with banks of ¥100
million (US$751 thousand) and for loans guaranteed of ¥1,545
million (US$11,599 thousand).
12. Lease Transactions
Information on the Company’s and consolidated subsidiaries’
finance lease transactions (except for those which are deemed to
transfer the ownership of the leased assets to the lessee) and oper-
ating lease transactions is as follows:
Lessee
1. Finance Leases
Thousands of
Millions of yen U.S. dollars
2002 2001 2002
Machinery and equipment ¥11,826 ¥11,505 $ 88,784
Tools and furniture 6,913 6,001 51,899
Others 451 683 3,386
19,192 18,191 144,084
Less: Accumulated depreciation (9,392) (7,471) (70,511)
Net book value 9,799 10,720 73,566
Depreciation ¥ 3,463 ¥ 3,274 $ 25,998
Depreciation is based on the straight-line method over the lease
terms of the lease assets.
The scheduled maturities of future lease rental payments on
such lease contracts as of March 31, 2002 and 2001 are as follows:
Thousands of
Millions of yen U.S. dollars
2002 2001 2002
Due within one year ¥3,343 ¥ 3,122 $25,098
Due over one year 6,456 7,598 48,468
9,799 10,720 73,566
Lease rental expenses for the year ¥3,463 ¥ 3,274 $25,998
2. Operating Leases
The scheduled maturities of future lease rental payments on such
lease contracts as of March 31, 2002 and 2001 are as follows:
Thousands of
Millions of yen U.S. dollars
2002 2001 2002
Due within one year ¥ 4,036 ¥ 4,805 $ 30,300
Due over one year 14,568 12,133 109,369
¥18,604 ¥16,939 $139,670
Lessor
Finance Leases
Thousands of
Millions of yen U.S. dollars
2002 2001 2002
Leased tools and furniture:
Purchase cost ¥766 ¥ 972 $5,751
Accumulated depreciation (689) (896) (5,173)
Net book value ¥ 77 ¥ 76 $578
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