Konica Minolta 2013 Annual Report Download - page 38

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7. Short-Term Debt, Long-Term Debt and
Lease Obligations
Short-term debt is primarily unsecured and generally represents bank
overdrafts. The amounts as of March 31, 2013 and 2012 were ¥67,398
million ($716,619 thousand) and ¥32,913 million, respectively, with
weighted-average interest rates of approximately 0.8% and 1.2%,
respectively.
Long-term debt as of March 31, 2013 and 2012, including the
current portion, is as follows:
Bonds
Millions of yen
Interest
rate
Thousands of
U.S. dollars
2013 2012 2013 2013
Zero coupon convertible
unsecured bonds due
in 2016
................... ¥ — ¥ 40,000 — $ —
1st Unsecured Bonds
due in 2015 ............ 20,000 20,000
0.609% 212,653
2nd Unsecured Bonds
due in 2017 ............ 10,000 10,000
0.956% 106,326
3rd Unsecured Bonds
due in 2016 ............ 20,000 20,000
0.610% 212,653
4th Unsecured Bonds
due in 2018 ............ 20,000 20,000
0.902% 212,653
¥70,000 ¥110,000 $744,285
Less—Current portion
included in current
liabilities ................. ———
Bonds, less current
portion .................. ¥70,000 ¥110,000 $744,285
The zero coupon convertible unsecured bonds due in 2016 are
bonds with share subscription rights that were issued on December 7,
2006. Details of the share subscription rights are as follows:
2016 bonds
Class of stock ................................................. Common stock
Issue price of shares (Yen) ................................ Zero
Initial conversion prices (Yen/per share) .............. ¥2,383
Total issue price (Millions of yen) ........................ ¥40,000
Ratio of granted rights (%) ................................. 100%
Period share subscription rights can be exercised ...
From
December 21, 2006 to
November 22, 2016
Long-term debt
Millions of yen
Interest
rate
Thousands of
U.S. dollars
2013 2012 2013 2013
Loans principally from
banks, due through
2022 ..................... ¥ 87,498 ¥ 85,019 $ 930,335
Less—Current portion
included in current
liabilities ................ (23,990) (11,994) 1.6% (255,077)
Long-term loans, less
current portion ....... ¥ 63,507 ¥ 73,025 0.9% $ 675,247
The aggregate annual maturities of long-term loans at March 31,
2013 are as follows:
Amount
Fiscal year Millions of yen
Thousands of
U.S. dollars
2014 ........................................... ¥27,004 $287,124
2015 ........................................... 5,000 53,163
2016 ........................................... 4,000 42,531
2017 ........................................... 9,000 95,694
2018 and thereafter ...................... 18,501 196,715
Lease obligations
Lease obligations are included in other liabilities.
Millions of yen
Interest
rate*
Thousands of
U.S. dollars
2013 2012 2013 2013
Lease obligations, due
through 2026. ......... ¥ 5,340 ¥ 4,756 — $ 56,778
Less—Current portion
included in current
liabilities ................. (1,609) (1,417) — (17,108)
Lease obligations, less
current portion ........ ¥ 3,730 ¥ 3,338 — $ 39,660
* Since the book value of lease obligations includes the equivalent of interest
payable, interest rates of lease obligations are not represented in the table above.
The aggregate annual maturities of long-term lease obligations at
March 31, 2013 are as follows:
Amount
Fiscal year Millions of yen
Thousands of
U.S. dollars
2014 ........................................... ¥1,393 $14,811
2015 ........................................... 1,503 15,981
2016 ........................................... 497 5,284
2017 ........................................... 185 1,967
2018 and thereafter ...................... 149 1,584
8. Income Taxes
The income taxes of the Company and its domestic consolidated
subsidiaries comprise corporate income taxes, local inhabitants’ taxes
and enterprise taxes.
The reconciliation of the Japanese statutory income tax rate to the
effective income tax rate for the years ended March 31, 2013 and 2012
is as follows:
2013 2012
Statutory income tax rate ..................................... 38.0% 40.7%
Decrease in valuation allowance .......................... (5.4) (23.1)
Tax credits for research and development costs and others ... (0.8) —
Non-taxable income .......................................... (0.9) (0.3)
Difference in statutory tax rates of foreign subsidiaries ... (2.4) (7.9)
Expenses not deductible for tax purposes ............ 2.7 2.1
Amortization of goodwill ..................................... 11.2 10.8
Retained earnings of overseas subsidiaries ........... 2.7 (7.1)
Ineffective portion of unrealized gain/loss .............. 3.3 0.4
Effect of liquidation of consolidated subsidiaries ..... —14.6
Expiration of net loss carried forward .................... 7.4 0.6
Effects of changes in corporate tax rates .............. —10.1
Other, net ......................................................... (0.6) (3.3)
Effective income tax rate per consolidated
statements of income ......................................... 55.2% 37.6%