Nissan 2005 Annual Report Download - page 88

FINANCIAL SECTION
Nissan Annual Report 2004
86
The following is a summary of the transferred assets and liabilities, the relevant selling prices and the net cash inflows from sales of stock of
Rhythm Corporation and two other companies in the year ended March 31, 2003.
Millions of yen
2002
For the year ended Mar. 31, 2003
Current assets............................................................................................................................................................................................................................................................................. ¥22,561
Fixed assets.................................................................................................................................................................................................................................................................................. 7,493
Loss on sales of investment securities .................................................................................................................................................................................................................. (1,765)
Current liabilities ....................................................................................................................................................................................................................................................................... (11,991)
Long-term liabilities................................................................................................................................................................................................................................................................ (5,366)
Minority interests in consolidated subsidiaries ................................................................................................................................................................................................ (1,962)
Proceeds from sales of stock ........................................................................................................................................................................................................................................ 8,970
Cash and cash equivalents held by subsidiaries ............................................................................................................................................................................................ (575)
Net proceeds ............................................................................................................................................................................................................................................................................... ¥ 8,395
In addition to the above, at March 31, 2005, the Company was committed to provide guarantees of indebtedness of unconsolidated subsidiaries
and affiliates in the aggregate amount of ¥2,712 million ($25,346 thousand) at the request of the lending banks. The outstanding balance of
installment receivables sold with recourse amounted to ¥20,687 million ($193,336 thousand) at March 31, 2005.
Certain consolidated subsidiaries have entered into overdraft and loan commitment agreements amounting to ¥107,247 million ($1,002,308
thousand) with their customers and others. The loans receivable outstanding and the unused balances under these credit facilities as of March
31, 2005 amounted to ¥12,094 million ($113,028 thousand) and ¥95,153 million ($889,280 thousand), respectively. Since many of these
facilities expire without being utilized and the related borrowings are sometimes subject to a review of the borrowers’ credibility, any unused
amount will not necessarily be utilized at the full amount.
17. COMMITMENTS AND CONTINGENCIES
At March 31, 2005, the Company and its consolidated subsidiaries had the following contingent liabilities:
Thousands of
Millions of yen U.S. dollars
As endorser of notes receivable discounted with banks....................................................................................................................... ¥ 5,301 $ 49,542
As guarantor of employees’ housing loans from banks and others............................................................................................ 243,384 2,274,617
¥248,685 $2,324,159
16. LEASE TRANSACTIONS
a) Lessees’ accounting
Future minimum lease payments subsequent to March 31, 2005 on noncancelable operating leases are summarized as follows:
Thousands of
Year ending Mar. 31, Millions of yen U.S. dollars
2006................................................................................................................................................................................................................................................. ¥ 5,729 $ 53,542
2007 and thereafter............................................................................................................................................................................................................ 24,004 224,336
Total................................................................................................................................................................................................................................................... ¥29,733 $277,878
b) Lessors’ accounting
Future minimum lease income subsequent to March 31, 2005 for noncancelable operating leases is summarized as follows:
Thousands of
Year ending Mar. 31, Millions of yen U.S. dollars
2006................................................................................................................................................................................................................................................. ¥228,770 $2,138,037
2007 and thereafter............................................................................................................................................................................................................ 311,015 2,906,682
Total................................................................................................................................................................................................................................................... ¥539,785 $5,044,719
See Note 2(c) for the change in the method of accounting for noncancelable lease transactions which transfer substantially all risks and rewards
associated with the ownership of assets.