Oki 2010 Annual Report Download - page 43
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5. INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED SUBSIDIARIES AND AFFILIATES
Investments in and advances to unconsolidated subsidiaries and affiliates at March 31, 2010 and 2009 were as follows:
Investments stated:
By the equity method
At cost or less
Advances
Total
2010 2009 2010
¥ 4,124
1,004
1,881
¥ 7,009
¥ 4,412
1,299
1,835
¥ 7,546
$ 44,344
10,795
20,225
$ 75,365
Millions of yen
Thousands of
U.S. dollars
Loans, principally from banks, at weighted-average interest rates
of 1.6% and 1.7% at March 31, 2010 and 2009, respectively:
Secured
Unsecured
Total
2010 2009 2010
¥—
66,122
¥ 66,122
¥ 6,000
77,541
¥ 83,541
$—
710,989
$ 710,989
Millions of yen
Thousands of
U.S. dollars
Loans from banks, insurance companies and government agencies,
due through 2018:
Secured
Unsecured
Subtotal
Unsecured convertible bonds:
Zero coupon convertible bonds with stock acquisition rights
due 2011(*1,2)
Subtotal
Less: Current portion
Total
2010 2009 2010
¥ 670
105,674
106,344
—
106,344
(61,307)
¥ 45,036
¥—
108,224
108,224
12,000
120,224
(25,619)
¥ 94,605
$ 7,204
1,136,279
1,143,483
—
1,143,483
(659,215)
$ 484,258
Millions of yen
Thousands of
U.S. dollars
6. SHORT-TERM BORROWINGS AND LONG-TERM DEBT
Short-term borrowings at March 31, 2010 and 2009 consisted of the following:
Long-term debt at March 31, 2010 and 2009 is summarized as follows:
*1 The zero coupon convertible bonds with stock acquisition rights due 2011 are exercisable during the period from June 8, 2006 to
June 6, 2011 (unless they are previously redeemed or purchased and cancelled) and entitle the bearer to acquire fully-paid and non-
assessable shares of common stock of the Company at a conversion price of ¥ 291 per share.
These bonds are subject to certain provisions that permit the conversion price to be adjusted depending on the stock price (¥291
being the lower limit).The conversion price of ¥291 was amended from the initial conversion price of ¥376 and valid after December
25, 2006.
*2 The Company redeemed the “Zero coupon convertible bonds with stock acquisition rights due 2011” before maturity as resolved by
the Board of Directors of the Company on April 28, 2009.
At March 31, 2010, ¥670 million ($7,204 thousand) of long-term borrowings were collateralized by assets amounting to ¥673 million
($7,236 thousand).
As is customary in Japan, both short-term and long-term bank loans are made under general agreements which provide that collateral
and guarantees (or additional collateral or guarantees, as appropriate) with respect to present and future indebtedness be given at the
request of the lending bank, and that the bank shall have the right, as the obligations become due or in the event of default, to offset the
obligations with any cash deposited with the bank.