Olympus 2002 Annual Report Download - page 38

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10. SHAREHOLDERS’ EQUITY
Under the Code, the followings are provided:
• The maximum amount that the Company can distribute as dividends is calculated based on the individual financial statements of
the Company.
• At least 50% of the issue price of new shares, with a minimum of the par value thereof, is required to be designated as stated
capital. The portion that is to be designated as stated capital is determined by resolution of the Board of Directors. Proceeds in
excess of the amounts designated as stated capital are credited to additional paid-in capital.
• Certain amount of retained earnings equivalent to at least 10% of cash dividends paid and other cash outlays resulting from
appropriation of retained earnings is appropriated to a legal reserve until such reserve equals 25% of the issued capital.
• Neither additional paid-in capital nor legal reserve is available for cash dividends, but either may be used to reduce a capital
deficit by resolution of the shareholders or may be capitalized by resolution of the Board of Directors.
• Dividends are approved by the shareholders’ meeting held subsequent to the statutory fiscal period to which the dividends are
payable to shareholders of record at the end of each such fiscal period.
• Semi-annual dividends are approved by the Board of Directors after the end of each first six-month period to which the dividends
are payable to shareholders of record at the end of interim six-month period.
11. CONTINGENT LIABILITIES
The Company and its consolidated subsidiaries were contingently liable for export bills discounted of ¥1,467 million ($11,736
thousand) and other bills discounted of ¥32 million ($256 thousand) as of March 31, 2002. As of March 31, 2002, the Company
and its consolidated subsidiaries were also contingently liable as guarantors of borrowings, primarily for housing loans to em-
ployees, amounting to ¥1,228 million ($9,824 thousand).
12. PLEDGED ASSETS
The following assets were pledged as collateral for short-term borrowings and long-term debt as of March 31, 2002 and 2001:
Thousands of
Millions of yen U.S. dollars
2002 2001 2002
Land .................................................................................................................................... ¥70 ¥ 4 $ 560
Buildings and structures....................................................................................................... 3,475 3,271 27,800
¥3,545 ¥3,275 $28,360
The obligation secured by such collateral were as follows:
Thousands of
Millions of yen U.S. dollars
2002 2001 2002
Long-term debt .................................................................................................................... ¥2,637 ¥3,060 $21,096
13. CASH AND CASH EQUIVALENTS
Reconciliations of cash and time deposits shown in the consolidated balance sheets and cash and cash equivalents shown in the
consolidated statements of cash flows as of March 31, 2002 and 2001 were as follows:
Thousands of
Millions of yen U.S. dollars
2002 2001 2002
Cash and time deposits .................................................................................................. ¥100,986 ¥100,144 $ 807,888
Less: Time deposits with maturities over three months...................................................... (45,641) (15,393) (365,128)
Cash and cash equivalents ............................................................................................ ¥ 55,345 ¥ 84,751 $ 442,760