Olympus 2013 Annual Report Download - page 41

78 OLYMPUS Annual Report 2013 79OLYMPUS Annual Report 2013
Investment securities
The fair value of stocks is based on quoted market prices. The fair value of debt securities and investment trust fund is based on either quot-
ed market prices or prices provided by the fi nancial institutions making markets in these securities. For information on securities classifi ed by
holding purpose, please refer to Note 5 “Securities.”
Notes and accounts payable and Short-term borrowings
Since these items are settled in a short period of time, their carrying value approximates fair value.
Bonds
The fair value of bonds is based on the present value of the total of principal and interest discounted by an interest rate determined by taking
into account the remaining period of each bond and current credit risk.
Long-term borrowings
The fair value of long-term borrowings is based on the present value of the total of principal and interest discounted by the interest rate to be
applied if similar new borrowings were entered into.
Derivatives transactions
Please refer to Note 34 “Derivative fi nancial instruments.”
2) Financial instruments for which it is extremely diffi cult to determine the fair value as of March 31, 2012 and 2013
Millions of yen
Thousands of
U.S. dollars
2012 2013 2013
1) Non-listed equity securities ............................................................................................................... ¥ 937 ¥ 737 $ 7,840
2) Others .............................................................................................................................................. 1,826 1,847 19,649
Total ..................................................................................................................................................... ¥2,763 ¥2,584 $27,489
Because no quoted market price is available and estimating their future cash fl ow is deemed to be prohibitively expensive, therefore, it is ex-
tremely diffi cult to determine the fair value, the above fi nancial instruments are not included in the above table.
3) Redemption schedule for receivables and marketable securities with maturities at March 31, 2012 and 2013
As of March 31, 2012 Millions of yen
Within a year
Over a year
but within
fi ve years
Over fi ve years
but within
ten years
Over
ten years
Cash and deposits .................................................................................................. ¥199,924 ¥ — ¥ — ¥ —
Notes and accounts receivable ................................................................................ 150,594 — — —
Investment securities
Held-to-maturity debt securities
1) National and local government bonds ....................................................... — — — —
2) Corporate bonds ...................................................................................... — — — —
Other marketable securities with maturities
1) Corporate bonds ...................................................................................... — — — —
2) Other ......................................................................................................... 738 911 — —
Total ........................................................................................................................ ¥351,256 ¥911 ¥ — ¥ —
As of March 31, 2013 Millions of yen
Within a year
Over a year
but within
fi ve years
Over fi ve years
but within
ten years
Over
ten years
Cash and deposits .................................................................................................. ¥229,570 ¥ — ¥ — ¥ —
Notes and accounts receivable ................................................................................ 125,231 — — —
Investment securities
Held-to-maturity debt securities
1) National and local government bonds ....................................................... — — — —
2) Corporate bonds ...................................................................................... — — — —
Other marketable securities with maturities
1) Corporate bonds ...................................................................................... — — — —
2) Other ......................................................................................................... 705 1,141 — —
Total ........................................................................................................................ ¥355,506 ¥1,141 ¥ — ¥ —
Estimated Fair Value of Financial Instruments
Carrying value of fi nancial instruments on the consolidated balance sheets as of March 31, 2012 and 2013 and estimated fair value are
shown in the following table. The following table does not include fi nancial instruments for which it is extremely diffi cult to determine the fair
value (please refer to Note 2) “Financial instruments for which it is extremely diffi cult to determine the fair value as of March 31, 2012 and
2013” below):
As of March 31, 2012 Millions of yen
Carrying value
Estimated
fair value Difference
Assets
1) Cash and deposits ......................................................................................................................... ¥200,088 ¥200,088 ¥ —
2) Notes and accounts receivable ...................................................................................................... 150,594 150,594 —
3) Investment securities ...................................................................................................................... 45,771 45,771 —
Total ................................................................................................................................................... ¥396,453 ¥396,453 ¥ —
Liabilities
1) Notes and accounts payable .......................................................................................................... ¥ 75,330 ¥ 75,330 ¥ —
2) Short-term borrowings ................................................................................................................... 63,092 63,092 —
3) Bonds, including current maturities ................................................................................................ 110,120 99,945 (10,175)
4) Long-term borrowings, including current maturities ........................................................................ 469,214 415,488 (53,726)
Total ................................................................................................................................................... ¥717,756 ¥653,855 ¥(63,901)
Derivatives* ............................................................................................................................................ ¥ (1,922) ¥ (1,922) ¥ —
As of March 31, 2013 Millions of yen
Carrying value
Estimated
fair value Difference
Assets
1) Cash and deposits ......................................................................................................................... ¥229,610 ¥229,610 ¥ —
2) Notes and accounts receivable ...................................................................................................... 125,231 125,231 —
3) Investment securities ...................................................................................................................... 43,904 43,904 —
Total ................................................................................................................................................... ¥398,745 ¥398,745 ¥ —
Liabilities
1) Notes and accounts payable .......................................................................................................... ¥ 42,272 ¥ 42,272 ¥ —
2) Short-term borrowings ................................................................................................................... 39,637 39,637 —
3) Bonds, including current maturities ................................................................................................ 90,000 90,424 424
4) Long-term borrowings, including current maturities ........................................................................ 430,753 442,623 11,870
Total ................................................................................................................................................... ¥602,662 ¥614,956 ¥12,294
Derivatives* ........................................................................................................................................... ¥ (185) ¥ (185) ¥ —
As of March 31, 2013 Thousands of U.S. dollars
Carrying value
Estimated
fair value Difference
Assets
1) Cash and deposits ......................................................................................................................... $2,442,660 $2,442,660 $ —
2) Notes and accounts receivable ...................................................................................................... 1,332,245 1,332,245 —
3) Investment securities ...................................................................................................................... 467,064 467,064 —
Total ................................................................................................................................................... $4,241,969 $4,241,969 $ —
Liabilities
1) Notes and accounts payable .......................................................................................................... $ 449,702 $ 449,702 $ —
2) Short-term borrowings ................................................................................................................... 421,670 421,670 —
3) Bonds, including current maturities ................................................................................................ 957,447 961,957 4,510
4) Long-term borrowings, including current maturities ........................................................................ 4,582,479 4,708,755 126,276
Total ................................................................................................................................................... $6,411,298 $6,542,084 $130,786
Derivatives* ........................................................................................................................................... $ (1,968) $ (1,968) $ —
* The value of assets and liabilities arising from derivatives is shown at net value, with the amount in parentheses representing a net liability position.
Notes:
1) Methods to determine the estimated fair value of fi nancial instruments and other matters related to securities and derivative transactions
Cash and deposits and Notes and accounts receivable
Since these items are settled in a short period of time, their carrying value approximates fair value.