Pentax 2002 Annual Report Download - page 42

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40
No»4cash and cash equivalents
Cash and cash equivalents as of March 31, 2002 and 2001 consisted of the following:
Thousands of
Millions of Yen U.S. Dollars
2002 2001 2002
Cash on hand and in banks ¥66,321 ¥44,698 $498,654
Commercial paper 7,000
Total ¥66,321 ¥51,698 $498,654
No»5investment securities
Investment securities as of March 31, 2002 and 2001 consisted of the following:
Thousands of
Millions of Yen U.S. Dollars
2002 2001 2002
Marketable equity securities ¥589 ¥2,450 $ 4,429
Government and corporate bonds 1,650
Non-marketable equity securities 466 815 3,503
Total ¥1,055 ¥4,915 $ 7,932
No»3reorganization
(i) Merger of the company with subsidiaries
On July 1, 1999, the Company merged with Hoya Lens
Corporation, which had been a wholly owned subsidiary of
the Company. The Japanese Commercial Code (the “Code”)
requires that the legal reserve of the merged company be
transferred to additional paid-in capital in the event of a
merger.
On July 1, 2001, the Company merged with Hoya Fiber
Photonics Corporation, which had been a wholly owned
unconsolidated subsidiary of the Company.
(ii) Reorganization of subsidiaries to the Company’s branches
On April 1, 2000, the Company purchased ORI Group which
consisted of 11 companies in the United States for ¥ 15,896
million and on October 31,2000, Midwest Optical Laborato-
ries, Inc. (“MOL”) for ¥ 513 million. ORI Group, MOL and
a newly established American company consisted of Hoya
Optical Laboratories, Inc. (“HOL”) and 12 consolidated
subsidiaries, which had been wholly owned American
subsidiaries of HOL.
On March 1, 2001, the Company reorganized HOL and the
12 consolidated subsidiaries to the Company’s branches. Due
to the reorganization, goodwill of ¥15,167 million was
recorded and subsequently ¥14,347 million, which was
charged to income. Also an adjustment of retained earnings for
the reorganization of consolidated subsidiaries to branches was
recorded in the amount of ¥820 million as an adjustment to
income from April 1, 2000 to February 28, 2001 of HOL and
subsidiaries.
(iii) Reorganization of Subsidiaries
On September 30, 2001, the Company purchased the
minority interest of Hoya Optikslip AB (“HOSL”) in Sweden
for ¥384 million ($2,887 thousand) to become a wholly
owned consolidated subsidiary. Previously, HOSL had been
accounted for by the equity method.
On October 1, 2001, Welfare Corporation, which had a
wholly owned unconsolidated subsidiary of the Company,
was merged into Hoya Healthcare Corporation (“HHC”).
On January 1, 2002, Welfare Corporation was then split
up from HHC.
On February 1, 2002, the Company purchased Eagle
Optics, Inc. in the United States for ¥474 million ($3,563
thousand).
On March 31, 2002, the Company increased its ownership
of Thai Hoya Lens Ltd. to become a consolidated subsidiary,
which had been accounted for by the equity method.
The carrying amounts and aggregate fair values of marketable equity securities at March 31, 2002 and 2001 were as follows: