Pentax 2003 Annual Report Download - page 51

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49
On March 31, 2003, a tax reform law was enacted in Japan which changed the normal effective statutory tax rate from approximately
41.7% to 40.4%, effective for years beginning April 1, 2004. The effect of this change on deferred taxes in the consolidated statements of
income for the year ended March 31, 2003 was a decrease of approximately ¥94 million ($783 thousand).
No»12 RESEARCH AND DEVELOPMENT EXPENSES
Research and development expenses charged to income for the years ended March 31, 2003, 2002 and 2001 were ¥6,843 million
($57,025 thousand), ¥5,511 million and ¥5,161 million, respectively.
No»13 LEASES
Income from equipment leases for the years ended March 31, 2002, and 2001 was ¥4 million and ¥38 million, respectively.
The Group leases certain machinery, computer equipment, office space and other assets. Total rental expenses for the years ended
March 31, 2003, 2002 and 2001 were ¥7,967 million ($66,392 thousand), ¥8,739 million and ¥8,352 million, including ¥1,344
million ($11,200 thousand), ¥1,413 million and ¥1,745 million of lease payments under finance leases, respectively.
Pro forma information of leased property such as acquisition cost, accumulated depreciation, obligation under finance lease, depreciation
expense of finance leases that do not transfer ownership of the leased property to the lessee on an “as if capitalized” basis for the years ended
March 31, 2003 and 2002 was as follows:
Millions of Yen Thousands of U.S. Dollars
2003 2002 2003
Machinery Furniture Machinery Furniture Machinery Furniture
and and and and and and
Vehicles Equipment Total Vehicles Equipment Total Vehicles Equipment Total
Acquisition cost ¥3,571 ¥3,305 ¥6,876 ¥2,966 ¥3,975 ¥6,941 $29,758 $27,542 $57,300
Accumulated depreciation 1,904 2,025 3,929 1,470 2,282 3,752 15,867 16,875 32,742
Net leased property ¥1,667 ¥1,280 ¥2,947 ¥1,496 ¥1,693 ¥3,189 $13,891 $10,667 $24,558
The imputed interest expense portion as lessee is included in the above acquisition cost.
Obligations under finance leases:
Thousands of
Millions of Yen U.S. Dollars
2003 2002 2003
Due within one year ¥1,191 ¥1,235 $09,9250
Due after one year 1,756 1,954 14,6330
Total ¥2,947 ¥3,189 $24,5580
The imputed interest expense portion as lessee is included in the above obligations under finance leases.
Depreciation expense for lessee, which is not reflected in the accompanying consolidated statements of income, computed by the
straight-line method was ¥1,344 million ($11,200 thousand), ¥1,413 million and ¥1,745 million for the years ended March 31,
2003, 2002 and 2001, respectively.
Depreciation expense for lessor, which is reflected in the accompanying consolidated statements of income, computed by the
straight-line method was ¥3 million and ¥36 million for the years ended March 31, 2002 and 2001, respectively.
The minimum rental commitments under noncancellable operating leases at March 31, 2003 were as follows:
Thousands of
Millions of Yen U.S. Dollars
Due within one year ¥0,099 $00,825
Due after one year 1,137 9,475
Total ¥1,236 $10,300