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72 HOYA Annual Report 2009
A reconciliation between the normal effective statutory tax rates and the actual effective tax rates reflected in the accompanying
consolidated statements of income for the years ended March 31, 2009, 2008 and 2007 was as follows:
2009 2008 2007
Normal effective statutory tax rate 40.4% 40.4% 40.4%
Loss on impairment and depreciation of goodwill 21.5 — —
Adjustment of deferred tax assets 6.8 — —
The amount influence of merging —(9.0) —
Undistributed earnings of overseas subsidiaries 5.8 — —
Change in valuation allowance 4.5 0.6 —
Lower or exemption income tax rates applicable to income in certain foreign countries (32.8) (20.1) (17.1)
Consolidated adjustment on unrealized gain in inventories (1.8) 1.2 —
Other—net (0.7) 2.2 (1.3)
Actual effective tax rate 43.7% 15.3% 22.0%
No. 10
LEASES
The Group leases certain machinery, computer equipment, office space and other assets. Total rental expenses including lease
payments for the years ended March 31, 2009, 2008 and 2007 were ¥8,210 million ($83,576 thousand), ¥7,482 million and ¥3,909
million, respectively.
Pro forma information of leased property such as acquisition cost, accumulated depreciation, accumulated impairment loss,
obligation under finance lease, depreciation expense of finance lease that do not transfer ownership of the leased property to the
lessee on an “as if capitalized” basis for the years ended March 31, 2009 and 2008 was as follows:
Millions of Yen Thousands of U.S. Dollars
2009 2008 2009
Machinery
and Vehicles
Furniture
and
Equipment Total
Machinery
and Vehicles
Furniture
and
Equipment Total
Machinery
and Vehicles
Furniture and
Equipment Total
Acquisition cost ¥3,150 ¥434 ¥3,584 ¥5,282 ¥5,637 ¥10,919 $32,064 $4,422 $36,486
Accumulated depreciation 1,973 266 2,239 3,156 4,048 7,204 20,084 2,706 22,790
Accumulated impairment loss — 24 24 3 25 28 0 250 250
Net leased property ¥1,177 ¥144 ¥1,321 ¥2,123 ¥1,564 ¥ 3,687 $11,980 $1,466 $13,446
The imputed interest expense portion as lessee is included in the above acquisition cost.
Obligation under finance leases
Millions of Yen
Thousands of
U.S. Dollars
2009 2008 2009
Due within one year ¥ 552 ¥2,039 $ 5,615
Due after one year 778 1,662 7,922
Total ¥1,330 ¥3,701 $13,537
Allowance for impairment loss on leased property of ¥9 million ($90 thousand) and ¥14 million as of March 31, 2009 and 2008 is
not included in obligations under finance leases.