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43 ANNUAL REPORT 2006
Secured loans are collateralized by land, buildings and lease receivables
with a book value of ¥3,167 million ( $27,068 thousand) as of March
31, 2006.
All bonds outstanding as of March 31, 2006 are redeemable at the
option of Ricoh at 100% of the principal am ounts under certain
conditions as provided in the applicable agreem ents.
Bonds are subject to certain covenants such as restrictions on certain
additional secured indebtedness, as defined in the agreements. Ricoh
presently is in compliance with such covenants as of March 31, 2006.
Certain loan agreements provide, among other things, that the lender
may request the Com pany to submit proposals for appropriations of
earnings ( including paym ent of dividends) to the lender for its review
and approval prior to presentation to the shareholders. The Company
has never been requested to submit such proposals for approval. In
addition, as is customary in Japan, substantially all of the bank
borrowings are subject to general agreem ents with each bank which
provide, am ong other things, that the banks m ay request additional
security for these loans if there is reasonable and probable cause and
may treat any security furnished to the banks as well as cash deposited
as security for all present and future indebtedness. The Company has
never been requested to subm it such additional security.
The aggregate annual maturities of long-term indebtedness subsequent
to March 31, 2006 are as follows:
Thousands of
Years ending March 31 Millions of Yen U.S. Dollars
2007 ¥103,125 $ 881,410
2008 79,173 676,692
2009 59,144 505,504
2010 46,868 400,581
2011 8,189 69,992
2012 and thereafter 1,705 14,573
Total ¥298,204 $2,548,752
1 0 . LONG-TERM INDEBTEDNESS
Long-term indebtedness as of March 31, 2005 and 2006 consists of the followings:
Thousands of
Millions of Yen U.S. Dollars
2005
2006 2006
Bonds-
2.075%, straight bonds, payable in yen, due April 2005 ¥ 40,000
¥ – $ –
0.87%, straight bonds, payable in yen, due March 2007 35,000
35,000 299,146
1.34%, straight bonds, payable in yen, due March 2009 25,000
25,000 213,675
0.73%, straight bonds, payable in yen, due June 2006 issued by a consolidated subsidiary 10,000
10,000 85,470
0.70%, straight bonds, payable in yen, due June 2007 issued by a consolidated subsidiary 10,000
10,000 85,470
2.10%, straight bonds, payable in yen, due October 2009 issued by a consolidated subsidiary 10,000
10,000 85,470
1.11%, straight bonds, payable in yen, due March 2010 issued by a consolidated subsidiary –
10,000 85,470
Medium-term notes, 0.17% weighted average, due through 2015 issued by a consolidated subsidiary 22,000
10,000 85,470
Total bonds 152,000
110,000 940,171
Unsecured loans-
Banks and insurance companies, 1.43% weighted average, due through 2009 212,416
183,956 1,572,273
Secured loans-
Banks, insurance companies and other financial institution, 1.02% weighted average, due through 2013
1,133
795 6,795
Capital lease obligations ( see Note 2( j) ) 3,804
3,453 29,513
Total 369,353
298,204 2,548,752
SFAS 133 fair value adjustm ent 2,022
553 4,727
Less- Current m aturities included in current liabilities ( 144,808)
(103,131) (881,462)
¥226,567
¥195,626 $1,672,017