Casio 2000 Annual Report Download - page 32

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30
8. INCOME TAXES
The Company and its consolidated domestic subsidiaries
were subject to a number of income taxes, which, in the ag-
gregate, indicated a statutory rate in Japan of approximately
42% and 47% for the years ended March 31, 2000 and
1999, respectively.
The following table summarizes the significant differences between the statutory tax rate and the Group’s effective tax rate for
financial statement purposes for the year ended March 31, 2000:
20 0 0
Statutory tax rate 42.1%
Increase (Reduction) in tax resulting from:
Nondeductible expenses (Entertainment, etc.) 2.3
Nontaxable income (Dividends received deduction, etc.) (5.0)
Net current operating losses of subsidiaries 5.7
Difference in statutory tax rate (included in foreign subsidiaries) (4.4)
Effect of elimination of dividends income 8.4
Other 0.6
Effective tax rate 49.7%
The difference between the statutory tax rate and the Group’s effective tax rate was not disclosed because of the loss before in-
come taxes for the year ended March 31, 1999.
Year ending March 31 Millions of yen Thousands of U.S. dollars
2001 ¥10,372 $097,849
2002 5,664 53,434
2003 66,409 626,500
2004 24,811 234,066
2005 10,000 94,340
Thereafter 40,000 377,358
The annual maturities of long-term debt at March 31, 2000 were as follows:
The indentures covering the 1.9% convertible bonds pro-
vide, among other conditions, for (1) conversion into shares
of common stock at the conversion prices per share of
¥1,502.4 ($14.17) (subject to change in certain circumstances),
and (2) redemption at the option of the Company commenc-
ing March 1996 at prices ranging from 107% to 100% of
the principal amount.
Thousands of
Millions of yen U.S. dollars
20 0 0 1999 200 0
1.9% convertible bonds due in 2004 ¥ 23,811 ¥ 23,811 $ 224,632
3.0% U.S. dollar convertible bonds due in 2000 —149 —
2.0% bonds due in 2002 50,000 50,000 471,698
2.15% bonds due in 2004 10,000 10,000 94,340
2.05% bonds due in 2005 30,000 30,000 283,019
2.575% bonds due in 2007 10,000 10,000 94,340
Loans principally from banks at interest rates of 0.8% to 2.62%
maturing serially through 2005 33,445 33,271 315,518
157,256 157,231 1,483,547
Less amount due within one year 10,372 16,892 97,849
¥146,884 ¥140,339 $1,385,698
7. SHORT-TERM BORROWINGS AND LONG-TERM DEBT
An average interest rate of short-term borrowings at March
31, 2000 was 1.43% per annum. The Group has had no
difficulty in renewing when such renewal has been consid-
ered advisable.
Long-term debt at March 31, 2000 and 1999 consisted of: