Casio 2012 Annual Report Download - page 33

9. Short-term Loans Payable and Long-term Debt
Short-term loans payable represent unsecured bank loans and its average interest rates are 1.5% and
1.2% per annum at March 31, 2012 and 2011, respectively.
Bonds and long-term loans payable at March 31, 2012 and 2011:
Millions of Yen
Thousands of
U.S. Dollars
2012 2011 2012
Euro-yen convertible bonds with stock warrants due in 2015* ........ ¥ 250 ¥ 50,000 $ 3,049
1.32% unsecured bonds due in 2014 ............................................. 10,000 10,000 121,951
1.07% unsecured bonds due in 2015 ............................................. 15,000 15,000 182,927
1.785% unsecured Eurobonds due in 2015 .................................... 5,710 —69,634
Unsecured loans principally from banks at an average
interest rate of 0.6% maturing 2013 through 2019** .................. 77,457 48,000 944,598
Total ............................................................................................... 108,417 123,000 1,322,159
Less amount due within one year .................................................... —10,000 —
108,417 113,000 1,322,159
* Details of issuances of share subscription rights attached to bonds (“warrants”):
Type of shares involved: ordinary shares of common stock
Price of warrant: gratis
Share issue price: ¥1,952
Total issue amount: ¥50,000 million
Total value of new shares issued upon exercise of warrants: —
Warrant-linked: 100%
Period of exercise of warrants: July 3, 2008 to March 17, 2015
Upon request to exercise warrants in question, payments usually required for the issuance of the corresponding
number of shares shall be exempted as the issuer of bonds in question, in return, will be automatically exempted from
obligation of redemption of the bonds in lump-sum.
Exercise of warrants in question shall be regarded as eligible request for exercise of share subscription rights.
** An average interest rate is the weighted average rate on the year-end balance of loans payable.
The annual maturities of bonds and long-term loans payable at March 31, 2012:
Year ending March 31 Millions of Yen
Thousands of
U.S. Dollars
2013..................................................................................................................... ¥ — $ —
2014..................................................................................................................... 35,000 426,829
2015..................................................................................................................... 53,417 651,427
2016..................................................................................................................... 15,000 182,927
2017..................................................................................................................... — —
Thereafter ............................................................................................................. 5,000 60,976
The annual maturities of lease obligations at March 31, 2012:
Year ending March 31 Millions of Yen
Thousands of
U.S. Dollars
2013..................................................................................................................... ¥632 $7,707
2014..................................................................................................................... 495 6,037
2015..................................................................................................................... 340 4,146
2016..................................................................................................................... 188 2,293
2017..................................................................................................................... 65 793
Thereafter ............................................................................................................. 88 1,073
The lines of credit with the main financial institutions agreed as of March 31, 2012 and 2011:
Millions of Yen
Thousands of
U.S. Dollars
2012 2011 2012
Line of credit ................................................................................... ¥57,815 ¥88,735 $705,061
Unused ........................................................................................... 57,815 88,735 705,061
10. Income Taxes
The Company and its consolidated subsidiaries in Japan used the statutory income tax rate of 40.7% for
calculation of deferred income tax assets and liabilities at March 31, 2012 and 2011.
The following table summarizes the significant differences between statutory tax rate and the Group’s
actual income tax rate for financial statement purposes for the years ended March 31, 2012 and 2011.
2012 2011
Statutory tax rate ....................................................................................................... 40.7% 40.7%
Increase (reduction) in tax resulting from:
Nondeductive expenses (Entertainment, etc.) ........................................................ 11.2 1.1
Difference in statutory tax rate (included in foreign subsidiaries) ........................... (150.2) (8.3)
Valuation allowance ............................................................................................. 179.4 7.7
Equity in earnings of affiliates ............................................................................... 122.8 6.3
Impact of organizational restructuring .................................................................. (816.3) —
Decreasing adjustment in deferred tax assets at the year-end due
to statutory tax rate ............................................................................................ 292.9 —
Other ................................................................................................................... 41.5 1.7
Actual income tax rate ............................................................................................... (278.0)% 49.2%
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CASIO Annual Report 2012
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