JVC 1999 Annual Report Download - page 29

JVC 1999 27
12. FORWARD FOREIGN EXCHANGE CONTRACTS —
THE COMPANY ONLY
At March 31, 1999, the Company had contracts to sell various foreign
currencies, mainly U.S. dollars. The aggregate contract amount and
fair value of forward foreign exchange contracts equivalent in Japanese
yen at March 31, 1999 were ¥40,852 million and ¥40,081 million,
respectively.
The Company also had contracts to purchase various foreign
currencies, mainly U.S. dollars. The aggregate contract amount and
fair value of forward foreign exchange contracts equivalent in Japanese
yen at March 31, 1999 were ¥23,105 million and ¥22,993 million,
respectively.
The forward contracts on the foreign currency receivables and
payables translated into Japanese yen at the forward exchange rates
on the accompanying financial statements were not included in the
above amounts.
13. LEASE INFORMATION
Finance leases which do not transfer ownership to lessees are not capi-
talized and are accounted for in the same manner as operating leases.
Certain information for such non-capitalized finance leases is as follows.
(1) A summary of assumed amounts of acquisition cost, accumulated
depreciation and net book value at March 31, 1999 is as follows:
Millions of yen
Acquisition Accumulated Net book
cost depreciation value
Buildings and structures .................. ¥ 1,335 ¥ 386 ¥ 949
Vehicles, machinery and
equipment ...................................... 6,455 3,293 3,162
Tools, furniture and fixtures .............. 11,395 5,412 5,983
Leasehold rights .............................. 234 141 93
Software.......................................... 153 73 80
¥19,572 ¥9,305 ¥10,267
Thousands of U.S. dollars
Acquisition Accumulated Net book
cost depreciation value
Buildings and structures .................. $ 11,033 $ 3,190 $ 7,843
Vehicles, machinery and
equipment ...................................... 53,347 27,216 26,131
Tools, furniture and fixtures .............. 94,174 44,727 49,447
Leasehold rights .............................. 1,934 1,165 769
Software ......................................... 1,264 603 661
$161,752 $76,901 $84,851
Assumed amounts of acquisition cost, accumulated depreciation and
net book value at March 31, 1998 were not required to be disclosed.
(2) Future minimum lease payments at March 31, 1999 and 1998 are
as follows:
Thousands of
Millions of yen U.S. dollars
1999 1998 1999
Due within one year ..................... ¥ 3,802 ¥3,450 $31,421
Due after one year ....................... 6,463 5,493 53,414
¥10,265 ¥8,943 $84,835
(3) Lease payments and assumed depreciation charges for the year
ended March 31, 1999, 1998 and 1997 are as follows:
Thousands of
Millions of yen U.S. dollars
1999 1998 1997 1999
Lease payments ............. ¥3,276 ¥3,352 ¥3,353 $27,074
Assumed depreciation
charges.......................... 3,276 —— 27,074
Assumed depreciation charges were not required to be disclosed in
1998 or 1997.
(4) Assumed depreciation charges are computed using the straight-line
method over lease terms assuming no residual value.
14. SUBSEQUENT EVENT
On June 29, 1999, the Company’s stockholders authorized payment of
a cash dividend to stockholders of record on March 31, 1999 of ¥1.5
($0.01) per share, totaling ¥381 million ($3,152 thousand).