Nikon 2012 Annual Report Download - page 49

Download and view the complete annual report

Please find page 49 of the 2012 Nikon annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 66

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66

47
NIKON CORPORATION ANNUAL REPORT 2012
FINANCIAL SECTION
A reconciliation between the normal effective statutory tax rate and the actual effective tax rate reflected in the consolidated
statements of income for the fiscal years ended March 31, 2011 and 2012 is as follows:
2011 2012
Normal statutory tax rate 40.6% 40.6%
Tax credit for research and development costs (1.6) (4.2)
Tax rate difference of consolidated subsidiaries (10.3) (7.2)
Deferred tax assets for unrealizable profits 6.3 (6.0)
Increase in valuation allowance 1.6 (0.1)
Tax effect on retained earnings for foreign subsidiaries 3.7
Amortization of goodwill 1.4 3.8
Effect of corporate income tax rate reduction in Japan 4.2
Other—net (0.4) 0.1
Actual effective tax rate 41.3% 31.2%
The “Act for Partial Revision of the Income Tax Act, etc., for the Purpose of Creating Taxation System Responding to Changes
in Economic and Social Structures” (Act No. 114 of 2011) and the “Act on Special Measures for Securing Financial Resources
Necessary to Implement Measures for Reconstruction following the Great East Japan Earthquake” (Act No. 117 of 2011)
promulgated on December 2, 2011 led to a reduction of corporate tax rates and the introduction of a special reconstruction
corporate tax from the fiscal year beginning on April 1, 2012. Consequently, the effective statutory tax rate applicable in
calculation of deferred tax assets and deferred tax liabilities has been changed from the previous rate of 40.6% to 38.0% in
respect of the temporary difference expected to be resolved in the fiscal year beginning on April 1, 2012 to the fiscal year
beginning on April 1, 2014, and to 35.6% in respect of the temporary difference expected to be resolved in the fiscal year
beginning on April 1, 2015 or thereafter. Such change decreased the net amount of deferred tax assets (after deducting
deferred tax liabilities) as of the end of the current fiscal year by ¥3,539 million ($43,056 thousand) and increased the
amount of income taxes—deferred for the current fiscal year by ¥3,630 million ($44,169 thousand).
12. Research and Development Costs
Research and development costs charged to income were ¥60,767 million and ¥68,701 million ($835,886 thousand) for the
fiscal years ended March 31, 2011 and 2012, respectively.
13. Leases
The Group leases certain machinery and equipment for manufacturing.
The minimum rental commitments under noncancelable operating leases at March 31, 2011 and 2012 were as follows:
Millions of Yen
Thousands of
U.S. Dollars
2011 2012 2012
Due within one year ¥2,221 ¥2,844 $34,600
Due after one year 3,905 5,071 61,697
Total ¥6,126 ¥7,915 $96,297