Olympus 2003 Annual Report Download - page 37

OLYMPUS 2003 
14. inf or mat ion f or cer t ain l ease t r ansact ions
Lessee:
The Company and its consolidated subsidiaries lease certain machinery and equipment under non-cancellable finance and operat-
ing leases. Finance leases that do not transfer ownership to lessees are not capitalized and are accounted for in the same manner as
operating leases. Certain information for such non-capitalized finance leases for the years ended March ,  and  was as
follows:
t h ousan d s of
mil l ion s of yen u.s. dol l a r s
2003 2002 2003
(Equivalent amount)
Acquisition cost ...................................................................................................... ¥ 8,212 ¥9,505 $ 68,433
Accumulated depreciation ....................................................................................... (3,880) (4,937) (32,333)
Estimated net book value ........................................................................................ ¥ 4,332 ¥4,568 $ 36,100
t h ousan d s of
mil l ion s of yen u.s. dol l a r s
2003 2002 2003
(Accrued lease payments)
Lease payments....................................................................................................... ¥2,176 ¥2,413 $18,133
Equivalent of depreciation expense.......................................................................... ¥1,987 ¥2,188 $16,558
Equivalent of interest expense ................................................................................. ¥168 ¥201 $ 1,400
Equivalent of depreciation expense is computed using the straight-line method over the lease terms assuming no residual value.
Equivalent of interest expense is computed using interest rate method over the lease terms for the difference between acquisition cost
and total lease payments.
Future minimum lease payments under the non-cancellable finance and operating leases having remaining terms in excess of one
year as of March ,  are as follows:
mil l ion s of t h ousands of
yen u.s. dol l ar s
2003 ............................................................................................................................................... ¥1,941 $16,175
2004 and thereafter .......................................................................................................................... 3,120 26,000
Total minimum lease payments ........................................................................................................ ¥5,061 $42,175
Lessor:
Certain machinery and equipment of the Company and its consolidated subsidiaries are leased under the finance leases. For the years
ended March ,  and , the amounts of machinery and equipment were summarized as follows:
t h ousan d s of
mil l ion s of yen u.s. dol l a r s
2003 2002 2003
Acquisition cost ...................................................................................................... ¥ 7,491 ¥7,408 $ 62,425
Accumulated depreciation ....................................................................................... (3,987) (3,705) (33,225)
Net book value ........................................................................................................ ¥ 3,504 ¥3,703 $ 29,200
t h ousan d s of
mil l ion s of yen u.s. dol l a r s
2003 2002 2003
Lease income .......................................................................................................... ¥1,738 ¥1,663 $14,483
Depreciation expense .............................................................................................. ¥1,537 ¥1,440 $12,808
Estimated interest income ....................................................................................... ¥185 ¥217 $1,542
Estimated interest income is computed using interest rate method over the lease terms for the difference between acquisition cost
and total lease receipts.
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