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48 OLYMPUS 2007
The Company and its consolidated subsidiaries classified fixed assets into the groups of the business segments. The idle properties are
considered to constitute a group.
For assets for business use were not expected to make a profit constantly because of the degradation of the business environment. As a
result, carrying amounts of assets for business use were devaluated to their recoverable amounts. The recoverable amounts were calculated on
the basis of utility value, with future cash flows discounted by mainly 6.5% or 5.9% in fiscal 2007 and 6.6% in fiscal 2006.
Carrying amounts of idle properties were devaluated to their recoverable amounts, owing to substantial decline in the fair market value.
The recoverable amounts were estimated by net realizable value of fixed assets which were calculated based on net selling price in fiscal
2007, and by assessed value of fixed assets which were reflected in market price in fiscal 2006.
18. CASH AND CASH EQUIVALENTS
Reconciliations of cash and time deposits shown in the consolidated balance sheets and cash and cash equivalents shown in the consolidated
statements of cash flows as of March 31, 2007 and 2006 were as follows:
Thousands of
Millions of yen U.S. dollars
2007 2006 2007
Cash and time deposits .............................................................................................. ¥216,586 ¥165,720 $1,804,883
Less: Time deposits with maturities over three months ...................................................... (41,794) (6,423) (348,283)
Cash equivalents included in marketable securities ......................................................... 10 10 83
Cash and cash equivalents ......................................................................................... ¥174,802 ¥159,307 $1,456,683
19. CASH FLOW FROM ACQUISITION OF CONSOLIDATED SUBSIDIARIES
Details of assets and liabilities when NDT Engineering Corporation and other companies were consolidated for the year ended March 31,
2006 were as follows:
Millions of yen
Notes and accounts receivable ....................................................................................................................................... ¥2,184
Inventories .................................................................................................................................................................. 2,327
Property, plant and equipment ....................................................................................................................................... 2,465
Investments and other assets .......................................................................................................................................... 4,680
Notes and accounts payable .......................................................................................................................................... (1,224)
Short-term borrowings ................................................................................................................................................... (2,564)
Other current liabilities ................................................................................................................................................. (23)
Total .......................................................................................................................................................................... ¥ 7,845
Details of assets and liabilities when ITX Corporation and its subsidiaries (ITX) were consolidated, acquisition cost of share, and proceeds
from acquisition of ITX for the year ended March 31, 2005 were as follows:
Millions of yen
Notes and accounts receivable ....................................................................................................................................... ¥ 31,441
Inventories .................................................................................................................................................................. 10,606
Other current assets ...................................................................................................................................................... 37,850
Consolidated adjustment accounts .................................................................................................................................. 33,359
Investment securities ..................................................................................................................................................... 15,511
Investments and other assets .......................................................................................................................................... 15,615
Notes and accounts payable .......................................................................................................................................... (29,451)
Short-term borrowings ................................................................................................................................................... (25,346)
Other current liabilities ................................................................................................................................................. (11,656)
Long-term debt, less current maturities .............................................................................................................................. (39,154)
Other non-current liabilities ............................................................................................................................................ (11,322)
Minority interests ......................................................................................................................................................... (2,487)
Sub-total ..................................................................................................................................................................... 24,966
Consolidated adjustment accounts .................................................................................................................................. 14,419
Minority interests ......................................................................................................................................................... (10,212)
Total equity method until consolidation ............................................................................................................................ (8,905)
Sub-total: acquisition cost of ITX ..................................................................................................................................... 20,268
Cash and cash equivalents owned by ITX ......................................................................................................................... 32,728
Proceeds from acquisition of ITX ..................................................................................................................................... 12,460