Olympus 2013 Annual Report Download - page 48

92 OLYMPUS Annual Report 2013 93OLYMPUS Annual Report 2013
28. Cash Flow Related to Payments for Acquisition of Newly Consolidated Subsidiaries
Details of assets and liabilities when Spiration Inc., Innov-X Systems, Inc. and other subsidiaries were consolidated, acquisition costs of
shares and related payments for the acquisitions for the year ended March 31, 2011 were as follows:
Millions of yen
Current assets ................................................................................................................................................................................................. ¥ 3,246
Non-current assets .......................................................................................................................................................................................... 10,807
Goodwill .......................................................................................................................................................................................................... 7,406
Current liabilities .............................................................................................................................................................................................. (2,921)
Non-current liabilities ....................................................................................................................................................................................... (3,733)
Shareholders’ equity ........................................................................................................................................................................................ (1,251)
Sub-total: Acquisition cost of newly consolidated subsidiaries ......................................................................................................................... 13,554
Cash and cash equivalents owned by newly consolidated subsidiaries ............................................................................................................ (1,226)
Net: Payments for acquisition of newly consolidated subsidiaries ..................................................................................................................... ¥12,328
29. Cash Flow from Sales of Investments in Subsidiaries Resulting in Change in Scope of Consolidation
Details of assets and liabilities, and the reconciliation between the transaction price and proceeds from the transfer of ITX Corporation, Net
Protections, Inc. and 11 other companies, which have been excluded from the scope of consolidation due to sale of shares during the year
ended March 31, 2013 were as follows:
Millions of yen
Thousands of
U.S. dollars
Current assets ................................................................................................................................................................... ¥ 64,733 $ 688,649
Non-current assets ............................................................................................................................................................ 29,852 317,574
Current liabilities ................................................................................................................................................................ (54,970) (584,787)
Non-current liabilities ......................................................................................................................................................... (2,009) (21,372)
Net unrealized holding gains on available-for-sale securities, net of taxes ........................................................................... (13) (138)
Foreign currency translation adjustment ............................................................................................................................. 221 2,351
Minority interests ............................................................................................................................................................... (240) (2,553)
Gain on sales of investment securities in subsidiaries, net .................................................................................................. 20,027 213,053
Transfer price for business ................................................................................................................................................. 57,601 612,777
Cash and cash equivalents ................................................................................................................................................ (3,402) (36,191)
Proceeds from sale not yet collected ................................................................................................................................. (1,570) (16,703)
Net: Proceeds from sales of investment securities in subsidiaries, net ................................................................................ ¥ 52,629 $ 559,883
30. Outfl ow of Money from Funds
Upon restatement and consolidation of the Funds as discussed in Note 1 “Summary of signifi cant accounting policies” (a) “Basis of present-
ing consolidated fi nancial statements,” illegitimate payments to external collaborators of the Funds of ¥2,448 million was recorded as part
of operating activities on the statement of cash fl ows for the year ended March 31, 2011 (Note 22 “Provision of allowance for doubtful
accounts on funds”).
31. Collection of Assets Held by the Funds
Upon restatement and consolidation of the Funds as discussed in Note 1 “Summary of signifi cant accounting policies” (a) “Basis of present-
ing consolidated fi nancial statements,” cash held by the Funds of ¥65,553 million was recorded as part of fund investment assets on the
consolidated balance sheet as of April 1, 2010 and recorded as an investing activity in-fl ow of cash on the statement of cash fl ows for the
year ended March 31, 2011.
22. Provision of Allowance for Doubtful Accounts on Funds
Upon restatement and consolidation of the Funds as discussed in Note 1 “Summary of signifi cant accounting policies” (a) “Basis of present-
ing consolidated fi nancial statements,” an increase in the provision for doubtful accounts of the Funds of ¥2,448 million was recorded
against the non-current receivable for illegitimate payments to external collaborators and included as part of other expenses on the state-
ment of operations for the year ended March 31, 2011.
23. Loss on Restructuring of Businesses
Loss on restructuring of businesses of ¥3,392 million and ¥2,947 million ($31,351 thousand) recorded in the consolidated statements of
operations for the years ended March 31, 2012 and 2013, respectively, stems mainly from the reorganization of the ERP business for
retailers (UCS6) for 2012 and the reorganization of the Imaging Business for 2013.
24. Expenses Related to Restatement of Prior Periods
Expenses related to the restatement of prior periods of ¥2,001 million recorded in the consolidated statement of operations for the year
ended March 31, 2012 primarily consist of costs incurred to investigate the inappropriate accounting applied by the Company, which was
discovered in November 2011 as discussed in Note 1 “Summary of signifi cant accounting policies” (a) “Basis of presenting consolidated
fi nancial statements.”
25. Extra Severance Payments for Voluntary Retirement
A charge of ¥1,336 million ($14,213 thousand) recorded in the consolidated statement of operations for the year ended March 31, 2013 is
for extra severance payments in connection with the results of a solicitation for voluntary retirement for certain employees.
26. Settlement Package
The Company’s former Representative Director, President and Chief Executive Offi cer, Mr. Michael Woodford had fi led an employment tribu-
nal action against the Company. On May 29, 2012, a settlement was reached on a series of disputes, including those related to the dismiss-
al of Mr. Woodford from his position as the Company’s Representative Director, President and Chief Executive Offi cer. As a result, a charge
of ¥1,231 million ($13,096 thousand) was recorded in the consolidated statement of operations for the year ended March 31, 2013.
27. Cash and Cash Equivalents
Reconciliations of cash and deposits shown in the consolidated balance sheets and cash and cash equivalents shown in the consolidated
statements of cash fl ows for the years ended March 31, 2011, 2012 and 2013 were as follows:
Millions of yen
Thousands of
U.S. dollars
2011 2012 2013 2013
Cash and deposits .................................................................................................. ¥213,561 ¥200,088 ¥229,610 $2,442,660
Less-Time deposits with maturities over three months ............................................. (3,176) (1,427) (3,828) (40,724)
Cash and cash equivalents ...................................................................................... ¥210,385 ¥198,661 ¥225,782 $2,401,936