Pioneer 2007 Annual Report Download - page 66

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PIONEER CORPORATION65
19. Leased assets:
The Company leases certain land, machinery and equipment,
office space, warehouses, computer equipment and employees’
residential facilities.
An analysis of assets under capital leases was as follows:
Thousands of
Millions of Yen U.S. Dollars
2006 2007 2007
Machinery and equipment ¥13,041 ¥13,033 $110,449
Accumulated depreciation (5,066) (8,143) (69,008)
Total ¥ 7,975 ¥ 4,890 $ 41,441
The following is a schedule by year of the future minimum
lease payments under capital leases together with the present
value of the net minimum lease payments at March 31, 2007:
Thousands of
Years ending March 31 Millions of Yen U.S. Dollars
2008 ¥2,590 $21,949
2009 650 5,508
2010 640 5,424
2011 629 5,331
2012 499 4,229
Thereafter 292 2,474
Total minimum lease payments 5,300 44,915
Less—Amount representing interest 198 1,678
Present value of net
minimum lease payment 5,102 43,237
Less—Current obligations 2,506 21,237
Long-term capital lease obligations ¥2,596 $22,000
Rental expenses under operating leases for the years ended
March 31, 2005, 2006 and 2007 aggregated ¥8,123 million,
¥7,520 million and ¥6,497 million ($55,059 thousand), respec-
tively. Such rentals relate principally to cancelable leases which
are renewable upon expiration.
The net minimum rental payments under operating leases
that have initial or remaining noncancelable lease terms in
excess of one year at March 31, 2007 are as follows:
Thousands of
Years ending March 31 Millions of Yen U.S. Dollars
2008 ¥ 3,212 $27,220
2009 2,406 20,390
2010 1,541 13,059
2011 970 8,220
2012 623 5,280
Thereafter 1,754 14,865
Total ¥10,506 $89,034