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6. Investment Property
In November 2008, the ASBJ issued ASBJ Statement
No. 20, “Accounting Standard for Investment Property
and Related Disclosures” and ASBJ Guidance No. 23,
“Guidance on Accounting Standard for Investment
and Related Disclosures.”
This accounting standard and the guidance
require that fair value of property held to earn rentals
or for capital appreciation rather than for inventories
should be disclosed.
In 2012, the Group holds certain idle properties
in Shizuoka and other areas in Japan. Net loss on
sales and impairment loss on those rental properties
for the year ended March 31, 2012, were ¥80
million ($976 thousand), and ¥502 million ($6,122
thousand), respectively.
In 2011, the Group holds certain idle properties in
Shizuoka, other areas in Japan and overseas (mainly
in Mexico). Net of rental income and operating
expenses, net gain on sales and impairment loss on
those rental properties for the year ended March 31,
2011, were ¥46 million, ¥5,832 million, and ¥863
million, respectively.
The carrying amounts, changes in such balances and market prices of such properties are as follows:
Millions of Yen
Carrying Amount Fair Value
April 1, 2011 Increase/Decrease March 31, 2012 March 31, 2012
Idle property ¥8,175 ¥(2,731) ¥5,444 ¥15,888
Total ¥8,175 ¥(2,731) ¥5,444 ¥15,888
Millions of Yen
Carrying Amount Fair Value
April 1, 2010 Increase/Decrease March 31, 2011 March 31, 2011
Rental property ¥ 627 ¥ (627) – –
Idle property 14,102 (5,927) ¥8,175 ¥18,546
Total ¥14,729 ¥(6,554) ¥8,175 ¥18,546
Thousands of U.S. Dollars
Carrying Amount Fair Value
April 1, 2011 Increase/Decrease March 31, 2012 March 31, 2012
Idle property $99,695 $(33,305) $66,390 $193,756
Total $99,695 $(33,305) $66,390 $193,756
Notes: 1. Carrying amount reported in the balance sheet is net of accumulated depreciation and accumulated impairment losses,
if any.
2. Decrease during the fiscal years ended March 31, 2012 and 2011, principally represents the sale of investment property.
3. Fair value is principally based on the values provided by third party real estate appraisers.
Short-term borrowings at March 31, 2012 and 2011, are comprised as follows:
7. Short-term Borrowings and Long-term Debt
Millions of Yen
Thousands of
U.S. Dollars
2012 2011 2012
Short-term borrowings:
Weighted-average interest rate of 3.60% at March 31, 2012, and 4.60%
at March 31, 2011
Collateralized ¥1,400 –$ 17,073
Uncollateralized 7,652 ¥6,951 93,317
Total ¥9,052 ¥6,951 $110,390
36 Pioneer Corporation Annual Report 2012