Ricoh 2008 Annual Report Download - page 49

Download and view the complete annual report

Please find page 49 of the 2008 Ricoh annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 74

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74

48
ANNUAL REPORT 2008
To Our Shareholders
and Customers
Fiscal 2008 Highlights
Fiscal 2008 Milestones 16th Mid-Term
Management Plan
Corporate Governance /
CSR
Financial Section
Sustainable Environmental
Management
Total income taxes are allocated as follows:
Thousands of
Millions of Yen U.S. Dollars
2006 2007
2008 2008
Provision for income taxes relating to continuing operations ¥56,165 ¥64,326
¥63,396 $633,960
Provision for income taxes relating to discontinued operations 1,398 4,196
––
Shareholders’ investment:
Foreign currency translation adjustments 1,266 (50)
78 780
Unrealized gains (losses) on securities 2,472 25
(4,879) (48,790)
Unrealized gains (losses) on derivatives 27 (128)
(259) (2,590)
Minimum pension liability adjustments 5,195 693
––
Adjustment to initially apply SFAS 158 – 1,066
––
Pension liability adjustments – –
(10,014) (100,140)
¥66,523 ¥70,128
¥48,322 $483,220
The Company and its domestic subsidiaries are subject to a National Corporate tax of 30%, an inhabitant tax of approximately 6% and a
deductible Enterprise tax approximately 8%, which in the aggregate resulted in the normal statutory tax rate of approximately 41%. The
normal statutory tax rate differs from the effective tax rate for the years ended March 31, 2006, 2007 and 2008 as a result of the following:
2006 2007 2008
Normal statutory tax rate 41% 41%
41%
Nondeductible expenses 00
1
Tax benefits not recognized on operating losses of certain consolidated subsidiaries 2 1
2
Utilization of net operating loss carryforward not previously recognized (2) (1)
(3)
Tax credit for increased research and development expense (4) (3)
(4)
Other, net (0) (1)
(1)
Effective tax rate 37% 37%
36%
Nondeductible expenses include directors’ bonuses and entertainment expenses.
The tax effects of temporary differences and carryforwards giving rise to the consolidated deferred tax assets and liabilities as of March 31,
2007 and 2008 are as follows:
Thousands of
Millions of Yen U.S. Dollars
2007
2008 2008
Assets:
Accrued expenses ¥ 22,622
¥24,263 $ 242,630
Property, plant and equipment 7,197
3,858 38,580
Accrued pension and severance costs 25,139
40,341 403,410
Net operating loss carryforwards 9,574
12,684 126,840
Other 32,813
23,193 231,930
¥ 97,345
¥104,339 $1,043,390
Less - Valuation allowance (12,399)
(10,661) (106,610)
¥ 84,946
¥93,678 $936,780
Liabilities:
Sales-type leases ¥(6,463)
¥ (6,555) $ (65,550)
Undistributed earnings of foreign subsidiaries and affiliates, etc. (21,170)
(20,664) (206,640)
Net unrealized holding gains on available-for-sale securities (5,664)
(333) (3,330)
Basis difference of acquired intangible assets (8,358)
(10,498) (104,980)
Other (7,506)
(7,673) (76,730)
¥(49,161)
¥ (45,723) $ (457,230)
Net deferred tax assets ¥ 35,785
¥ 47,955 $ 479,550