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62 TOSHIBA Annual Report 2012
Toshiba Corporation and Subsidiaries
March 31, 2012
Notes to Consolidated Financial Statements
On February 1, 2012, the former affiliate TFC transferred the corporate financial services business to its subsidiary, and
subsequently transferred 90% of the share in its subsidiary to IBJ Leasing.
Simultaneously, the Company increased its ownership in TFC by acquiring an additional 65% stake to 100% in cash, and
consequently acquired the controlling financial interest of TFC.
The Group allocated the purchase price to the assets acquired and liabilities assumed in accordance with ASC No.805.
The following table summarizes the allocation of the purchase price and the fair values of previously held equity
interest to the identifiable assets acquired and liabilities assumed as of the acquisition date:
As of the acquisition date Millions of yen Thousands of U.S. dollars
Purchase price ¥ 10,906 $ 133,000
Previously held equity interest 5,872 71,610
Total ¥ 16,778 $ 204,610
Current assets ¥ 121,226 $ 1,478,366
Non-current assets 25,803 314,671
Current liabilities 99,292 1,210,878
Non-current liabilities 23,289 284,012
Total identifiable net assets acquired ¥ 24,448 $ 298,147
The excess of the purchase price and the fair value of previously held equity interest over the fair value of the identifiable
assets acquired and liabilities assumed after reassessment of recognition and measurement with careful investigation and
analysis, amounted to ¥7,670 million ($93,537 thousand), was recorded in “Other income” as a gain on bargain purchase in
the acquisition. The book value of equity interest that the Company held before acquiring the additional stake was
¥10,086 million ($123,000 thousand), and the difference between the book value and fair value remeasured after
acquiring the additional stake is included in the operating results.
Operating results of TFC are included in the Company's consolidated statement of income from the acquisition date.
These amounts are not significant.
The following table summarizes the unaudited pro-forma results of operations, as though the above business
combinations had taken place on April 1, 2010.
Billions of yen
Millions of
U.S. dollars
Year ended March 31 2012 2011 2012
Net Sales ¥ 6,150.6 ¥ 6,549.3 $ 75,007
Net income attributable to shareholders of the Company 75.0 142.2 915