Wacom 2004 Annual Report Download - page 21

Wacom Annual Report 2004 19
4. Inventories:
Inventories comprise the following:
5. Short and long-term debt:
Short-term debt at March 31, 2003 and 2004 includes short-term bank loans
of ¥594,386 thousand and ¥700,000 thousand ($6,626 thousand) with an
annual average interest rate of 1.377%. The current portion of long-term bank
loans includes ¥589,456 thousand and ¥324,200 thousand ($3,069 thousand)
with an annual average interest rate of 2.344%. The current portion of the
zero-coupon standard bond is ¥200,000 thousand and nil, respectively.
Long-term debt at March 31, 2003 and 2004, comprises the following:
The aggregate annual maturities of long-term debt during the next five
years are as follows:
The following assets are pledged as security for short-term borrowings and
long-term debt at March 31, 2003 and 2004.
In addition, the following patents are pledged as security for borrowing of
¥52,000 thousand and ¥28,000 thousand from the Development Bank of
Japan at March 31, 2003 and 2004, respectively.
6. Accrued retirement benefits:
The Company has an unfunded retirement allowance plan (“Plan”) covering
substantially all of its employees who meet eligibility requirements under the
Plan. In addition, the Company is a member of the industrial park
multiemployer pension plan, covering substantially all of its employees, which
provides for benefits under the governmental welfare pension benefit plan
which would be otherwise provided by the Japanese government.
As the Company joins this multiemployer pension plan out of its retirement
allowance plan, this multiemployer pension plan of which pension assets
calculated by the ratio of the number of members were ¥479,181 thousand
and ¥472,708 thousand ($4,475 thousand) for 2003 and 2004 and
contributions to this multiemployer pension plan were ¥47,602 thousand and
¥44,893 thousand ($425 thousand) for 2003 and 2004, is excluded from the
calculation of projected benefit obligation, pension assets and net periodic
pension expense.
Some foreign subsidiaries have defined contribution pension plans.
Accrued retirement benefits for employees as of March 31, 2003 and 2004
can be analyzed as follows:
The components of the net periodic pension expense for the years ended
March 31, 2003 and 2004 are as follows:
The assumptions used as of March 31, 2003 and 2004 were as follows:
Accrued retirement benefit as of March 31, 2003 and 2004 included
accrued severance indemnities for directors and statutory corporate auditors,
amounting to ¥238,794 thousand and ¥145,397 thousand ($1,376 thousand),
respectively.
7. Shareholders’ equity:
The Japanese Commercial Code provides that:
(1) Upon a resolution of the Board of Directors, appropriations of interim cash
dividends and the related transfer to the legal earned reserve as described
in (3) below, can be made from unappropriated retained earnings brought
forward;
(2) All other appropriations of retained earnings, including year end dividends
and bonuses to directors and statutory corporate auditors, require approval
by the shareholders at the General Meeting of Shareholders; and
(3) An amount equal to at least 10% of cash dividends and other cash
distributions paid by the Company from retained earnings must be
appropriated from retained earnings as a legal earned reserve; no further
appropriation is required when the combined amount of capital reserve
and the legal earned reserve pursuant to the Japanese Commercial Code
equals 25% of stated capital.
(4) Legal earned reserve and unappropriated retained earnings are presented
in the retained earnings accounts and legal capital reserve and other capital
reserves are presented in "Additional paid-in capital" accounts.
In accordance with customary practice in Japan, appropriations of retained
earnings are recorded in the accounting period in which shareholders’
approval is obtained. The fiscal 2004 year-end appropriation of retained
earnings of the Company, which was approved at the General Meeting of
Shareholders held in June 2004, is presented below:
(1) Projected benefit obligation
(2) Unrecognized transition obligation
(3) Unrecognized actuarial loss (gain)
(4) Accrued retirement benefits for employees
(1)+(2)+(3)
Thousands of
U.S. dollarsThousands of yen
(¥253,730)
55,289
(880)
(¥199,321)
2003 2004 2004
(¥278,185)
27,644
15,598
(¥234,943)
($2,633)
262
147
($2,224)
(1) Service cost
(2) Interest cost
(3) Recognized actuarial loss
(4) Amortization of transition obligation
(5) Net periodic pension expense
Thousands of
U.S. dollarsThousands of yen
¥30,067
5,408
(487)
27,644
¥62,632
2003 2004 2004
¥27,756
5,914
(642)
27,644
¥60,672
$262
56
(6)
262
$574
(1) Discount rate
(2) Method of attributing the projected benefits to
periods of service
(3) Amortization of unrecognized transition
obligation
(4) Amortization of unrecognized actuarial
differences
2.5%
Straight-line
basis
Straight-line
over 5 years
Straight-line
over 5 years
2003 2004
2.0%
Straight-line
basis
Straight-line
over 5 years
Straight-line
over 5 years
Finished goods
Work-in-process
Raw materials
Thousands of
U.S. dollars
March 31
2004
Thousands of yen
March 31
2003 2004
¥957,871
152,720
403,150
¥1,513,741
¥790,284
160,949
453,718
¥1,404,951
$7,481
1,523
4,295
$13,299
Unsecured zero-coupon standard bond due 2004
Unsecured standard bond due 2006 with interest
rate of 1.100% per annum
Unsecured floating rate bond due 2007
(0.190% at March 31, 2004)
Secured bank loans due 2004 to 2010 with average
interest rate of 2.344% per annum
Unsecured bank loans due 2005 with average
interest rate of 2.344% per annum
Less: Portion due within one year
Thousands of
U.S. dollars
March 31
2004
Thousands of yen
March 31
2003 2004
¥200,000
500,000
-
1,601,578
95,658
(789,456)
¥1,607,780
¥-
500,000
200,000
883,200
28,000
(324,200)
¥1,287,000
$-
4,733
1,893
8,361
265
(3,069)
$12,183
Time deposits
Buildings
Land
Leasehold deposits
Thousands of
U.S. dollars
March 31
2004
Thousands of yen
March 31
2003 2004
¥149,964
1,801,944
1,449,825
34,503
¥3,436,236
¥144,280
1,549,125
1,348,168
-
¥3,041,573
$1,366
14,664
12,762
-
$28,792
Patent No.
2131145
4,878,553
5,028,745
4,999,461
Title of Invention
POSITION DETECTING APPARATUS
POSITION DETECTING APPARATUS
POSITION DETECTING APPARATUS
COORDINATES INPUT APPARATUS
Year ending
March 31,
Thousands of
yen
Thousands of
U.S. dollars
2005
2006
2007
2008
2009
¥324,200
239,400
857,600
110,000
40,000
¥1,571,200
$3,069
2,266
8,118
1,041
379
$14,873
Appropriation for:
Cash dividends, ¥2,000.00 ($18.93) per share
Bonuses to directors
Thousands of
U.S. dollars
Thousands of
yen
¥188,040
15,500
¥203,540
$1,780
147
$1,927