Yamaha 2000 Annual Report Download - page 25

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
revaluation that has been included in shareholders’ equity amounted to ¥8,331 million ($78,483 thousand) as the reserve for land
revaluation at an amount net of the related tax effect at March 31, 2000. The corresponding income taxes of ¥1,632 million
($15,374 thousand) are included in long-term liabilities at March 31, 2000 as deferred income taxes on land revaluation.
The revaluation of the land was determined based on the official standard notice prices in accordance with the relevant regula-
tions of the Local Income Tax Law of Japan with certain necessary adjustments.
(o) Reclassifications
Certain prior-year amounts have been reclassified to conform to the fiscal 2000 presentation. These changes have had no impact
on previously reported results of operations or shareholders’ equity.
2. U.S. DOLLAR AMOUNTS
For the convenience of the reader, the accompanying financial statements with respect to the year ended March 31, 2000 have
been presented in U.S. dollars by translating all yen amounts at ¥106.15=U.S.$1.00, the exchange rate prevailing on March 31,
2000. This translation should not be construed as a representation that yen have been, could have been or could in the future be
converted into U.S. dollars at the above or any other rate.
3. ACCOUNTING CHANGES
In previous years, the prior service cost of the employees’ pension plans was recognized as expenses when contributions to the plans
were made by the Company and certain consolidated subsidiaries. Effective April 1, 1999, the Company and certain consolidated
subsidiaries have changed their accounting method to recognize the unamortized prior service cost as obligations at the balance
sheet date on an accrual basis. The effect of this change was to decrease net income ¥29,507 million ($277,975 thousand) from the
amount which would have been recorded under the method applied in the previous year.
4. INVESTMENT SECURITIES
Investment securities and investment in and advances to unconsolidated subsidiaries and affiliates at March 31, 2000 and 1999
were as follows:
Thousands of
Millions of Yen U.S. Dollars
2000 1999 2000
Investment securities.................................................................................................................... ¥35,409 ¥27,727 $333,575
Investment in and advances to unconsolidated subsidiaries and affiliates...................................... 43,065 44,199 405,699
.................................................................................................................................................... ¥78,474 ¥71,926 $739,275
5. ACCUMULATED DEPRECIATION
Accumulated depreciation at March 31, 2000 and 1999 was ¥226,825 million ($2,136,835 thousand) and ¥256,217 million,
respectively.
6. SHORT-TERM LOANS AND LONG-TERM DEBT
Short-term loans consisted of unsecured loans payable to banks at the weighted average interest rate of 3.1% per annum at
March 31, 2000.
Long-term debt at March 31, 2000 consisted of the following:
Thousands of
Millions of Yen U.S. Dollars
Loans from banks, due through 2012 at average
rates of 3.4% and 2.3% for current
and noncurrent portion, respectively.......................................................................................................... ¥21,212 $199,830
1.9% unsecured convertible bonds, due 2004.............................................................................................. 24,317 229,082
Total long-term debt.................................................................................................................................... 45,529 428,912
Less: Current portion.................................................................................................................................. 11,527 108,592
.................................................................................................................................................................... ¥34,002 $320,320
On September 30, 1988, the Company issued 1.9% unsecured convertible bonds, due 2004, which are convertible into com-
mon stock of the Company at ¥2,200 per share during the period from November 1, 1988 to March 31, 2004.