Yamaha 2003 Annual Report Download - page 36

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34 YAMAHA CORPORATION
4. ACCUMULATED DEPRECIATION
Accumulated depreciation at March 31, 2003 and 2002 amounted to ¥221,380 million ($1,841,764 thousand) and
¥226,483 million, respectively.
5. SHORT-TERM LOANS AND LONG-TERM DEBT
Short-term loans consisted of unsecured loans payable to banks at weighted average interest rates of 1.5% and 1.8%
per annum at March 31, 2003 and 2002, respectively.
Long-term debt at March 31, 2003 and 2002 consisted of the following:
Thousands of
Millions of Yen U.S. Dollars
2003 2002 2003
Loans from banks, due through 2018 at average
rates of 2.5% and 1.4% for the current
and noncurrent portions, respectively ................................................................................. ¥39,041 ¥23,978 $324,800
1.9% unsecured convertible bonds, due 2004....................................................................... 24,317 24,317 202,304
Total long-term debt.............................................................................................................. 63,358 48,295 527,105
Less: Current portion and convertible bonds scheduled for redemption................................ 34,407 4,363 286,248
.............................................................................................................................................. ¥28,951 ¥43,932 $240,857
On September 30, 1988, the Company issued 1.9% unsecured convertible bonds, due 2004, which are convertible
into common stock of the Company at ¥2,200 per share during the period from November 1, 1988 to March 31, 2004.
The assets pledged as collateral for long-term debt and certain other current liabilities at March 31, 2003 were as
follows:
Thousands of
Millions of Yen U.S. Dollars
March 31, 2003 2002 2003
Bank deposits.......................................................................................................................... ¥ 30 ¥ 30 $ 250
Marketable securities .............................................................................................................. 1,112 60 9,251
Property, plant and equipment, net of accumulated depreciation............................................ 2,440 13,651 20,300
Investment securities............................................................................................................... 1,315 2,423 10,940
................................................................................................................................................ ¥4,898 ¥16,165 $40,749
The aggregate annual maturities of long-term debt subsequent to March 31, 2003 are summarized as follows:
Thousands of
Year ending March 31, Millions of Yen U.S. Dollars
2004 ..................................................................................................................................................... ¥34,407 $286,248
2005 ..................................................................................................................................................... 3,616 30,083
2006 ..................................................................................................................................................... 19,168 159,468
2007 ..................................................................................................................................................... 707 5,882
2008 and thereafter .............................................................................................................................. 5,460 45,424
............................................................................................................................................................. ¥63,358 $527,105
6. DEFERRED GAIN OR LOSS ON HEDGES
Deferred gain or loss on hedges at March 31, 2003 and 2002 were as follows:
Thousands of
Millions of Yen U.S. Dollars
2003 2002 2003
Deferred gain on hedges................................................................................................................. ¥ 16 ¥ 1 $ 133
Deferred loss on hedges.................................................................................................................. (649) (100) (5,399)
Deferred loss on hedges, net........................................................................................................... ¥(632) ¥ (99) $(5,258)
7. R&D EXPENSES
R&D expenses, included in selling, general and administrative expenses and cost of sales for the years ended March
31, 2003 and 2002 amounted to ¥22,441 million ($186,697 thousand) and ¥22,539 million, respectively.