Yamaha 2010 Annual Report Download - page 58

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5. INVENTORIES
Inventories at March 31, 2010 and 2009 were as follows:
Millions of Yen
Thousands of
U.S. Dollars
(Note 3)
2010 2009 2010
Merchandise and finished goods ¥48,087 ¥56,580 $516,842
Work in process 12,496 13,526 134,308
Raw materials and supplies 8,935 10,588 96,034
¥69,518 ¥80,694 $747,184
Write down of inventories for the year ended March 31, 2010 and 2009 were recognized in the following accounts:
Millions of Yen
Thousands of
U.S. Dollars
(Note 3)
2010 2009 2010
Cost of sales ¥(575) ¥1,625 $(6,180)
Business restructuring expenses —67 —
6. PROVISION FOR LOSS ON CONSTRUCTION CONTRACTS
After adopting the “Accounting standard for Construction contracts” effective the year ended March 31, 2009, a provision for loss on con-
struction contracts of ¥14 million ($150 thousand) was included in “Cost of sales” and “Other” of “Current liabilities.”
7. ACCUMULATED DEPRECIATION
Accumulated depreciation at March 31, 2010 and 2009 amounted to ¥198,513 million ($2,133,631 thousand) and ¥216,107 million, respectively.
8. SHORT-TERM LOANS PAYABLE AND LONG-TERM DEBT
Short-term and long-term loans payable, lease obligations, and guarantee deposit as of March 31, 2010 and 2009 were as follows:
Millions of Yen
Thousands of
U.S. Dollars
(Note 3)
2010 2009 2010
Short-term loans payable ¥ 8,816 ¥14,216 $ 94,755
Current portion of long-term loans payable 1,023 1,483 10,995
Current portion of lease obligations 37 48 398
Long-term loans payable 5,177 3,491 55,643
Lease obligations 285 502 3,063
Guarantee deposits 66 553 709
Total ¥15,406 ¥20,296 $165,585
The annual weighted-average interest rates applicable to above short-term loans payable and long-term debt at March 31, 2010 and
2009 were as follows:
2010 2009
Short-term loans payable 1.8 1.8
Current portion of long-term loans payable 1.8 3.9
Long-term loans payable 2.7 2.4
Guarantee deposits 3.0 3.0
* The average interest rate shown above is the weighted average of the interest rates on loans calculated by using the balance of such obligations outstanding at the end of the fiscal year. For lease
obligations, no average interest rate is shown because the amounts in the consolidated balance sheets include the amounts corresponding to interest paid from total lease payments.
For the middle-term financing purpose, the Company has line-of-credit arrangement with financial institutions for a maximum amount of
¥20,000 million ($214,961 thousand). At March 31, 2010, there were no borrowings outstanding under these commitment lines.
56 Yamaha Corporation