ANNUAL REPORT 2011 for the year ended March 31, 2011

Consolidated Balance Sheets

Credit Saison Co., Ltd. and Consolidated Subsidiaries
As of March 31, 2011 and 2010


Assets Millions of yen   Thousands of
U.S. dollars
(Note 2)
2011 2010   2011
Current Assets:        
Cash and deposits (Note 11) ¥64,112 ¥64,232   $771,035
Receivables and lease investment assets:        
Accounts receivable-installment (Notes 4, 6 and 11) 1,491,108 1,688,748   17,932,751
Lease investment assets (Notes 5, 6, 10 and 11) 219,895 214,232   2,644,558
Short-term loans receivable (Note 11) 10,144 14,301   122,001
Less: Allowance for doubtful accounts (118,626) (121,458)   (1,426,649)
  1,602,521 1,795,823   19,272,661
Operational investment securities (Notes 11 and 12) 7,219 227   86,824
Securities (Notes 11 and 12) 5,982 298   71,944
Inventories (Note 7) 243,849 221,606   2,932,635
Deferred tax assets (Note 14) 23,558 24,376   283,320
Prepaid expenses and other current assets (Note 24) 25,800 25,680   310,278
Total current assets 1,973,041 2,132,242   23,728,697
Property and Equipment, at Cost:        
Lease assets (Note 10) 7,072 3,971   85,052
Buildings and improvements 41,932 40,999   504,298
Fixtures and equipment 27,768 29,846   333,949
Total 76,772 74,816   923,299
Less: Accumulated depreciation (42,083) (38,849)   (506,104)
Net property and equipment 34,689 35,967   417,195
Land 24,237 24,545   291,480
Construction in progress 644 85   7,741
Total property and equipment 59,570 60,597   716,416
Investments and Other Assets:        
Investment securities (Notes 11 and 12) 40,241 43,982   483,952
Investments in unconsolidated subsidiaries and affiliated companies (Note 11) 29,390 26,818   353,454
Long-term loans receivable (Note 11) 15,166 15,334   182,394
Intangible assets 76,633 57,695   921,621
Lease deposits 6,225 6,671   74,859
Deferred tax assets (Note 14) 32,454 31,255   390,307
Others 3,496 4,574   42,057
Less: Allowance for doubtful accounts (4,969) (5,038)   (59,760)
Total investments and other assets 198,636 181,291   2,388,884
Total assets ¥2,231,247 ¥2,374,130   $26,833,997

The accompanying notes are an integral part of these statements.


LIABILITIES AND EQUITY Millions of yen   Thousands of
U.S. dollars
(Note 2)
2011 2010   2011
Current Liabilities:        
Notes and accounts payable (Notes 11 and 24) ¥171,066 ¥206,656   $ 2,057,314
Short-term loans (Notes 9 and 11) 248,029 296,923   2,982,910
Current portion of long-term debt (Notes 6, 9 and 11) 200,036 134,641   2,405,725
Commercial paper (Notes 9 and 11) 110,000 133,000   1,322,910
Current portion of long-term lease obligations (Notes 9 and 11) 1,599 915   19,226
Accrued income taxes 1,536 10,975   18,469
Unearned income 6,148 6,253   73,943
Accrued employees' bonuses 2,018 2,234   24,264
Accrued directors' bonuses 89 93   1,069
Allowance for losses on interest repayments 19,612 16,317   235,863
Allowance for losses on collecting gift tickets 192 187   2,306
Accrued expenses and other current liabilities 37,341 38,383   449,100
Total current liabilities 797,666 846,577   9,593,099
Long-Term Liabilities:        
Long-term debt (Notes 6, 9 and 11) 980,840 1,084,459   11,796,036
Long-term lease obligations (Notes 9 and 11) 3,929 2,890   47,251
Accrued pension and severance costs (Note 13) 2,179 3,253   26,211
Accrued retirement benefits to directors and corporate auditors 74 109   884
Allowance for losses on guarantees 5,464 4,486   65,713
Allowance for losses on warranty for defects 19 59   229
Allowance for losses on point program 65,880 61,238   792,303
Allowance for losses on interest repayments 15,569 19,278   187,245
Asset retirement obligations 835 -   10,040
Negative goodwill 706 1,049   8,485
Others (Note 14) 10,170 9,327   122,304
Total long-term liabilities 1,085,665 1,186,148   13,056,701
Commitments and Contingent Liabilities (Notes 8 and 18)        
Equity (Note 20):        
Common stock 75,929 75,929   913,161
Capital surplus 84,838 84,861   1,020,304
Stock acquisition rights 0 0   0
Retained earnings 185,629 179,237   2,232,457
Less: Treasury stock, at cost (6,114) (6,106)   (73,535)
Accumulated other comprehensive income:        
Net unrealized gain on available-for-sale securities 6,570 6,812   79,008
Deferred loss on derivatives under hedge accounting (1,623) (1,762)   (19,511)
Total 345,229 338,971   4,151,884
Minority interests 2,687 2,434   32,313
Total equity 347,916 341,405   4,184,197
Total liabilities and equity ¥2,231,247 ¥2,374,130   $26,833,997
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