ANNUAL REPORT 2012 for the year ended March 31, 2012

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CONSOLIDATED BALANCE SHEETS

Credit Saison Co., Ltd. and Consolidated Subsidiaries
As of March 31, 2012 and 2011


ASSETS Millions of yen   Thousands of
U.S. dollars
(Note 2)
2012 2011   2012
Current Assets:        
Cash and deposits (Note 12) ¥ 60,085 ¥64,112   $731,499
Receivables and lease investment assets:        
Accounts receivable—installment (Notes 5, 7, 12 and 27) 1,379,776 1,491,108   16,797,853
Lease investment assets (Notes 6, 7, 11 and 12) 218,390 219,895   2,658,748
Short-term loans receivable (Note 12) 6,310 10,144   76,820
Less: Allowance for doubtful accounts (95,173) (118,626)   (1,158,662)
  1,509,303 1,602,521   18,374,759
Operational investment securities (Notes 12 and 13) 16,617 7,219   202,299
Securities (Notes 12 and 13) 5,982  
Inventories (Note 8) 195,352 243,849   2,378,277
Deferred tax assets (Note 15) 12,468 23,558   151,787
Prepaid expenses and other current assets (Note 27) 21,092 25,800   256,789
Total current assets 1,814,917 1,973,041   22,095,410
Property and Equipment, at Cost:        
Lease assets (Note 11) 8,081 7,072   98,384
Buildings and improvements 47,361 41,932   576,591
Fixtures and equipment 26,936 27,768   327,920
Total 82,378 76,772   1,002,895
Less: Accumulated depreciation (45,878) (42,083)   (558,535)
Net property and equipment 36,500 34,689   444,360
Land 26,486 24,237   322,451
Construction in progress 151 644   1,837
Total property and equipment 63,137 59,570   768,648
Investments and Other Assets:        
Investment securities (Notes 12 and 13) 41,373 40,241   503,685
Investments in unconsolidated subsidiaries and affiliated companies (Note 12) 42,992 29,390   523,404
Long-term loans receivable (Note 12) 10,237 15,166   124,631
Intangible assets 98,939 76,633   1,204,514
Lease deposits 5,967 6,225   72,644
Deferred tax assets (Note 15) 76,174 32,454   927,373
Others 4,428 3,496   53,907
Less: Allowance for doubtful accounts (2,258) (4,969)   (27,489)
Total investments and other assets 277,852 198,636   3,382,669
Total assets ¥2,155,906 ¥2,231,247   $26,246,727

The accompanying notes are an integral part of these statements.


LIABILITIES AND EQUITY Millions of yen   Thousands of
U.S. dollars
(Note 2)
2012 2011   2012
Current Liabilities:        
Notes and accounts payable (Notes 12 and 27) ¥ 240,950 ¥ 171,066   $ 2,933,400
Short-term loans (Notes 10 and 12) 234,190 248,029   2,851,108
Current portion of long-term debt (Notes 7, 10 and 12) 243,428 200,036   2,963,575
Commercial paper (Notes 10 and 12) 32,000 110,000   389,579
Current portion of long-term lease obligations (Notes 10 and 12) 1,974 1,599   24,030
Accrued income taxes 9,465 1,536   115,233
Unearned income 5,840 6,148   71,103
Accrued employees' bonuses 1,985 2,018   24,163
Accrued directors' bonuses 154 89   1,873
Allowance for losses on interest repayments 13,247 19,612   161,271
Allowance for losses on collecting gift tickets 183 192   2,224
Accrued expenses and other current liabilities 41,298 37,341   502,778
Total current liabilities 824,714 797,666   10,040,337
Long-Term Liabilities:        
Long-term debt (Notes 7, 10 and 12) 875,257 980,840   10,655,674
Long-term lease obligations (Notes 10 and 12) 2,953 3,929   35,953
Accrued pension and severance costs (Note 14) 2,179  
Accrued retirement benefits to directors and corporate auditors 92 74   1,123
Allowance for losses on guarantees 4,068 5,464   49,525
Allowance for losses on defect warranties 16 19   195
Allowance for losses on point program 70,661 65,880   860,252
Allowance for losses on interest repayments 11,574 15,569   140,903
Asset retirement obligations 831 835   10,116
Negative goodwill 329 706   4,009
Others (Note 15) 9,684 10,170   117,893
Total long-term liabilities 975,465 1,085,665   11,875,643
Commitments and Contingent Liabilities(Notes 9 and 21)        
Equity(Note 23):        
Common stock 75,929 75,929   924,390
Capital surplus 84,838 84,838   1,032,848
Stock acquisition rights 0 0   0
Retained earnings 189,535 185,629   2,307,469
Less: Treasury stock, at cost (6,116) (6,114)   (74,465)
Accumulated other comprehensive income:        
Net unrealized gains on available-for-sale securities 10,045 6,570   122,284
Deferred losses on derivatives under hedge accounting (1,536) (1,623)   (18,698)
Total 352,695 345,229   4,293,828
Minority interests 3,032 2,687   36,919
Total equity 355,727 347,916   4,330,747
Total liabilities and equity ¥2,155,906 ¥2,231,247   $26,246,727
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