ANNUAL REPORT 2013 for the year ended March 31, 2013

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Credit Saison Co., Ltd. and Consolidated Subsidiaries
For the year ended March 31, 2013

15. GAIN ON REVERSAL OF ALLOWANCE FOR LOSSES FROM A NATURAL DISASTER

For the year ended March 31, 2012, gain on reversal of allowance for losses from a natural disaster consisted of the following:


      Millions of yen
    2012
Gain on reversal of allowance for doubtful accounts     ¥4,075
Gain on reversal of allowance for losses on guarantees     1,417
Total     ¥5,492

16. LOSS ON BUSINESS RESTRUCTURING OF SUBSIDIARIES

During the board meeting held on February 29, 2012, for the purpose of business restructuring of the Companies' real estate related business, the Company made a decision to conduct a corporate reorganization (corporate split, etc.) (hereinafter referred to as the "Business Restructuring") of consolidated subsidiary, Atrium Co., Ltd. (hereinafter referred to as "Atrium").

In the Business Restructuring, the Company substantially revised the real estate development policy enforced regarding real estate (mainly consisting of development projects) owned by Atrium in relation to its business, and after drawing a much clearer line between the projects among the businesses of Atrium to be continued, and those to withdraw from, sub-classified the property portfolio by corporate split.

In connection with this business restructuring, a loss on business restructuring was recorded for the fiscal year ended March 31, 2012. The following is a breakdown of the loss on business restructuring:


      Millions of yen
    2012
Loss on valuation of inventories     ¥45,202
Provision for allowance for doubtful accounts   11,968
Other   2,626
Total     ¥59,796

17. LOSSES FROM A NATURAL DISASTER

For the year ended March 31, 2012, losses from a natural disaster recorded as a result of the Great East Japan Earthquake

in March 2011 consisted of the following:


      Millions of yen
      2012
Other       210
Total       ¥210

18. OPERATING REVENUES

Operating revenues for the years ended March 31, 2013 and 2012, were comprised of the following revenues and expenses:


  Millions of yen   Thousands of
U.S. dollars
2013 2012   2013
Income from the credit service business ¥189,137 ¥197,494   $2,008,886
Income from the lease business 14,409 14,645   153,043
Income from the finance business 17,208 15,446   182,776
Real estate related business:        
Sales 37,010 49,814   393,095
Costs of sales* 27,287 46,847   289,820
Income from the real estate related business 9,723 2,967   103,275
Entertainment business:        
Sales 76,574 76,604   813,316
Costs of sales 62,985 63,614   668,977
Income from the entertainment business 13,589 12,990   144,339
Financial income 339 467   3,593
Total operating revenues ¥244,405 ¥244,009   $2,595,912

*Cost of sales included write-downs of inventories amounting to ¥1,205 million (US$12,803 thousand) as of March 31, 2013 and ¥10,702 million as of March 31, 2012.

19. LIQUIDATION BUSINESS

In connection with the restructuring of the real estate-related business, the Company has classified these operations into continuing business and liquidation business. Accordingly, the Company has recorded liquidation business assets in investment and other assets, and loss on liquidation business in nonoperating expenses.
  Liquidation business assets at March 31, 2013 consisted of the following:


  Millions of yen   Thousands of
U.S. dollars
  2013   2013
Real estate   ¥  97,480   $1,035,372
Receivables   40,476   429,911
Total   ¥137,956   $1,465,283

  For the years ended March 31, 2013, loss on liquidation business consisted of the following:

  Millions of yen   Thousands of
U.S. dollars
  2013   2013
Income from the sales of real estate   ¥  1,678   $  17,818
Income from the leases of real estate   2,186   23,220
Other   (3,889)   (41,309)
Total   ¥     (25)   $     (271)
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