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

20. DERIVATIVES

(A) Nonhedged derivative transactions as of March 31, 2013 and 2012, are summarized below:

(i) Interest rate transactions

  Millions of yen
2013   2012
Contractual value or
notional principal amount
Unrealized
profit (loss)
  Contractual value or
notional principal amount
Unrealized
profit (loss)
Total Over 1 year Total Over 1 year
Over-the-counter interest rate swaps:      
Floating-rate receipt/fixed-rate payment ¥11,500 ¥5,500 ¥89   ¥13,500 ¥11,500 ¥149
Total ¥11,500 ¥5,500 ¥89   ¥13,500 ¥11,500 ¥149

  Thousands of U.S. dollars  
2013  
Contractual value or
notional principal amount
Unrealized
profit (loss)
       
Total Over 1 year
Over-the-counter interest rate swaps:  
Floating-rate receipt/fixed-rate payment $122,146 $58,417 $947
Total $122,146 $58,417 $947
Note :
Fair value is measured at prices and other information presented by financial institutions with which the Companies have concluded
 derivative agreements.

(ii) Other

  Millions of yen
    2012
      Contractual value or
notional principal amount
Unrealized
profit (loss)
    Total Over 1 year
Over-the-counter credit derivatives:      
Selling of protection         ¥3,000 ¥― ¥47
Total         ¥3,000 ¥― ¥47

Note :
Fair value is measured at prices and other information presented by financial institutions with which the Companies have concluded   derivative agreements.

(B) Hedged derivative transactions as of March 31, 2013 and 2012, are summarized below:

Mainly hedged
objects
Millions of yen
2013   2012
Contractual value or
notional principal amount
Fair value   Contractual value or
notional principal amount
Fair value
Total Over 1 year Total Over 1 year
Interest rate swaps
 recognized in general rule:
     
Floating-rate receipt/
 fixed-rate payment
Long-term debt ¥195,200 ¥152,200 ¥(2,329)   ¥176,826 ¥150,826 ¥(2,428)
Interest rate swaps
 recognized in specific rule:
     
Floating-rate receipt/
 fixed-rate payment
Long-term debt 249,502 199,530 (5,505)   308,841 215,400 (7,442)
Fixed-rate receipt/
 floating-rate payment
Long-term debt 15,000 5,000 94   15,000 15,000 45
Total ¥459,702 ¥356,730 ¥(7,740)   ¥500,667 ¥381,226 ¥(9,825)

Mainly hedged
objects
Thousands of U.S. dollars  
2013  
Contractual value or
notional principal amount
Fair value        
Total Over 1 year
Interest rate swaps
 recognized in specific
 rule:
   
Floating-rate receipt/
 fixed-rate payment
Long-term debt $2,073,287 $1,616,569 $(24,737)
Interest rate swaps
 recognized in specific
 rule:
   
Floating-rate
 receipt/
 fixed-rate
 payment
Long-term debt 2,650,048 2,119,278 (58,472)
Fixed-rate receipt/
 floating-rate
 payment
Long-term debt 159,320 53,107 1,000
Total $4,882,655 $3,788,954 $(82,209)
Note :
Fair value is measured at prices and other information presented by financial institutions with which the Companies have concluded   derivative agreements.

21. COMMITMENTS AND CONTINGENT LIABILITIES

As of March 31, 2013, the Companies were contingently liable as credit guarantors for customers borrowing from our alliance banks amounting to ¥193,125 million (US$2,051,243 thousand).

22. COMPREHENSIVE INCOME

The components of other comprehensive income for the years ended March 31, 2013 and 2012, were as follows:


    Millions of yen   Thousands of
U.S. dollars
2013 2012   2012
Unrealized gains on available-for-sale securities        
Gains arising during the year ¥12,507 ¥2,588   $132,845
Reclassification adjustments to profit or loss 105 25   1,116
Amount before income tax effect 12,612 2,613   133,961
Income tax effect (4,485) (603)   (47,641)
Total unrealized gains on available-for-sale securities 8,127 2,010   86,320
Deferred losses on derivatives under hedge accounting        
Gains (losses) arising during the year 1,066 (724)   11,320
Reclassification adjustments to profit or loss (1,005) 1,049   (10,672)
Amount before income tax effect 61 325   648
Income tax effect (22) (253)   (231)
Total deferred losses on derivatives under hedge accounting 39 72   417
Share of other comprehensive income in affiliated companies        
Gains arising during the year 2,223 1,464   23,614
Reclassification adjustments to profit or loss (2) 15   (27)
Total share of other comprehensive income in affiliated companies 2,221 1,479   23,587
Total other comprehensive income ¥10,387 ¥3,561   $110,324
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