ANNUAL REPORT

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3.21. Segment reporting A segment is a distinguishable component of the Company that is engaged either in providing related products or services (business segment), or in providing products or services within a particular economic environment (geographical segment), which is subject to risks and returns that are different from those of other segments. The Company is a diversified holding company engaged in various industries and has chosen a segment reporting format based on the businesses it is managing. Segment assets and liabilities include those operating assets and liabilities that are directly attributable to a segment or can be allocated to a segment on a reasonable basis. 3.22. Non-current assets held for sale and discontinued operations A discontinued operation is a component of the Company’s business that represents a separate major line of business or geographical area of operations or is a subsidiary acquired exclusively with a view to resale. Classification as a discontinued operation occurs upon disposal or when the operation meets the criteria to be classified as held for sale, if earlier. A disposal group that is to be abandoned may also qualify. Immediately before classification as held for sale, the measurement of all assets and liabilities in the disposal group is brought up-to-date in accordance with applicable IFRSs. On initial classification as held for sale, non-current assets and disposal groups are recognized at the lower of carrying amount and fair value less cost to sell. Impairment losses on initial classification as held for sale are included in profit or loss. The same applies to gains and losses on subsequent remeasurement. 3.23. Recently issued standards and interpretations not yet adopted To the extent that new IFRS requirements are expected to be applicable in the future, they have been summarized hereafter. For the year ended March 31, 2009, they have not been applied in preparing the consolidated financial statements. IFRS 8 Operating Segments introduces the ‘management approach’ to segment reporting. IFRS 8, which becomes mandatory for RHJI’s March 31, 2010 financial statements, will require the disclosure of segment information based on the internal reports regularly reviewed by RHJI’s Executive Management in order to assess each segment’s performance and to allocate resources to them. Currently RHJI presents segment information in respect of its geographical and business segments. RHJI does not expect that IFRS 8 will trigger a material change to our current segment reporting. Revised IAS 23 Borrowing Costs removes the option to expense borrowing costs and requires that an entity capitalizes borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset as part of the cost of that asset. The revised IAS 23 will become mandatory for RHJI’s March 31, 2010 financial statements and will constitute a change in accounting policy for RHJI. In accordance with the transitional provisions RHJI will apply the revised IAS 23 to qualifying assets for which capitalization of borrowing costs commences on or after the effective date of the standard. We do not expect any material impact. IFRIC 13 Customer Loyalty Programs addresses the accounting by entities that operate, or otherwise participate in, customer loyalty programs for their customers. It relates to customer loyalty programs under which the customer can redeem credits for awards such as free or discounted goods or services. IFRIC 13, which becomes mandatory for RHJI’s March 31, 2010 financial statements, is not expected to have any material impact. Revised IAS 1 Presentation of Financial Statements (2007) introduces the term total comprehensive income, which represents changes in equity during a period other than those changes resulting from transactions with owners in their capacity as owners. Total comprehensive income may be presented in either a single statement of comprehensive income (effectively combining both the income statement and all nonowner changes in equity in a single statement), or in an income statement and a separate statement of comprehensive income. Revised IAS 1, which becomes mandatory for RHJI’s March 31, 2010 consolidated financial statements, is not expected to have an impact on the presentation of the consolidated financial statements. RHJI plans to continue to provide total comprehensive income in an income statement and a separate single statement of other comprehensive income for its March 31, 2010 consolidated financial statements. Amendments to IAS 32 Financial Instruments : Presentation and IAS 1 Presentation of Financial Statements – Puttable Financial Instruments and Obligations Arising on Liquidation requires puttable instruments, and instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation, to be classified as equity if certain conditions are met. The amendments, which become mandatory for RHJI’s March 31, 2010 consolidated financial statements, with retrospective application required, are not expected to have any material impact. Revised IFRS 3 Business Combinations (2008) incorporates the following changes that are likely to be relevant to RHJI’s operations : • The definition of a business has been broadened, which is likely to result in more acquisitions being treated as business combinations. • Contingent consideration will be measured at fair value, with subsequent changes therein recognized in profit or loss. 50
FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED MARCH 31, 2009 • Transaction costs, other than share and debt issue costs, will be expensed as incurred. • Any pre-existing interest in the acquiree will be measured at fair value with the gain or loss recognized in profit or loss. • Any non-controlling (minority) interest will be measured at either fair value, or at its proportionate interest in the identifiable assets and liabilities of the acquiree, on a transaction-by-transaction basis. Revised IFRS 3, which becomes mandatory for RHJI’s March 31, 2011 consolidated financial statements, will be applied prospectively and, will therefore have no impact on prior periods. Amended IAS 27 Consolidated and Separate Financial Statements (2008) requires accounting for changes in ownership interests by RHJI in a subsidiary, while maintaining control, to be recognized as an equity transaction. When RHJI loses control of a subsidiary, any interest retained in the former subsidiary will be measured at fair value with the gain or loss recognized in profit or loss. The amendments to IAS 27, which become mandatory for RHJI’s March 31, 2011 consolidated financial statements will be applied prospectively and will therefore have no impact on prior periods. Amendment to IFRS 2 Share-based Payment – Vesting Conditions and Cancellations clarifies the definition of vesting conditions, introduces the concept of non-vesting conditions, requires non-vesting conditions to be reflected in grant-date fair value and provides the accounting treatment for non-vesting conditions and cancellations. The amendments to IFRS 2, that will become mandatory for RHJI’s 2010 consolidated financial statements, with retrospective application, are not expected to have any material impact. IFRIC 15 Agreements for the Construction of Real Estate concludes that revenues for real estate construction projects will have to be recognized using the completed contract method in many cases, except for specific situations where the percentage of completion method of revenue recognition can be applied. This is the case when a contract relates to the sale of assets, but during the construction of these assets revenue recognition criteria are met on a continuous basis (in relation to the completed part of the project). IFRIC 15, which becomes mandatory for RHJI’s 2010 consolidated financial statements, with retrospective application, is not expected to have any material impact. IFRIC 16 Hedges of a Net Investment in a Foreign Operation discusses a number of issues in relation to hedging currency risks on foreign operations (net investment hedges). IFRIC 16 specifically confirms only that the risk from differences between the functional currencies of the Company and the subsidiary can be hedged. Additionally, currency risks can only be hedged by every (direct or indirect) parent company, as long as the risk is only hedged once in the consolidated financial statements. IFRIC 16 also determines that the hedge instrument of a net investment hedge can be held by every group company, except for foreign operation itself. IFRIC 16, which becomes mandatory for RHJI’s March 31, 2011 consolidated financial statements, with prospective application, is not expected to have any material impact. IFRIC 17 Distributions of Non-cash Assets to Owners addresses the treatment of distributions in kind to shareholders. Outside the scope of IFRIC 17 are distributions in which the assets being distributed are ultimately controlled by the same party or parties before and after the distribution (common control transactions). A liability has to be recognized when the dividend has been appropriately authorized and is no longer at the discretion of the entity, to be measured at the fair value of the non-cash assets to be distributed. IFRIC 17, which becomes mandatory for RHJI’s March 31, 2011 consolidated financial statements, with prospective application, is not expected to have any material impact. IFRIC 18 Transfers of Assets from Customers addresses the accounting by access providers for property, plant and equipment contributed to them by customers. Recognition of the assets depends on who controls it. When the asset is recognized by the access provider, it is measured at fair value upon initial recognition. The timing of the recognition of the corresponding revenue depends on the facts and circumstances. IFRIC 18, which becomes mandatory for RHJI’s March 31, 2011 consolidated financial statements, with prospective application, is not expected to have any material impact . Amendments to IFRS 1 First-time Adoption of IFRSs and IAS 27 Consolidated and Separate Financial Statements – Cost of an Investment in a Subsidiary, Jointly-controlled Entity or Associate (endorsed by the European Union) revises, amongst others, the accounting for ‘pre-acquisition dividends’ received from participating interests. Those dividends should be recognized as revenue, but such dividends may imply an indicator for the impairment of the participating interest. The amendment, which becomes mandatory for RHJI’s March 31, 2011 consolidated financial statements, with prospective application, is not applicable for the Company. Amendment to IAS 39 Financial Instruments : Recognition and Measurement – Eligible Hedged Items provides additional guidance concerning specific positions that qualify for hedging (‘eligible hedged items’). The amendment to IAS 39, which becomes mandatory for RHJI’s March 31, 2011 consolidated financial statements, with retrospective application, is not expected to have any material impact . Improvements to IFRSs (2008) is a collection of minor improvements to existing standards. This collection, which becomes mandatory for RHJI’s March 31, 2011 consolidated financial statements, is not expected to have any material impact. 51
Page 1: ANNUAL REPORT Year Ended March 31,
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Page 8 and 9: Support to our portfolio companies
Page 10 and 11: The evolution of the book value of
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Page 14 and 15: Asahi Tec Corporation • Headquart
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Page 18 and 19: Honsel International Technologies S
Page 20 and 21: Niles Co., Ltd. • Headquarters: J
Page 22 and 23: Columbia Music Entertainment, Inc.
Page 24 and 25: Phoenix Resort K.K. • Headquarter
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Page 31 and 32: FINANCIAL STATEMENTS FOR THE FISCAL
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FINANCIAL STATEMENTS FOR THE FISCAL
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FINANCIAL STATEMENTS FOR THE FISCAL
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PART III CORPORATE GOVERNANCE
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CORPORATE GOVERNANCE The Belgian Co
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CORPORATE GOVERNANCE The following
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CORPORATE GOVERNANCE (1997 to 2000)
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CORPORATE GOVERNANCE INVESTMENT AND
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CORPORATE GOVERNANCE Mr. Fischer ha
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CORPORATE GOVERNANCE OTHER TERMS RH
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CORPORATE GOVERNANCE STATUTORY AUDI
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CORPORATE GOVERNANCE 121
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PART IV SHAREHOLDERS’ INFORMATION
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SHAREHOLDERS’ INFORMATION SHARE P
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NOTES 127
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Co-ordination and Production : IPAC
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ANNUAL REPORT

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