ANNUAL REPORT

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24. EARNINGS PER SHARE The calculation of basic and diluted earnings per share is based on the loss for the period attributable to shareholders of the Company and the weighted average number of shares outstanding during the year, net of treasury shares. (in JPY millions) 2009 2008 Continuing operations Discontinued operations Total Continuing operations Discontinued operations Profit (loss) for the period (143,263) 11,992 (131,271) (60,074) (1,177) (61,251) Total Less share of minority interest in the profit (loss) for the period Profit (loss) for the period attributable to shareholders of the Company (15,054) (174) (15,228) (28,637) 607 (28,030) (128,209) 12,166 (116,043) (31,437) (1,784) (33,221) Issued ordinary shares at April 1, net of treasury shares 84,222,034 84,222,034 84,222,034 85,545,547 85,545,547 85,545,547 Weighted effect of treasury shares Acquired during the period (381,249) (381,249) (381,249) (445,091) (445,091) (445,091) Distributed during the period 376,805 376,805 376,805 - - - Weighted average number of ordinary shares as at March 31, net of treasury shares 84,217,590 84,217,590 84,217,590 85,100,456 85,100,456 85,100,456 Basic and diluted profit (loss) per share (in JPY) (1,522) 144 (1,378) (369) (21) (390) 25. LOANS AND BORROWINGS Consolidated indebtedness outstanding consisted of borrowings under (1) senior credit facilities, (2) subordinated credit facilities, (3) term loans from non-banker lenders, (4) other secured and unsecured bank loans and (5) finance leases. At March 31, 2009, JPY 129,707 million of borrowings were outstanding under the senior credit facilities compared to JPY 155,356 million at March 31, 2008. The facilities generally contain a number of financial covenants, other customary terms and conditions and/or are collaterized by certain assets of the business and shares of the subsidiaries. The subordinated debt amounted to JPY 31,217 million at March 31, 2009 compared to JPY 57,572 million at March 31, 2008. The subordinated debt generally has secondary claims over the same collateral as provided for the senior credit facilities, in addition to requiring the consolidated businesses to comply with the same kind of covenants.Term loans from non-banker lenders and other secured and unsecured bank loans amounted to JPY 23,171 million at March 31, 2009 compared to JPY 9,810 million at March 31, 2008. Obligations under finance leases amounted to JPY 4,916 million at March 31, 2009 compared to JPY 5,410 million at March 31, 2008. (in JPY millions) 2009 2008 Non-current Current Total Non-current Current Total Bank loans (including bank overdrafts) 75,792 85,132 160,924 184,853 28,075 212,928 Finance lease liabilities 2,665 2,251 4,916 3,292 2,118 5,410 Other loans and borrowings 15,320 7,851 23,171 8,624 1,186 9,810 Total 93,777 95,234 189,011 196,769 31,379 228,148 This note provides information about the contractual terms of the Company’s loans and borrowings. For more information about the Company’s exposure to interest rate and foreign currency risk, see note 30. 76
FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED MARCH 31, 2009 The loans and borrowings are as follows: (in JPY millions) 2009 2008 Non-current Current Total Non-current Current Total Asahi Tec 73,601 5,765 79,366 110,128 7,329 117,457 CME 217 1,240 1,457 297 220 517 HIT 2,639 68,992 71,631 73,439 137 73,576 Niles 9,824 18,502 28,326 4,722 23,019 27,741 Phoenix Seagaia Resort 6,411 733 7,144 7,106 671 7,777 RHJI and its management companies - 2 2 3 3 6 RHJ Shaklee Holding 1,085 - 1,085 1,074 - 1,074 Total 93,777 95,234 189,011 196,769 31,379 228,148 25.1. Bank loans 25.1.1. Terms and debt repayment schedule Bank loans are payable as follows: (in JPY millions) 2009 2008 Senior credit facilities Subordinated credit facilities Total Senior credit facilities Subordinated credit facilities Less than one year 60,676 24,456 85,132 28,075 - 28,075 Between one and five years 68,910 6,761 75,671 75,292 27,478 102,770 More than five years 121 - 121 51,989 30,094 82,083 Total 129,707 31,217 160,924 155,356 57,572 212,928 Total 25.1.2. Asahi Tec At March 31, 2009, Asahi Tec had JPY 79,367 million in indebtedness outstanding, of which JPY 52,878 million at its US subsidiary Metaldyne. The decrease in total indebtedness by JPY 38,090 million compared to March 31, 2008, mainly resulted from (a) Metaldyne’s successful tender for JPY 30,422 million, net of customer loans, (b) the cancellation of JPY 3,134 million senior subordinated notes of Metaldyne held by Chrysler and (c) the cancellation of JPY 6,082 million of preferred shares of Asahi Tec, also held by Chrysler. The bond tender was financed by a USD 50 million investment from Asahi Tec, funded by RHJI’s subscription to newly issued shares of Asahi Tec for JPY 4,917 million, increasing its ownership in Asahi Tec from 45.3% to 60.18%. In addition, certain of Metaldyne’s leading customers provided Metaldyne with USD 60 million funding for the bond tender offer, in the form of loans to Metaldyne. From the total proceeds of USD 110 million, Metaldyne used USD 60.1 million to pay for the tendered bonds. Although at March 31, 2009, Metaldyne was in compliance with the financial covenants of the term, revolving and synthetic facilities, it defaulted on a payment of interest that fell due under its term loan and entered into a forbearance agreement with its lenders until May 30, 2009. Despite this forbearance agreement and Asahi Tec’s continued support and the resulting reduction of Metaldyne’s indebtedness, Metaldyne’s financial performance was heavily affected by car production in the US that continued to fall beyond expectations. Faced with its own challenges, Asahi Tec was no longer in a position to further support Metaldyne, which on May 27, 2009, filed a voluntary petition to reorganize under Chapter 11 of the U.S. Bankruptcy Code, shortly after Chrysler, one of its main customers, also filed for protection under Chapter 11. Excluding Metaldyne, Asahi Tec had JPY 26,488 million in indebtedness outstanding at March 31, 2009 compared to JPY 34,929 million at March 31, 2008, the decrease mainly resulting from the above mentioned cancellation by Chrysler of preferred shares worth JPY 6,082 million. Asahi Tec’s indebtedness included (a) JPY 15,356 million senior credit facilities, (b) JPY 4,000 million subordinated bank debt, (c) JPY 1,652 million leasing obligations and (d) JPY 5,203 million preferred securities classified as debt issued to former holders of Metaldyne notes. 77
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ANNUAL REPORT Year Ended March 31,
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PART I LETTER TO SHAREHOLDERS AND B
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Support to our portfolio companies
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The evolution of the book value of
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Consolidated Financial Statements F
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Asahi Tec Corporation • Headquart
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RHJI's purchase agreement to buy ce
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Honsel International Technologies S
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Niles Co., Ltd. • Headquarters: J
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Columbia Music Entertainment, Inc.
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Phoenix Resort K.K. • Headquarter
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Shaklee Global Group, Inc. • Indu
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NOTES 127
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Co-ordination and Production : IPAC
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