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Notes to Consolidated Financial Statements 5. SECURITIES The carrying amounts of securities in current assets and investment securities at March 31, 2012 and 2011 consist of the following: Thousands of Millions of yen U.S. dollars 2012 2011 2012 Securities in current assets: Available-for-sale securities..................................................................... ¥ 12,278 ¥ 51,100 $ 149,385 Held-to-maturity debt securities.............................................................. 10 2,893 122 ¥ 12,288 ¥ 53,993 $ 149,507 Investment securities: Available-for-sale securities..................................................................... ¥154,574 ¥175,783 $1,880,691 Held-to-maturity debt securities.............................................................. — 10 — ¥154,574 ¥175,793 $1,880,691 Available-for-sale securities with fair value or quoted market values included in investment securities at March 31, 2012 and 2011 are as follows: 2012 Acquisition cost Gross unrealized gains Millions of yen Gross unrealized losses Book value (Fair value) Equity securities............................................................ ¥31,405 ¥106,349 ¥(2,271) ¥135,483 Other............................................................................ 10,000 530 — 10,530 ¥41,405 ¥106,879 ¥(2,271) ¥146,013 2011 Acquisition cost Gross unrealized gains Millions of yen Gross unrealized losses Book value (Fair value) Equity securities............................................................ ¥33,643 ¥125,670 ¥(3,002) ¥156,311 Other............................................................................ 10,000 244 — 10,244 ¥43,643 ¥125,914 ¥(3,002) ¥166,555 2012 Acquisition cost Thousands of U.S. dollars Gross unrealized gains Gross unrealized losses Book value (Fair value) Equity securities............................................................ $382,102 $1,293,941 $(27,631) $1,648,412 Other............................................................................ 121,670 6,448 — 128,118 $503,772 $1,300,389 $(27,631) $1,776,530 Proceeds from sales of available-for-sale securities were ¥9,469 million (US$115,209 thousand) and ¥10,730 million for the years ended March 31, 2012 and 2011, respectively. The net realized gains on those sales were ¥6,306 million (US$76,725 thousand) and ¥7,970 million for the years ended March 31, 2012 and 2011, respectively. Impairment losses of securities during fiscal 2012 amounted to ¥2,162 million (US$26,305 thousand), which is all of the available-for-sale securities. Impairment losses of securities during fiscal 2011 amounted to ¥1,287 million, which consist of ¥1,226 million for the available-for-sale securities and ¥61 million for the securities of the non-consolidated subsidiaries. 54 SUMITOMO ELECTRIC Annual Report 2012
Notes to Consolidated Financial Statements 6. DERIVATIVE TRANSACTIONS The Company and its consolidated subsidiaries have entered into foreign currency forward exchange contracts, currency options and foreign currency swap contracts to hedge risks of exchange rate fluctuations of foreign currency monetary assets and liabilities, interest rate swap contracts to hedge risks of interest rate fluctuations, and commodity forward contracts, etc., for copper and aluminum to hedge risks of price fluctuations. The Company and its consolidated subsidiaries use derivative transactions for managing market risk related to recorded assets and liabilities as well as for future commitments, and not for speculation or dealing purposes. The Company and its consolidated subsidiaries deal with highly rated international financial institutions and trading concerns as counterparties to these transactions to minimize credit risk exposure. Derivative transactions are entered into by each operational division, and the processing of the transactions is controlled and reviewed by administrative divisions, in accordance with established policies that restrict dealing in derivatives, including limits on authorities and amounts. Additional information for derivative transactions as of and for the years ended March 31, 2012 and 2011 is as follows: Millions of yen 2012 2011 Contracts for which hedge accounting is not adopted Contracts for which hedge accounting is adopted* Contracts for which hedge accounting is not adopted Contracted Fair Recognized Contracted Fair Contracted Fair Recognized amount value gain (loss) amount value amount value gain (loss) Contracts for which hedge accounting is adopted* Contracted Fair amount value Foreign currency forward exchange contracts: Buy............................. ¥ 3,346 ¥2 ¥2 ¥16,065 ¥532 ¥ 4,728 ¥ 5 ¥ 5 ¥14,044 ¥145 Sell.............................. 4,401 (5) (5) 11,153 (232) 9,274 (61) (61) 7,525 (148) Commodity forward contracts for copper: Buy............................. 1,715 (1) (1) — — 1,914 0 0 — — Sell.............................. 1,702 0 0 — — 1,926 (1) (1) 569 1 Copper swap contracts... — — — 872 73 — — — 626 29 ¥11,164 ¥(4) ¥(4) ¥28,090 ¥373 ¥17,842 ¥(57) ¥(57) ¥22,764 ¥ 27 Thousands of U.S. dollars 2012 Contracts for which hedge accounting is not adopted Contracts for which hedge accounting is adopted* Contracted amount Fair value Recognized gain (loss) Contracted amount Fair value Foreign currency forward exchange contracts: Buy............................. $ 40,711 $ 24 $ 24 $195,462 $6,473 Sell.............................. 53,547 (61) (61) 135,698 (2,823) Commodity forward contracts for copper: Buy............................. 20,866 (12) (12) — — Sell.............................. 20,708 0 0 — — Copper swap contracts... — — — 10,610 888 $135,832 $(49) $(49) $341,769 $4,538 * Certain interest rate swap contracts (contracted amount ¥63,142 million (US$768,244 thousand) and ¥64,129 million for the years ended March 31, 2012 and 2011) meeting certain hedging criteria are excluded from the table above. Certain foreign currency forward exchange contracts (contracted amount “Buy” ¥13,625 million (US$165,774 thousand) and ¥9,632 million, “Sell” ¥107,156 million (US$1,303,760 thousand) and ¥98,077 million for the years ended March 31, 2012 and 2011, respectively) meeting certain hedging criteria are excluded from the table above. See Note 4. Annual Report 2012 SUMITOMO ELECTRIC 55
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Annual Report 2012 Information & Co
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Glorious Excellent Company The Sumi
Page 5 and 6: Review of Operations Automotive Inf
Page 7 and 8: Society our daily lives. The Sumito
Page 9 and 10: uri Capabilities a leading position
Page 11 and 12: Materials with a Global Impact year
Page 13 and 14: World Stage The Americas In fiscal
Page 15 and 16: Net Sales Operating Income Net Inco
Page 17 and 18: Masayoshi Matsumoto President and C
Page 19 and 20: VISION 2012 Q3 As mentioned earlier
Page 21 and 22: Segments Performance Sumitomo Elect
Page 23 and 24: Net Sales (Billions of yen) 1,200 1
Page 25 and 26: Net Sales (Billions of yen) 300 250
Page 31 and 32: & Net Sales (Billions of yen) 300 2
Page 33 and 34: anisotropic conductive film for fin
Page 35 and 36: Highlights of Fiscal 2012 Our Respo
Page 37 and 38: Board of Directors The Board of Dir
Page 39 and 40: Strengthened Competition Law Compli
Page 41 and 42: short-term fluctuations in interest
Page 43 and 44: Financial Section 2012 Five-Year Fi
Page 45 and 46: Management’s Discussion and Analy
Page 47 and 48: Consolidated Balance Sheets Million
Page 49 and 50: Consolidated Statements of Changes
Page 51 and 52: Notes to Consolidated Financial Sta
Page 55: Notes to Consolidated Financial Sta
Page 69 and 70: Independent Auditor’s Report To t
Page 71 and 72: • Sumitomo Electric Semiconductor
Page 73 and 74: Company Information Investor Inform
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