Annual Report 2002 [PDF/1.6MB]

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10. LEASE TRANSACTIONS (continued)(2) As lessorTotal lease receipts under finance leases were ¥3,864 million ($28,998 thousand) and ¥7,771 million for the years ended March31, 2002 and 2001, respectively.Information on leased property such as acquisition cost and accumulated depreciation as of March 31, 2002 and 2001 anddepreciation expenses for the years ended were as follows:Millions of Yen2002 2001Thousands ofU.S. Dollars2002Acquisition costEquipment and fixtures¥ 16,733¥ 32,407$ 125,576Others2,7682,19520,773Less accumulated depreciation(10,236)(22,130)(76,818)9,26512,47269,531Depreciation expenses¥ 3,716¥ 5,445$ 27,887Future minimum lease receipts as of March 31, 2002 were as follows:Millions of YenThousands ofU.S. DollarsWithin one year¥ 3,704$ 27,797More than one year6,37347,827Total¥ 10,077$ 75,624Operating leasesAs lessees under noncancelable operating leases, future minimum lease payments at March 31, 2002 were ¥197 million($1,478 thousand), of which ¥44 million ($330 thousand) were due within one year.As a lessor under noncancelable operating leases, future minimum lease receipts at March 31, 2002 were ¥115 million ($863thousand), of which ¥46 million ($345 thousand) were due within one year.11. DERIVATIVE FINANCIAL INSTRUMENTSThe Companies trade in derivatives based on currencies, interest rates, and commodities, primarily as a way of hedging therisk of future fluctuations in exchange rates, interest rates and commodity prices.The Companies have taken various steps, including the establishment of internal management rules, to ensure that transactionsare implemented, reported and monitored appropriately, and that risk is managed. The Companies do not hold and issue derivativefinancial instruments for trading purposes.45
11. DERIVATIVE FINANCIAL INSTRUMENTS (continued)At March 31, 2002 and 2001, outstanding derivative transactions were as follows:(1) CurrenciesMillions of Yen20022001NotionalamountFairvalueUnrealizedgain (loss)NotionalamountFairvalueUnrealizedgain (loss)Forward exchangecontracts to sellU.S. Dollars¥ 2,373¥ 2,429¥ (56)¥ 1,348¥ 1,435¥ (87)Others2525078(1)Forward exchangecontracts to buyU.S. Dollars¥ 4,864¥ 5,055¥ 191¥ 4,399¥ 4,865¥ 466Others56757691,0951,219124Currency call optioncontract to buyFrench francs¥ ¥ ¥ ¥ 112¥ 1¥ 0Euro1420(1)NotionalamountThousands of U.S. Dollars (Note 1)2002FairvalueUnrealizedgain (loss)Forward exchangecontracts to sellU.S. Dollars$ 17,809$ 18,229$ (420)Others1881880Forward exchangecontracts to buyU.S. Dollars$ 36,503$ 37,936$ 1,433Others4,2554,32368Currency call optionto buyFrench francs$ $ $ Euro1,0660(8)Note: 1. Fair value of forward exchange contracts is based on quoted forward exchange rates.2. Fair value of currency option contracts is based on the price that is presented by counterparty financial institutions.3. The above figures exclude amounts of outstanding derivative transactions to which hedge accounting has been applied.46
Page 2 and 3: COMPANY PROFILEOriginally founded i
Page 5 and 6: BUSINESS ENVIRONMENTDuring the year
Page 7 and 8: position as a leading steel trader,
Page 9 and 10: REVIEWS OF OPERATIONSDOMESTIC STEEL
Page 11 and 12: Domestic SteelOverseas SteelTerre A
Page 27 and 28: All Domestic Kawasho Offices Acquir
Page 29 and 30: CONSOLIDATED BALANCE SHEETSKawasho
Page 31 and 32: CONSOLIDATED STATEMENTS OF OPERATIO
Page 33 and 34: CONSOLIDATED STATEMENTS OF CASH FLO
Page 35 and 36: NOTES TO CONSOLIDATED FINANCIAL STA
Page 37 and 38: 2. SUMMARY OF SIGNIFICANT ACCOUNTIN
Page 39 and 40: 4. SHORT-TERM BORROWINGS AND LONG-T
Page 41 and 42: 6. ACCRUED RETIREMENT BENEFITSThe f
Page 43: 10. LEASE TRANSACTIONSFinance lease
Page 47 and 48: 12. SEGMENT INFORMATIONThe Companie
Page 49: JapanThousands of U.S. DollarsOther
Page 52 and 53: IndonesiaMiddle EastNorth AmericaJA
Page 54 and 55: COMPANY DATANameKAWASHO CORPORATION

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