Annual Report 2012


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DURINGTHEYEARENDEDMARCH31,2011,SECURITIESCLASSIfiEDASINVEST-MENTSINUNCONSOLIDATEDSUBSIDIARIESANDAFfiLIATESOF¥2,079MILLIONWERERECLASSIfiEDASINVESTMENTSINSECURITIESDUETOAREDUCTIONINTHECOMPANY’SOWNERSHIPRATIOOFCERTAINUNCONSOLIDATEDSUBSIDIARIESANDAFfiLIATES.IMPAIRMENTLOSSESARERECORDEDONSECURITIESWHOSEFAIRVALUEHASDECLINEDBY50%ORMORE,ORWHOSEFAIRVALUEHASDECLINEDBY30%ORMORE,BUTLESSTHAN50%,IFTHEDECLINEISDEEMEDTOBEIRRECOVERABLE.THECOMPANYHASRECOGNIZEDIMPAIRMENTLOSSESONVALUATIONOFINVESTMENTSINSECURITIESCLASSIfiEDASOTHERSECURITIESOF¥1,260MILLION($15,330THOUSAND)AND¥9MILLIONFORTHEYEARSENDEDMARCH31,2012AND2011,RESPECTIVELY.4.INVENTORIESINVENTORIESASOFMARCH31,2012AND2011ARESUMMARIZEDASFOLLOWS:MILLIONSOFYENTHOUSANDSOFU.S.DOLLARS201220112012RAWMATERIALSANDSUPPLIES¥38,303¥34,412$466,030OTHERS80165973TOTAL¥38,383¥34,577$467,0035.LOSSONIMPAIRMENTOFFIXEDASSETSLOSSONIMPAIRMENTOFfiXEDASSETSFORTHEYEARENDEDMARCH31,2012WASASFOLLOWS:MILLIONSOFYENTHOUSANDSOFU.S.DOLLARSASSETDESCRIPTIONUSAGECLASSIfiCATION20122012ASSETSFOROILTANKERSERVICESASSETSFOROILTANKERSERVICESVESSELS¥795$9,673HONMOKUDISTRIBUTIONCENTERLOGISTICSBUSINESSBUILDING,STRUCTURESANDOTHER1,66520,258ASSETSFORSHORTSEAANDCOASTALBUSINESSASSETSFORSALEVESSELS88810,804OTHERSIDLEASSETSLAND14170TOTAL¥3,362$40,905THECOMPANYANDITSCONSOLIDATEDSUBSIDIARIESGROUPfiXEDASSETSFORBUSINESSUSEBASEDONTHESMALLESTIDENTIfiABLEGROUPSOFASSETSGENERATINGCASHflOWSCONSIDERINGINCOMEANDEXPENDITUREGENERAT-INGUNITS;HOWEVER,THEYGROUPOTHERBUSINESSUSEASSETSANDIDLEASSETSINDIVIDUALLY.FORTHEYEARENDEDMARCH31,2012,SINCEPROfiTABILITYOFTHEAS-SETSFORTHEOILTANKERSERVICESANDHONMOKUDISTRIBUTIONCENTERSIG-NIfiCANTLYDETERIORATED,THECARRYINGVALUESWEREREDUCEDTOTHERE-SPECTIVERECOVERABLEAMOUNTSANDALOSSONIMPAIRMENTWASRECOGNIZED.THERECOVERABLEAMOUNTSWEREMEASUREDBYTHEVALUEINUSEMETHODBASEDONESTIMATEDFUTURECASHflOWSDISCOUNTEDATRATESRANGINGFROM3.2%TO4.4%FORTHEYEARENDEDMARCH31,2012.ASSETSFORSALEHADBEENGROUPEDASBUSINESSASSETS.THECARRY-INGVALUESOFTHESEASSETSWEREREDUCEDTOTHERESPECTIVERECOVERABLEAMOUNTS.THERECOVERABLEAMOUNTWASMEASUREDATNETSELLINGVALUEBASEDONATHIRDPARTY’SAPPRAISAL.SINCETHEIDLEASSETS’CARRYINGVALUESWEREDEEMEDTOBEIRRETRIEV-ABLYLOWERTHANTHERESPECTIVERECOVERABLEAMOUNTSMAINLYDUETODE-CREASINGLANDPRICES,THECARRYINGVALUESWEREREDUCEDTOTHEIRRESPEC-TIVERECOVERABLEAMOUNTSANDALOSSONIMPAIRMENTWASRECOGNIZED.THERECOVERABLEAMOUNTSWEREMEASUREDATNETSELLINGVALUE,WHICHWASREASONABLYMEASUREDMAINLYBYAPPRAISERS.DISCLOSUREOFLOSSONIMPAIRMENTFORTHEYEARENDEDMARCH31,2011WASOMITTEDBECAUSETHEAMOUNTINVOLVEDWASIMMATERIAL.6.GOODWILLGOODWILLANDNEGATIVEGOODWILLASOFMARCH31,2012AND2011ARESUMMARIZEDASFOLLOWS:MILLIONSOFYENTHOUSANDSOFU.S.DOLLARS201220112012GOODWILL¥4,477¥4,552$54,472NEGATIVEGOODWILL(4)(34)(49)NET¥4,473¥4,518$54,42356ANNUALREPORT2012


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