|
 |
Annual Report 2006
Notes to Consolidated Financial Statements
17. Related Party Transactions
The Company purchased goods for resale in the amounts of ¥50,856 million ($434,667 thousand) and ¥46,474 million from NSK-Warner K.K., its major affiliate, which was accounted for by the equity method for the years ended March 31, 2006 and 2005, respectively, and the related payable balances at March 31, 2006 and 2005 amounted to ¥11,971 million ($102,316 thousand) and ¥10,271 million, respectively. The purchase prices were negotiated on an arm’s-length basis based on the final retail prices of the Company.
18. Supplementary Cash Flow Information
(a) Summary of assets and liabilities excluded from consolidation because of sales of subsidiaries’ stock
The following is a summary of the transferred assets and liabilities, relevant selling prices and net cash outflows resulting from the sales of subsidiaries’ stock for the year ended March 31, 2005:
| Millions of yen |
| Year ended March 31, 2005 |
2005 |
| Current assets |
¥2,055 |
| Non-current assets |
1,392 |
| Current liabilities |
(205) |
| Non-current liabilities |
(181) |
| Minority interest |
(1,224) |
| Translation adjustments |
112 |
| Carrying value on an equity basis |
(1,224) |
| Loss on sales of subsidiaries’ stock |
(105) |
| Proceeds from sales of stock |
618 |
| Cash and cash equivalents held by subsidiaries |
(1,514) |
| Net cash outflows |
¥ (895) |
(b) Summary of assets and liabilities included in consolidation upon acquisition of their stock
The following is a summary of the assets and liabilities of subsidiaries which were included in consolidation upon acquisition of their stock and reconciliation of the related acquisition cost and net cash outflows for the year ended March 31, 2006:
| Millions of yen |
Thousands of
U.S. dollars |
| Year ended March 31, 2006 |
|
|
| Current assets |
¥ 32,388 |
$ 276,821 |
| Non-current assets |
42,740 |
365,299 |
| Excess of cost over net assets acquired |
1,005 |
8,590 |
| Current liabilities |
(11,011) |
(94,111) |
| Non-current liabilities |
(8,736) |
(74,667) |
| Carrying value of the Company’s investments on an equity basis |
(18,658) |
(159,470) |
| Total acquisition cost of minority interests |
37,728 |
322,462 |
| Unpaid acquisition cost |
(1,341) |
(11,462) |
| Acquisition cost of investments in an affiliate |
1,042 |
8,906 |
| Cash and cash equivalents held by subsidiaries |
(9,890) |
(84,530) |
| Net cash outflows |
¥(27,539) |
$(235,376) |
 |
|
