MITSUBISHI ESTATE Annual Report 2013
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44Estimated Fair Value of Financial InstrumentsCarrying value of nancial instruments on the consolidated balance sheet as of March 31, 2013 and unrealized gains (losses) are shown in the following table. The following table does not include nancial instruments for which it is extremely dif cult to determine the fair value. (Please refer to Note 2 below).Millions of yenThousands of U.S. dollars2013Carrying ValueEstimated Fair ValueDifferenceCarrying ValueEstimated Fair ValueDifference1) Cash on hand and in banks¥ 192,076¥ 192,076–$ 2,042,277$ 2,042,277–2) Notes and accounts receivable – trade29,925318,187 Allowance for doubtful receivables (*1) (201) (2,141)29,72429,724–316,046316,046–3) Securities and Investment securities (i) Held-to-maturity debt securities624645¥ 206,6436,861$ 217 (ii) Other securities179,609179,7461371,909,7221,911,1841,4614) Equity investments13,09713,097–139,261139,261–Total assets¥ 415,132¥ 415,290¥ 157$ 4,413,951$ 4,415,630$ 1,6791) Notes and accounts payable – trade¥ 53,044¥ 53,044–$ 563,999$ 563,999–2) Short-term borrowings68,29168,291–726,115726,115–3) Current portion of long-term borrowings166,445166,445–1,769,7571,769,757–4) Commercial paper35,00035,000–372,142372,142–5) Current portion of long-term bonds57,56757,567–612,098612,098–6) Long-term bonds689,664736,636¥46,9727,332,9567,832,397$499,4407) Long-term borrowings1,058,2401,071,79113,55011,251,89211,395,973144,080Total liabilities¥2,128,254¥2,188,777¥60,523$22,628,963$23,272,484$643,521Millions of yen2012Carrying ValueEstimated Fair ValueDifference1) Cash on hand and in banks¥ 215,741¥ 215,741–2) Notes and accounts receivable – trade41,927 Allowance for doubtful receivables (*1)(833)41,09441,094–3) Securities and Investment securities (i) Held-to-maturity debt securities2,0512,072¥ 20 (ii) Other securities152,050152,1871374) Equity investments7,4077,407–Total assets¥ 418,345¥ 418,503¥ 1571) Notes and accounts payable – trade¥ 77,860¥ 77,860–2) Short-term borrowings79,00279,002–3) Current portion of long-term borrowings147,695147,695–4) Current portion of long-term bonds76,23576,235–5) Long-term bonds560,000590,073¥30,0736) Long-term borrowings845,635854,2498,613Total liabilities¥1,786,429¥1,825,116¥38,686(*1) The value of notes and account receivable-trade is shown at net value, after deducting allowance for doubtful accounts.Note 1: Methods to determine the estimated fair value of nancial instruments and other matters related to securities and derivative transactionsAssetsCash on hand and in banks Since these items are settled in a short period of time, their carrying value approximates fair value.Notes and accounts receivable – trade Since these items are settled in a short period of time, their carrying value approximates fair value.Marketable securities and investment securities The fair value of stocks is based on quoted market prices. The fair value of debt securities is mainly based on prices provided by the nancial institutions making markets in these securities. For information on securities classi ed by holding purpose, please refer to Note 15. “Marketable Securities and Investment Securities.”Equity investments The fair value of equity investments is based on quoted market prices.LiabilitiesNotes and accounts payable – trade Since these items are settled in a short period of time, their carrying value approximates fair value.Short-term borrowings Since these items are settled in a short period of time, their carrying value approximates fair value.Current portion of long-term borrowings Since these items are settled in a short period of time, their carrying value approximates fair value.Commercial paper Since these items are settled in a short period of time, their carrying value approximates fair value.Current portion of bonds Since these items are settled in a short period of time, their carrying value approximates fair value.Bonds The fair value of bonds is based on the quoted market price. Long-term borrowings Since variable interest rates of certain long-term borrowings are determined based on current interest rate in a short period of time, their carrying value approximates fair value. The fair value of long-term borrowings with xed interest rate is based on the present value of the total of principal and interest discounted by the interest rate to be applied if similar new borrowings were entered into.Derivatives Transactions Please refer to Note 17. “Derivatives and Hedging Activities.”Note 2: Financial instruments for which it is extremely dif cult to determine the fair valueMillions of yenThousands of U.S. dollars201320122013 (i) Unlisted stocks *1¥ 21,383¥ 20,756$ 227,359 (ii) Equity investments *2195,426281,1412,077,897 (iii) Lease and guarantee deposit receivables *3110,689101,8331,176,922 (iv) Lease and guarantee deposit payables *4378,876373,1894,028,454*1. Because no quoted market price is available and it is extremely dif cult to determine the fair value, unlisted stocks are not included in the above table.*2. Because it is extremely dif cult to determine the fair value for equity investments which are not listed and have no quoted market price, they are not included in the above table.*3. Because no quoted market price for lease and guarantee deposit receivables for rental properties is available and calculation of the actual period of duration from lease initiation to evacuation is dif cult, it is extremely dif cult to estimate a reasonable amount of cash ow and therefore they are not included in the above table.*4. Because no quoted market price for lease and guarantee deposit payables for rental properties is available and calculation of the actual period of duration from lease initiation to evacuation is dif cult, it is extremely dif cult to estimate a reasonable amount of cash ow, and therefore they are not included in the above table.

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