Daiwa Securities Group Annual Report 2012 Millions of yen Thousands of  U.S. dollars  (Note 1) LIABILITIES AND NET ASSETS 2012 2011 2012 Debt: Short-term borrowings (Notes 5, 9 and 12) ¥ 1,636,651 ¥ 2,585,792 $ 19,959,159 Commercial paper (Note 5) 275,192 395,196 3,356,000 Long-term debt (Notes 5 and 12) 2,280,252 2,156,673 27,807,951 4,192,095 5,137,661 51,123,110 Payables: Payables to customers and counterparties (Notes 5 and 11) 346,173 402,965 4,221,622 Payables related to margin transactions (Notes 3, 5 and 9) 52,756 61,397 643,366 Deposits for banking business (Note 5) 1,169,916 – 14,267,268 Other (Note 5) 18,897 23,042 230,451 1,587,742 487,404 19,362,707 Collateralized short-term financing agreements  (Notes 4, 5 and 23) 6,068,380 5,338,882 74,004,634 Trading liabilities  (Notes 5 and 6) 5,953,280 4,816,855 72,600,976 Accrued and other liabilities: Income taxes payable 5,822 2,241 71,000 Deferred tax liabilities (Note 14) 3,562 1,644 43,439 Accrued bonuses 20,462 23,152 249,537 Retirement benefits (Note 13) 30,488 30,385 371,805 Negative goodwill 12,556 17,122 153,122 Other (Note 23) 95,382 62,644 1,163,194 168,272 137,188 2,052,097 Statutory reserves  (Note 15) 2,567 3,023 31,305 Total liabilities 17,972,336 15,921,013 219,174,829 Net assets Owners’ equity (Note 17) Common stock, no par value; Authorized—4,000,000 thousand shares Issued—1,749,379 thousand shares as of March 31, 2012 247,397  247,397  3,017,037  Capital surplus 230,655  230,632  2,812,866  Retained earnings 345,983  395,751  4,219,305  Treasury stock at cost (22,681) (27,055) (276,598) 801,354  846,725  9,772,610  Accumulated other comprehensive income Valuation difference on available-for-sale securities 23,339 23,135 284,622 Deferred gains or losses on hedges (1,676) 85 (20,439) Translation adjustment (40,518) (36,012) (494,122) (18,855) (12,792) (229,939) Stock subscription rights (Note 18) 5,429 4,386 66,207 Minority interests 163,774 83,080 1,997,244 Total net assets 951,702 921,399 11,606,122 ¥18,924,038 ¥16,842,412 $230,780,951 See accompanying notes. 61 Contingent liabilities  (Note 16)