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MITSUBISHI MOTORS CORPORATION
Annual Report 2013
44
the 1st and the entire 2nd and 3rd series of the class A preferred
stock converted were retired based on a resolution of the Board of
Directors meetings held in the year ended March 31, 2013.
The holders of each class of convertible preferred stock do not
have voting rights, but the holders of class A and G are entitled to
preferred stock dividends of ¥50,000 per share each year after
April 2009.
In the event of a residual distribution, MMC would also be
required to distribute residual claims to the holders of each class of
convertible preferred stock by payment of one million yen per share
of preferred stock held, in priority over residual claims of holders of
the rights of ordinary shareholders. No further distribution would
be made.
9. Contingent Liabilities
Loan guarantees given in the ordinary course of business amounted
to ¥14,325 million ($152,312 thousand) and ¥2,049 million at
March 31, 2013 and 2012, respectively. Agreements similar to
guarantees given in the ordinary course of business amounted to
¥3,431 million ($36,488 thousand) and ¥5,434 million at March 31,
2013 and 2012, respectively.
10. Selling, General and Administrative Expenses
Selling, general and administrative expenses for the years ended
March 31, 2013 and 2012 consisted of the following:
(In millions of yen)
(In thousands
of U.S. dollars)
For the years ended March 31,
2013 2012 2013
Advertising and promotion
expenses ¥ 75,225 ¥ 62,314 $ 799,843
Freightage expense 43,252 44,213 459,892
Allowance for doubtful
accounts 232 (1,620) 2,476
Directors’ compensations,
salaries and allowances 60,761 58,731 646,057
Pension expenses 5,080 3,943 54,015
Depreciation 8,795 8,864 93,521
Research and development
expenses 34,817 34,996 370,206
Other 44,422 44,908 472,329
Total ¥272,589 ¥256,350 $2,898,342
11. Other Gain (Loss), Net
Other gain (loss), net for the years ended March 31, 2013 and 2012
consisted of the following:
(In millions of yen)
(In thousands
of U.S. dollars)
For the years ended March 31,
2013 2012 2013
Equity in earnings of affiliates ¥ 4,853 ¥ 5,932 $ 51,609
Foreign exchange gains
(losses) 30,395 2,418 323,189
Litigation expenses (1,538) (851) (16,356)
Gain (loss) on sales and
retirement of property,
plant and equipment, net (5,032) (1,807) (53,503)
Gain on sales of investment
securities 11,533 20 122,636
Gain on sales of subsidiaries
and affiliates’ stocks —400 —
Loss on sales of subsidiaries
and affiliates’ stocks (30,188) —(320,984)
Impairment loss (793) (16,336) (8,433)
Environmental expenses —(10) —
Loss on disaster —(1,525) —
Other (1,483) (1,091) (15,778)
Total ¥ 7,747 ¥(12,851) $ 82,380