Suzuki 2003 Annual Report Download - page 36

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SUZUKI MOTOR CORPORATION
The difference between statutory tax rate and the effective tax rate is summarized as follows.
2003 2002
Statutory tax rate ........................................................... 41.12% 41.12%
Tax rate change ........................................................ 2.71% —
Non-deductible expenses......................................... 2.58% 3.08%
Equity in earnings of affiliates ................................... (3.38%) (2.47%)
Others ....................................................................... 3.25% 1.69%
Effective tax rate ........................................................... 46.28% 43.42%
Thousands of
Millions of yen U.S. dollars
2003 2002 2003
Research and development costs ............................ ¥60,443 ¥45,008 $502,855
As a result of the change of the enterprise tax rate based on the amendment of the Local Tax Law, the
deferred income tax assets (net amount after deduction of deferred income tax liabilities ) have decreased
by 1,543 million yen, income taxes, deferred has increased by 1,690 million yen, and net unrealized gains
on security has increased by 147 million yen.
8. Research and development Costs
Research and development costs included in Manufacturing cost and Selling, general and
administrative expenses for the years ended March 31, 2003 and 2002 were as follows:
Thousands of
Millions of yen U.S. dollars
2003 2002 2003
Cash and time deposits ............................................ ¥178,289 ¥220,705 $1,483,276
Marketable securities ................................................ 60,933 49,647 506,937
Time deposits with maturities of over three months.. (254) (254) (2,117)
Marketable securities with maturities of over three months
(225) (47,080) (1,875)
¥238,743 ¥223,017 $1,986,222
9. Cash and cash equivalents
Cash and cash equivalents as of March 31, 2003 and 2002 consisted of:
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