Isuzu 2004 Annual Report Download - page 26

FINANCIAL SECTION
03
Isuzu Motors Limited Annual Report 2004
26
benefits at March 31, 2001 have been provided mainly at an amount
calculated based on the retirement benefit obligation and the fair value
of the pension plan assets as of March 31, 2001 as adjusted for
unrecognized actuarial gain or loss. The cumulative effect of this
accounting change is recorded in the Consolidated Statements of
Operations.
i) Income Taxes
Income taxes are accounted for on an accrual basis. Deferred tax
assets and liabilities are recognized for the future tax consequences
attributable to differences between the financial statement carrying
amounts of existing assets and liabilities and their respective tax
bases. Deferred tax assets and liabilities are measured using enacted
tax rates expected to apply to taxable income in the years in which
those temporary differences are expected to be recovered or settled.
The effect of deferred tax assets and liabilities of a change in tax rate
are recognized in income in the period that includes the enacted date.
j) Net Income per Share
Net income per share of common stock is based upon the weighted
average number of shares of common stock outstanding during each
year. Under the revised financial statements regulations in Japan, the
weighted average number of shares is calculated based on the
number of issued shares less the number of treasury stocks from the
fiscal year ended March 31, 2002.
Effective from the fiscal year ended March 31, 2003, the Company
applied early adoption of the Financial Accounting Standard No. 2
“Financial Accounting Standard for Earnings per Share” and the
Financial Accounting Standard Implementation Guidance No. 4
“Implementation Guidance for Accounting Standard for Earnings per
Share” issued by the Accounting Standards Board of Japan on
September 25, 2002.
Basis for the calculation of net income per share at the year ended
March 31, 2004 is as follows:
k) Appropriation of Retained Earnings
Appropriations of retained earnings are recorded in the financial year
in which the appropriation is approved by the Board of Directors or
shareholders.
l) Cash and Cash Equivalents
For the purpose of the statement of cash flows, the Company
considers all highly liquid investments with a maturity of three months
or less to be cash equivalents.
Reconciliation for cash and cash equivalents at end of year on the
statement of cash flows for the years ended March 31, 2004 is as
follows:
Thousands of
Millions of yen U.S. dollars
Net Income ¥54,713 $517,680
Less: Components not pertaining to common shareholders;
Bonuses to directors and corporate auditors 8 79
Net income pertaining to common stock 54,705 517,305
Average outstanding shares of
common stock (share): 755,865,175 755,865,175
Thousands of
Millions of yen U.S. dollars
Cash and time deposits
on the consolidated balance sheet ¥113,315 $1,072,148
Time deposits with original maturities
over three month at the time of purchase (10,735) (101,579)
Cash and cash equivalents on the
statement of cash flows ¥102,579 $970,569
Millions of yen Thousands of U.S. dollars
Acquisition Carrying Unrealized Acquisition Carrying Unrealized
costs value gain (loss) costs value gain (loss)
Unrealized gain:
Stocks ¥12,640 ¥22,796 ¥10,156 $119,598 $215,694 $ 96,096
Bonds:
Investment trusts ¥ 204 ¥ 208 ¥ 3 $ 1,931 $ 1,968 $ 37
Total ¥12,844 ¥23,004 ¥10,160 $121,529 $217,663 $ 96,133
Unrealized loss:
Stocks ¥ 2,969 ¥ 2,634 ¥ (335) $ 28,094 $ 24,923 $ (3,170)
Bonds:
Corporate bonds ¥ 10 ¥ 9 ¥ (0) $ 94 $ 94 $ (0)
Total ¥ 2,979 ¥ 2,644 ¥ (335) $ 28,189 $ 25,018 $ (3,171)
3. Investments
Fair Value of Securities of other securities as of March 31 , 2004 were as follows:
Proceeds from sales of securities classified as other securities amounted to ¥8,566 million ($81,054 thousands) with an aggregate gain on sales of
¥4,538 million ($42,936 thousands) and an aggregate loss on sales of ¥137 million ($1,299 thousands) for the year ended March 31, 2004.