Isuzu 2004 Annual Report Download - page 30

FINANCIAL SECTION
03
Isuzu Motors Limited Annual Report 2004
30
full redemption of the Bonds in respect of such Stock Acquisition
Rights, shall be deemed to have been made.
(12) Initial dividends to be paid after the exercise of the Stock
Acquisition Rights:
The dividends on the shares of common stock of the Company
delivered pursuant to the Request for Exercise or distribution of
cash as provided for in Article 293-5 of the Commercial Code of
Japan (interim dividends) shall be made on the assumption that the
shares of common stock of the Company shall be delivered on
April 1, if the Request for Exercise is made during the period from
April 1 through September 30, or on October 1, if the Request for
Exercise is made during the period from October 1 to March 31 of
the following year.
17. Rationale for determining the issue price of the Stock
Acquisition Rights as zero and the amount to be paid
upon exercise thereof:
The issue price of the Stock Acquisition Rights has been
determined to be zero taking into consideration that the Bonds and
the Stock Acquisition Rights have a close interrelation on the
grounds that the Stock Acquisition Rights are incorporated in the
bonds with the stock acquisition rights of convertible bonds types
(tenkannshasaigata) and shall not be transferable separately from
the Bonds, that all Bonds shall cease to exist upon exercise of the
related Stock Acquisition Rights due to substitute payment, and of
the Company’s economic value obtainable from the interest rate,
early redemption and the issue price and other terms of issuance of
the Bonds. In addition, as the Bonds are bonds with stock
acquisition rights of convertible types (tenkanshasaigata), the
amount to be paid upon exercise of one (1) Stock Acquisition Right
shall be equal to the issue price, and the initial Conversion Price
shall be an amount with over 5% of the closing price (regular way)
of the shares of common stock of the Company on the Tokyo
Stock Exchange, Inc. on December 22, 2003
18. Place for payment of Redemption:
Nomura Trust and Banking Co., Ltd.
19. Place of acceptance of Request for Exercise:
Transfer Agent: UFJ Trust Bank Limited, Securities Agency
Department
20. Fiscal Agent:
Nomura Trust and Banking Co., Ltd.
21. Register Agent:
Nomura Trust and Banking Co., Ltd.
22.Other than the matters provided above,
determination of matters necessary for the issuance
of the Bonds with Stock Acquisition Rights shall be
made at the discretion of the President and
Representative Director of the Company.
23.Each of the Items above are subject to the
effectuation of all notifications made under the
Securities and Exchange Law.
The annual maturities of long-term debt at March 31, 2004 are as
follows:
The assets pledged as collateral for certain loans and other liabilities at
March 31, 2004 were as follows:
5. Retirement Benefits Obligation and Pension Plan
(1) Retirement benefits obligation as of March 31, 2004
From September 1, 2003, The Company amended the Employee
Pension Fund to establish the cash balance pension plan.
(2) Retirement benefit cost for the year ended March 31, 2004.
Thousands of
Millions of yen U.S. dollars
2005 ¥ 72,393 $ 684,960
2006 41,448 392,170
2007 24,232 229,275
Thereafter 41,028 388,194
Total ¥179,102 $1,694,601
Thousands of
Millions of yen U.S. dollars
Cash and time deposits ¥ 6,566 $ 62,125
Notes and accounts receivable 40,049 378,931
Building and structures 73,995 700,122
Machinery and equipment 33,638 318,278
Land 246,174 2,329,208
Securities 24,435 231,201
Others 1,964 18,589
Thousands of
Millions of yen U.S. dollars
Service cost ¥ 6,842 $64,745
Interest cost on projected benefit obligation 2,105 19,921
Expected return on plan assets (278) (2,634)
Amortization of actuarial net loss (gain) 3,811 36,067
Amortization of prior service cost (2,421) (22,909)
Net periodic pension cost ¥10,060 $95,190
Thousands of
Millions of yen U.S. dollars
Projected benefits obligation
at end of the year ¥(118,038) $(1,116,839)
Fair value of plan assets 25,160 238,066
Accrued retirement and
severance benefits on balance sheets 60,284 570,388
Net ¥ (32,593) $ (308,390)
Unrecognized actuarial net loss (34,323) (324,754)
Unrecognized prior service cost ¥ 1,729 $ 16,363