Isuzu 2006 Annual Report Download - page 40

38
Financial Section
Isuzu Motors Limited Annual Report 2006
As a general rule, assets were grouped into business assets, idle as-
sets and assets for rent. As for idle assets and assets for rent were in-
dividually grouped by each item. There were no signs of necessity of
impairment for business assets and assets for rent. However, for idle
assets that were in need for impairment due to the fall in land prices,
the carrying amount was reduced to the amount recoverable.
Breakdown of the loss on impairment by asset type is as follows:
The recoverable amount of an asset is estimated based on the net
amount that the asset could be sold (net selling amount) for land and
buildings, the net selling amount is estimated by appraisal amount
based on real estate appraisal standards.
13. Subsequent Events
a) The following appropriations of retained earnings of the Company
were approved at the shareholders’ meeting held on June 29, 2006:
b) Dissolution of capital alliance between the Company and General
Motors Corp.
On April 2006, the Company and General Motors Corp. (GM) has
agreed to dissolve their capital alliance. Following this agreement,
General Motors Ltd., a 100% subsidiary of GM, sold 40,000,000
shares, out of 90,090,000 shares of the Company common stock that
it owned, to Mitsubishi Corporation. It also sold 40,000,000 shares
to Itochu Corp. and 10,090,000 shares to Mizuho Corporate Bank,
Ltd. As a result, Mitsubishi Corp. now holds 42,420,000 shares (share-
holding; 3.72%), Itochu Corp. holds 48,251,000 shares (sharehold-
ing; 4.23%) and Mizuho Corporate Bank, Ltd. holds 41,931,411 shares
(shareholding; 3.67%) of the Company. The Company and GM, how-
ever, have also agreed keep their business partnership the same as it
has been.
Year-end cash dividends
Preferred Stock (Class I) (¥6.944=U.S.$0.059 per share)
Preferred Stock (Class III) (¥12.944=U.S.$0.110 per share)
Preferred Stock (Class IV) (¥16.944=U.S.$0.144 per share)
Common Stock (¥3.000=U.S.$0.025 per share)
$ 2,213
2,749
3,600
29,113
¥ 260
323
423
3,420
Thousands of
U.S. dollars
Millons
of yen
Thousands of
Location Usage Type Millions of yen U.S. dollars
Ohira-machi, Shimotsuga-gun,
Tochigi prefecture Idle Assets Machinery and other ¥ 409 $ 3,484
Fujisawa-shi, Kanagawa prefecture Idle Assets Machinery and other 420 3,579
Ebina-shi, Kanagawa prefecture
and other Idle Assets Land and machinery 184 1,569
Ueki-machi, Kamoto-gun,
Kumamoto prefecture and others Idle Assets Land and machinery 1,585 13,500
total ¥ 2,600 $ 22,134
12. Loss on impairment of fixed assets
Loss on impairment of fixed assets recognized in the consolidated financial statements is as follows:
Thousands of
Type Millions of yen U.S. dollars
Land
Buildings
Machinery
Other
$ 14,500
107
6,970
555
¥ 1,703
12
818
65