Isuzu 2008 Annual Report Download - page 39

37
Financial Section n Isuzu Motors Limited Annual Report 2008
7. Shareholders’ Equity
Changes in the numbers of shares issued and outstanding during the
years ended March 31, 2008 and 2007 are as follows:
6. Income Taxes
Accrued income taxes in the balance sheets include corporation tax, inhabitant taxes and enterprise tax. Income taxes in the consolidated
statement of income include corporation tax and inhabitant taxes and enterprise tax.
The significant components of the Company and its consolidated subsidiaries’ deferred tax assets and liabilities as of March 31, 2008 and
2007 are as follows:
¥ 21,729
15,439
12,637
5,415
1,185
75,291
4,900
13,166
149,765
(102,552)
47,213
(748)
—
(4,209)
(583)
(5,541)
¥
41,671
1,679
5,592
2,273
¥ 9,545
¥ 20,543
12,280
14,408
5,030
1,218
55,233
4,979
14,260
127,954
(80,204)
47,750
(1,167)
(3,073)
(4,158)
(623)
(9,023)
¥ 38,726
1,130
86
2,627
¥ 3,843
$ 205,047
122,575
143,812
50,207
12,158
551,291
49,696
142,329
1,277,120
(800,522)
476,597
(11,653)
(30,674)
(41,507)
(6,227)
90,062
$ 386,535
11,280
862
26,222
$ 38,365
A reconciliation between the normal effective statutory tax rate and
the actual effective tax rates reflected in the accompanying consoli-
dated statement of income for the years ended March 31, 2008 and
2007 are as follows:
Thousands of
Millions of yen U.S. dollars
2008 2007 2008
Deferred tax assets:
Accrued retirement benefits
Loss from revaluation of investments and Allowance for doubtful accounts
Accrued expenses
Accrued bonus cost
Loss from inventory write down
Loss carried forward
Unrealized profit eliminated in consolidation etc.
Others
Total gross deferred tax assets
Valuation allowance
Total deferred tax assets
Deferred tax liabilities
Reserve for deferred income tax of fixed assets
Unrealized holding gain on securities
Depreciation adjustment of foreign consolidated subsidiaries
Others
Total deferred tax liabilities
Net deferred tax assets
Deferred tax liabilities:
Reserve for deferred income tax of fixed assets
Unrealized holding gain on other securities
Others
Net deferred tax liabilities
2008 2007
Balance at the beginning of the year
Increase due to convertible stocks converted
Balance at the end of the year
1,141,289,786
555,555,553
1,696,845,339
Common stock outstanding
1,258,960
233,729
1,492,689
1,492,689
266,627
1,759,316
Treasury stock outstanding
1,696,845,339
—
1,696,845,339
2008 2007
Balance at the beginning of the year
Increase due to purchase of odd stocks
Balance at the end of the year
2008 2007
Normal effective statutory tax rate
Net Valuation allowance
Different tax rates applied to foreign subsidiaries
Loss for this fiscal year by consolidated subsidiaries
Equity in earnings of unconsolidated subsidiaries
Foreign withholding tax
Others
Effective tax rate after adoption of tax-effect accounting
40.0%
(28.2)
(3.3)
0.5
(4.6)
1.1
1.7
7.3
40.0%
(10.3)
(5.8)
1.0
(5.6)
1.2
0.3
20.7