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[54] MITSUBISHI MOTORS CORPORATION Annual Report 2001
(d) In accordance with a new accounting standard for income taxes, deferred tax assets and liabilities have been
initially recognized in the consolidated financial statements for the year ended March 31, 2000 with respect to the
differences between financial reporting and the tax bases of the assets and liabilities, and were measured using the
enacted tax rates and laws which will be in effect when the differences are expected to reverse.
Until the year ended March 31, 1999, deferred income taxes had been recognized by MMC only for temporary
differences between financial and tax reporting with respect to the elimination of unrealized intercompany profits
and other adjustments for consolidation purposes, although tax-effect accounting had been adopted by the foreign
consolidated subsidiaries. The effect of this change in method of accounting was to increase deferred tax assets in
current assets by ¥14,552 million and in other assets by ¥1,182 million, investments in unconsolidated subsidiaries
and affiliates by ¥233 million, and deferred tax liabilities by ¥24,519 million, and to decrease net loss by ¥2,637
million and retained earnings by ¥7,509 million for the year ended March 31, 2000.
[4. U.S. Dollar Amounts]
The U.S. dollar amounts in the accompanying consolidated financial statements are included, solely for conve-
nience, at ¥123.90=U.S$1.00, the exchange rate prevailing on March 31, 2001. The translation should not be con-
strued as a representation that the yen amounts represent or have been, or could be, converted into U.S. dollars
at that or any other rate.
[5. Accounts and Loans Receivable Sold to Others]
The outstanding balances of notes and accounts receivable sold to others without recourse which have been
deducted from the respective accounts amounted to ¥99,201 million ($800,654 thousand) and ¥47,793 million as of
March 31, 2001 and 2000, respectively. Such amounts deducted from short-term and long-term loans receivable
were ¥493,562 million ($3,983,551 thousand) and ¥226,400 million as of March 31, 2001 and 2000, respectively.
[6. Inventories]
Inventories at March 31, 2001 and 2000 consisted of the following:
In thousands of
In millions of yen U.S. dollars
2001 2000 2001
Finished products ¥225,577 ¥225,239 $1,820,638
Raw materials 38,903 27,046 313,987
Work in process 86,326 89,157 696,739
¥350,807 ¥341,443 $2,831,372
[7. Property, Plant and Equipment]
Property, plant and equipment at March 31, 2001 and 2000 consisted of the following:
In thousands of
In millions of yen U.S. dollars
2001 2000 2001
Land ¥ 409,082 ¥412,405 $ 3,301,711
Buildings and structures 540,527 507,035 4,362,607
Machinery and equipment 1,837,419 1,658,419 14,829,855
Construction in progress 34,760 31,294 280,549
2,821,790 2,609,154 22,774,738
Accumulated depreciation (1,551,610) (1,389,868) (12,523,083)
Property, plant and equipment, net ¥ 1,270,179 ¥1,219,286 $ 10,251,646