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MITSUBISHI MOTORS CORPORATION Annual Report 2001 [57]
[10. Contingent Liabilities]
Notes discounted in the ordinary course of business at March 31, 2001 amounted to ¥1,954 million ($15,771 thousand).
Loans guaranteed and agreements similar to guarantees given in the ordinary course of business at March 31,
2001 amounted to ¥31,562 million ($254,737 thousand) and ¥4,531 million ($36,569 thousand), respectively.
[11. Other Income and Expenses]
Other income and expenses for the years ended March 31, 2001 and 2000 consisted of the following:
In thousands of
In millions of yen U.S. dollars
2001 2000 2001
Gain on sales of investment in securities ¥ 7,750 ¥13,572 $ 62,550
(Loss) gain on sales and disposal of property, plant and equipment (3,629) 4,268 (29,290)
Equity in income in affiliates 3,164 9,132 25,537
Foreign exchange loss 31 19,512 250
Severance payments for early retirement —(9,094) —
Restructuring expense (105,786) —(853,801)
Cost of extraordinary measures (50,652) —(408,814)
Prior period adjustment of severance payment —(3,767) —
Amortization of net retirement benefit obligation at transition (128,371) —(1,036,085)
Other (32,247) (1,865) (260,266)
¥(309,802) ¥(7,266) $(2,500,420)
Severance payments for early retirement for the year ended March 31, 2001 have been included in the
restructuring expense.
[12. Income Taxes]
MMC and its domestic consolidated subsidiaries are subject to corporation, inhabitants’ and enterprise taxes based
on taxable income, which, in the aggregate, resulted in a statutory tax rate of approximately 41.8% for the years
ended March 31, 2001 and 2000. Income taxes of the foreign consolidated subsidiaries are based generally on the
tax rates applicable in their countries of incorporation.
The effective tax rates reflected in the consolidated statement of operations for the years ended March 31, 2001
and 2000 differs from the statutory tax rate for the following reasons:
2001 2000
Statutory income tax rate for MMC 41.8% 41.8 %
Loss at subsidiaries (11.3) (92.5)
Increase in valuation allowance 0.2 (83.9)
Equity in affiliates 0.2 30.2
Amortization of consolidation adjustments (2.5) (19.5)
Other (1.7) (5.0)
Income taxes as a percentage of loss before income taxes and minority interests 26.7% (128.9)%