Mitsubishi 2015 Annual Report Download - page 55

The following groups of assets of MMC, the Mizushima factory,
were pledged as collateral at March 31, 2015 and 2014, respectively.
(In millions of yen)
(In thousands
of U.S. dollars)
March 31,
2015 2014 2015
Buildings and structures ¥6,359 ¥ 6,649 $52,917
Machinery and equipment —14,091 —
Tools, furniture and fixtures —799 —
Land 2,008 2,008 16,716
¥8,367 ¥23,549 $69,633
The following groups of assets of MMC, the Kyoto factory, were
pledged as collateral at March 31, 2015 and 2014, respectively.
(In millions of yen)
(In thousands
of U.S. dollars)
March 31,
2015 2014 2015
Buildings and structures ¥4,176 ¥ 4,728 $34,750
Machinery and equipment —12,376 —
Tools, furniture and fixtures —594 —
Land 2,235 2,235 18,600
¥6,411 ¥19,935 $53,350
The following groups of assets of MMC, the Shiga factory, were
pledged as collateral at March 31, 2015 and 2014, respectively.
(In millions of yen)
(In thousands
of U.S. dollars)
March 31,
2015 2014 2015
Buildings and structures ¥1,934 ¥ 2,191 $16,099
Machinery and equipment —6,360 —
Land 3,859 3,859 32,117
¥5,794 ¥12,411 $48,216
The following groups of assets of a consolidated subsidiary,
Pajero Manufacturing Corporation, were pledged as collateral at
March 31, 2015 and 2014, respectively.
(In millions of yen)
(In thousands
of U.S. dollars)
March 31,
2015 2014 2015
Buildings and structures ¥2,357 ¥2,466 $19,621
Machinery and equipment 2,363 2,497 19,671
Land 1,540 1,540 12,815
¥6,261 ¥6,503 $52,107
The obligations secured by such collateral at March 31, 2015
and 2014 consisted of the following:
(In millions of yen)
(In thousands
of U.S. dollars)
March 31,
2015 2014 2015
Short-term loans payable ¥ 84,457 ¥ 82,436 $702,813
Current portion of long-
term debt 12,765 14,345 106,225
Long-term debt 21,348 24,902 177,656
¥118,571 ¥121,684 $986,694
8. Net Assets
Under the Company Act, the amount available for distribution
is calculated as of the effective date which is determined by the
resolution of the shareholders at the shareholders’ meeting. Such
amount is calculated based on the amount of capital surplus, exclu-
sive of additional paid-in capital, and retained earnings, exclusive
of retained earnings appropriated for legal reserve. The Company
Act provides that an amount equal to 10% of the amount to be
disbursed as a distribution of earnings should be appropriated to a
legal reserve until the sum of the legal reserve and capital surplus
equals at least 25% of common stock. MMC and its domestic
subsidiaries have provided these amounts in accordance with the
Company Act.
(a) Shares issued and outstanding / Treasury stock
For the year ended March 31, 2014
In the year ended March 31, 2014, MMC decreased capital stock
through a transfer to capital surplus, and decreased capital surplus
immediately thereafter to offset the accumulated deficit brought
forward in accordance with the Company Act.
In the year ended March 31, 2014, MMC issued 217,750,000
shares of common stock through a public offering and 20,419,700
shares of common stock through a third-party allotment for con-
sideration of ¥266,750 million, and this was recorded as increases
in capital stock and capital surplus of equal amounts. MMC then
decreased capital stock and transferred to capital surplus. MMC
then purchased certain of its preferred stock using part of the
proceeds of the above mentioned common stock issue and subse-
quently retired such treasury stock. In addition, in the year ended
March 31, 2014, MMC issued common stock on the conversion of
all the outstanding preferred stock, and as a result, there was no
preferred stock outstanding at March 31, 2014.
MITSUBISHI MOTORS CORPORATION
Annual Report 2015 53