Securities Report 2/3
Toyota Motor Corporation
27 June 2003
(Lease)
FY2002 FY2003
For the year ended March 31, 2002 For the year ended March 31, 2003
1. Finance lease transactions not involving 1. Finance lease transactions not involving
a transfer of ownership of leased property a transfer of ownership of leased property
to the lessee to the lessee
(1) As lessee (1) As lessee
(a) Amounts equivalent to acquisition cost, (a) Amounts equivalent to acquisition cost,
accumulated depreciation and book value of accumulated depreciation and book value of
leased property leased property
Yen in millions Yen in millions
Acquisition Accumulated Book Acquisition Accumulated Book
cost depreciation value cost depreciation value
Machinery 19,711 12,455 7,256 Machinery 31,726 8,468 23,257
And And
equipment equipment
Vehicles and 1,489 722 767 Vehicles and 7,232 2,637 4,595
delivery delivery
equipment equipment
Other 30,411 17,673 12,738 Other 39,141 18,287 20,854
Total 51,613 30,851 20,762 Total 78,100 29,392 48,707
(b) The amounts equivalent to the outstanding future (b) The amounts equivalent to the outstanding
lease payments future lease payments
Yen in millions Yen in millions
Due within one year 9,371 Due within one year 8,366
Due after one year 13,040 Due after one year 49,405
Total 22,412 Total 57,772
(c) Lease payments, the amounts equivalent to (c) Lease payments, the amounts equivalent
depreciation and interest expenses to depreciation and interest expenses
Yen in millions Yen in millions
Lease payments 8,855 Lease payments 10,887
Depreciation expenses 8,055 Depreciation expenses 9,830
Interest expenses 819 Interest expenses 2,987
(d) Calculation method of the amount equivalent to (d) Calculation method of the amount equivalent to
depreciation expenses depreciation expenses
The amount equivalent to depreciation expenses is The amount equivalent to depreciation expenses is
calculated based on the straight-line method with calculated based on the straight-line method with
no residual value over the lease term no residual value over the lease term
(e) Calculation method of the amount equivalent to (e) Calculation method of the amount equivalent to
interest expenses interest expenses
The amount equivalent to interest expenses is The amount equivalent to interest expenses is
calculated as the difference between the total calculated as the difference between the total
lease payment and the amount equivalent to acquisition lease payment and the amount equivalent to acquisition
cost of the leased property. The allocation of the cost of the leased property. The allocation of the
amount equivalent to interest expenses to each period amount equivalent to interest expenses to each period
is based on the interest method. is based on the interest method.
(2) As lessor (2) As lessor
(a) Acquisition cost, accumulated depreciation and (a) Acquisition cost, accumulated depreciation and
book value of leased property included in book value of leased property included in
property, plant and included in property, plant and property, plant and included in property, plant
equipment and equipment
Yen in millions Yen in millions
Acquisition Accumulated Book Acquisition Accumulated Book
cost depreciation value cost depreciation value
Machinery 30,891 16,900 13,991 Machinery 20,530 7,212 13,317
And And
equipment equipment
Vehicles and 62,167 32,706 29,461 Vehicles and 53,045 29,160 23,884
delivery delivery
equipment equipment
Other 59,971 30,326 29,644 Other 44,100 20,077 24,022
Total 153,030 79,933 73,097 Total 117,676 56,451 61,224
(b) The amount equivalent to the outstanding future (b) The amount equivalent to the outstanding future
lease income lease income
Yen in millions Yen in millions
Due within one year 30,770 Due within one year 24,119
Due after one year 64,522 Due after one year 43,571
Total 95,293 Total 67,691
(c) Lease income, depreciation expenses and the (c) Lease income, depreciation expenses and the
amount equivalent to interest income amount equivalent to interest income
Yen in millions Yen in millions
Lease income 35,728 Lease income 28,384
Depreciation expenses 21,252 Depreciation expenses 19,851
Interest income 3,407 Interest income 2,806
(d) Calculation method of the amount equivalent (d) Calculation method of the amount equivalent
to interest income to interest income
The amount equivalent to interest income is calculated The amount equivalent to interest income is calculated
as the difference between the total lease income and as the difference between the total lease income and
estimated residual value, and the acquisition cost of estimated residual value, and the acquisition cost of
the leased property. The allocation of the amount the leased property. The allocation of the amount
equivalent to interest income to each period is based equivalent to interest income to each period is based
on the interest method. on the interest method.
2. Operating lease transactions 2. Operating lease transactions
(1) As lessee (1) As lessee
Outstanding future lease payments Outstanding future lease payments
Yen in millions Yen in millions
Due within one year 10,451 Due within one year 9,740
Due after one year 34,640 Due after one year 30,721
Total 45,092 Total 40,461
(2) As lessor (3) As lessor
Outstanding future lease income Outstanding future lease income
Yen in millions Yen in millions
Due within one year 264,478 Due within one year 281,033
Due after one year 335,432 Due after one year 352,155
Total 599,910 Total 633,189
(Securities)
(FY2002) (March 31, 2002)
Marketable Securities
1. Marketable securities held for trading purposes
(Yen in millions)
Carrying amount on consolidated balance sheets -
Gains/losses recognized in consolidated statement of income -
2. Bonds with fair values that are classified as held to maturity securities
(Yen in millions)
Category March 31, 2002
Carrying amount on Fair value Difference
consolidated balance
sheets
Securities with fair values
exceeding carrying amounts
Government bonds, municipal bonds - - -
and others
Corporate bonds - - -
Others - - -
Sub total - - -
Securities with carrying amounts
exceeding fair values
Government bonds, municipal bonds - - -
and others
Corporate bonds - - -
Others - - -
Sub total - - -
Total - - -
3. Other securities with fair values
(Yen in millions)
Category March 31, 2002
Acquisition cost Carrying amount Difference
Securities with carrying amounts
exceeding acquisition costs
Equity securities 141,237 325,666 184,429
Bonds
Government bonds, municipal bonds 424,410 433,779 9,369
and others
Corporate bonds 435,981 460,338 24,357
Others - - -
Others 4,896 5,057 161
Subtotal 1,006,525 1,224,841 218,316
Securities with acquisition costs
exceeding carrying amounts
Equity securities 269,391 263,910 (5,481)
Bonds
Government bonds, municipal bonds 169,181 165,209 (3,972)
and others
Corporate bonds 319,355 315,971 (3,384)
Others - - -
Others 386,228 383,831 (2,397)
Subtotal 1,144,157 1,128,921 (15,236)
Total 2,150,682 2,353,763 203,081
Note: Impairment loss recognized for this fiscal year was 29,283 million yen.
4. Held to maturity bond securities sold during this fiscal year (For the year
ended March 31,2002)
(Yen in millions)
Category Carrying amount of Selling price Gain/loss Reason for sale
sold securities
Bonds
Government bonds, municipal bonds - - - -
and others
Corporate bonds - - - -
Others - - - -
Total - - - -
5. Other securities sold during this fiscal year (For the year ended March
31,2002)
(Yen in millions)
Selling price Gross amount of gain on sale Gross amount of loss on sale
137,134 8,885 106
6. Description and carrying amount of securities not practicable to determining
fair value
(1) Bonds classified as held to maturity securities
(Yen in millions)
Government bonds, municipal bonds and others -
Corporate bonds -
Others -
(2) Other securities
(Yen in millions)
Unlisted equity securities 43,211
Unlisted bonds
Government bonds, municipal bonds and others 2
Corporate bonds 9,150
Others -
Other unlisted securities 723,004
7. Maturity schedule of bonds securities classified as other securities and held
to maturity securities
(Yen in millions)
Category March 31, 2002
Within 1 year From 1 to 5 years From 5 to 10 years Over 10 years
Bonds
Government bonds, municipal 238,882 350,364 1,978 -
bonds and others
Corporate bonds 269,942 419,024 75,288 -
Others - - - -
Others 1,006,644 252 1,400 -
Total 1,515,469 769,641 78,667 -
(FY2003) ( March 31, 2003)
Marketable Securities
1. Marketable securities held for trading purposes
(Yen in millions)
Carrying amount on consolidated balance sheets -
Gains/losses recognized in consolidated statement of -
income
2. Bonds with fair values that are classified as held to maturity securities
(Yen in millions)
March 31, 2003
Category Carrying amount on Fair value Difference
consolidated balance
sheets
Securities with fair values
exceeding carrying amounts
Government bonds, municipal bonds - - -
and others
Corporate bonds - - -
Others - - -
Subtotal - - -
Securities with carrying amounts
exceeding fair values
Government bonds, municipal bonds - - -
and others
Corporate bonds - - -
Others - - -
Subtotal - - -
Total - - -
3. Other securities with fair values
(Yen in millions)
March 31, 2003
Category Acquisition cost Carrying amount Difference
Securities with carrying amounts
exceeding acquisition costs
Equity securities 291,823 415,736 123,913
Bonds
Government bonds, municipal bonds 568,847 581,500 12,653
and others
Corporate bonds 300,047 313,203 13,156
Others - - -
Others 1,876 2,217 341
Subtotal 1,162,595 1,312,657 150,062
Securities with acquisition costs
exceeding carrying amounts
Equity securities 75,360 71,586 (3,774)
Bonds
Government bonds, municipal bonds 939,411 938,476 (935)
and others
Corporate bonds 385,425 383,885 (1,540)
Others - - -
Others 261,021 260,929 (92)
Subtotal 1,661,219 1,654,877 (6,342)
Total 2,823,815 2,967,534 143,719
Note: Impairment loss recognized for this fiscal year was Yen 52,027 million.
4. Held to maturity bond securities sold during this fiscal year (For the year
ended March 31,2003)
(Yen in millions)
Category Carrying amount of Selling price Gain/loss Reason for sale
sold securities
Bonds
Government bonds, municipal bonds - - - -
and others
Corporate bonds - - - -
Others - - - -
Total - - - -
5. Other securities sold during this fiscal year (For the year ended March
31,2003)
(Yen in millions)
Selling price Gross amount of gain on sale Gross amount of loss on sale
185,753 7,580 103
6. Description and carrying amount of securities not practicable to determining
fair value
(1) Bonds classified as held to maturity securities
(Yen in millions)
Government bonds, municipal bonds and others -
Corporate bonds -
Others -
(2) Other securities
(Yen in millions)
Unlisted equity securities 55,676
Unlisted bonds
Government bonds, municipal bonds and others -
Corporate bonds 5,787
Others -
Other unlisted securities 237,802
7. Maturity schedule of bonds securities classified as other securities and held
to maturity securities
(Yen in millions)
Category March 31, 2003
Within 1 year From 1 to 5 years From 5 to 10 Over 10 years
years
Bonds
Government bonds, municipal bonds 874,332 598,046 2,120 45,993
and others
Corporate bonds 336,473 349,733 15,440 -
Others - - - -
Others 398,545 244 3,069 -
Total 1,609,350 948,025 20,631 45,993
(Derivative transaction)
1. Condition of transactions
FY2002 FY2003
For the year ended March 31, 2002 For the year ended March 31, 2003
TMC and its consolidated subsidiaries employ TMC and its consolidated subsidiaries employ
derivative financial instruments, including foreign derivative financial instruments, including foreign
exchange forward contracts, foreign currency exchange forward contracts, foreign currency
options, interest rate options, interest rate options, interest rate options, interest rate
currency swap agreements and interest rate swaps to currency swap agreements and interest rate swaps to
manage financial risks. manage financial risks.
TMC and its consolidated subsidiaries enter into TMC and its consolidated subsidiaries enter into
the following hedge transactions: (i) foreign the following hedge transactions: (i) foreign
exchange forward contracts and foreign currency exchange forward contracts and foreign currency
options, primarily to hedge against exchange rate options, primarily to hedge against exchange rate
fluctuation risks related to accounts receivable fluctuation risks related to accounts receivable
denominated in foreign currencies, primarily the denominated in foreign currencies, primarily the
U.S. dollar; (ii) interest rate options, primarily U.S. dollar; (ii) interest rate options, primarily
to hedge against interest rate fluctuation risks to hedge against interest rate fluctuation risks
related to floating-rate liabilities; and (iii) related to floating-rate liabilities; and (iii)
interest rate currency swaps and interest rate interest rate currency swaps and interest rate
swaps, primarily to hedge against currency and swaps, primarily to hedge against currency and
interest rate fluctuation risks related to the interest rate fluctuation risks related to the
principal and interest of bond portfolios principal and interest of bond portfolios
denominated in foreign currencies and bonds issued denominated in foreign currencies and bonds issued
in foreign currencies. in foreign currencies.
TMC believes that its exposure to credit risk is TMC believes that its exposure to credit risk is
immaterial as the counterparties of the immaterial as the counterparties of the
transactions entered into by TMC and its transactions entered into by TMC and its
subsidiaries are diversified among financial subsidiaries are diversified among financial
institutions with strong credit profiles. institutions with strong credit profiles.
TMC has established operational policy for TMC has established operational policy for
derivative transactions, and obtained approval from derivative transactions, and obtained approval from
directors overseeing the accounting and financial directors overseeing the accounting and financial
operations. The execution and management of hedge operations. The execution and management of hedge
transactions are mainly conducted by the financial transactions are mainly conducted by the financial
department of each company. The status of these department of each company. The status of these
transactions is periodically reported to these transactions is periodically reported to these
overseeing directors. overseeing directors.
2. Fair value of derivative transactions
The contract amount, fair value and unrealized gains (losses) of derivative
transactions
(1) Currency related transactions
(Yen in millions)
Type of
transaction FY2002 FY2003
March 31, 2002 March 31, 2003
Contract Over 1 Fair Unrealized Contract Over 1 Fair Unrealized
amount year value gains/ amount year value gains/
losses losses
Transactions Foreign exchange
other than forward contracts
market Selling
transactions British pound 8,243 - (96) (96) - - - -
Other 2,714 - (31) (31) 19,928 - (280) (280)
Buying
U.S. dollar - - - - 12,033 - (47) (47)
Other - - - - 2,180 - 10 10
Swap transactions
Receipt in U.S. 29,274 29,274 (667) (667) 2,999 2,999 10 10
dollar and payment
in Japanese yen
Receipt in U.S. 4,156 4,156 1,517 1,517 4,646 - 324 324
dollar and payment
in Euro
Other 42,683 24,810 541 541 137,811 72,900 3,197 3,197
Total - - - 1,263 - - - 3,214
FY2002 FY2003
March 31, 2002 March 31, 2003
Note 1.Derivative transactions to which the hedge Note 1.Derivative transactions to which the hedge
accounting is applied are not included in the accounting is applied are not included in the
above. above.
2.Derivative transactions allocated to receivables 2.Derivative transactions allocated to receivables
or payables denominated in foreign currencies in or payables denominated in foreign currencies in
accordance with the 'Accounting Standard for accordance with the 'Accounting Standard for
Foreign Currency Transaction, etc.' are not Foreign Currency Transaction, etc.' are not
included in the above. included in the above.
3.The fair values of foreign exchange forward 3.The fair values of foreign exchange forward
contracts and swap transactions are calculated by contracts and swap transactions are calculated by
the discounted cash flow method. the discounted cash flow method.
(2) Interest rate related transactions
Type of FY2002 FY2003
transaction
March 31, 2002 March 31, 2003
Contract Over 1 Fair Unrealized Contract Over 1 Fair Unrealized
amount year value gains/ amount year value gains/
losses losses
Transaction Options
other than Cap purchased 812,825 772,850 12,224 12,224 1,093,820 673,120 4,022 4,022
market Swap
transaction transactions
Receipt fixed, 606,198 593,198 5,577 5,577 673,027 429,280 9,332 9,332
payment floating
Receipt 1,959,721 1,369,465 (5,362) (5,362) 1,729,098 1,210,595 (40,578) (40,578)
floating,
payment fixed
Receipt floating 431,463 165,629 59 59 342,930 296,052 150 150
payment floating
Total - - - 12,498 - - - (27,073)
FY2002 FY2003
March 31, 2002 March 31, 2003
Note 1.Derivative transactions to which the hedge Note 1.Derivative transactions to which the hedge
accounting is applied are not included in the accounting is applied are not included in the
above. above.
2.The fair values of option transactions and swap 2.The fair values of option transactions and swap
transactions are calculated by the discounted cash transactions are calculated by the discounted cash
flow method flow method
(Retirement Benefit Plans)
FY2002
March 31, 2002
1. Outline of retirement benefit plans
TMC and domestic consolidated subsidiaries have employee pension funds, qualified pension plans or retirement lump sum
plans as defined benefit pension plans. Some foreign consolidated subsidiaries also have defined benefit pension
plans. TMC and certain domestic consolidated subsidiaries have employee retirement trusts.
TMC and consolidated subsidiaries have a total of 256 retirement lump sum plans, 58 employee pension funds, and 147
qualified pension plans as of March 31, 2002 (excluding those which are referred to as joint trust or union plan and
those which overlap with the joint trust contracts or union contracts).
2. Retirement benefit obligation
Yen in millions
(1) Benefit obligation (2,535,826)
(2) Plan assets * 1,276,955
(3) Funded status ((1)+(2)) (1,258,871)
(4) Unrecognized actuarial loss 546,293
(5) Unrecognized prior service cost (reduction of liabilities) (56,485)
(6) Net amounts included in the consolidated balance sheets ((3)+(4)+(5)) (769,063)
(7) Prepayment for retirement benefits 651
(8) Allowance for retirement benefits ((6)-(7)) (769,714)
Note 1. Substitutional portion of employees' pension fund plans is included in the figures above.
2 *The plan assets of JPY54,543 million allocated by proportion of contributed amount to multiemployer pension plans,
where the amount of plan assets cannot be reasonably identified, are not included.
3 Some consolidated subsidiaries a apply simplified method in calculating their retirement benefit obligation.
FY2002
For the year ended March 31, 2002
3. Retirement benefit cost
Yen in millions
(1) Service cost *1, *2 85,701
(2) Interest cost 65,670
(3) Expected return on plan assets (33,414)
(4) Amortization of net actuarial loss 16,427
(5) Amortization of prior service cost (6,227)
(6) Employer contribution to the multiemployer pension plans 3,475
(7) Retirement benefit cost ((1)+(2)+(3)+(4)+(5)+(6)) 131,632
Note *1 Plan participants' contribution to the employee pension fund is not included.
*2 Retirement benefit costs of consolidated subsidiaries applying simplified calculation methods are included in '(1)
Service cost'.
4. Assumption
(1) Attribution method of retirement benefit Mainly benefit magnification method
(2) Discount rate 2.5% - 7.25% (TMC 2.5%, domestic consolidated
subsidiaries 2.5% -3.5%)
(3) Expected return on plan assets 1.5% - 9.0% (TMC 3.0%, domestic consolidated subsidiaries
1.5% -5.0%)
(4) Amortization period for unrecognized 1 year - 20 years (mainly based on straight line method
prior service cost over the average remaining service period of employees)
(5) Amortization period for unrecognized 2 years - 22 years (mainly based on straight line method
actuarial loss over the average remaining service period of employees,
will be expensed starting from the next fiscal year)
FY2003
March 31, 2003
1. Outline of retirement benefit plans
TMC and domestic consolidated subsidiaries have employee pension funds, qualified pension plans or retirement lump sum
plans as defined benefit pension plans. Some foreign consolidated subsidiaries also have defined benefit pension
plans. TMC and certain domestic consolidated subsidiaries have employee retirement trusts.
TMC and consolidated subsidiaries have a total of 254 retirement lump sum plans, 56 employee pension funds, and 148
qualified pension plans as of March 31, 2003 (excluding those which are referred to as joint trust or union plan and
those which overlap with the joint trust contracts or union contracts).
In conjunction with the enforcement of the Defined Benefit Enterprise Pension Law, TMC and some domestic consolidated
subsidiaries received approval from the Minister of Health, Labor and Welfare for exemption from the obligation for
benefits related to future employee service under the substitutional portion. (TMC received the approval on April 1,
2002)
TMC changed part of lump sum plan to defined contribution pension plan in July, 2002.
2. Retirement benefit obligation
Yen in millions
(1) Benefit obligation (1,702,469)
(2) Plan assets * 637,638
(3) Funded status ((1)+(2)) (1,064,831)
(4) Unrecognized actuarial loss 535,736
(5) Unrecognized prior service cost (reduction of liabilities) (3,974)
(6) Net amounts included in the consolidated balance sheets ((3)+(4)+(5)) (533,069)
(7) Prepayment for retirement benefits 106,639
(8) Allowance for retirement benefits ((6)-(7)) (639,708)
Note 1 Substitutional portion of employees' pension fund plans is included in the figures above.
With respect to the return of the substitutional portion of employees' pension fund plans, TMC and some domestic
subsidiaries applied the transitional provision stipulated in paragraph 47-2 of the 'Practical Guidelines of Accounting
for Retirement Benefits (Interim Report)' (Accounting Committee Report No. 13 issued by the Japanese Institute of
Certified Public Accountants), and recognized an extinguishment of retirement benefit obligation and plan assets to be
returned to the government as of the date of receiving approval from the Minister of Health, Labor and Welfare for
exemption from the obligation for benefits related to future employee service under the substitutional portion.
Perspective amount to be returned is JPY474,400 million as of March 31, 2003.
2 *The plan assets of JPY66,645 million allocated by proportion of contributed amount to multiemployer pension plans,
where the amount of plan assets cannot be reasonably identified, are not included.
3 Some consolidated subsidiaries apply a simplified method in calculating their retirement benefit obligation.
FY2003
March 31, 2003
4 The impact of partial transition from lump sum pension plan to the defined contribution pension plan is as follows:
Yen in millions
Decrease in retirement benefit obligation 47,207
Unrecognized actuarial loss (3,063)
Decrease in allowance for retirement benefit 44,144
The assets to be transferred to the defined contribution pension plan amounts JPY36,807 million, which is expected to
be transferred over 4 years. The amount of JPY27,471 million not yet transferred as of March 31, 2003 was included in
other accounts payable ('Accrued expenses and other accounts payable' in current liabilities and 'Other' in long-term
liabilities).
FY2003
For the year ended March 31, 2003
3. Retirement benefit cost
Yen in millions
(1) Service cost *1, *2 73,538
(2) Interest cost 41,052
(3) Expected return on plan assets (19,022)
(4) Amortization of net actuarial loss 25,113
(5) Amortization of prior service cost (2,170)
(6) Employer contribution to the multiemployer pension plans 3,925
(7) Retirement benefit cost ((1)+(2)+(3)+(4)+(5)+(6)) 122,436
(8) Gain on return of the substitutional portion of employee pension fund (235,314)
(9) Gain on transition to defined contribution pension plan (7,336)
(10) Employer contribution to defined contribution pension plan 2,916
Total (117,298)
Note 1 Plan participants' contribution to the employee pension fund is not included.
2 Retirement benefit cost of consolidated subsidiaries applying simplified calculation method is included in '(1)
Service cost'.
4. Assumption
(1) Attribution method of retirement benefit Mainly benefit magnification method
(2) Discount rate 1.5% - 11.5% (TMC 2.0%, domestic consolidated
subsidiaries 1.5% -3.5%)
(3) Expected return on plan assets 1.3% - 10.5% (TMC 2.5%, domestic consolidated
subsidiaries 1.3% -4.5%)
(4) Amortization period for unrecognized 1 year - 20 years (mainly based on straight line method
prior service cost over the average remaining service period of employees)
(5) Amortization period for unrecognized 2 years - 22 years (mainly based on straight line method
over the average remaining service period of employees,
actuarial loss will be expensed starting from the next fiscal year)
(Deferred tax)
FY2002 FY2003
March 31, 2002 March 31, 2003
1. Significant components of deferred tax assets and liabilities 1. Significant components of deferred tax assets
Deferred tax assets and liabilities Deferred tax assets
Yen in millions Yen in millions
Allowance for retirement benefits 279,571 Allowance for retirement benefits 195,177
Accrued expenses 104,951 Accrued expenses 121,595
Property, plant and equipment 90,958 Property, plant and equipment 101,075
Allowance for product warranty 74,645 Allowance for product warranty 86,753
Intangible assets 54,085 Intangible assets 47,614
Inventory adjustment 46,735 Inventory adjustment 47,558
Allowance for doubtful accounts 27,051 Allowance for doubtful accounts 40,639
Operating loss carryforwards for tax 97,557 Operating loss carryforwards for tax 158,080
purposes purposes
Other 230,736 Other 237,966
Gross deferred tax assets 1,006,289 Gross deferred tax assets 1,036,457
Less - valuation allowance (105,119) Less - valuation allowance (112,791)
Total deferred tax assets 901,170 Total deferred tax assets 923,666
Deferred tax liabilities Deferred tax liabilities
Property, plant and equipment (312,928) Property, plant and equipment (381,422)
Unrealized gains on other (87,495) Unrealized gains on other (54,489)
securities securities
Other (55,928) Other (40,493)
Gross deferred tax liabilities (456,351) Gross deferred tax liabilities (476,404)
Net deferred tax assets 444,819 Net deferred tax assets 447,262
Note Net deferred tax assets are included in the consolidated Note Net deferred tax assets are included in
balance sheets as follows: the consolidated balance sheets as follows:
Yen in millions Yen in millions
Current assets - Deferred income taxes 379,668 Current assets - Deferred income taxes 413,039
Fixed assets - Deferred income taxes 465,193 Fixed assets - Deferred income taxes 446,123
Current liabilities - Deferred income taxes (1,769) Current liabilities - Deferred
Long-term liabilities - Deferred income taxes (398,273) income taxes (1,570)
Long-term liabilities - Deferred
income taxes (410,330)
2. Reconciliation of the differences between the effective income 2. Reconciliation of the differences between the
tax rate and the statutory tax rate effective income tax rate and the statutory tax
rate
The reconciliation is omitted because the differences between The reconciliation is omitted because the
the effective income tax rate and the statutory tax rate differences between the effective income tax rate
is less than 5 percent of the effective income tax rate. and the statutory tax rate
is less than 5 percent of the effective income
tax rate.
------------------------ 3. In conjunction with the promulgation of 'The
law that amends part of local tax regulations
that stipulate change of
enterprise tax rate' (No.9, 2003 Law) on March
31, 2003, the effective income tax rate that is
used for the calculation of deferred income tax
assets and liabilities of TMC and its domestic
consolidated subsidiaries as of March 31, 2003,
which will be realized on and after April 1,
2004, was changed from 41.3% to 39.9%. As a
result, 'Deferred income tax'
under fixed assets, net of deferred tax
liabilities, decreased by JPY8,528 million and
'Net unrealized gains on other
securities' and 'Income tax - deferred' increased
by JPY2,539 million and JPY11,067 million,
respectively.
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