MITSUBISHI ESTATE Annual Report 2014
66/86

Financial sectionThe significant components of deferred tax assets and liabilities as of March 31, 2014 and 2013 were as follows:Millions of yenThousands of U.S. dollars201420132014Deferred tax assets:Net operating loss carry forwards¥     3,111¥     9,151$      30,230Accrued retirement allowances and pension costs—13,647 —Liability for retirement benefits15,952 —154,994 Valuation loss on inventories14,362 18,620 139,549 Unrealized loss on property and equipment86,280 82,926 838,322 Unrealized loss on property and equipment by consolidation11,568 13,466 112,400 Land revaluation reserve29,755 29,834 289,116 Loss on valuation of equity investments8,031 4,626 78,034 Other29,553 32,245 287,147 Total gross deferred tax assets198,614 204,519 1,929,795 Valuation allowance(77,589)(67,509)(753,880)Total deferred tax assets121,025 137,010 1,175,914 Deferred tax liabilities:Reserves under Special Taxation Measures Law(51,707)(74,104)(502,403)Land revaluation reserve(319,090)(322,051)(3,100,373)Unrealized gain on property and equipment by consolidation(123,472)(122,681)(1,199,697)Unrealized gain on property and equipment(42,679)(42,644)(414,688)Unrealized gain on securities(39,307)(36,494)(381,923)Other(26,439)(18,851)(256,896)Total deferred tax liabilities(602,697)(616,827)(5,855,984)Net deferred tax liabilities¥(481,672)¥(479,817)$(4,680,069)The “Act for Partial Amendment of the Income Tax Act, etc.” (Act No. 10 of 2014) was promulgated on March 31, 2014 and, as a result, the Company is no longer subject to the Special Reconstruction Corporation Tax effective for fiscal years beginning on or after April 1, 2014. In addition, the “Act for Partial Amendment of the Local Tax Act, etc.” (Act No. 4 of 2014) and the “Act for Partial Amendment of the Local Corporate Tax Act, etc.” (Act No. 11 of 2014) were promulgated on March 31, 2014, and the Company is subject to the amended Local Corporate Tax effective for fiscal years beginning on or after April 1, 2015.As a result, the effective statutory tax rate used to measure the Company’s deferred tax assets and liabilities was changed from 38.01% to 35.64% for the temporary differences expected to be realized or settled from fiscal years beginning April 1, 2014.The announced reduction of the effective statutory tax rate did not have a significant impact on deferred tax assets and liabilities as of March 31, 2014.The Companies Act of Japan provides that an amount equal to 10% of the amount to be disbursed as distributions of capital surplus (other than the capital reserve) and retained earnings (other than the legal reserve) be transferred to the capital reserve and the legal reserve, respectively, until the sum of the capital reserve and the legal reserve equals 25% of the capital stock account. The capital reserve amounted to ¥170,485 million ($1,656,486 thousand), and the legal reserve amounted to ¥21,663 million ($210,491 thousand) at March 31, 2014. Such distribu-tions can be made at any time by resolution of the shareholders or by the Board of Directors if certain conditions are met, but neither the capital reserve nor the legal reserve is available for distributions.9 Shareholders’ Equity64MITSUBISHI ESTATE CO., LTD.

元のページ 

10秒後に元のページに移動します

※このページを正しく表示するにはFlashPlayer10.2以上が必要です