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Notice Regarding Reversal of Deferred Tax Assets and Liabilities
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Tokyo, February 3, 2012 - Mitsubishi Heavy Industries, Ltd. (MHI) today announced a reversal of deferred tax assets and liabilities in its consolidated financial results for the first nine months of the current fiscal year (FY) 2011 ending March 2012, based on the newly promulgated, revised Corporation Tax Act, etc.
1.Description of reversal of deferred tax assets and liabilities
The law for the "Partial Revision of the Income Tax Act, etc., to Construct a Tax System Addressing Changes in the Socio-Economic Structure" and the "Act on Special Measures for Securing Necessary Financial Resources to Implement Measures for the Restoration of the Damages Following the Great East Japan Earthquake" were promulgated on December 2, 2011.
In response to this, MHI has reversed part of the company's deferred tax assets and deferred tax liabilities and booked 11.6 billion yen income taxes in its consolidated financial results for the first nine months of the current fiscal year, (FY) 2011, ending March 2012.
2.Impact on earnings
The impact of the reversal of deferred tax assets and liabilities has been factored into the "Revision of FY2011 Consolidated Financial Results Estimates," released separately today (February 3, 2012).
About MHI Group
Mitsubishi Heavy Industries (MHI) Group is one of the world’s leading industrial groups, spanning energy, smart infrastructure, industrial machinery, aerospace and defense. MHI Group combines cutting-edge technology with deep experience to deliver innovative, integrated solutions that help to realize a carbon neutral world, improve the quality of life and ensure a safer world. For more information, please visit www.mhi.com or follow our insights and stories on spectra.mhi.com.