Statement of profits from sale of shares in subsidiaries due to investment rearrangement within Yamaha Motor group
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September 27, 2011 |
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Today's meeting of the Board of Directors of Yamaha Motor Co., Ltd. (the Company) voted to transfer all shares in the Canadian subsidiary, Yamaha Motor Canada Limited, to the U.S. subsidiary, Yamaha Motor Corporation, U.S.A. Profits from the sale of shares in the subsidiary will be recorded as extraordinary profits in the Company's financial statement for the period ending December 2011 (January 1 2011 - December 31 2011).
The share transfer will have no impact on consolidated business performance.
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1. |
Background |
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Yamaha Motor Canada Limited is the importer and domestic distributor of Yamaha Motor products in Canada, while Yamaha Motor Corporation, U.S.A. performs the equivalent role in the United States. The share transfer creates a more efficient structure.
The investment arrangement will not impact Yamaha Motor Canada's organization structure and the company will maintain its current responsibility to serve Canadian dealers and consumers. |
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2. |
Overview |
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(1)The company whose shares are to be transferred |
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| Corporate name |
Yamaha Motor Canada Limited |
| Location |
480 Gordon Baker Road, Toronto, Ontario M2H 3B4, Canada |
| Representative |
Hirotoshi Fujita |
| Main business |
Import and sale of Yamaha Motor products |
| Capitalization |
CAD 10,000,000 |
| Founded |
April 12, 1973 |
| Shareholders |
Yamaha Motor Co., Ltd. (100%) |
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(2)The company receiving the shares |
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| Corporate name |
Yamaha Motor Corporation, U.S.A. |
| Location |
6555 Katella Avenue, Cypress, CA, 90630, U.S.A. |
| Representative |
Toshizumi Kato |
| Main business |
Import and sale of Yamaha Motor products |
| Capitalization |
USD 185,020,000 |
| Founded |
October 20, 1976 |
| Shareholders |
Yamaha Motor Co., Ltd. (100%) |
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(3)Transfer contract amount:USD equivalent of CAD 165 million (calculated at exchange rate specified in transfer contract) |
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(4)Proposed transfer contract date:December 1, 2011 |
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(5)Proposed completion of transfer:December 31, 2011 |
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(6)Number of shares transferred:1,000,000 (100%) |
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3. |
Impact on business performance |
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Under the transfer contract, the extraordinary profits associated with the sale of shares in the subsidiary are expected to be 10,611 million yen for the period ending December 2011 (January 1 2011 - December 31 2011), based on the exchange rate as of September 22 (76 yen = CAD1).
This will have no impact on consolidated business performance.
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Note: Subsidiaries in the North American region following the transfer |
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