Yamaha Motor Co., Ltd. (the Company) today announced that it decided at the Board of Directors Meeting held on November 6, 2003 to change the Company's accounting term, as described below. |
1. Rationale for the change
The Company changed its accounting term in order to more accurately report its business performance during the financial year and to disclose it in a more appropriate manner, in light of the demand period for mainstay products. In addition, the move is intended to help promote the Company's global operations more effectively by unifying the accounting term of the Yamaha Motor Group companies, including its consolidated subsidiaries. |
2. Changing the closing date
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At present: March 31 of every year
After the change: December 31 of every year |
The next fiscal year, a transitional period for the change in the accounting term, will cover nine months, from April 1, 2004 to December 31, 2004.
The same change in the accounting term will be applied to those consolidated subsidiaries which currently adopt March 31 as the closing date of the financial year.
Note:
A change in the accounting term requires revision of the articles of incorporation; the aforementioned proposal adopted at the Board of Directors Meeting must still be approved at the General Shareholders Meeting, slated for late June of 2004.
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