| Yamaha Motor Co., Ltd. announced the dissolution of the two following consolidated subsidiaries, as resolved at the meeting of the Board of Directors held on June 27, 2008.
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1. |
Ohlins Management AB |
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| 1) |
Outline of the consolidated subsidiary |
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Location |
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Birger Jarlsgatan 15, S-11145 Stockholm, Sweden |
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Representative |
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Tatsuya Watanabe |
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Business lines |
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Holding company for Ohlins Racing AB (The main business lines of Ohlins Racing AB are research, development, manufacture and sales of parts - primarily suspensions - for motorcycles and four-wheel vehicles.) |
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Incorporated |
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July 10, 1987 |
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Capital |
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4,100,000 SEK |
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Shareholders |
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Yamaha Motor Europe N.V. (wholly owned subsidiary of Yamaha
Motor Co., Ltd.): 75%
Mr. Kenth Ohlin: 25% |
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Consolidated business results in the three most recent fiscal years* |
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(Unit: 1,000 SEK) |
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Fiscal year ended December 31, 2005 |
Fiscal year ended December 31, 2006 |
Fiscal year ended December 31, 2007 |
Net sales |
387,651 |
445,430
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Operating income |
23,659 |
31,441 |
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Ordinary income |
22,068 |
24,232 |
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Net income |
16,088 |
16,957 |
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Total assets |
236,070 |
264,827 |
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Net assets |
69,842 |
86,445 |
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* |
The consolidated business results of Ohlins Management AB are the combined results of Ohlins Racing AB and Ohlins USA Inc. (wholly owned subsidiary of Ohlins Racing AB). |
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** |
Since Ohlins Management AB sold the stocks of Ohlins Racing AB in December 2007, total and net assets of Ohlins Racing AB were not consolidated into the balance sheet of Ohlins Management AB for the fiscal year ended December 31, 2007. |
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| 2) |
Reason for the dissolution |
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Ohlins Management AB, a consolidated subsidiary of Yamaha Motor Co., Ltd., was established in Sweden in July 1987 as a holding company for Ohlin Racing AB. Ohlins Management AB reviewed its capital alliance with Ohlins Racing AB, and then sold the stocks of Ohlins Racing AB it owned to Mr. Kenth Ohlin (95%) and Yamaha Motor Co., Ltd. (5%). As this terminated the function of Ohlins Management AB as a holding company, Yamaha Motor decided to dissolve this consolidated subsidiary. |
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| 3) |
Schedule |
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The liquidation is scheduled to be completed in December 2008. |
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| 4) |
Effects moving forward |
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The dissolution of Ohlins Management AB is expected to have an insignificant impact on the consolidated and non-consolidated business results of Yamaha Motor Co., Ltd. |
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2. |
CVDKAS |
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| 1) |
Outline of the consolidated subsidiary |
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Location |
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Svendborgvej 337, DK-5260 Odense S, Denmark |
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Representative |
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Erik Grann Madsen |
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Business lines |
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Purchase and sales of bicycles |
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Incorporated |
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October 29, 1981 |
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Capital |
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4,000,000 DKK |
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Shareholder |
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Yamaha Motor Europe N.V. (wholly owned subsidiary of Yamaha Motor Co., Ltd.): 100% |
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Consolidated business results in the three most recent fiscal years |
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(Unit: 1,000 DKK) |
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Fiscal year ended December 31, 2005 |
Fiscal year ended December 31, 2006 |
Fiscal year ended December 31, 2007 |
Net sales |
92,493
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44,435
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0
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Operating income |
5,750
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12,036
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-2,039
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Ordinary income |
6,236
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32,890
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1,291
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Net income |
4,382
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23,706
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867
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Total assets |
50,422
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65,084
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63,312
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Net assets |
36,227
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59,936
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60,803
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| 2) |
Reason for the dissolution |
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CVDKAS is a consolidated subsidiary established in Denmark in October 1981 for the purpose of operating a bicycle business. In July 2006, the business was transferred to a third party, and the disposition of its real estate (land and buildings) was initiated. As the real estate transfer contract has been executed, Yamaha Motor decided to dissolve this consolidated subsidiary.
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| 3) |
Schedule |
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The liquidation is scheduled to be completed in December 2008. |
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| 4) |
Effects moving forward |
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The dissolution of CVDKAS is expected to have an insignificant impact on the consolidated and non-consolidated business results of Yamaha Motor Co., Ltd. |
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