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Yamaha Motor Co., Ltd. (the "Company") hereby announces the posting of business structure improvement expenses and a revaluation loss on stockholdings of subsidiaries on the financial statements for the third quarter of the fiscal year ending December 31, 2009 (fiscal 2009). Details are as follows.
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| 1. |
Business structure improvement expenses (consolidated/non-consolidated basis) |
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| In the consolidated financial results for the third quarter of fiscal 2009, the Company posted 73,466 million yen (59,935 million yen on a non-consolidated basis) in business structure improvement expenses as an extraordinary loss. These expenses consist of 70,300 million yen (57,472 million yen in the non-consolidated basis) in impairment losses on fixed assets in Japan, Europe and the United States, which resulted mainly from the decreased profitability of the Company, and expenditures incurred by the early retirement of employees, which amounted to 3,163 million yen (2,462 million yen on a non-consolidated basis). |
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| 2. |
Revaluation loss on stockholdings of subsidiaries (non-consolidated basis) |
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The Company posted an impairment loss on its capital subscription for India Yamaha Motor Pvt. Ltd. (IYM) - the Company's motorcycle manufacturing and sales subsidiary in India - as the fair value of IYM's net assets at the end of the third quarter fell by more than 50 percent of the Company's acquisition cost of IYM. In line with this development, the Company registered 8,260 million yen in revaluation loss on stockholdings of subsidiaries as a non-operating expense on the non-consolidated statement of income for the third quarter of fiscal 2009.
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| 3. |
Impact on financial results |
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The effects of the above expenses and loss on the Company's financial results have been reflected in the financial results for the third quarter of fiscal 2009, announced today. As of November 4, 2009, there is no change in the consolidated and non-consolidated forecast financial results for the full fiscal year ending December 31, 2009, which were announced August 4, 2009.
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