Seibu : Notice Regarding Recognition of Extraordinary Income at a Subsidiary Resulting From Transfer of Non-current Assets
October 31, 2023 at 02:11 am
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[Translation for Reference Purposes Only]
ENGLISH TRANSLATION OF DOCUMENT IN JAPANESE
This is an English translation of an original document in Japanese and is only being provided for convenience. In all cases, the original Japanese version shall take precedence.
October 31, 2023
For Immediate Release
Company Name
Seibu Holdings Inc.
Representative
President and Representative Director, COO
NISHIYAMA Ryuichiro
(Code No.: 9024
Prime Market of the Tokyo Stock Exchange)
Inquiries
Managing Officer, General Manager
of Corporate Communication
TATARAYoshihiro
(TEL. +81-3-6709-3112)
Notice Regarding Recognition of Extraordinary Income at a Subsidiary Resulting From
Transfer of Non-current Assets
Seibu Holdings Inc. (the "Company") hereby announces that it has resolved today to transfer the non-current assets of the Company's consolidated subsidiary, Seibu Railway Co., Ltd. In accordance with this transfer, the Company expects to record a gain on sale of non-current assets resulting from this transfer as an extraordinary income in its consolidated financial results for the third quarter of the fiscal year ending March 31, 2024, as described below.
Reason for transfer
To cooperate with the Tokyo City Planning, Park No. 5/5/10 Nerima-Joshi Park Project.
Continuing on from the transfer of non-current assets disclosed in "Notice Regarding Recognition of Extraordinary Income at a Subsidiary Resulting From Transfer of Non-current Assets" dated September 29, 2022, this transfer shall involve the transfer of some parcels of land of the former Toshimaen.
Details of the asset to be transferred
Name and location of assets
Details of the asset
Gain on transfer
Actual status
Former Toshimaen
3-1564-8, Koyama, Nerima-ku,
Land: 30,334.33 m2
¥6.4 billion
A part of former Toshimaen
Tokyo, and other 10 parcels of land
The gain on transfer is an approximate amount obtained by deducting the book value and estimated costs related to the transfer from the transfer price.
We will not disclose the transfer price and book value, but they will be transferred at a fair price reflecting the market price.
3. Overview of the transferee
Tokyo Metropolitan Government
There are no notable capital or personal relationships between the transferee and the Company, and the transferee is not a related party of the Company.
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4. Schedule of the transfer
Date of decision
October 31, 2023
Date of conclusion of transfer agreement
October 31, 2023
Date of handover of the asset to be transferred
October 31, 2023
5. Impact on financial results
As a result of this transfer of non-current assets, the Company expects to record extraordinary income (gain on sale of non-current assets) in its consolidated financial results for the third quarter of the fiscal year ending March 31, 2024. The said extraordinary income is reflected in the full-year consolidated earnings forecasts for the fiscal year ending March 31, 2024 announced on September 28, 2023.
End
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Seibu Holdings Inc. published this content on 31 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2023 06:10:48 UTC.
Seibu Holdings, Inc. is a Japan-based holding company which operates in five business segments. Urban Transportation and Regional segment provides passenger transport through trains, buses, and taxis along Seibu rail lines in the Tokyo-Saitama area. Hotel and Leisure segment consists of a varied assortment of facilities in a wide range of fields including hotels, golf courses, ski resorts, and leisure facilities. Real Estate segment is engaged in the development of hotel space, development and operation of stores in train stations, and subdivision of housing, among others. Construction segment is engaged in all types of construction in areas including railway lines, social infrastructure, hotel remodeling, private sector construction, and housing. Hawaii Business segment operates hotels in Hawaii. Other Businesses segment consists of passenger transport in Izuhakone and Ohmi, and the operation of Seibu Lions baseball team.