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TRANSLATION
For inquiries, please contact:
Yoshifumi Tsuchiya
General Manager, General Affairs, Corporate
Administration Division, Isuzu Motors Limited
6-26-1 Minami-Oi, Shinagawa-ku, Tokyo 140-8722
Tel: (03) 5471-1141 |
February 27, 2004
Announcement on the Sale of Fixed Asset
Tokyo, February 27, 2004 - At the board of directors meetings held today, Isuzu Motors Limited (Code: 7202, 1st Section of TSE) and Tokyo Isuzu Motors Co., Ltd., a wholly owned subsidiary of Isuzu Motors Limited, have passed resolutions on the sale of fixed assets as follows:
1. |
Rationale
Isuzu Motors and its group companies have been promoting to right-size the total asset base in accordance with the New Three-year Business Plan. As a part of this initiative, Isuzu and its subsidiary decided to sell under-performing property assets. |
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2. |
Subject property assets to be sold:
| (JPY Mil) |
| Property and Location |
Book Value |
Transfer Price |
Current Status |
Land and building, etc.
Owned by: Isuzu Motors Limited
Lot area: 15,044.79
Address: Egasaki-cho, Tsurumi-ku,
Yokohama City, Kanagawa Pref. |
4,365 |
2,298 |
Idle |
Land and building, etc.
Owned by: Tokyo Isuzu Motors Co., Ltd.
Lot area: 6,399.56
Address: Egasaki-cho, Tsurumi-ku,
Yokohama City, Kanagawa Pref. |
2,195 |
977 |
Idle |
| Total |
6,560 |
3,275 |
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3. |
Buyer of the property
| Name of the company : |
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Gold Crest Co., LTD. |
| Headquarters : |
2-1-1 Otemachi, Chiyoda-ku, Tokyo, Japan |
| President : |
Hidetoshi YASUKAWA, President and Representative Director |
| Capital : |
12,499,100,000 yen (as of Sept. 30, 2003) |
| Main line of business |
Condominium sales |
| Relationship with Isuzu Motors |
| - Cross shareholding : |
None |
| - Exchange of personnel : |
None |
| - Commercial transaction : |
None |
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4. |
Sales transaction schedule:
| - Resolution of the Board of Directors Meeting : |
February 27, 2004 (Completed) |
| - Agreement between the parties : |
Early March 2004 |
| - Property transfer : |
Toward the end of March 2004 |
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5. |
Going forward:
The asset sales in question will call for approximately a 3.6 billion-yen extraordinary loss for the net difference between the book value and transaction price of property, including transfer fees and tax effect, at Isuzu Motors Limited. The effect on the consolidated results is expected to be approximately 6.1 billion-yen, including the consolidated adjustments and elimination. However, the anticipated losses have already been factored into the earnings forecast announced on November 20, 2003, for the year ending March 2004. |
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