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Next, I would like to talk about the impact on the balance sheets and the statements of income from the inclusion of the SPCs, which was disclosed at the same time as the financial statements were announced.
Up to the fiscal year ended March 2011, we only recorded our investments in the equity of SPCs as investments in silent partnerships, etc. in the balance sheets. Starting from the fiscal year ending March 2012, however, our investment will be eliminated from the balance sheets and nonrecourse loans and noncurrent assets based on an evaluation of the fair value of the SPCs, which are to be consolidated from the fiscal year ending March 2012, will be stated instead.
In addition, gains from the assessment of fair value will be categorized as deferred tax liabilities, which are an equal amount to income taxes, and negative goodwill. A gain on negative goodwill of ¥48.9 billion will be recorded as extraordinary income, and an evaluation loss will be stated as an impairment loss of ¥27.0 billion in the statements of income. Consequently, income before income taxes and minority interests will rise ¥22.0 billion.
Assets and liabilities will rise, as a result of the inclusion of the SPCs. Consequently, the equity ratio will amount to 13.2% and the DE ratio to 4.6. However, because these changes do not constitute real financial changes, we believe that the evaluation of our financial situation by financial institutions and other organizations will not change. |
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