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24 May 2000
MOODY'S CONFIRMS YAMAHA MOTOR CORPORATION'S Baa3 SENIOR UNSECURED RATING; STABLE OUTLOOK
Moody's Investors Service confirmed Yamaha Motor Corporation's Baa3 senior unsecured rating with a stable outlook. The rating confirmation is prompted by Yamaha Motor's recent decision to introduce current value accounting. While the adoption of new accounting rules has led to a modest reduction in Yamaha Motor's shareholder's equity, in Moody's opinion, it did not change the economic reality of the company's balance sheet. The income statement and cash flow of Yamaha Motor were not affected by the accounting changes.
Starting from fiscal year ended March 31, 2000, Yamaha Motor implemented a new accounting rule, in advance of the mandatory requirements, by displaying foreign currency translation adjustment on its financial statements. Previously, accumulated foreign currency translation gains or losses were recorded as either an asset account (in case of translation losses) or a liability item (in case of translation gains) on the balance sheet. Such accumulated gains or losses are now adjusted in shareholder's equity. This change resulted in reductions of approximately Y56.4 billion in total assets, approximately Y51.1 billion in capital, and approximately Y5.3 billion in minority interest.
Yamaha Motor also implemented a reassessment of land used in the business on March 31, 2000, according to a new regulation. This resulted in a difference of approximately Y36.3 billion between the book value of the land and a reassessed land value, approximately Y14.9 billion was defined as a deferred tax liability related to reassessment, and the remaining Y21.4 billion was accounted as reassessment value in shareholder's equity.
While the adoption of new accounting methods has negatively affected Yamaha Motor's shareholder's equity by approximately 20%, it did not change the economic reality of the company's balance sheet. Rather, it has narrowed the gap between reported book value and current economic value of the balance sheet items.
Yamaha Motor Corporation, headquartered in Iwata, Japan, is the world's second largest motorcycle maker and holds a worldwide leading position in marine products.
No Related Data.
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