ACCORDIA GOLF CO LTD 
By
January 23, 2012
Press Release
Company Name: Accordia Golf Co., Ltd. Representative:
President & CEO Michihiro Chikubu (Securities Code: 2131, TSE
1st Section)
For inquiries, contact: Member of the Board, Senior Managing
Executive Officer, Ichrio Akimoto TEL: (03) 6688-1500
Announcement of Conclusion of Sponsorship Contract with Taiheiyo Club, Inc.
Accordia Golf Co., Ltd. (hereinafter, "Accordia") announces
that, having been appointed as sponsor to support the revival
of Taiheiyo Club, Inc. (hereinafter "Taiheiyo Club") and
seven of Taiheiyo Club's subsidiaries involved in golf course
operations and related businesses, a Meeting of the Board of
Directors has today resolved the conclude a sponsorship
contract with Taiheiyo Club and its seven subsidiaries
(hereinafter "sponsorship contract") as noted below. Also,
Taiheiyo Club and six of its subsidiaries have today applied
to the Tokyo District Court to start civil rehabilitation
proceedings (one of Taiheiyo Club's seven subsidiaries,
Mikasa kanko kaihatsu, Inc., has not started civil
rehabilitation proceedings). Accordia will succeed to
Taiheiyo Club's golf course businesses under the civil
rehabilitation proceedings and plans to assist Taiheiyo Club
in the revival of its golf course businesses.
1. Circumstances Behind the Conclusion of the Sponsorship
Contract
The Accordia group, under the "It's a new game" concept,
offers new services to respond to the various needs of
golfers and operates 135 golf courses throughout Japan used
by approximately 7.4 million customers annually. One of the
pillars of Accordia's growth strategy is to increase the
number of golf courses under management through acquisition
and, by increasing the number of golf courses, to improve
returns by pursuing economies of scale and increasing the
efficiency of golf course operations administration.
Not only is the Taiheiyo Club's Gotemba course the home of
the prestigious Japan men's pro golf tournament, the Mitsui
Sumitomo VISA Taiheiyo Masters, Taiheiyo Club is a golf
course operator that manages 18 golf courses in Japan.
Under the sponsorship contract, Accordia will assist in the
revival of Taiheiyo Club's golf courses, preserving course
quality while respecting the Taiheiyo brand. Accordia expects
that, by introducing the group's golf course management
know-how, the company can effect an improvement in revenue
and profit, just as occurred with golf courses previously
acquired by the company.
2. Taiheiyo Club Operations
In order to assist in the revival of Taiheiyo Club's golf
course business, going forward, Accordia will consult with
TOKYU LAND CORPORATION, which has a joint management business
tie-up contract with Taiheiyo
Club.
3. Outline of Taiheiyo Club, Inc. and its Subsidiaries
I. Taiheiyo Club, Inc.
(1) Company Name: Taiheiyo Club, Inc.
(2) Location: 1-12-3 Shibaura, Minato-ku, Tokyo
(3) Representative: President, Representative Director
Yukihiro Kiriake
(4) Main Business: Golf course management, etc. (5) Paid-in
Capital: 4,000 million yen
(6) Established: May 20, 1971 (7) Fiscal Year End: March
(8) Major shareholder and its holding: Taiheiyo Holdings LLC,
100%
(9) Relationship with Accordia Golf Co. Ltd.: There are no
capital ties, personnel ties or business ties that meet the
conditions of a related party.
(10) Number of Employees: 0 (as of March 31, 2011)
(11) Key Location: Taiheiyo Club Gotemba Course (Gotemba
City, Shizuoka Prefecture, 18 holes), 17 other golf
courses
(12) Results in most recent fiscal years
Fiscal Year Ended March 2009 | Fiscal Year Ended March 2010 | Fiscal Year Ended March 2011 | |
Operating Revenues | 13,840 million yen | 12,868 million yen | 11,280 million yen |
Operating Profit | 1,022 million yen | 575 million yen | 590 million yen |
Recurring Profit | 509 million yen | 5 million yen | 338 million yen |
Net Income | 907 million yen | -9,712 million yen | 467 million yen |
Total Assets | 72,287 million yen | 60,813 million yen | 31,952 million yen |
Net Assets | -47,006 million yen | -56,719 million yen | -56,252 million yen |
Notes: 1. The above figures are rounded down to the nearest unit.
2. The business results recorded above are for the Taiheiyo Club, Inc. parent company.
3. The business results recorded above are management results prior to the start of civil rehabilitation proceedings. Going forward, as part of the rehabilitation proceedings, assets and liabilities will be restated so changes are expected in the value of Total Assets and Net Assets.
II. Taiheiyo Golf Service, Inc.
(1) Company Name: Taiheiyo Golf Service, Inc. (2) Location:
1-12-3 Shibaura, Minato-ku, Tokyo
(3) Representative: President, Representative Director
Yukihiro Kiriake
(4) Main Business: Golf course management, etc. (5) Paid-in
Capital: 50 million yen
(6) Established: June 23, 1972 (7) Fiscal Year End: March
(8) Major shareholder and its holding: Taiheiyo Club, Inc.,
100%
(9) Relationship with Accordia Golf Co. Ltd.: There are no
capital ties, personnel ties or business ties that meet the
conditions of a related party.
(10) Number of Employees: 862 (as of March 31, 2011) (11)
Results in most recent fiscal years
Fiscal Year Ended March 2009 | Fiscal Year Ended March 2010 | Fiscal Year Ended March 2011 | |
Operating Revenues | 5,251 million yen | 5,197 million yen | 4,771 million yen |
Operating Profit | 188 million yen | 262 million yen | -1 million yen |
Recurring Profit | 196 million yen | 271 million yen | 9 million yen |
Net Income | 193 million yen | 267 million yen | 6 million yen |
Total Assets | 221 million yen | 337 million yen | 299 million yen |
Net Assets | -1,160 million yen | -892 million yen | -885 million yen |
Notes: 1. The above figures are rounded down to the nearest unit.
2. The business results recorded above are management results prior to the start of civil rehabilitation proceedings. Going forward, as part of the rehabilitation proceedings, assets and liabilities will be restated so changes are expected in the value
of Total Assets and Net Assets.
III. Taiheiyo Aries, Inc.
(1) Company Name: Taiheiyo Aries, Inc.
(2) Location: 1-12-3 Shibaura, Minato-ku, Tokyo
(3) Representative: President, Representative Director
Yukihiro Kiriake
(4) Main Business: Golf course management, etc. (5) Paid-in
Capital: 100 million yen
(6) Established: April 1, 2010 (7) Fiscal Year End: March
(8) Major shareholder and its holding: Taiheiyo Club, Inc.,
100%
(9) Relationship with Accordia Golf Co. Ltd.: There are no
capital ties, personnel ties or business ties that meet the
conditions of a related party.
(10) Number of Employees: 0 (as of March 31, 2011) (11)
Results in most recent fiscal years
Fiscal Year Ended March 2009 | Fiscal Year Ended March 2010 | Fiscal Year Ended March 2011 | |
Operating Revenues | - | - | 4,244 million yen |
Operating Profit | - | - | 34 million yen |
Recurring Profit | - | - | -276 million yen |
Net Income | - | - | -337 million yen |
Total Assets | - | - | 29,484 million yen |
Net Assets | - | - | 713 million yen |
Notes: 1. The above figures are rounded down to the nearest unit.
2. The business results recorded above are management results prior to the start of civil rehabilitation proceedings. Going forward, as part of the rehabilitation proceedings, assets and liabilities will be restated so changes are expected in the value of Total Assets and Net Assets.
IV. Taiheiyo Hillcrest, Inc.
(1) Company Name: Taiheiyo Hillcrest, Inc.
(2) Location: 1-12-3 Shibaura, Minato-ku, Tokyo
(3) Representative: President, Representative Director
Yukihiro Kiriake
(4) Main Business: Golf course ownership, etc. (5) Paid-in
Capital: 10 million yen
(6) Established: January 18, 2001 (7) Fiscal Year End:
March
(8) Major shareholder and its holding: Taiheiyo Club, Inc.,
100%
(9) Relationship with Accordia Golf Co. Ltd.: There are no
capital ties, personnel ties or business ties that meet the
conditions of a related party.
(10) Number of Employees: 0 (as of March 31, 2011) (11)
Results in most recent fiscal years
Fiscal Year Ended March 2009 | Fiscal Year Ended March 2010 | Fiscal Year Ended March 2011 | |
Operating Revenues | 72 million yen | 72 million yen | 72 million yen |
Operating Profit | 30 million yen | 29 million yen | 30 million yen |
Recurring Profit | 2 million yen | 1 million yen | 1 million yen |
Net Income | 2 million yen | 1 million yen | 1 million yen |
Total Assets | 2,636 million yen | 2,626 million yen | 2,619 million yen |
Net Assets | -75 million yen | -74 million yen | -72 million yen |
Notes: 1. The above figures are rounded down to the nearest unit.
2. The business results recorded above are management results prior to the start of civil rehabilitation proceedings. Going forward, as part of the rehabilitation proceedings, assets and liabilities will be restated so changes are expected in the value of Total Assets and Net Assets.
V. Taiheiyo TKS, Inc.
(1) Company Name: Taiheiyo TKS, Inc.
(2) Location: 1-12-3 Shibaura, Minato-ku, Tokyo
(3) Representative: President, Representative Director
Yukihiro Kiriake
(4) Main Business: Golf course ownership, etc. (5) Paid-in
Capital: 50 million yen
(6) Established: March 2, 2000 (7) Fiscal Year End: March
(8) Major shareholder and its holding: Taiheiyo Club, Inc.,
100%
(9) Relationship with Accordia Golf Co. Ltd.: There are no
capital ties, personnel ties or business ties that meet the
conditions of a related party.
(10) Number of Employees: 0 (as of March 31, 2011) (11)
Results in most recent fiscal years
Fiscal Year Ended March 2009 | Fiscal Year Ended March 2010 | Fiscal Year Ended March 2011 | |
Operating Revenues | 78 million yen | 78 million yen | 78 million yen |
Operating Profit | 52 million yen | 53 million yen | 55 million yen |
Recurring Profit | 3 million yen | 4 million yen | 6 million yen |
Net Income | 2 million yen | 4 million yen | 6 million yen |
Total Assets | 1,102 million yen | 1,106 million yen | 1,113 million yen |
Net Assets | -5,581 million yen | -5,576 million yen | -5,570 million yen |
Notes: 1. The above figures are rounded down to the nearest unit.
2. The business results recorded above are management results prior to the start of civil rehabilitation proceedings. Going forward, as part of the rehabilitation proceedings, assets and liabilities will be restated so changes are expected in the value of Total Assets and Net Assets.
VI. Taiheiyo Torius, Inc.
(1) Company Name: Taiheiyo Torius, Inc.
(2) Location: 1-12-3 Shibaura, Minato-ku, Tokyo
(3) Representative: President, Representative Director
Yukihiro Kiriake
(4) Main Business: Golf course ownership, etc. (5) Paid-in
Capital: 10 million yen
(6) Established: May 1, 2001 (7) Fiscal Year End: March
(8) Major shareholder and its holding: Taiheiyo Club, Inc.,
100%
(9) Relationship with Accordia Golf Co. Ltd.: There are no
capital ties, personnel ties or business ties that meet the
conditions of a related party.
(10) Number of Employees: 0 (as of March 31, 2011) (11)
Results in most recent fiscal years
Fiscal Year Ended March 2009 | Fiscal Year Ended March 2010 | Fiscal Year Ended March 2011 | |
Operating Revenues | 156 million yen | 156 million yen | 150 million yen |
Operating Profit | 44 million yen | 47 million yen | 41 million yen |
Recurring Profit | 3 million yen | 6 million yen | 1 million yen |
Net Income | 2 million yen | 6 million yen | 1 million yen |
Total Assets | 2,284 million yen | 2,258 million yen | 2,226 million yen |
Net Assets | -296 million yen | -290 million yen | -289 million yen |
Notes: 1. The above figures are rounded down to the nearest unit.
2. The business results recorded above are management results prior to the start of civil rehabilitation proceedings. Going forward, as part of the rehabilitation proceedings, assets and liabilities will be restated so changes are expected in the value of Total Assets and Net Assets.
VII. Mikasa kanko kaihatsu, Inc.
(1) Company Name: Mikasa kanko kaihatsu, Inc. (2) Location:
1-12-3 Shibaura, Minato-ku, Tokyo
(3) Representative: President, Representative Director
Yukihiro Kiriake
(4) Main Business: Golf course ownership, etc. (5) Paid-in
Capital: 1,300 million yen
(6) Established: August 6, 1973
(7) Fiscal Year End: March
(8) Major shareholder and its holding: Taiheiyo Club, Inc.,
100%
(9) Relationship with Accordia Golf Co. Ltd.: There are no
capital ties, personnel ties or business ties that meet the
conditions of a related party.
(10) Number of Employees: 0 (as of March 31, 2011) (11)
Results in most recent fiscal years
Fiscal Year Ended March 2009 | Fiscal Year Ended March 2010 | Fiscal Year Ended March 2011 | |
Operating Revenues | 96 million yen | 96 million yen | 96 million yen |
Operating Profit | 4 million yen | 6 million yen | 7 million yen |
Recurring Profit | 5 million yen | 6 million yen | 7 million yen |
Net Income | 2 million yen | -0 million yen | 6 million yen |
Total Assets | 2,031 million yen | 2,019 million yen | 2,022 million yen |
Net Assets | 2,010 million yen | 2,009 million yen | 2,016 million yen |
Notes: 1. The above figures are rounded down to the nearest unit.
2. The business results recorded above are management results prior to the start of civil rehabilitation proceedings. Going forward, as part of the rehabilitation proceedings, assets and liabilities will be restated so changes are expected in the value of Total Assets and Net Assets.
VII. Taiheiyo Golf Square, Inc.
(1) Company Name: Taiheiyo Golf Square, Inc. (2) Location:
1-12-3 Shibaura, Minato-ku, Tokyo
(3) Representative: President, Representative Director
Yukihiro Kiriake
(4) Main Business: Sales of golf goods, administration of
membership loans, etc. (5) Paid-in Capital: 10 million
yen
(6) Established: January 18, 2001 (7) Fiscal Year End:
March
(8) Major shareholder and its holding: Taiheiyo Club, Inc.,
100%
(9) Relationship with Accordia Golf Co. Ltd.: There are no
capital ties, personnel ties or business ties that meet the
conditions of a related party.
(10) Number of Employees: 0 (as of March 31, 2011) (11)
Results in most recent fiscal years
Fiscal Year Ended March 2009 | Fiscal Year Ended March 2010 | Fiscal Year Ended March 2011 | |
Operating Revenues | 187 million yen | 214 million yen | 554 million yen |
Operating Profit | 9 million yen | 6 million yen | 11 million yen |
Recurring Profit | 10 million yen | 7 million yen | 14 million yen |
Net Income | 18 million yen | 12 million yen | 14 million yen |
Total Assets | 3,801 million yen | 2,725 million yen | 2,028 million yen |
Net Assets | 161 million yen | 174 million yen | 188 million yen |
Notes: 1. The above figures are rounded down to the nearest unit.
2. The business results recorded above are management results prior to the start of civil rehabilitation proceedings. Going forward, as part of the rehabilitation proceedings, assets and liabilities will be restated so changes are expected in the value of Total Assets and Net Assets.
4. Outline of the Proposed Rehabilitation Plan
On the basis of this sponsorship contract and on the basis of
the civil rehabilitation proceedings for Taiheiyo Club and
six of its subsidiaries, the Accordia group will assist in
the revival of Taiheiyo Club's golf course business and, once
confirmation is received for the decision to approve the
proposed rehabilitation plan, it is agreed that Accordia
group will succeed to Taiheiyo Club's golf course business.
Also, the specific method of succession (underwriting of
capital increase, conveyance of business, etc.), succession
details and timetable, etc. will be decided going forward
when the proposed rehabilitation plan is laid out
5. Timetable
January 23, 2012 Sponsorship contract is concluded
January 23, 2012 Taiheiyo Club and six of its subsidiaries
apply to start civil rehabilitation proceedings
(Submission of a proposed rehabilitation plan and approval
decision, as well as the timetable for underwriting a capital
increase and conveyance of business for the golf business
succession is undecided at this time.)
6. Business Forecasts
There is expected to be no impact on business results for the
current term as a result of this sponsorship contract.
Regarding the impact on next term's (March 2013) business
results, if the prospects for the sponsorship can be
determined by early May, it will be included in the
announcement of planned business results for next term.
[For inquiries, contact:] (Monday-Friday, 9:00~17:00)
Accordia Golf Co., Ltd.
Corporate Communication IR (K. Nose) TEL: 03-6688-1500 (Audio
guidance)
