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Yamaha Resort Corporation Establishes Management Subsidiaries for Each of its Six Resorts in Japan
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At present, YAMAHA's subsidiary Yamaha Resort Corporation (Head office: 10-1, Nakazawa-cho, Hamamatsu, Shizuaoka, Japan; Representative Director and President: Izumi Takada) owns and manages seven recreation and leisure facilities in various parts of Japan, including Hokkaido and Okinawa.
In 1996, Yamaha Resort Corporation established a wholly owned management subsidiary, Haimurubushi Inc., to undertake the management of the Haimurubushi Resort on Kohama Island in Okinawa on a contract basis. Under this new management contract, the Haimurubushi Resort has steadily improved its business performance. Encouraged by this success, in early fiscal 2001, Yamaha Resort Corporation began taking steps to establish wholly owned management subsidiaries for the remaining six resorts, all of which were under its direct management at the time. In October, fiscal 2001, the new subsidiaries were established (see attached sheets) and, in April, fiscal 2002, each management subsidiary will sign a management contract and undertake the management of its respective resort.
In line with these changes, Yamaha Resort Corporation will strive to further enhance its brand image; highlight the distinctive value of each resort; build trust among the customers it serves and in its operating regions and industry; and establish a sound operating system. What follows is general information regarding the establishment of the new management subsidiaries. |
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| General Information Concerning the Establishment of Management Subsidiaries |
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| 1. |
Objective
Yamaha Resort Corporation will retain all of its asset holdings while dividing management responsibilities among the different management subsidiaries. In addition to establishing a durable operating base, the Company is working to provide optimal, resort-specific management by expediting the implementation of policies that take into account the distinctive features of each resort, the customers targeted, and regional characteristics.
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| 2. |
The Relationship between Yamaha Resort Corporation and Each Management Subsidiary
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Financial Relationship
Yamaha Resort Corporation provides 100% of the funds employed by each management subsidiary.
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| b. |
Asset Holdings
Yamaha Resort Corporation holds such assets as land, buildings, structures, shares of subsidiaries, and membership deposit. The individual management subsidiaries hold fixed assets, including machinery, cars, furniture, and equipment.
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| c. |
Resort Management Contract
Yamaha Resort Corporation will sign a management contract with each management subsidiary.
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| d. |
Yamaha Resort Corporation's Responsibilities
Yamaha Resort Corporation is responsible for the overall management of the resort operation, the formulation of broad management strategies for the operation as a whole, membership management, investment decisions, health and safety management, and business management and administration. |
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| 3. |
Membership System
Yamaha Resort's membership system will remain in place.
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Employee Transfers
After establishing terms of employment for each subsidiary and confirming the willingness of employees to relocate, employees will be transferred to the new subsidiaries on April 1, 2002.
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| 5. |
Commencement of Operations under the New System
Operations under the new system will begin on April 1, 2002.
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Reference
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| Yamaha Resort Corporation Profile |
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| Company Name: |
Yamaha Resort Corporation
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| Address: |
10-1 Nakazawa,-cho Hamamatsu, Shizuoka, Japan
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| Representative Director and President: |
Izumi Takada
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| Established: |
1990
- In 1962 the first resort, Naka-Nihon Kanko Kaihatsu Corporation, was established.
- In 1981, the company's name was changed to Yamaha Recreation Corporation.
- In 1991, Yamaha Recreation Corporation was merged with Yamaha Resort Corporation, which had been established in the previous year.
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| Stated Capital: |
¥12.0 billion (99.9% invested by YAMAHA CORPORATION)
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| Net Sales: |
¥21.8 billion (Year-ended March, 2001)
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Overview of Management Subsidiaries
(Information regarding Haimurubushi Inc., and Kiroro Development Corporation is not included because no changes have been made.)
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| Company Name |
Address |
Lot Area
(1000m2) |
Net Sales for the Year ended March 2001
(Billions of Yen)
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| Katsuragi Inc. |
Fukuroi, Shizuoka |
3,300 |
2.5
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| Toba International Hotel Inc. |
Toba, Mie |
70 |
2.2
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| Tsumagoi Inc. |
Kakegawa, Shizuoka |
1,700 |
4.1
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| Nemunosato Inc. |
Hamajima-cho, Shima, Mie |
3,000 |
4.4
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| Kiroro Associates Inc. |
Akaigawa-mura, Yoichi, Hokkaido |
5,000 |
6.2
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| Sunza Villa Inc. |
Hosoe-cho, Inasa, Shizuoka |
38 |
0.7
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For more information, please contact:
YAMAHA CORPORATION.
Public Relations Division
Corporate Communications Group
TEL. +81-3- 5488-6601
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