Business
Special Loss Relating to In-S
Special Loss Relating to In-S.
About this update from Satsuma Technology Plc
[{"type":"text","content":"\n RNS Number : 4871Q Softbank Corp 10 April 2009 \n \nApril 10, 2009\n\n\nAnnouncement Concerning Recognition of Special Loss Relating to In-Substance Redemption Before Maturity Disclosed on October 29, 2008, and Earnings Forecasts for Fiscal Year Ended March 31, 2009 \n\nSOFTBANK CORP. (hereafter 'the Company') disclosed in the earnings results briefings held on October 29, 2008 and February 5, 2009 the risk regarding the recognition of special loss, amounting to maximum JPY 75 bn, in relation to in-substance redemption before maturity for the outstanding bonds of SOFTBANK MOBILE Corp., a consolidated subsidiary of the Company. This information was also stated in detail in the Consolidated Financial Report for the 2nd quarter and 3rd quarter of fiscal year ended March 31, 2009. (*1)\nThis time, the occurrence of the relevant loss has been confirmed and the special loss will be recorded.\nRedemption of the bonds in scope will be secured through a credit line facility provided by Mizuho Corporate Bank, Ltd. and the Company, and will be executed as scheduled. (*2)\n(*1) Refer to page 30 of 2Q Consolidated Financial Report, and page 29 of 3Q Consolidated Financial report respectively. \n(*2) To be redeemed on August 19, 2010, August 25, 2010, and September 22, 2010 respectively.\n\n\n\nImpact on consolidated earnings\n\n\nThe Company will record special loss amounting to JPY 75.0 bn (impact on net income after tax effects JPY 44.4 bn) in the fiscal year ended March 31, 2009. Net income for the fiscal year ended March 31, 2009 will remain positive after the recognition of this special loss. The consolidated earnings forecasts of operating income and free cash flow announced earlier will not be affected, nor will there be any impact to the Company's stand-alone earnings results.\nThe recognition of this special loss will terminate the risk exposure concerning this matter, no future losses will occur. \n The Company has not entered into any other similar types of transactions. \n\n\n &...