IR News

【PARK24 Co., Ltd. 】Park24 Announces Change of Subsidiary

TOKYO, Japan, September 28, 2006 -- Park24 Co., Ltd. announced that it has made TPF1 Limited and TPF2 Limited consolidated subsidiaries from the fiscal period ending in October 2007. Both TPF1 Limited and TPF2 Limited were established as special purpose corporations for the purpose of asset liquidation.


1. Reasons for Change

As a result of a stricter application of the scope of consolidation following the release of the Practical Solution on Application of Control Criteria and Influence Criteria to Investment Associations (Accounting Standards Board of Japan, September 8, 2006, Practical Issues Task Force No.20), Park24 has decided to include the following companies in its consolidated results starting this interim fiscal period.


2. Overview of the subsidiaries

(1) Trade name

TPF1 Limited

TPF2 Limited

(2) Place of business

Minato-ku, Tokyo

Chiyoda-ku, Tokyo

(3) Date of foundation

September 3, 2001

August 22, 2003

(4) Main business

Lease of real estate

Lease of real estate

(5) Settlement of Accounts

End of every February

End of every September

(6) Number of employees



(7) Capital

3 million yen

3 million yen

(8) Total number of outstanding shares



(9) Composition of shareholders and shareholdings

TPF1 HOLDING?INC (Cayman)100%

TPF2 HOLDING INC. (Cayman) 100%

(10) Performance trends in the most recent fiscal year




Fiscal Year

Period ended February 2007

Period ended September 2006


Net Sales

292 million yen

444 million yen


Operating Profit

37 million yen

213 million yen


Ordinary Profits

0 million yen

0 million yen


Current Profit

0 million yen

0 million yen


Total Assets

4,357 million yen

7,841 million yen


Net Assets

3 million yen

3 million yen


With respect to the two companies to be included in consolidation, the consolidation will change gross profits, operating profits, ordinary profits, pre-tax profits and other figures, since prior to consolidation, profits and losses were provided via an anonymous association and the portion held by outside investors was accounted for as profits and losses of minority shareholders. However, the consolidation will have no effect on net profits.


For the results of Park24 for this fiscal period, please refer to the interim financial results for the fiscal period ending October 2007, announced today.