TOKYO--(BUSINESS WIRE)--LINE Corporation (NYSE:LN) (TOKYO:3938) (Headquarters: Shinjuku-ku, Tokyo, Japan; Representative Director and CEO: Takeshi Idezawa; hereinafter the “Company”) announces it has determined the financial impact from the business reorganization announced on February 24, 2017 “Notice Regarding Reorganization of Camera App Business.”
|1. Incurred Other Operating Income|
|(1) Occurrence of Event|
|May 1, 2017 (Effective date of the absorption-type company split)|
|(2) Event Details|
|The Company incurred gains from the transfer of the camera app business of LINE Plus Corporation (Headquarters: Gyeonggi-do, Korea; Representative Director: Joongho Shin), a consolidated subsidiary of the Company, which was acquired through an absorption-type split by Snow Corporation (Headquarters: Gyeonggi-do, Korea; Representative Director: Chang Wook Kim), an equity-method affiliate in which the Company held 25% voting rights ownership.|
|(3) Impact of Event on Results|
10,444 million yen in gains on transfer of a business is reported as “Other Operating Income” in the Q2 2017 consolidated financial results.
This is an English translation of the original Japanese-language document. Should there be any inconsistency between the translation and the original Japanese text, the latter shall prevail.