SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE13a-16 OR15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of January 2020
Commission File Number:001-37821
LINE Corporation
(Translation of registrant’s name into English)
1-6 Shinjuku4-chome
Shinjuku-ku, Tokyo150-8510, Japan
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form20-F or Form40-F.
Form20-F X Form40-F
Indicate by check mark if the registrant is submitting the Form6-K in paper as permitted by RegulationS-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form6-K in paper as permitted by RegulationS-T Rule 101(b)(7):
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
LINE Corporation | ||
(Registrant) | ||
January 29, 2020 | By: /s/ In Joon Hwang | |
(Signature) | ||
Name: In Joon Hwang | ||
Title: Director and Chief Financial Officer |
January 29, 2020
Company: LINE Corporation
Representative: Takeshi Idezawa, CEO
Stock Code: 3938 (First section of the Tokyo Stock Exchange)
Notice Regarding Recognition of Loss on Valuation of Stocks of Subsidiaries and Affiliates and
Cost Arisen from Cancellation of System Development
LINE Corporation (hereinafter “LINE”) announces that it has recognized a loss on valuation of stocks of subsidiaries and affiliates in the separate financial statements as well as a cost arisen from the cancellation of a system development project in the consolidated financial results for the fiscal year ended December 31, 2019, respectively.
1. | Recognition of loss on valuation of stocks of subsidiaries and affiliates |
LINE has recognized a loss on valuation of stocks of subsidiaries and affiliates in the separate financial results for the fiscal year ended December 31, 2019 as below, since the valuation of these stocks has been significantly decreased:
Loss on valuation of stocks of subsidiaries and affiliates | JPY 8,779 million |
2. | Recognition of cost arisen from cancellation of system development in other operating expenses |
The LINE Group has been in negotiations over the burden of cost incurred for a cancelled system development project. Against this backdrop, the LINE Group has recognized a cost in the consolidated financial results for the fiscal year 2019 as below:
Cost arisen from cancellation of system development (Other operating expenses) | JPY 1,655 million |
3. | Impacts on the financial results |
Out of the aforementioned loss on valuation of stocks of subsidiaries and affiliates, JPY 8,129 million is eliminated or adjusted in consolidation and therefore has no impact on the consolidated financial results. Furthermore, the aforementioned cost is incorporated into the “Summary of Consolidated Financial Results for the Fiscal Year Ended December 31, 2019”, published as of today.