0001AE2005-VWHO

APPRAISAL REPORT

Prepared for
ABC Bank

Prepared by

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May 1, 2005

(Signature)SA
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Takashi Yamaguchi (Appraiser)
Value Workers, Inc.
20-1-303 Kitamachi, Shinjuku, Tokyo, 162-0834, Japan

Pursuant to your request, I have prepared a summary report of a complete appraisal
for the subject property. The attached report details the scope of work, level ofreporting, definition of value, valuation methodology, and pertinent data researched andanalyzed in the development of this appraisal.

(Note)
The forecasts, projections, or operating estimates contained herein are based on
current market conditions, anticipated a continuing depression. These forecasts are,therefore, subject to changes with future conditions.

Table of Contents
Final Opinion, Definition of Value, Effective Date of Appraisal…… P.01
Scope of Work…… P.01
History of Subject Property…… P.01
Identification of the Property…… P.02
Property Right Appraised, Owner on the registry book…… P.03
Date of On-site inspection and Report…… P.03
General Assumptions and Limiting Conditions…… P.03
Purpose, Intended Use of the Appraisal, Intended User(s)…… P.04
Valuing Process…… P.05
1. General Factors which influence the price of real estate…… P.05
2. Location and Transportation…… P.05
3. General Condition of the Area…… P.06
4. General Condition of Subject Property, and Zoning…… P.06
5. Highest and Best Use…… P.08
6. Marketability of Ski resort…… P.09(1) Market trend of leisure related service industries…… P.09(2) Transition of the number of skiing visitors…… P.09(3) Transition of the sales figure of ABC ski resort…… P.10(4) Possibility of the sale of ski resorts…… P.10
7. Application of Appraisal Methods…… P.117-1. Cost Approach…… P.117-2. Market Approach…… P.127-3. Income Approach…… P.13
7-4. Value in the case of closing without transferee…… P.137-5. Reconciliation and Final Opinion of Value…… P.14
Sheet 1-(1)Land sales data comparison sheet
Sheet 1-(2)Building valuation sheet
Sheet 1-(3)Equipments etc., valuation sheet
Sheet 2
DCF method sheet (a)Sheet 3
DCF method sheet (b)Sheet 4
Transition of assets and liabilities, profit and loss, cash flow
Sheet 5
Depreciable assets list
Sheet 6-(1)Disposal price of ski resorts
Sheet 6-(2)Business condition of ski resorts
Area map, Residential map, Public sectional map, Building drawings, Photos
Certification

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-1-. Final Opinion, Definition of Value, Effective Date of Appraisal< Final Opinion of Value >JPY 0. -(In terms of cash)(Under the present market condition, subject property has no market value.)< Definition of Value >For the purpose of this report, market value is defined as:
The most probable price which a property should bring in a competitive
and open market, under all conditions requisite to a fair sale, the buyer andPLEseller each acting prudently and knowledgeably, and assuming the price is
not affected by undue stimulus.

Implicit in this definition are the consummation of a sale as of a specified
date and the passing of title from seller to buyer under conditions whereby:
1. Buyer and seller are typically motivated.

2. Both parties are well-informed or well-advised, and acting in what theySAM

consider their best interests.

3. A reasonable time is allowed for exposure in the open market.
4. Payment is made in terms of cash or in terms of financial arrangements
comparable thereto; and5. The price represents the normal consideration for the property sold
unaffected by special or creative financing or sales concessions granted byanyone associated with the sale.

< Reasonable Exposure Time >Now ski related industries are under serious depression in Japan. I think theprice does not differ by exposure time in this case.
< Effective Date of Appraisal>
May 1, 2005

-2-. Scope of Work
This appraisal has been performed based on the following investigations.
11. This report is developed in compliance with the Uniform Standards ofProfessional Appraisal Practice.
2. I conducted on-site inspection on the subject ski resort.
3. I examined past 20 years' financial statements of the subject ski resort.
4. I collected and examined many recent disposal comparables of ski resorts inJapan.
5. I also examined the market conditions of other leisure related industries.

PLE-3-. History of Subject Property
After developed as a ski resort in 1977, subject property has not beentransferred to any other entities. (Before the development, subject lands wereSAM

parts of forest land.)2

-4-. Identification of the Property
(1)

Land

Address: 976 GH, AB Village, XX Prefecture, Japan<Legal description>(sq.m.: square meter)
Category of lands(1) 976 GH, AB Village, XX Prefecture(2) 978-1 GH, AB Village, XX Prefecture(3) 978-2 GH, AB Village, XX Prefecture(4) 979-2 GH, AB Village, XX Prefecture

Building site
Building site
Building site
Building sitePLE

Lot number

Size (sq.m.)(Registered size)
2,254.01
152.23325.76345.65
Total

3,077.65

SAM(1)(2)(3) are the composite properties of the tourist-facilities-foundation (theclient is mortgagee) on the registry book. But, since (4) is neither a composite
property of the foundation nor the independent collateral, it is not included in thesubject property of the Cost Approach.
Owner of above mentioned lands: ABC ski resort, K.K.
The kind of right to be appraised: Fee Simple.

(2)

Leased land

The self-owned land of ABC ski resort, K.K. is parking lot only. The sites ofbuildings such as hotel, and major skiing grounds are National forest fields(249,227sq.m.).
The National forest field is designated as “Administrative Property”.
As to the “Administrative Property” the “Land and House Lease Law”
(former “Land Lease Law”) is not applied according to the “18-5, National
Property Law”). When the use permission is canceled “duty of restoration tothe original conditions” is imposed for the lessee.
Owner of above mentioned land: JapanThe kind of right to be appraised: Leasehold.

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(3)

Buildings, equipments, and other components of the foundation

See attached sheet 1-(2), 1-(3).
Attached sheets 1-(2), 1-(3) show that which properties are the componentsof the Tourist-Facilities-Foundation (the client is mortgagee), and which
properties are independent collaterals on the registry book.
The buildings and other properties, which are neither composite properties ofthe foundation nor the independent collaterals, are not included as the subject
property in the Cost Approach.

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Owner of above mentioned properties: ABC ski resort, K.K.
The kind of right to be appraised: Fee simple

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-5-. Property Right appraised and the Owner on the registry book
< Property Right Appraised >Land:
Fee Simple [Occupant: Owner]
Buildings, equipments and other components of the foundation:
Fee simple [Occupant: Owner]
Leased land:
Leasehold [Occupant: ABC ski resort, K.K.]< Owner on the registry book > (as of April 20, 2005)

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Land:
Owner: ABC ski resort, K.K.
Leased land:
Owner: Japan

Buildings, equipments and other components of the foundation:

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Owner: ABC ski resort, K.K.

-6-. Date of On-site inspection and Report
April 20, 2005 (Date of on-site inspection) [interior and exterior inspection]
May 1, 2005 (Date of Report)-7-. General Assumptions and Limiting Conditions
This appraisal report has been made with the following general assumptions andlimiting conditions:
1. Appraisal of Tourist-Facilities-Foundation, Building, etc.
Now, ski related industries are under serious depression in Japan, and it isquite difficult to sell ski resorts of which business declined.
So, I estimated not only the market value but also the liquidation value forreference and for the safety of collateral assessment.
2. Although there are buildings (the client is mortgagee) that are not composites ofthe foundation (the client is mortgagee), it is considered to be difficult to disposethem independently, so I estimated them as same as the composite properties ofthe foundation.
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3. Premising of the mortgage erasure at the sale, the property is appraised free andclear of any or all liens or encumbrances (unless otherwise stated).
4. The forecasts, projections, or operating estimates contained herein are based on
current market conditions, anticipated a continued depression. These forecasts
are, therefore, subject to changes with future conditions.
5. Physical test for checking hazardous materials, which may or may not be present
on the properties, has not been performed. The value estimated in this report ispredicated on the assumption that no hazardous materials are on or in theproperties that would cause a loss in value. No responsibility is assumed for suchconditions or for any expertise or engineering knowledge required to discover
them.

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6. Any unknown conditions existing at the time of inspection could alter the value.
No responsibility is assumed for latent defects of any nature which may affectvalue, nor for any expertise required to disclose such conditions.
7. Appraiser who performed this appraisal has no present or prospective interest in
the subject property. Compensation for the appraiser is not contingent on thereporting of a predetermined value or direction in value that favors the cause ofSAM

the client. This appraisal is performed in a manner that is independent, impartial
and objective.

-8-. Purpose, Intended Use of the Appraisal, Intended User(s)Purpose and Intended Use of this appraisal is for valuation of the collateralproperty, and Definition of Value is the fair market value under the condition of
disposal of nonperforming loan. This appraisal is intended for the use of the client
only.

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-9-. Valuing Process
1. General Factors which influence the price of real estate< Factors, such as economy >In Japan, economic depression had continued about 1.5 decades after thecollapse of bubble economy (1990). Government had introduced various
anti-deflation measures. Bank of Japan had continued ultra-low-interest rate
policy.
But the stock price has hit the bottom and the flattening-off trend has become
clear recently. According to the “Cabinet Office Economy Watchers Survey” in< Land price trend >PL
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March 2005, “Japanese economy is picking up moderately”.

Also, in real estate dealing market, after the collapse of the bubble economy(from the second half of the 1980s to 1991), demand had been low under thesluggish economy. Although the transition of land price differs with areas, declineSAM

trend continued for over ten years. But recovery tendency has come to be seen
nowadays.

According to the public survey of land price as of January 1, 2005, national

average of land price declined by 5.0% per year. It declined for 14 consecutive
years.

In three major metropolitan area (Tokyo, Osaka, and Nagoya), land pricedeclined by 3.9%. But decline rate has diminished by 2.0%, and the central areas
have bottomed out. Recovery of the office demand and expansion of the real estate
investment are regarded as the main factor. Also in the local areas decline rate
diminished for the first time in eight years.

2. Location and Transportation
Nearby railroad station:
AB station on the JR East XX line
Direction and distance (in a straight line) from the nearby railroad station:
Northeast, about 15km

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Nearby expressway interchange:
AB Interchange on the XX Expressway
Direction and distance (in a straight line) from the nearby interchange:
Northeast, about 13km

3. General Condition of the Area
AB village is blessed with abundant natural scenery, e.g., AB Field, CD Plateau,
Lake EF, Mt. GH, and IJ hot-spring resorts.
This area had been widely opened for the tourists by the opening of the AB roadPLE

on the LM peak, and the area was connected to the QR sightseeing area. Tourists
increased, and many hotels had been constructed. Moreover, XX Shinkansen
opened in XXXX and AB expressway opened in YYYY. This area had directly
connected to the metropolitan area. Visitors for tennis and ski increased sharply.
Tertiary industry (especially tourist industry) progressed rapidly, reflecting suchcondition.

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But, in recent years, decline tendency is quite remarkable in the number oftourists and skiing visitors, under the influence of the economic depression anddiversification of leisure style.

Although there had been eight ski resorts in AB village (that are, “ABC ski

resort”, “EFG ski resort”, “HIJ ski resort”, “KLM ski resort”, “NOP ski resort”,“QRS ski resort”, “TUV ski resort”, and “XYZ ski resort”), “QRS ski resort” wentbankrupt and was closed in XXXX, and the “XYZ ski resort” is now under the
Civil Rehabilitation procedure.

4. General Condition of Subject Property, and Zoning
The property-specific value influences of subject ski ground are as follows.
(1) Access< By car > 3 to 4 hours from Tokyo
TT interchange (UU express way) -- VV interchange -- (XX high way) 13Km-- YY intersection (ZZ high way) 6Km -- ABC ski resort.
< By train > about 3 hours from Tokyo (including stop over time)
Tokyo station (UU Shinkansen) -- VV station – Bus 1 hour -- ABC ski resort.
8(2) Road conditions< Lot classification >Lot which fronts one road.
< Road >Direction

Width

Pavement

Classification

Ground heightWest side

About 15m

Paved

Public road

Equal level(3) Lot conditions< Topography >Mountains are on the east side and ground level is going down to the west.
Hotel is on the west side.
Difference in elevation: about 520m.
Irregular.

PLE< Shape >< Number of ski courses >9 courses.
< Major ski courses >A ski course: 1200m, Max gradient: 25degrees, Average gradient: 19 degrees.

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B ski course: 760m, Max gradient: 22degrees, Average gradient: 16 degrees.
Mogul course: 720m, Max gradient: 27degrees, Average gradient: 20 degrees.
Snowboard ground: 3 half pipes< Number of lift >7 pair lifts.

<Average snow accumulation >December: 70cm, January: 200cm, February: 250cm, March: 200cm, April:
140cm.

(4) Lifeline< Electric power service >Served< Public water service >Not Served (Using private well water)< Public sewer service >Not Served (Using private septic tank)< City gas service >Not Served (Using private oil supply equipment)(5) Present use of the land
Site of a ski resort.
The property-specific value influences of the hotel are as follows.
< Construction time >December, 1988.
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< Grade of materials and construction >Middle grade as a resort hotel.
< Present use >Building of hotel and office.
< Maintenance and management >Insufficiency of repair is observed.
< Degree of depreciation >Large-scale repair would be needed in the near future.
< Facilities >Guest room: 70
Restaurant: 1
Parking space: 300
Elevator: 1Souvenir shop: 1
Large bath room: 2SA
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Drying room: 1

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Conference room: Large: 1, Middle: 1

Specific zoning classification and description(1) Outside of City Planning Zone. No specific zone is designated.
(2) Large-scale developments are under the local regulation of the "AB Village
Scenery Ordinance".

(3) Subject property does not exist in the “QR National Park Area”, and it is notunder the regulation of “Nature Park Law”.

5. Highest and Best Use＜Highest and Best Use of the land as though vacant＞
I think the Highest and Best Use of subject land as though vacant is forest
land.
＜Highest and Best Use of the property as improved＞
I think the Highest and Best Use of subject land as improved is to be used as
ski resort by an entity which has more operational skills.

106. Marketability of Ski resort(1) Market trend of leisure related service industries
According to the "White Paper on Leisure (written by OPQ Association), themarket trend of leisure related industries is under severe depression.
Almost all types of leisure related industries are without ability to get out ofthe deflationary spirals, such as decrease of visitors, debasement of service price,decrease of sales figure, and fall of profit.
As the whole result of the investigation, the downward tendency is continuingin the number of users, sales, profit, and the visitor unit price, in 17 types ofPLEleisure related industries.
(2) Transition of the number of skiing visitors

Ski resort market condition had worsened rapidly from the latter half of the
1990s. The ski boom has ended. It had sustained the over-supply caused by theSAM

new ski resorts entries in the “bubble period”. And under following depression,
the number of visitors decreased sharply. The visitor unit price has also fallen.
The number of skiing visitors in AB prefecture decreased by 45.4%, last 6 years.

Visitors number of the AB village decreased by 49.9%. Visitors number of ABC
ski resort decreased by 55.5%.

(Transition of the number of skiing visitors in AB prefecture)
Ski resort
ABC ski resort
HIJ ski resort
NOP ski resort
EFG ski resort
QRS ski resort
TUV ski resort
KLM ski resort
XYZ ski resort
AB pre. AB area subtotal
AB pre. CD area subtotal
AB pre. EF area subtotal
AB pre. GH area subtotal
AB pre. IJ area subtotal~2002/5/6
113,062
148,780
88,828346,676
18,972
83,858222,202
121,106
1,143,483
674,348
722,058
317,518494,645~2003/5/6
106,754
131,969
96,607
310,317
17,05682,262
214,417
86,951
1,046,334
634,579
668,830
262,876432,853

94.40%
88.70%
108.80%89.50%
89.90%
98.10%
96.50%
71.80%
91.5 ％
94.1 ％
92.6 ％
82.8 ％
87.5 ％~2004/5/6
95,558137,184
104,251
285,361072,872
217,137
82,228994,592
599,666
642,521292,880
412,926

AB pre. KL area subtotal

417,518

362,876

86.9 ％

392,880

AB pre. MN area subtotal

594,645532,853

89.6 ％

512,92611

89.50%
104.00%107.90%92.00%
0%88.60%
101.30%94.60%
95.1 ％
94.5 ％
96.1 ％
111.4 ％
95.4 ％
108.3％
96.3 ％

AB prefecture total

5,507,700

4,987,533

90.6 ％

4,842,982

97.1 ％(QRS ski resort was closed. XYZ ski resort is under Civil Rehabilitation.)(3) Transition of the sales figure of ABC ski resort
Sales figures of ABC ski resort(1000JPY, persons)

900,000
800,000
700,000
600,000
500,000
300,000
200,000
100,00001993 1994

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400,000

1995 1996 1997 1998

2.HOTEL SALE

2003 2004

3.SKIING VISITOR

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1.SKI SALE

1999 2000 2001 2002

(4) Possibility of the sale of ski resorts
Under this ski resort depression, there are many ski resort companies whichhave heavy deficit and are seeking other entities to transfer their businesses.
However, under the circumstances where deficit accumulates as operation

continues, onerous transferee could not be found easily, and there occurring manybusiness closings.

When based on the Income Approach, a ski resort which does not yield any
cash flow does not have any value. Even if the price is quite low, if the businessdoes not generate any cash flow, it is difficult to find any buyers. In the worst
case, the market value might be estimated to be zero.

7. Application of Appraisal Methods
The market value of a going-business is usually different from the value under thecondition of closing without any transferee.
In the case of going-business, the cash flow which transferee could obtain from the12

property would be the most important factor. But, in the case of closing without any
transferee, the prices of properties which could be sold independently and thedemolishing cost would be the most important factors.
In this appraisal, I applied Cost Approach, Market Approach and Income
Approach to estimate the market value. But I also consider the value in the case ofclosing without any transferee for reference and for the safety of collateral
assessment.

7-1. Cost ApproachPLE(1) Land value
I collected a lot of comparable land sales data in the neighborhood. Then, I chosesome suitable data. And if needed, I have done sale condition adjustment and time
adjustment to make them reliable data.

I compared the subject land with the comparables from the viewpoint ofmarket-specific value influences and property-specific value influences. And I

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estimated the “Value indicated by Sales Comparison Method” of the subject land
for JPY 9,200/sq.m. (See attached sheet 1-(1))
Since the land 979-2 is neither a composite of the foundation, nor an independent

collateral property, it is not included in the subject property in the Cost Approach.
And according to the reasons below, I estimated the leasehold for valueless.
* “Land and House Lease Law (former “Land Lease Law”) is not applied to thenational land.

* Development cost has been already depreciated.
* The whole net income of the subject business is near zero (= these lands are notthought to be contributing to the NOI).
Therefore, the total land value is estimated to be JPY 28,300,000. - .
JPY 9,200/sq.m.

X3,077.65sq.m. =JPY 28,300,000. -(2) Buildings value
Materials of the buildings, grade of construction, trend of construction cost,
reproduction cost and depreciation (based on physical, functional and external
factors, which is estimated by the methods based on economic life andobservation) were examined, and I estimated the subject buildings to be JPY
418,400,000. - (See attached sheet 1-(2))
13(3) Equipments and other components value
Material of the equipments, grade of structure, trend of manufacturing cost,
reproduction cost and depreciation (based on physical, functional and external
factors, which is estimated by the methods based on economic life andobservation) were examined, and I estimated the subject equipments and othercomponents to be JPY 369,000,000. - (See attached sheet 1-(3))(4) The value indicated by Cost Approach (total)
The value of land, buildings, equipments and other components of thefoundation were calculated in (1) (2) (3). And I estimated the “value indicated by

7-2. Market Approach

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Cost Approach” to be JPY 815,700,000.-

I collected transaction data of ski resorts all over the country, and examined theSAMmarketability of subject property.

However, most cases of the middle-scale ski resorts (similar to subject property)

are free transfer (See attached Sheet-5-(1) (2)).
Since the future cash flow might be quite low and investment risk might be quite

high, private companies do not invest to them.
There are seven ski resorts in AB village. But AB village is a small village with

8,500 populations. Moreover, AB village had been participating in the managementof XYZ ski resort which is now under the Civil Rehabilitation Procedure. Therefore,
the transfer to AB village might be difficult even if price is free.
There were some cases in that prefectures took over the business withoutcompensation. But there are also some cases that prefecture (in the financial
difficulties) were reluctant to be the transferee since the business environment of
ski resorts had worsened sharply. Free transfer to XX prefecture (in which many ski
resorts have heavy deficit) is also considered to be difficult.
Onerous transfer of middle-scale ski resort of which operating figures declined isquite difficult under the present market condition.
Therefore, I estimated the “value indicated by Market Approach” to be zero.

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7-3. Income Approach
In Income Approach (DCF method), appraisers have to examine past financial
statements and project future cash flow which subject property would generate.
Future cash flow shall be influenced by various factors, such as transition of
economic conditions, change of administrations, entry and withdrawal of other ski
resorts, operation of other ski resorts, management’s ability, etc. Therefore, I
adopted two scenarios as follows.
(a)When, under the prolonged depression, operating figures continue at low levelas same as FY2004 for next 10 years.
When, operating figures improve from the 2nd year and recover to the

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(b)

FY1999 level in next five years.

Values indicated by the DCF method based on each scenario are below.
(a) Value indicated by Income Approach (scenario (a))(See attached sheet 2)

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JPY 0. -Having no market value(b) Value indicated by Income Approach (scenario (b))
JPY 22,500,000.- (See attached sheet 3)7-4. Value in the case of closing without transferee
I examined the value in the case of closing without any transferee of the subject
ski resort. Most tangible assets other than land (See attached sheet 4) would havemarket value only when they were a composition of the ski resort.
Now whole ski industry in Japan is under severe depression, so, used properties ofthe subject ski resort which could be sold independently seemed to be quite limited.
They are vehicles, some machines and other small sum properties.
On the other hand, when premised on business closing, it is necessary to returnthe leased land to the Nation in the original state. So, the demolition cost (ofbuildings, equipments and other components of the foundation) is needed.
The cost required to restore the national land to the original state (about 300
million yen) far exceeds the total price of the properties which could be sold15

independently (about 10 million yen).

7-5. Reconciliation and Final Opinion of ValueAs above mentioned,
Value indicated by Cost Approach...

JPY 815,700,000.-

Value indicated by Market Approach…

JPY 0.- (no value)

Value indicated by Income Approach (a)...

JPY 0.- (no value)

Value indicated by Income Approach (b)…

JPY 22,500,000.-

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Diversity resulted among indicated values.
“Value indicated by Cost Approach” is estimated by focusing on the costs. It is
indicated by estimating the reconstruction cost of subject property, and deductingfrom it the depreciated value based on physical, functional and external factors.
Special purpose business property with poor versatility, of which businessSAMdeclined under the economical depression, can not be sold for the pricecorresponding to the cost in many cases.
Even if the “Value indicated by Cost Approach” could be an "Asking Price" ofthe transferor, it exceeds the price at which the transferee’s business would go well.
Since if the property could not be sold, seller’s deficit would accumulate farther,

the seller would be under the severe situation that the property must be sold. Fromthe buyer’s side, the reasonable value would be the "Value indicated by Income
Approach".

So the price tends to be set by paying large attention to the "Value indicated by
Income Approach".
On the other hand, when applying the Income Approach, the prospect of future
cash flow would be inevitably accompanied by the problem of uncertainty of
economic transition, etc.
However, under this depression, it is clear by some trial calculation that thetransferee can not be optimistic about the future operation even if the property issold at quite low price.
Transferee’s business also would be very severe if the sales figures continue at
low level in the future. Moreover, there is possibility that the business environment
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might farther decline in the future.
If the business environments do not improve in the future, transferee might be
imposed large risks such as the business closing, demolition of buildings andequipments, and restoration of the national land.
Under such situation, it is quite difficult to get private investors. If not premisedon private sector, there are some cases that public sector took over the ski resort
without compensation. But, in this case, free transfer to the public sector also
seems to be difficult.
In this appraisal, the Market Approach indicates the price level of ski resorts
under this depression. It is corroborating the value indicated by the Income

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Approach.
The client of this appraisal is a financial institution who considers disposal of thecollateral property of bad loan.

Synthetically in consideration of above mentioned items, in this appraisal, the“Value indicated by the Market Approach” and the “Value indicated by Income

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Approach (a)” are considered to be persuasive.

And I estimated the market value, as defined, of the subject property to be JPY 0.-

under present market condition.

(Notes)
The forecasts, projections, or operating estimates contained herein are based on
current market conditions, anticipated a continuing depression. These forecasts are,therefore, subject to changes with future conditions.

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LAND SALES DATA COMPARISON TABLE

Sale Condit-Time ajast-Standard- Market
Property
Indicated Value
A×B×C×D×E Standard priceions (B) ment (C) izing (D) influences(E)influences
category building site
100
99
100
100
A 1231 XX village
713.50㎡
7,010
9,036
size
100
100
80
96
JPY/㎡
JPY/㎡
date Dec. 21, 2004①②
category building site
100
99
100
100
238.00㎡
B 1235 XX village
9,183
9,713
size
60
100
100
156
JPY/㎡
JPY/㎡
date Sep. 17, 2004
⑨
⑩
100
9,200
9,200
category building site
100
96
100
100
100
JPY/㎡
JPY/㎡
C 1237 XX village
483.58㎡
16,783
9,033
size
130
100
98
140
⑪
JPY/㎡
JPY/㎡
date Aug. 26, 2003③④
category building site
100
94
100
100
Ｄ 1240 XX village
15,671142.94㎡
8,982
size
100
100
100
164
JPY/㎡
JPY/㎡
date Dec. 15, 2002⑤⑥
category building site
Pref. Published
98
100
100
100
α
land price, XX－1 size
570㎡
12,700
－
－
9,000
－
100
100
139
100
JPY/㎡
JPY/㎡
1250 XX village date Jul. 01, 2004⑪⑦⑧
Property-specific value influences and standardizing (D)Market-specific value influences (E)Memorandum
Accessi- environ- administAccessi- environ- administment
ment
Road
bility
site
other
total
Road
bilitytotal
ration otherration
100
100
100
100
100
100
100
100
100
100
100
100
100
*1 shapeΔ20*4 usageΔ5
A
100
100
100
100
80
100
80
98
103
95
100
100
96
*2 roadΔ2
*5
*2
*3
*1
①
*5
②
*3 bus stop+3
*4
100
100
100
100
100
100
100
100
100
100
100
100
100
*1
*4 usage+35
B
100
100
100
100
100
100
100
110
105
135
100
100
156
*2 road+10
*5
*1
⑨
*2
*3
⑩
*3 bus stop+5
*4
*5
100
100
100
100
100
100
100
100
100
100
100
100
100
*1 shapeΔ2*4 usage+40
C
100
100
100
100
98
100
98
97
103
140
100
100
140
*2 roadΔ3*4③*5④*3 bus stop+3
*2
*5
*1
*3
*4
100
100
100
100
100
100
100
100
100
100
100
100
100
*1
*4 usage+45
C
100
100
100
100
100
100
100
110
103
145
100
100
164
*2 road+10*5⑤⑥*3 bus stop+3
*2
*3
*5
*1
*4
100
100
100
100
100
100
100
100
100
100
100
100
100
*1
*4 usage+30
α
100
100
100
100
100
100
100
104
103
130
100
100
139
*2 road+4*5⑦⑧*3 bus stop+3
*3
*4
*5
*2
100
100
100
100
100
100
100
Memorandum*1 corner lot+2
100
100
100
100
100
100
100
⑪
*1
irregular shapeΔ2
category, size, date

Sale price(A)

Time ajastment

July/01/2002
July/01/2003
July/01/2004～～～

June/30/2003
June/30/2004
May/01/2005- 2.0％- 2.5％- 2.0％

Sheet-1-(1)Sub.L.

F
a
c
t
o
r
s

SA

M

PL
E

Lot number

C
o
m
p
a
r
i
s
o
n

Sheet-1-(1)Building valuation table
May/01/2005

2 87 Annex 1
3 87 Annex 2
4 102
5 107
90 Main6 building
7 90 Annex 1
8 95
9 101
10 976
11 976-2
12 101-3
13 97

15 96-3
16 104
17
18

Foundation
composite

Mortgageresistration

Made of reinforced concrete,
Hotel
Registeredflat roof, 5-story
Made of wood, zinked steel
Shop
Registeredroof, 1-story
Steel structure, zinked steel Machine
Registeredroof, 1-story
room
Made of reinforced concrete,
Bathroom
Registeredzinked steel roof, 1-story
Wood and steel structure,
Dormitory,
Registeredzinked steel roof, 2-story
Shop
Made of reinforced concrete ,Hotel
Registeredzinked steel roof, 2-story
Made of wood, zinked steel
RoofedRegisteredroof, 1-story
corridorMade of reinforced concrete , Warehouse,
Registered
Rest room
zinked steel roof, 2-story
Steel structure, zinked steel
Hotel
Registeredroof, 2-story
Made of wood, zinked steel
House
Compositeroof, 2-story
Made of wood, zinked steel
Warehouse
Registeredroof, 1-story
Steel structure, zinked steel
Warehouse
Registeredroof, 1-story
Made of wood, zinked steel
LockerRegisteredroof, 1-story
room
Made of wood, zinked steel
Office,Registeredroof, 2-story
Warehouse
Made of reinforced concrete,
Shop
Composite
aluminum roof, 2-story
Made of wood, zinked steel
Shop
Registeredroof, 2-story
Made of wood, zinked steel
Not
Officeroof, 2-story
registered
Made of wood, zinked steel
Not
Officeroof, 1-story
registered

Economic Depreciation Unit value
on observation (JPY/㎡)
Life

Construction
Date

Reconstoruction

12/17/88

212,000

16.00

37.00

50.0%

60,2005,136.14

12/17/88

167,000

16.00

20.00

70.0%

23,400159.333,700,000 Ski Center

12/17/88

167,000

16.00

20.00

50.0%

16,700125.782,100,000 Machine room

Cost (JPY/㎡)

Age

Size
(㎡)

Indicated value(JPY)

Memorandum

309,100,000 Hotel

12/09/81

167,000

23.00

25.00

90.0%

12,000285.503,400,000 Large bathroom

12/21/84

167,000

20.00

25.00

90.0%

30,100447.8013,400,000

12/23/65

182,000

39.00

50.00

90.0%

36,000708.2025,400,000 No.1 Annex

12/23/65

167,000

39.00

25.00

100.0%

0144.870 Roofed corridor

12/05/70

167,000

34.00

25.00

100.0%

059.67

0 Caretaker room

11/30/80

167,000

24.00

25.00

90.0%

6,000

913.98

11/20/76

167,000

28.00

25.00

100.0%

0

197.270 Company house

12/01/79

120,000

25.00

20.00

100.0%

0179.490

12/01/88

120,000

16.00

20.00

50.0%

12,000203.322,400,000 Warehouse

12/01/89

150,000

15.00

20.00

80.0%

30,000157.964,700,000 Locker room

12/27/91

150,000

13.00

20.00

50.0%

26,300199.365,200,000 Caretaker room

02/01/94

180,000

11.00

30.00

80.0%

91,200460.1041,900,000

12/15/84

150,000

20.00

20.00

70.0%

0

229.070 Green Box

169.300 Goal house

212.610

Stuff's
Dormitory

5,400,000 No.2 Annex

No.2
Warehouse

Lodge
Restaurant

Information
officeSheet-1-(2)- P.1

14 101-2

CategoryPL
E

87 Main1 building

Structure

M

Building
Number

SA

No.

No.

Building
Number

Structure

CategoryFoundation
composite

Mortgageresistration

Steel structure, zinked steel
Not
Warehouseroof, 1-story
registered
Made of wood, zinked steel
Operation
Registeredroof, 1-story
room
20 89
Made of wood, zinked steel
Operation
Registeredroof, 1-story
room
21 88
Steel structure, steel roof, 1- Machine
Registered
story
room
22 90-7
Made of wood, zinked steel
Operation
Registeredroof, 1-story
room
23 96
Made of wood, zinked steel
Operation
Registeredroof, 1-storyroom
24 96-2
Made of wood, zinked steel
Operation
108 Main
Registeredroof, 1-storyroom
25 building
Steel structure, steel roof, 1- Machine
Registeredroom
26 108 Annex 1 story
Made of wood, zinked steel
Operation
Registeredroom
27 108 Annex 2 roof, 1-story
Made of wood, zinked steel
Operation
Compositeroof, 1-storyroom
28 98-2

Construction
Date

Reconstoruction
Cost (JPY/㎡)

Age

Economic Depreciation Unit value
on observation (JPY/㎡)
Life

19

Size
(㎡)

Indicated value(JPY)

469.220

Memorandum

Heavy machine
shed

100,000

16.00

20.00

70.0%

14,00016.62

200,000 No.1 Pair lift

12/08/88

100,000

16.00

20.00

70.0%

14,00016.62

200,000 No.2Ａ Pair lift

12/10/78

100,000

26.00

20.00

100.0%

018.46

0 No.2Ｂ Pair lift

12/04/91

100,000

13.00

20.00

50.0%

17,50057.11

900,000 No.3 Pair liftPLE

12/08/88

100,000

13.00

20.00

50.0%

17,50014.96

200,000 No.3 Pair lift

12/22/84

100,000

20.00

20.00

100.0%

017.45

0 No.6 Pair lift

09/06/85

100,000

20.00

20.00

100.0%

013.49

0 No.6 Pair lift

09/06/85

100,000

20.00

20.00

100.0%

013.31

0 No.6 Pair lift

12/08/88

100,000

16.00

20.00

80.0%

16,00016.62

200,000 No.4 Pair lift

Total

10,643.61

418,400,000

SAM

12/04/91

Sheet-1-(2)- P.2

Equipments, Machineries, Vehicles
Valuation table
Sheet-1-(3)Equipments
Category(JPY)

in totalin totalin totalin totalin totalin totalin totalin totalin totalin totalin totalin totalin totalin total
Sub-total

PLE

1 Fuel tank, Water storage tank, Other structures
2 Water reservoir
3 No.1 Pair lift column
4 No.2 Pair lift column
5 No.3 Pair lift column
6 No.4 Pair lift column
7 No.5 Pair lift column
8 No.6 Pair lift column
9 No.5 Pair lift platform
10 Night ski lighting
11 Half pipe
12 Fuel facility, Retaining wall, Electric equipment, Other structures
13 Guidance signboard
14 Pole, Ditch, Communication equipment, Other Structures

Quantity indicated value

Machinery

Category

SAM

1 No.1 Pair lift machine
2 No.2 Pair lift machine
3 No.3 Pair lift machine
4 No.4 Pair lift machine
5 No.5 Pair lift machine
6 No.6 Pair lift machine
7 Snowfall machine compressor
8 Snowfall machine water coveyance pump
9 Snowfall machine fuel pump
10 Snowfall machine pressure water coveyance pump
11 Snowfall machine turbine booster pump
12 Snow blower, Automatic snowfall machine, Other machineries

66,500,000
7,600,000
3,800,000
9,500,000
10,500,000
2,900,000
28,500,000
11,400,000
23,800,000
6,700,000
3,800,000
2,900,000
1,900,000
9,500,000
189,300,000

Quantity indicated value

in totalin totalin totalin totalin totalin totalin totalin totalin totalin totalin totalin total
Sub-total

Memorandum(JPY)

Memorandum

4,800,000
9,500,000
57,000,000
4,800,000
33,300,000
2,900,000
14,300,000
4,800,000
1,900,000
1,900,000
2,900,000
14,300,000
152,400,000

VehiclesCategory
1 No.1 Pair lift carrier
2 No.2 Pair lift carrier
3 No.3 Pair lift carrier
4 No.5 Pair lift carrier
5 No.7 Pair lift carrier
6 Snowmobile
7 Snow plow truck
8 Compact bus
9 Car

Total indicated value

Quantity indicated value(JPY)

in totalin totalin totalin totalin totalin totalin totalin totalin total
Sub-total

9,500,000

9,500,000

JPY 369,000,000

Memorandum■ DCF method table

Sheet-2（In the case that the same sales level as FY2004 would continue）（JPY）

CategoryYear

1st year

2nd year

3rd year

4th year

5th year

6th year

7th year

8th year

9th year

10th year

517,098,653

517,098,653

517,098,653

517,098,653

517,098,653

517,098,653

517,098,653

517,098,653

517,098,653

517,098,653

Time of resale

IncomeBusiness sales
Other income
Sub-total

10,604,073

10,604,073

10,604,073

10,604,073

10,604,073

10,604,073

10,604,073

10,604,073

10,604,073

10,604,073

527,702,726

527,702,726

527,702,726

527,702,726

527,702,726

527,702,726

527,702,726

527,702,726

527,702,726

527,702,726

100,697,217

100,697,217

100,697,217

100,697,217

100,697,217

100,697,217

100,697,217

100,697,217

100,697,217

100,697,217

ExpenseBusiness cost

21,474,531

21,474,531

21,474,531

21,474,531

21,474,531

21,474,531

21,474,531

21,474,531

21,474,531

21,474,531

172,185,748

172,185,748

172,185,748

172,185,748

172,185,748

172,185,748

172,185,748

172,185,748

172,185,748

172,185,748

Administrative expenses(except depreciation cost)

146,824,945

146,824,945

146,824,945

146,824,945

146,824,945

146,824,945

146,824,945

146,824,945

146,824,945

146,824,945

Capital expenditures

216,500,000

116,500,000

116,500,000

116,500,000

116,500,000

116,500,000

116,500,000

116,500,000

116,500,000

116,500,000

657,682,441

557,682,441

557,682,441

557,682,441

557,682,441

557,682,441

557,682,441

557,682,441

557,682,441

557,682,441

Cash Flow (CF)

0 -129,979,715-29,979,715-29,979,715-29,979,715-29,979,715-29,979,715-29,979,715-29,979,715-29,979,715-29,979,715

CF (present value)

0 -113,025,839-22,668,972-19,712,149-17,140,999-14,905,217-12,961,058-11,270,485-9,800,422-8,522,106-7,410,527

Sub-total

PL
E

Selling expenses
Personnel expenses-237,417,775

Indicated value\-297,400,000 （Total CF (present value)＋Resale price (present value)）M

Total CF (present value)

15.0%

Cap Rate (before tax) = (M x Rm) + (1-M) x Re = (0.3 x 0.04) + (1-0.3) x 0.20 = 0.15

0.0%

Where: M = Loan-to-Value Ratio, Rm = Mortgage Constant, Re = Equity Requirement

Terminal risk rate

2.0%

Since this is a quite high risk loan, Loan-to-Value Ratio is set to be 30%.

SA

Capitalization rate
Rate of growth（Capital expenditure before the management turned worse）
Transition of fixed assets acquisition…Ａ Transition of deferred assets acquisition…Ｂ
GroundResearch,
Repairimprovement development
887,438
381,042,215
121,107,897
225,507,476
439,449,452
122,877,225
220,539,783
225,196,874
56,082,648
47,920,721
184,061,173

FY 1988
FY 1989
FY 1990
FY 1991
FY 1992
FY 1993
FY 1994
FY 1995
FY 1996
FY 1997

191,162,214
38,057,762
17,597,930
21,478,773
217,897,955
11,782,524
7,521,938
3,951,000
13,199,550
1,261,575
52,391,1220001,850,0000770,000
233,00000402,400
325,540

0
0
0
0
0
0
0
0
0
0
0

192,049,652
419,099,977
138,705,827
248,836,249
657,347,407
135,429,749
228,294,721
229,147,874
69,282,198
49,584,696
236,777,835

Resale price-242,823,742

Resale price (present value)-60,022,315

FY 2004, Capitalized investment
No.3 lift slowdown gearbox OH
High-speed lift compressor tools OH
High-speed lift compressor crane OH
Treading snow firm car OH
Other investment
Total

14,500,000
7,300,000
1,850,000
4,550,000
028,200,000

In FY 1988, No.3 lift construction
179,462,214
In FY 1989, No.3 lift construction
375,633,787
In FY 1991, Restaurant construction
172,465,693
In FY 1992, Ground maintenance
171,800,638
In FY 1992, No.5 lift reconstruction
303,477,715
Cost under the facilities status quo
116,493,830
For transfee's natural capital expenditure, I added up\116,500,000 /year.
For the first year, I added JPY 100,000,000 for a renewal cost.

Sheet-2

FY 1988
FY 1989
FY 1990
FY 1991
FY 1992
FY 1993
FY 1994
FY 1995
FY 1996
FY 1997
Average for ten years

A+B-39,979,715

■ DCF method table

Sheet-3（In the case, market condition improves）（JPY）

CategoryYear

1st year

2nd year

3rd year

4th year

5th year

6th year

7th year

8th year

9th year

10th year

517,098,653

584,054,532

666,413,096

673,461,991

832,610,914

832,610,914

832,610,914

832,610,914

832,610,914

832,610,914

Time of resale

IncomeBusiness sales
Other income
Sub-total

10,604,073

5,893,311

6,000,000

6,000,000

6,000,000

6,000,000

6,000,000

6,000,000

6,000,000

6,000,000

527,702,726

589,947,843

672,413,096

679,461,991

838,610,914

838,610,914

838,610,914

838,610,914

838,610,914

838,610,914

100,697,217

106,216,850

108,002,152

120,176,280

124,995,416

124,995,416

124,995,416

124,995,416

124,995,416

124,995,416

ExpenseBusiness cost

21,474,531

15,262,593

18,236,936

19,089,593

27,187,963

27,187,963

27,187,963

27,187,963

27,187,963

27,187,963

172,185,748

168,473,913

188,499,064

228,821,465

262,835,792

262,835,792

262,835,792

262,835,792

262,835,792

262,835,792

Administrative expenses(except depreciation cost)

146,824,945

163,386,201

172,074,329

224,618,294

278,473,431

278,473,431

278,473,431

278,473,431

278,473,431

278,473,431

Capital expenditures

216,500,000

116,500,000

116,500,000

116,500,000

116,500,000

116,500,000

116,500,000

116,500,000

116,500,000

116,500,000

657,682,441

569,839,557

603,312,481

709,205,632

809,992,602

809,992,602

809,992,602

809,992,602

809,992,602

809,992,602

Cash Flow (CF)

0 -129,979,715

20,108,286

69,100,615-29,743,641

28,618,312

28,618,312

28,618,312

28,618,312

28,618,312

28,618,312

CF (present value)

0 -113,025,839

15,204,753

45,434,776-17,006,023

14,228,359

12,372,486

10,758,684

9,355,377

8,135,110

7,074,009

Sub-total

PL
E

Selling expenses
Personnel expenses-7,468,308

Indicated value\22,500,000 （Total CF (present value)＋Resale price (present value)）M

Total CF (present value)

15.0%

Cap Rate (before tax) = (M x Rm) + (1-M) x Re = (0.3 x 0.04) + (1-0.3) x 0.20 = 0.15

1.0%

Where: M = Loan-to-Value Ratio, Rm = Mortgage Constant, Re = Equity Requirement

Terminal risk rate

2.0%

Since this is a quite high risk loan, Loan-to-Value Ratio is set to be 30%.

SA

Capitalization rate
Rate of growth（Capital expenditure before the management turned worse）
Transition of fixed assets acquisition…Ａ Transition of deferred assets acquisition…Ｂ
GroundResearch,
Repairimprovement development
887,438
381,042,215
121,107,897
225,507,476
439,449,452
122,877,225
220,539,783
225,196,874
56,082,648
47,920,721
184,061,173

FY 1988
FY 1989
FY 1990
FY 1991
FY 1992
FY 1993
FY 1994
FY 1995
FY 1996
FY 1997

191,162,214
38,057,762
17,597,930
21,478,773
217,897,955
11,782,524
7,521,938
3,951,000
13,199,550
1,261,575
52,391,1220001,850,0000770,000
233,00000402,400
325,540

0
0
0
0
0
0
0
0
0
0
0

192,049,652
419,099,977
138,705,827
248,836,249
657,347,407
135,429,749
228,294,721
229,147,874
69,282,198
49,584,696
236,777,835

Resale price

121,350,639

Resale price (present value)

29,996,022

FY 2004, Capitalized investment
No.3 lift slowdown gearbox OH
High-speed lift compressor tools OH
High-speed lift compressor crane OH
Treading snow firm car OH
Other investment
Total

14,500,000
7,300,000
1,850,000
4,550,000
028,200,000

In FY 1988, No.3 lift construction
179,462,214
In FY 1989, No.3 lift construction
375,633,787
In FY 1991, Restaurant construction
172,465,693
In FY 1992, Ground maintenance
171,800,638
In FY 1992, No.5 lift reconstruction
303,477,715
Cost under the facilities status quo
116,493,830
For transfee's natural capital expenditure, I added up\116,500,000 /year.
For the first year, I added JPY 100,000,000 for a renewal cost.

Sheet-3

FY 1988
FY 1989
FY 1990
FY 1991
FY 1992
FY 1993
FY 1994
FY 1995
FY 1996
FY 1997
Average for ten years

A+B

18,804,495

Sheet-4

Transition of assets and liabilities, profit and loss, cash flow

Since this report is a sample,

SA
M

PL
E

this page is intentionally excluded.

Sheet-5- P.1

Depreciable assets list
(Depreciation is suspended because of management aggravation.)
Acquisition Useful
Assets
Age
date
life
Hotel 2nd～4th floor. Carpet removal.
200ｔ water storage tank aqueduct.
200ｔ water storage tank pump.
50ｔ tank water supply.
ＡAA-course. Middle pump replacement.
CD Karaoke machine.
ＩＨＩ mini back hoe ＩＳ35Ｊ.
MS-type swirl pump.
York Snow blower (1).
York Snow blower (2).
York Snow blower (3).
Acrylic information board.
Acrylic illumination signboard.
Lodge-restaurant. Air conditioner.
Lodge-restaurant. Aeroliser installation.
Lodge-restaurant. Water supply and drainage.
Lodge-restaurant. Kitchen apparatus.
Lodge-restaurant. Rice cooker.
Lodge-restaurant. Heating equipment.
Lodge-restaurant. Electric equipment.
Lodge-restaurant. Outside telephone wire.
Lodge-restaurant. Drainage.
Isuzu Elf dump truck.
Isuzu Fago （used car）.
Information amplifier.
Information house remodeling.
Information house. Upper passage waterproofing.
Air conditioner.
Ebara Underwater pump （400ｔ）.
Elevator oil packing replacement.
Gas oven.
Gas range.
Cutting machine.
BBB-course. Speaker electric wire.
BBB-course. Prefab house.
BBB-course. Electric wire.
BBB-course. Speaker electric wire.
Campground. Electric wire laying under the ground.
Cubicle trestle.
Grease trap overhaul.
Gelande. Information board.
Gelande. Snow fall plumbing.
Coin-operated locker 6.
Goal house.
Goal house. Power supply.
Goal house. Clock, speaker.
Goal tent.
FFF-Gelande. Water pipe.
Rubber crawl car.
Container rack cart 2.
Compressor room.
Compressor cabin.
Systematical bookshelf.
Carpet washing machine.
Shredder.

SA
M

Equipments No.1
Structures No.2
Machinery
Structures No.2
Machinery
Equipments No.2
Machinery
Facilities No.1
Machinery
Machinery
Machinery
Structures No.2
Structures No.2
Machinery
Facilities No.1
Facilities No.1
Machinery
Equipments No.2
Facilities No.1
Facilities No.1
Structures No.2
Facilities No.1
Vehicles
VehiclesEquipments No.2
Facilities No.2
Buildings No.1
Equipments No.1
Machinery
Facilities No.1
Equipments No.2
Equipments No.2
Equipments No.1
Structures No.1
Buildings No.1
Structures No.1
Structures No.1
Structures No.1
Structures No.1
Facilities No.1
Structures No.1
Structures No.1
Equipments No.1
Buildings No.1
Structures No.1
Equipments No.2
Equipments No.2
Structures No.1
Machinery
Equipments No.2
Buildings No.1
Buildings No.1
Equipments No.1
Equipments No.1
Equipments No.1

Jan. 1999
Dec. 1988
Dec. 1988
Dec. 1986
Nov. 2000
Dec. 1997
Sep. 2000
Apr. 1997
Jan. 2001
Jan. 2001
Jan. 2001
Dec. 1987
Nov. 1984
Jan. 1996
Dec. 1995
Feb. 1996
Dec. 1995
Jan. 1996
Feb. 1996
Feb. 1996
Dec. 1995
Feb. 1996
Jul. 1999
Nov. 2000
Feb. 1996
Feb. 1995
Dec. 2002
Jul. 2000
Nov. 1994
Oct. 2002
Feb. 1988
Feb. 1988
May. 1999
Dec. 2000
Feb. 1999
Mar. 1999
Dec. 2001
Jun. 2000
Dec. 1992
May. 1995
Nov. 1999
Dec. 1994
Dec. 1990
Jan. 1998
Jan. 1998
Jan. 1998
Aug. 1998
Nov. 1994
Jun. 1995
Dec. 1990
Dec. 1986
Oct. 1984
Sep. 1995
Nov. 1999
Dec. 1997

3.0
10.0
15.0
15.0
17.0
5.0
5.0
15.0
10.0
10.0
10.0
20.0
0.0
12.0
15.0
15.0
9.0
6.0
15.0
15.0
13.0
15.0
0.0
0.0
0.0
18.0
39.0
6.0
17.0
17.0
0.0
0.0
5.0
10.0
7.0
10.0
10.0
15.0
36.0
15.0
20.0
8.0
10.0
26.0
15.0
5.0
0.0
8.0
0.0
10.0
22.0
20.0
15.0
6.0
5.0

PL
E

Category

5.0
15.0
15.0
17.0
3.0
6.0
4.0
7.0
3.0
3.0
3.0
16.0
19.0
8.0
8.0
8.0
8.0
8.0
8.0
8.0
8.0
8.0
5.0
3.0
8.0
9.0
1.0
4.0
9.0
2.0
16.0
16.0
5.0
3.0
5.0
5.0
2.0
4.0
11.0
9.0
4.0
9.0
13.0
6.0
6.0
6.0
6.0
9.0
9.0
13.0
17.0
20.0
9.0
4.0
6.0

(JPY)

Acquisition
Book value
cost
173,500
338,260
1,340,000
4,800,000
1,313,500
790,000
3,500,000
780,000
633,333
633,333
633,334
255,000
187,500
7,719,000
2,100,361
35,427,406
10,075,889
1,638,200
19,343,246
7,187,661
433,000
30,582,525
394,117229,107
1,155,000
1,902,913
303,000
266,990
1,957,500
470,000
662,800
730,000
598,000
896,980
436,893
1,200,000
546,000
1,067,961
114,000
485,437
828,000
2,243,420
667,200
13,440,000
1,682,620
1,543,120
280,000
327,670
7,450,000
217,460
192,295
255,610726,300
570,000
333,800

8,675
18,683
199,327
534,927
772,185
39,500371,343
259,068
268,046
268,046
268,046
54,654
9,375
1,745,407
640,668
10,926,354
1,426,251
89,694
5,965,755
2,216,787
109,904
9,432,118
19,705
11,45557,750675,024
290,253
52,845641,314358,201
33,14036,50048,785371,92168,757333,186
285,128
551,374
64,282
142,316
469,705
204,009
66,0107,384,444
599,799
77,156
14,00029,388372,500
21,516
9,052
12,780217,851
86,746
16,690Sheet-5- P.2
Dec. 1990
Dec. 1990
Oct. 2001
Jan. 2000
Jan. 1998
Dec. 1995
Nov. 1996
Dec. 1998
Dec. 1998
Nov. 1996
Feb. 1999
Dec. 2000
Jan. 2000
Dec. 2000
Sep. 1998
May. 1995
Jan. 2000
Jul. 1998
Jul. 1998
Jul. 1997
Nov. 1996
Nov. 1996
Jan. 1998
Jan. 1998
Jan. 1998
Jan. 1998
Jan. 1998
Jan. 1998
Jan. 1998
Mar. 1993
Dec. 1999
Dec. 1999
Jan. 1998
Jan. 1998
Jan. 1998
Jan. 1998
Apr. 2000
Jan. 1996
May. 1997
May. 2000
Dec. 1986
Dec. 1987
Jan. 1986
Jan. 1997
Jul. 2000
Dec. 2001
Dec. 2002
Aug. 1999
Aug. 1999
Aug. 2000
Aug. 1999
Aug. 1999
Jul. 1998
Aug. 1999
Aug. 1999
Aug. 1999
Aug. 1999
Aug. 1999
Aug. 1999
Jul. 1998
Jul. 1998
Jul. 1998

24.0
10.0
20.0
15.0
0.0
10.0
12.0
10.0
10.0
12.0
4.0
4.0
4.0
4.0
6.0
15.0
5.0
5.0
15.0
15.0
15.0
10.0
10.0
10.0
10.0
10.0
10.0
10.0
10.0
10.0
15.0
15.0
17.0
17.0
15.0
18.0
6.0
0.0
5.0
0.0
12.0
12.0
12.0
10.0
4.0
5.0
5.0
30.0
10.0
10.0
10.0
3.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

PL
E

Ski Center building.
Rental ski dressing room. Signboard.
Skiing ground. Signboard.
Skiing ground. Drainage.
Start point tent.
Snow blower.
Snow blower.
Snow blower.
Snow blower.
Snow jet nozzl.
Snowmobile.
Snowmobile FT410PT.
Snowmobile PZ480 SP.
Snowmobile VX600LT.
Subaru Impressa wagon.
Springer S200.
Seiko CT400.
Zenoa auto mowing machine.
Ceramic running water machine.
CCC-course. Gutter frame.
CCC-course. Gutter.
CCC-course. Lock fence.
CCC-course. Fixed snow blower (1).
CCC-course. Fixed snow blower (1).
CCC-course. Fixed snow blower (2).
CCC-course. Fixed snow blower (2).
CCC-course. Fixed snow blower (3).
CCC-course. Fixed snow blower (4).
CCC-course. Fixed snow blower (5).
CCC-course. Broadcast equipment.
CCC-course. Plumbing.
CCC-course. Plumbing repair.
CCC-course. Cubicle.
CCC-course. Water pump.
CCC-course. Plumbing.
CCC-course. Pump room.
Toyota Calib 63‐04.
Toyota Hi ace.
Toyota Hi lux.
Toyota Hi lux W （used car）.
Night ski lighting repair.
Night ski lighting repair.
Night ski lighting.
Night competition communication equipment.
Nissan Laurel 71－20.
Network cameras.
Network cameras renewal.
Half pipe. Underdrain.
Half pipe. Snow ace laying.
Half pipe lip
Half pipe. Sprinkling equipment.
Barbecue tent (correction）.
Tent for barbecue 1.
Tent for barbecue 10.
Tent for barbecue 11.
Tent for barbecue 12.
Tent for barbecue 13.
Tent for barbecue 14.
Tent for barbecue 15.
Tent for barbecue 2.
Tent for barbecue 3.
Tent for barbecue 4.

SA
M

Buildings No.2
Equipments No.2
Structures No.2
Structures No.1
Equipments No.2
Machinery
Machinery
Machinery
Machinery
Machinery
Vehicles
Vehicles
Vehicles
Vehicles
VehiclesFacilities No.1
Equipments No.2
Machinery
Facilities No.1
Structures No.1
Structures No.1
Structures No.1
Machinery
Machinery
Machinery
Machinery
Machinery
Machinery
Machinery
Structures No.1
Structures No.1
Structures No.1
Machinery
Machinery
Structures No.1
Buildings No.1
Vehicles
Vehicles
Vehicles
Vehicles
Structures No.1
Structures No.1
Structures No.1
Structures No.1
VehiclesEquipments No.1
Equipments No.1
Structures No.1
Structures No.1
Structures No.1
Structures No.1
Equipments No.2
Equipments No.2
Equipments No.2
Equipments No.2
Equipments No.2
Equipments No.2
Equipments No.2
Equipments No.2
Equipments No.2
Equipments No.2
Equipments No.2

13.0
13.0
3.0
4.0
6.0
8.0
7.0
5.0
5.0
7.0
5.0
3.0
4.0
3.0
6.0
9.0
4.0
6.0
6.0
7.0
7.0
7.0
6.0
6.0
6.0
6.0
6.0
6.0
6.0
11.0
4.0
4.0
6.0
6.0
6.0
6.0
4.0
8.0
7.0
4.0
17.0
16.0
18.0
7.0
4.0
2.0
1.0
5.0
5.0
4.0
5.0
5.0
6.0
5.0
5.0
5.0
5.0
5.0
5.0
6.0
6.0
6.0

6,860,000
163,518
428,572
1,611,924
400,000
1,250,000
950,000
1,500,000
1,500,000
801,000
890,940
798,000
639,000
1,016,500
1,426,000
3,870,000
2,500,000
3,800,000
2,080,000
7,029,126
2,956,644
3,340,000
1,706,568
925,392
1,706,568
925,393
1,706,568
1,706,568
1,706,570
290,000
3,060,757
2,559,906
7,059,424
6,814,255
24,800,523
1,321,989
1,988,200
1,957,000
1,597,404
1,359,223
2,000,000
707,000
7,000,000
423,660
1,271,680
540,000
1,401,200
628,915
8,458,450
1,250,000
5,390,697
182,349
240,000
264,296264,296264,296264,296264,296264,292
240,000
240,000
240,000

2,733,386
17,934
303,151
780,530
20,000185,274
230,197
392,103392,103
194,093
44,547
89,94842,806
114,576
138,454
1,134,554
167,748
190,000
800,369
2,370,364
956,963
609,674
361,545
196,050
361,545
196,050
361,545
361,545
361,546
33,892
1,462,457
1,223,146
2,827,377
2,729,184
8,840,549
558,685
359,408
97,85079,87067,961
223,973
85,027735,141
78,600112,969
148,893612,279
422,9222,577,632
479,757
1,642,764
9,117
12,00013,214
13,214
13,214
13,214
13,214
13,21412,00012,00012,000Sheet-5- P.3
Jul. 1998
Aug. 1999
Aug. 1999
Aug. 1999
Aug. 1999
Nov. 2000
Nov. 2000
Dec. 1995
Jan. 1989
Dec. 1990
Jan. 2000
Aug. 1970
Dec. 2001
Dec. 1998
Dec. 1994
Mar. 1990
Jul. 1997
Feb. 1995
Oct. 1984
Jan. 1999
Jan. 1999
Dec. 1997
Jan. 2000
Jan. 2000
Nov. 2002
Jan. 2003
Dec. 1990
Apr. 1997
Apr. 1997
Oct. 2000
May. 1991
Jan. 1999
Sep. 2000
Sep. 2000
Jul. 1999
Nov. 1994
Dec. 1997
Dec. 2001
Dec. 1990
Jan. 2001
Dec. 1981
Aug. 1996
Mar. 1997
Nov. 2001
Feb. 1996
Dec. 1994
Dec. 1990
Dec. 1999
Oct. 2001
Jun. 1999
Dec. 1996
Jan. 1995
Jan. 2001
Jan. 2001
Jan. 2001
Jan. 2001
Jan. 2001
Nov. 1994
Jan. 2001
Dec. 2000
Dec. 1992
Dec. 1967

0.0
0.0
0.0
0.0
0.0
6.0
6.0
6.0
10.0
10.0
26.0
0.0
2.0
5.0
18.0
0.0
18.0
18.0
15.0
15.0
0.0
18.0
47.0
18.0
17.0
6.0
0.0
20.0
15.0
15.0
10.0
0.0
5.0
5.0
0.0
0.0
0.0
10.0
0.0
3.0
22.0
0.0
0.0
3.0
22.0
15.0
10.0
15.0
15.0
15.0
7.0
10.0
15.0
15.0
15.0
15.0
24.0
10.0
24.0
0.0
8.0
40.0

PL
E

Tent for barbecue 5.
Tent for barbecue 6.
Tent for barbecue 7.
Tent for barbecue 8.
Tent for barbecue 9.
Personal computer PC‐98.
Personal computer PC‐98.
Personal computer.
Passing cart 2.
Passing cart 4.
Patrol staff room reconstruction.
Piano.
Prenote ｔ4ｓ (used machine).
Prenote No.2 tiller remodeling .
Prefab pump cabin.
Prefab cold store.
Front office room. Window frame repair.
Boiler room construction.
Boiler room. Electrical distribution.
Boiler room. Oil tank.
Oil loader LK500（used machine）.
Hose shed.
Hotel. Front steps construction.
Hotel. Partition.
Hotel. Heating pump replacement.
Hotel. Emergency battery equipment.
Hotel. Signboard.
Pump cabin.
Pump control board.
Pump water plumbing.
Menu stand 2.
Menu colton box.
Morooka Shovel ＭＳ44(1).
Morooka Shovel ＭＳ44(2).
Morooka ＭＳ45 rubber caterpillar replacement .
Yamaha Four-wheel drive buggy.
Yamaha Snowmobile.
Yodel Counter transfer.
Yodel Signboard.
Lift tire axis decomposition and assemble tools.
Lift ticket gate.
Laser Karaoke machine.
Restaurant. Carpet re-covering.
Restaurant. Carpet.
Restaurant. Construction.
Restaurant. Washing place power supply.
Restaurant. Signboard.
Lesson gelande high landLesson gelande plumbing
Rental power supply.
Rental drying room repair.
Rental boots rack.
Rental house. Sanitary equipment.
Rental house. Water supply and drainage.
Rental house. Heating equipment.
Rental house. Electric equipment.
Rental house repair
Rental house. Parking lot tollgate.
Rental house. Boiler room.
Rotary snow plow truck （used car）.
Locker 5.
Lodge.

SAM

Equipments No.2
Equipments No.2
Equipments No.2
Equipments No.2
Equipments No.2
Equipments No.1
Equipments No.1
Equipments No.1
Equipments No.2
Equipments No.2
Buildings No.1
Equipments No.1
Machinery
Machinery
Buildings No.1
Equipments No.2
Buildings No.1
Buildings No.1
Facilities No.1
Facilities No.1
Machinery
Buildings No.1
Buildings No.1
Buildings No.1
Machinery
Machinery
Equipments No.1
Buildings No.1
Facilities No.1
Structures No.1
Equipments No.2
Equipments No.2
Machinery
Machinery
Machinery
Vehicles
VehiclesFacilities No.1
Equipments No.2
Equipments No.2
Buildings No.1
Equipments No.2
Equipments No.2
Equipments No.2
Buildings No.1
Facilities No.1
Equipments No.2
Structures No.1
Structures No.1
Facilities No.2
Buildings No.2
Equipments No.2
Facilities No.2
Facilities No.2
Facilities No.2
Facilities No.2
Buildings No.2
Facilities No.2
Buildings No.2
VehiclesEquipments No.1
Buildings No.1

6.0
5.0
5.0
5.0
5.0
3.0
3.0
8.0
15.0
13.0
4.0
34.0
2.0
5.0
9.0
14.0
7.0
9.0
20.0
5.0
5.0
6.0
4.0
4.0
1.0
1.0
13.0
7.0
7.0
4.0
13.0
5.0
4.0
4.0
5.0
9.0
6.0
2.0
13.0
3.0
22.0
8.0
7.0
2.0
8.0
9.0
13.0
4.0
3.0
5.0
7.0
9.0
3.0
3.0
3.0
3.0
3.0
9.0
3.0
3.0
11.0
36.0

240,000
264,296264,296264,296264,296
265,500
265,500
650,000
239,040
478,080
667,116
197,000
516,600
2,870,000
254,000
550,000
270,043
201,471
209,120
1,020,134
3,000,000
2,000,000
2,470,023
218,929600,000
1,900,000
79,167
234,000
550,000
1,422,740
290,000
465,000
3,201,456
3,201,457
680,100
577,000
786,600
1,464,000
116,862
408,882
1,500,000
497,459
4,493,204
948,500
78,286,655
221,760
508,444667,8011,500,000
690,000
580,000
5,596,000
642,262
1,035,067
1,370,221
2,224,881
7,427,569
1,183,000
3,539,859
4,300,000
483,438
31,386,820

12,00013,214
13,214
13,214
13,21459,33359,33332,50023,65147,301
437,804
9,850
25,830207,644
88,81927,500108,997
74,18812,409423,829
150,000
835,928
1,955,809
119,476
462,821984,335
3,958
101,974
182,678
771,038
28,692
23,250339,668
339,668
34,00528,85039,330764,518
5,843
24,42775,001
24,872
224,660
103,875
35,189,262
63,13655,756
319,082
947,444
305,654
51,983846,127
362,469
584,153
773,300
1,255,636
5,176,712
173,579
2,467,138
215,000
28,303
4,206,971

Sheet-5- P.4
Oct. 1987
Feb. 1996
Dec. 1999
Dec. 1999
Dec. 1999
Aug. 1999
Dec. 2002
Jan. 2000
Jan. 2000
Jan. 2000
Jan. 2000
Jan. 2000
Dec. 1990
Aug. 1981
Nov. 2000
Dec. 2000
Dec. 1983
May. 1990
Jun. 1977
Mar. 1981
Apr. 1980
Dec. 1978
Jan. 1977
Dec. 1990
Dec. 2000
Dec. 2000
Jan. 1999
Dec. 1990
Jan. 1997
Jan. 1999
Jan. 1995
Jan. 1997
Dec. 1991
Jan. 1997
Feb. 1997
Jan. 1999
Jan. 1999
Jan. 1999
May. 1995
Dec. 1986
Dec. 1986
Dec. 1986
Nov. 1986
Dec. 1986
Dec. 1998
May. 1990
Dec. 1983
Dec. 1983
May. 1990
Jan. 1996
Dec. 1983
Jun. 1987
Feb. 1992
Jan. 1999
Dec. 1996
Dec. 1994
Mar. 1990
Dec. 1983
Dec. 1983
Nov. 2000
Nov. 1984
Dec. 1986

40.0
20.0
15.0
15.0
15.0
15.0
15.0
5.0
15.0
15.0
24.0
9.0
0.0
15.0
17.0
5.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
20.0
20.0
5.0
10.0
10.0
10.0
10.0
24.0
24.0
15.0
0.0
10.0
10.0
15.0
0.0
15.0
15.0
15.0
15.0
15.0
40.0
12.0
0.0
50.0
15.0
15.0
30.0
25.0
15.0
15.0
15.0
8.0
15.0
40.0
15.0
17.0
17.0
17.0

PL
E

Lodge roof repair.
Lodge signboard.
DDD-course. Fixed snow blower.
DDD-course. Plumbing.
DDD-course. High land.
DDD-course. Plumbing （correction）.
DDD-course. Snow fall plumbing.
Information center. TV-monitor.
Information center. Water supply and drainage.
Information center. Electric equipment.
Information center construction.
Information center. Kitchen apparatus.
Banquet hall. Signboard.
Outside fire hydrant hose.
Hot water car-washing machine.
Sound system.
Fire alarm, Short circuit alarm.
Freight car （warehouse）.
Painting 10.
Painting 50.
Painting 100.
Painting 100.
Painting 100.
Wellcome signboard.
Roadside information signboard (1).
Roadside information signboard (2).
Weather observation equipment.
Wood looking signboard.
Communication equipment for ski competition.
Fixed snow blower Ｒ95.
Office room. Partition.
Dressing room. Stairs installation.
Dressing room construction.
Dressing room. Lavatory.
Coin packing machine.
EEE-course. Fixed snow blower (1).
EEE-course. Fixed snow blower (2).
EEE-course. Plumbing.
Snowfall machine YSA 661 Ｓ.
Snowfall machine air pipe.
Snowfall machine air pipe.
Snowfall machine air drainage pump.
Snowfall machine air ｐlumbing.
Snowfall machine air ｐlumbing.
Snowfall machine cubicle trestle.
Snowfall machine box renewal.
Snowfall machine pump P-tank.
Snowfall machine pump water storage tank.
Snowfall machine removal.
Snowfall machine water faucet.
Snowfall machine water intake equipment.
Snowfall machine electricity box.
Snowfall machine power supply.
Snowfall machine fuel tank.
Snowfall machine. Plumbing.
Snowfall machine water pipe facility.
Snowfall machine installation.
Snowfall machine water supply pump cabin.
Snowfall machine water supply pump plumbing.
Snowfall machine under-water-pump removal.
Snowfall machine air-conditioner presser.
Snowfall machine air-conditioner presser.

SA
M

Buildings No.1
Structures No.2
Structures No.1
Structures No.1
Structures No.1
Structures No.1
Structures No.1
Equipments No.2
Facilities No.2
Facilities No.2
Buildings No.1
Machinery
Equipments No.2
Equipments No.1
Machinery
Equipments No.1
Facilities No.2
Buildings No.2
Equipments No.1
Equipments No.1
Equipments No.1
Equipments No.1
Equipments No.1
Equipments No.1
Structures No.2
Structures No.2
Equipments No.2
Structures No.2
Structures No.1
Machinery
Facilities No.2
Buildings No.1
Buildings No.1
Facilities No.2
Equipments No.1
Machinery
Machinery
Structures No.1
Machinery
Structures No.1
Structures No.1
Structures No.1
Structures No.1
Structures No.1
Structures No.1
Structures No.1
Structures No.1
Structures No.1
Structures No.1
Structures No.1
Structures No.1
Structures No.1
Structures No.1
Structures No.1
Structures No.1
Structures No.1
Structures No.1
Buildings No.1
Structures No.1
Machinery
Machinery
Machinery

17.0
8.0
4.0
4.0
4.0
5.0
1.0
4.0
4.0
4.0
4.0
4.0
13.0
23.0
3.0
3.0
20.0
14.0
27.0
23.0
24.0
25.0
27.0
13.0
3.0
3.0
5.0
13.0
7.0
5.0
9.0
7.0
12.0
7.0
7.0
5.0
5.0
5.0
9.0
17.0
17.0
17.0
17.0
17.0
5.0
14.0
20.0
20.0
14.0
8.0
20.0
17.0
12.0
5.0
7.0
9.0
14.0
20.0
20.0
3.0
19.0
17.0

2,800,000
225,000
3,806,468
63,794,967
5,709,703
182,349
6,375,000
741,649
2,301,076
2,427,581
25,433,698
352,508
243,724
124,000
550,000
4,250,000
350,000
159,500
70,000200,000
370,000
200,000
100,000
296,655
1,850,000
1,850,000
820,000
1,100,000
3,503,524
1,726,673
1,125,000
427,184
7,300,000
300,000
1,299,000
1,035,267
1,035,267
5,230,824
388,000
1,000,000
242,783
573,662319,381490,463451,000
801,750
2,610,000
5,247,620
1,084,370
261,000
3,000,000
827,090560,000
10,606,702
16,408,810
35,310,000
2,350,640
145,827
1,612,737
888,080
3,000,000
3,000,000

1,050,776
92,812
1,818,762
30,481,758
2,728,144
98,823
4,822,497
85,038
1,114,232
1,175,488
16,095,432
105,069
12,186
6,282
323,336
419,101
17,500
7,975
70,000200,000
370,000
200,000
100,000
14,832
1,189,731
1,189,731
66,895
108,828
649,978
460,710
168,425
211,219
2,933,487
98,11864,950276,231276,2312,173,209
19,400111,446
27,06063,93435,20454,662
322,318
97,905130,500
2,373,802
179,86280,057
798,045
232,415
129,392
4,406,681
5,338,760
3,210,948
420,600
53,287
116,988522,088285,617430,256

Sheet-5- P.5
Jan. 1999
Dec. 1998
Jan. 1998
Dec. 1995
Jan. 1999
Dec. 2002
Jan. 1999
Jan. 1999
Jan. 1999
Dec. 1994
Nov. 2001
Oct. 2001
Jan. 1999
Dec. 1999
Dec. 1999
Nov. 2001
Dec. 2002
Dec. 1990
Dec. 2002
Oct. 2001
Dec. 1997
Dec. 1999
Jun. 2002
Jun. 2002
Jun. 2002
Jun. 2002
Jun. 2002
Jun. 2002
Jun. 2002
Nov. 1998
Dec. 1999
Nov. 2001
May. 1997
Dec. 1995
Jun. 1999
May. 1999
Jul. 1999
Dec. 2002
Feb. 1991
Jan. 1996
Sep. 1987
Jan. 2000
Jan. 2000
Jan. 2000
Oct. 2001
Dec. 1978
Oct. 1995
Jun. 1999
Aug. 1995
Dec. 1990
Nov. 1999
Dec. 1990
Dec. 1990
Dec. 1990
Apr. 1997
Dec. 1990
Dec. 1990
Jun. 1994
Dec. 1999
Dec. 1990
Dec. 1990
Dec. 1990

17.0
17.0
17.0
8.0
15.0
15.0
18.0
17.0
17.0
8.0
17.0
17.0
15.0
15.0
15.0
17.0
17.0
47.0
12.0
15.0
6.0
6.0
17.0
15.0
30.0
17.0
15.0
15.0
15.0
5.0
5.0
5.0
15.0
8.0
10.0
15.0
15.0
12.0
24.0
15.0
15.0
15.0
35.0
15.0
10.0
15.0
7.0
15.0
24.0
17.0
15.0
15.0
15.0
15.0
15.0
15.0
15.0
0.0
15.0
15.0
15.0
15.0

PL
E

Snowfall machine air-conditioner presser.
Snowfall machine cubicle.
Snowfall machine compressor.
Snowfall machine plumbing.
Snowfall machine water pool.
Snowfall machine plumbing renewal.
Snowfall machine water facility cabin.
Snowfall machine water supply pump facility.
Snowfall machine fuel pump.
Snowfall machine plumbing.
Snowfall machine cubicle remodeling .
Snowfall machine compressor No.1 replacement.
Snowfall machine drain repair.
Snowfall machine air plumbing.
Snowfall machine air plumbing reinforcement.
Snowfall machine water supply pump.
Snowfall machine turbine booster pump.
Hotel building construction.
Lifts. Oil and electric equipment check and maintenance.
Ropeway staff room gutter.
Mitubishi-Fuso Compact bus 19‐18.
Mitubishi-Fuso Compact bus 24‐30.
Self use fuel facility measure gauge.
Self use fuel facility related works.
Self use fuel facility underground tank.
Self use fuel facility oil tank.
Self use fuel facility electric equipment.
Self use fuel facility drainage.
Self use fuel facility retaining wall.
Auto snow machine ＫＢ911(1).
Auto snow machine ＫＢ911(2).
Auto snow machine ＫＢ911Ｚ.
Auto water supply pump.
Water storage tank pump.
GGG-Gelande. Green block house construction.
GGG-Gelande. Drainage, gutter.
GGG-Gelande. Drainage, gutter.
GGG-Gelande. Night ski lighting repair.
Employee dormitory remodeling.
Employee dormitory heating equipment.
Employee dormitory retaining wall.
Heavy machine shed Water supply and drainage.
Heavy machine shed construction.
Heavy machine shed. Electric equipment.
Heavy machine shed. Pavement.
Hotel exit stone masonry.
Incinerator installation.
Night ski lighting repair （correction）.
Company house.
New annex building. Elevator.
New annex building. Cubicle.
New annex building. Prefab bathroom.
New annex building. Exterior works.
New annex building. Water supply.
New annex building. Water supply plumbing.
New annex building. Water supply and drainage.
New annex building. Air conditioning equipment.
New annex building. Entrance hall remodeling.
New annex building. Septic tank blower.
New annex building. Septic tank installation.
New annex building. Heating equipment.
New annex building. Electric equipment.

SA
M

Machinery
Machinery
Machinery
Structures No.1
Structures No.1
Structures No.1
Buildings No.1
Machinery
Machinery
Structures No.1
Machinery
Machinery
Structures No.1
Structures No.1
Structures No.1
Machinery
Machinery
Buildings No.1
Machinery
Structures No.1
Vehicles
VehiclesMachinery
Structures No.1
Structures No.1
Machinery
Structures No.1
Structures No.1
Structures No.1
Machinery
Machinery
Machinery
Facilities No.1
Machinery
Structures No.1
Structures No.1
Structures No.1
Structures No.1
Buildings No.2
Facilities No.2
Structures No.2
Facilities No.2
Buildings No.1
Facilities No.2
Structures No.1
Structures No.1
Structures No.2
Structures No.1
Buildings No.2
Facilities No.1
Facilities No.1
Facilities No.1
Facilities No.1
Facilities No.2
Facilities No.1
Facilities No.1
Facilities No.1
Facilities No.1
Facilities No.1
Facilities No.1
Facilities No.1
Facilities No.1

5.0
5.0
6.0
8.0
5.0
1.0
5.0
5.0
5.0
9.0
2.0
3.0
5.0
4.0
4.0
2.0
1.0
13.0
1.0
3.0
6.0
4.0
2.0
2.0
2.0
2.0
2.0
2.0
2.0
5.0
4.0
2.0
7.0
8.0
5.0
5.0
5.0
1.0
13.0
8.0
17.0
4.0
4.0
4.0
3.0
25.0
9.0
5.0
9.0
13.0
4.0
13.0
13.0
13.0
7.0
13.0
13.0
10.0
4.0
13.0
13.0
13.0

34,286,783
3,881,000
27,200,000
1,412,692
21,520,069
1,880,000
3,946,680
8,756,696
9,188,365
16,000,000
1,333,334
4,000,000
616,668
634,4117,212,257
6,800,000
6,325,000
429,754,000
2,970,000
310,000
12,000,000
14,000,000
1,165,240
1,218,820
925,760
890,180
300,000
746,180
1,501,820
13,000,000
13,000,000
13,000,000
647,510
669,820
10,587,375
422,030
1,148,500
550,000
2,900,000
565,500
103,500
219,394
20,692,916
810,657820,000
1,380,000
277,000
182,3483,000,000
18,504,000
580,850
4,359,000
2,105,000
52,300,000
650,000
45,277,000
82,102,000
256,311646,000
19,305,000
2,046,000
56,868,000

10,514,144
1,169,294
7,281,659
149,680
8,940,767
1,422,165
1,895,339
2,685,269
2,817,641
1,454,976
897,874
2,661,355
256,204
303,1293,446,078
4,579,152
4,937,344
270,344,638
2,092,922
195,806
878,738
2,210,606
850,470
854,783
774,237
649,713210,397523,311
1,053,256
650,000
808,9123,425,281
216,162
60,912
3,111,689
184,628515,077
387,579
1,155,517
173,454
12,790106,236
15,120,359
392,540
410,465
159,279
21,734
94,145
1,404,541
4,985,528
273,812
981,520473,986
11,776,394
215,891
10,195,024
18,486,909
12,815
308,666
4,346,910
460,701
12,804,971

Sheet-5- P.6
Jan. 1999
Jan. 2000
Jan. 1999
Dec. 1997
Apr. 1991
Feb. 1989
Feb. 1989
Dec. 1995
Sep. 1988
Dec. 1990
Dec. 1990
Dec. 1990
Feb. 1997
Dec. 1990
Jan. 1995
Nov. 2002
Feb. 1995
Feb. 2000
Dec. 1990
Dec. 1983
Jan. 1995
Dec. 1996
May. 1997
Aug. 2002
Dec. 1995
Jun. 1995
Dec. 1995
Feb. 1996
Dec. 1990
Dec. 1990
Dec. 1988
Jan. 1991
Dec. 1998
Dec. 1990
Jun. 1999
Jun. 1999
Dec. 1990
Dec. 2002
Nov. 1986
Jan. 1995
Dec. 1990
Dec. 1990
Dec. 1990
Dec. 1990
Dec. 1990
Dec. 1990
Jan. 1999
Jan. 1999
Dec. 1990
Jan. 1999
Dec. 1990
Dec. 1990
Dec. 1998
Dec. 1990
Jan. 1991
Oct. 1995
Dec. 1993
Jun. 1999
Jun. 1999
Jun. 1999
Jun. 1999
Dec. 2002

0.0
3.0
0.0
47.0
24.0
10.0
10.0
17.0
0.0
10.0
10.0
18.0
15.0
20.0
10.0
7.0
7.0
0.0
0.0
40.0
15.0
15.0
15.0
34.0
13.0
15.0
15.0
0.0
0.0
40.0
12.0
12.0
0.0
12.0
15.0
40.0
12.0
3.0
18.0
10.0
15.0
15.0
15.0
15.0
15.0
15.0
15.0
33.0
33.0
45.0
0.0
40.0
0.0
12.0
12.0
0.0
12.0
15.0
40.0
15.0
40.0
12.0

PL
E

New annex building 2nd floor passage carpet.
New annex building 3～4th floor guestroom carpet.
New annex building 3～4th floor passagecarpet.
New annex building. Lavatory partition.
New annex building. Linenroom repair.
Source of pure water plumbing 300ｍ.
Source of pure water pump plumbing 500ｍ.
Underwater pump （Alpha）.
Ice machine.
Resort information board.
Resort information board pole.
Warehouse.
Swirl pump.
Fire-resistant safe.
Rental ski dressing room Interior remodeling.
Large steamer.
Ohara ＳＲＨ cart overhaul.
Ohara ＳＲＨ1133 cart （used cart）.
Large room. Signboard.
Large bathroom construction.
Large bathroom. Shower installation.
Large bathroom. Tile re-covering.
Large bathroom. Tile re-covering 2.
Large bathroom. Roof deck.
Large bathroom repair.
Large bathroom. Water supply and drainage repair.
Large bathroom. Water supply and drainage repair.
No.1～2 lift. Anemometer.
No.1 pair lift carrier.
No.1 pair lift column.
No.1 lift. Night ski lighting.
No.1 lift. Operation room.
No.1 lift. Steel wire rope replacement.
No.1 lift facilities.
No.1 lift. Night ski lighting equipment.
No.1 lift. Night ski lighting column.
No.1 lift. Night ski lighting addition.
No.1 lift. Wire rope cutting out.
No.1 lodge. Window renewal.
No.1 annex. Warehouse.
No.1 annex. Gas facilities repair.
No.1 annex. Sanitary equipment repair.
No.1 annex. Water supply repair.
No.1 annex. Heating equipment repair.
No.1 annex. Electric equipment repair.
No.1 annex. Drainage repair.
No.1 annex. Heating equipment.
No.1 annex. Office, drying room repair.
No.1 annex remodeling.
No.1 annex. Office window grille （correction）.
No.2 ＡＢ pair lift carrier.
No.2 AB pair lift column.
No.2 ＡＢ lift. Steel wire rope replacement.
No.2 ＡＢ lift facilities.
No.2 lift. Operation room.
No.2 lift. Steel wire rope.
No.2 lift. Power supply.
No.2 lift. Night ski lighting reinforcement.
No.2 lift. Night ski lighting reinforcement column.
No.2 lift. Platform lighting equipment.
No.2 lift. Platform lighting column.
No.3 lift. Rubber liner replacement.

SA
M

Equipments No.1
Equipments No.1
Equipments No.1
Buildings No.1
Buildings No.1
Structures No.2
Structures No.2
Machinery
Equipments No.2
Equipments No.1
Equipments No.1
Buildings No.2
Facilities No.1
Equipments No.1
Facilities No.2
Equipments No.2
VehiclesMachinery
Equipments No.1
Buildings No.1
Facilities No.1
Facilities No.1
Facilities No.1
Buildings No.1
Buildings No.1
Facilities No.1
Facilities No.1
Equipments No.2
Vehicles
Structures No.1
Structures No.1
Buildings No.1
Machinery
Machinery
Structures No.1
Structures No.1
Structures No.1
Machinery
Buildings No.1
Facilities No.1
Facilities No.1
Facilities No.1
Facilities No.1
Facilities No.1
Facilities No.1
Facilities No.1
Facilities No.1
Buildings No.1
Buildings No.1
Buildings No.1
Vehicles
Structures No.1
Machinery
Machinery
Buildings No.1
Machinery
Machinery
Structures No.1
Structures No.1
Structures No.1
Structures No.1
Machinery

5.0
4.0
5.0
6.0
13.0
15.0
15.0
8.0
16.0
13.0
13.0
13.0
7.0
13.0
9.0
1.0
9.0
4.0
13.0
20.0
9.0
7.0
7.0
2.0
8.0
9.0
8.0
8.0
13.0
13.0
15.0
13.0
5.0
13.0
5.0
5.0
13.0
1.0
17.0
9.0
13.0
13.0
13.0
13.0
13.0
13.0
5.0
5.0
13.0
5.0
13.0
13.0
5.0
13.0
13.0
9.0
10.0
5.0
5.0
5.0
5.0
1.0

626,574
1,208,444
622,634
1,246,154
241,000
324,450
546,300
1,355,400
315,000
406,517448,5174,000,000
780,000
178,000
4,729,709
515,000
360,000
200,000
248,724
15,500,000
1,074,697
467,087
617,476930,000
2,377,897
3,730,000
570,576
444,000
6,411,748
9,143,503
9,620,000
350,000
1,980,899
45,386,485
2,937,870
415,3031,479,000
200,000
5,000,000
309,655
272,000
371,000
308,000
9,539,000
8,026,000
153,000
4,004,352
6,626,306
37,961,000
155,000
14,796,443
20,163,685
2,519,101
84,238,368
70,0001,960,000
2,300,000
3,067,108
332,892
5,201,694
1,298,306
2,330,000

31,32860,422
31,131
890,566
96,031
18,52031,180473,677
15,75040,22144,375
1,164,814
256,426
58,562708,086
275,629
23,805
10,00012,436
5,663,408
307,783
151,973
206,136
873,384
603,549
1,099,830
174,043
22,200320,587
5,050,952
1,240,824
52,487
99,044
6,056,043
1,301,399
305,524
221,788
51,350794,890
46,36061,251
83,541
69,355
2,147,900
1,807,217
34,453
1,663,657
4,449,276
19,623,286
121,516
739,822
11,138,594
125,955
10,930,903
10,49998,000426,965
1,358,649
244,898
2,304,213
955,113
1,641,923

Sheet-5- P.7
Oct. 1998
Aug. 1999
Aug. 1999
Jan. 1998
Jan. 1997
Dec. 1993
Jan. 2001
Jun. 1999
Jun. 1999
Dec. 1993
Jan. 1997
Dec. 1993
Dec. 1999
Dec. 1998
Dec. 1998
Dec. 1994
Dec. 1993
Oct. 2001
Feb. 1992
Feb. 1992
Dec. 1990
Nov. 1995
Dec. 1990
Dec. 1990
Jan. 1997
Jan. 1998
Jan. 1997
Jan. 1997
Jan. 1997
Jan. 1997
Dec. 1999
Dec. 1999
Dec. 1999
Dec. 2002
Jan. 1997
Jan. 1997
Dec. 1986
Feb. 1995
Jan. 1995
Dec. 1995
Feb. 1995
Dec. 1997
Feb. 1987
Dec. 1986
Dec. 1993
Feb. 1997
Jan. 1991
Dec. 1990
Mar. 1999
Dec. 1995
Dec. 1985
Apr. 1999
Dec. 2002
Dec. 2001
Jan. 2002
Jun. 1999
Jun. 1999
Dec. 1985
Dec. 1987
Dec. 1972
Dec. 1986
Dec. 2000

5.0
5.0
12.0
12.0
20.0
20.0
3.0
15.0
15.0
12.0
20.0
0.0
5.0
12.0
12.0
15.0
40.0
12.0
15.0
0.0
40.0
17.0
0.0
12.0
7.0
12.0
0.0
12.0
12.0
5.0
5.0
12.0
12.0
5.0
40.0
10.0
40.0
12.0
0.0
15.0
12.0
12.0
12.0
12.0
12.0
5.0
12.0
0.0
5.0
15.0
15.0
15.0
2.3
3.0
11.0
15.0
40.0
30.0
15.0
22.0
0.0
10.0

PL
E

No.3 lift. Wire rope gripper overhaul 20.
No.3 lift. Wire rope gripper overhaul 75.
No.3 lift. Wire rope gripper oil equipment.
No.3 lift safety cover.
No.3 lift. Eaves trough installation.
No.3 lift. Staff room.
No.3 lift. Steel wire rope.
No.3 lift. Night ski lighting repair.
No.3 lift. Night ski lighting equipment （correction）.
No.3 lift construction.
No.3 lift platform.
No.3 lift carrier（without wire rope gripper）.
No.3 lift carrier (for transport capacity increase).
No.3 lift. Transport capacity increasing machine repair.
No.3 lift. Transport capacity increase control board.
No.3 lift. Ticket gate power supply.
No.3 high-speed pair lift column.
No.3 high-speed lift. Gear box overhaul.
No.3 snowplow. Power supply.
No.4 ～6 lift. Anemometer.
No.4 pair lift column.
No.4 lift cubicle.
No.4 lift. Steel wire rope.
No.4 lift facilities.
No.5 lift. Ticket gate cabin.
No.5 lift safety cover.
No.5 lift. Steel wire rope.
No.5 lift facilities.
No.5 lift. Electric equipment.
No.5 lift carrier.
No.5 lift carrier（for transport capacity increase）.
No.5 lift. Transport capacity increasing machine repair.
No.5 lift. Transport capacity increase control board.
No.5 lift. Wire rope gripper overhaul.
No.5 high-speed pair lift column.
No.5 high-speed pair lift. Electric wire column.
No.6 pair lift column.
No.6 lift. Slowdown gear overhaul and renewal.
No.6 lift. Steel wire rope replacement.
No.6 lift. Snowfall machine power supply.
No.6 lift. Control machine repair.
No.6 lift. Stop guide installation.
No.6 lift facilities.
No.6 lift. Electric works.
No.6 lift. Power supply.
No.6 lift. Anemometer.
No.7 lift operation room.
No.7 lift carrier.
Wire rope derail checking machine.
Heating boiler installation.
Underground oil tank.
Underground fuel tank oil gauge.
2ｔ used dump truck.
Used snowmobile.
Used building.
Parking lot. Lighting equipment.
Parking lot. Lighting column.
Parking lot. Lighting tower.
Parking lot. Gutter.
Parking lot. Managemant room foundation.
Parking lot. Cabin.
Water storage tank net fence.

SA
M

Vehicles
VehiclesMachinery
Machinery
Buildings No.1
Buildings No.1
Machinery
Structures No.1
Structures No.1
Machinery
Buildings No.1
Vehicles
VehiclesMachinery
Machinery
Facilities No.2
Structures No.1
Machinery
Structures No.1
Equipments No.2
Structures No.1
Machinery
Machinery
Machinery
Buildings No.1
Machinery
Machinery
Machinery
Machinery
Vehicles
VehiclesMachinery
Machinery
Vehicles
Structures No.1
Structures No.1
Structures No.1
Machinery
Machinery
Machinery
Machinery
Machinery
Machinery
Machinery
Machinery
Equipments No.2
Buildings No.1
VehiclesEquipments No.2
Facilities No.1
Structures No.2
Facilities No.1
Vehicles
VehiclesBuildings No.2
Structures No.2
Structures No.2
Structures No.2
Structures No.2
Buildings No.2
Buildings No.2
Structures No.1

6.0
5.0
5.0
6.0
7.0
10.0
3.0
5.0
5.0
10.0
7.0
10.0
4.0
5.0
5.0
9.0
10.0
3.0
12.0
12.0
13.0
8.0
13.0
13.0
7.0
6.0
7.0
7.0
7.0
7.0
4.0
4.0
4.0
1.0
7.0
7.0
17.0
9.0
9.0
8.0
9.0
6.0
17.0
17.0
10.0
7.0
13.0
13.0
5.0
8.0
18.0
5.0
1.0
2.0
2.0
5.0
5.0
18.0
16.0
31.0
17.0
3.0

5,280,000
15,170,753
221,774
612,493251,000
10,679,612
7,800,000
723,413
1,276,587
335,713,874
70,533,260
9,240,000
11,716,322
956,119
3,798,278
218,440
20,000,301
3,000,000
381,000
499,249
5,925,454
2,000,000
1,863,050
41,248,508
675,505
612,493
4,093,323
181,966,802
31,556,220
34,501,977
10,184,232
1,069,011
4,246,757
1,700,000
49,597,329
1,086,559
30,555,300
3,215,910
2,593,000
495,660
943,145435,000
42,782,700
4,550,000
1,940,000
222,000
350,000
7,767,988
210,000
1,168,529
4,500,000
215,000
866,667
750,000
4,285,715
1,292,744
260,429
596,000
636,450
419,436
319,720
663,956

430,7311,237,594
82,288167,774
108,1223,804,053
465,962
320,455
691,832
62,548,394
30,382,774
462,000
1,286,261
378,331
1,502,953
62,191
12,208,666
1,684,547
88,03424,962
3,273,275
655,239
93,152
5,352,473
61,265
167,774
204,666
30,481,676
5,286,057
1,725,098
1,118,062
423,0021,680,414
742,845
32,573,995
201,581
13,430,466
669,896
129,650
141,114
196,465
117,155
2,793,423
290,507360,137
11,10052,487388,399
17,133
356,434
434,130
92,876
117,763
89,3482,419,240
566,642
191,590
184,524
82,103
26,13515,048275,301

Sheet-5- P.8
Dec. 2000
Dec. 2002
Aug. 1996
Dec. 1995
Apr. 2000
Nov. 2002
Jul. 1978
Jul. 1997
Nov. 1996
Dec. 2002
Nov. 2000
Nov. 1985
Dec. 1976
Dec. 1978
Dec. 1993
Dec. 1993
Jan. 1995
Jan. 1995
Jun. 2001
Apr. 1985
Mar. 1990
Jan. 1997
Mar. 1997
Jan. 2000
Dec. 1982
Nov. 1991
Dec. 1982
May. 2003
Nov. 1994
Jul. 2001
Dec. 1996
Dec. 1996
Oct. 1987
Feb. 1990
Nov. 1988
Dec. 1981
Dec. 1986
Dec. 1986
Sep. 1987
Feb. 1989
Feb. 1996
Jan. 1988
Dec. 1994
Jan. 1975
Dec. 1990
Dec. 1990
Dec. 1997
Dec. 1983
Jan. 1995
Nov. 2002

15.0
50.0
10.0
50.0
5.0
7.0
30.0
6.0
6.0
20.0
17.0
0.0
0.0
15.0
10.0
0.0
8.0
10.0
3.0
0.0
0.0
0.0
0.0
3.0
0.0
0.0
33.0
15.0
3.0
10.0
10.0
10.0
0.0
0.0
0.0
23.0
40.0
24.0
24.0
20.0
20.0
20.0
0.0
0.0
0.0
0.0
15.0
22.0
9.0
7.0

PL
E

Water storage tank.
Water storage tank. Water leak prevention works.
Water reservoir. Exterior works.
Water reservoir installation.
Auto bucket.
Electric hot wagon.
Telephone auto cable facilities.
Telephone switchboard.
Telephone automatic response equipment.
Connecting corridor roof repair.
Antifreeze spraying machine.
Japanese traditional painting.
Japanese traditional painting （Scenery）.
Drainage excavation.
Shop remodeling.
Shop remodeling, carpet re-covering.
Shop. Display rack.
Shop. Interior remodeling.
Shop. Carpet re-covering.
Stuffed animal （bear）.
Anemometer.
Annex. Cloth re-covering.
Annex. Carpet re-covering.
Annex. Tile and carpet re-covering.
Annex. Fire alarm.
Annex. Guidance light.
Annex（steel frame 2 story building）construction.
Annex. Boiler replacement.
Annex. Carpet re-covering.
Pavement works.
Broadcast equipment repair.
Broadcast equipment repair.
Fire door, fire alarm.
Sterilization machine 50ｔ.
Sterilization machine. Clean K-type.
Wooden No.2 warehouse.
Wooden employee dormitory 1 floor.
Wooden employee dormitory 2 floor.
Wooden employee dormitory related fee.
Rest place in the field signboard.
Rest place in the field signboard.
Rest place in the field signboard.
Oil shovel vehicle.
Painting.
Guidance signboard.
Guidance signboard.
Water supply middle joint.
Bathroom connecting corridor.
Bathroom burner remodeling.
Freezer.

SA
M

Structures No.1
Structures No.1
Structures No.1
Structures No.1
Machinery
Equipments No.2
Structures No.2
Equipments No.1
Equipments No.1
Buildings No.1
Machinery
Equipments No.1
Equipments No.1
Structures No.1
Facilities No.1
Facilities No.1
Equipments No.1
Facilities No.1
Equipments No.1
Equipments No.1
Equipments No.2
Equipments No.1
Equipments No.1
Equipments No.1
Equipments No.1
Facilities No.2
Buildings No.1
Facilities No.1
Buildings No.1
Structures No.2
Structures No.1
Structures No.1
Facilities No.1
Equipments No.2
Equipments No.2
Buildings No.1
Buildings No.2
Buildings No.2
Buildings No.2
Structures No.2
Structures No.2
Structures No.2
Machinery
Equipments No.1
Equipments No.1
Equipments No.1
Structures No.1
Buildings No.1
Machinery
Equipments No.2

Total

3.0
1.0
8.0
8.0
4.0
1.0
26.0
7.0
7.0
1.0
3.0
18.0
27.0
25.0
10.0
10.0
9.0
9.0
3.0
19.0
14.0
7.0
7.0
4.0
21.0
12.0
21.0
1.0
9.0
3.0
7.0
7.0
17.0
14.0
15.0
22.0
17.0
17.0
17.0
15.0
8.0
16.0
9.0
29.0
13.0
13.0
6.0
20.0
9.0
1.0

2,470,372
4,436,044
744,542810,000
199,963
1,123,000
8,406,815
12,000,000
31,029240,000
252,508
471,800
90,532513,000
502,618
10,052,360
75,0001,500,000
485,030
528,800
1,397,811
3,600,000
120,000
120,000
70,00070,00024,611
213,200
37,006283,961
31,407628,156
273,429
2,966,000
697,051
4,656,000
56,586
320,000
9,000
180,000
7,500
150,000
27,215544,31086,6501,733,010
53,377
1,067,550
49,000980,000
30,000600,000
18,001,723
63,726,770
871,8141,080,000
29,000580,000
388,377
818,000
127,141
690,867
246,464
1,339,258
75,0001,500,000
6,500
130,000
10,000200,000
100,3442,006,875
5,340,488
12,150,000
6,061,266
24,000,000
40,606150,000
73,199300,000
122,902
298,000
64,004
296,000
495,000
9,900,000
172,000
172,000
5,993
119,862
5,343
106,862
221,295
629,127
288,577
1,700,000
363,520
3,011,870
219,433
410,000
3,218,690,238 1,035,658,448

Sheet-6-(1)Ski resorts disposal cases
May 1, 2005
(Disposal cases of comparable ski resorts)

PL
E

1. Cases of onerous transfer(1) α-Resort Tomamu (Hokkaido) … Gorgeous resort with high-rise hotel … Kamori sightseeing inc.
bought it for 500 million yen.
(2) Urausu resort (Hokkaido) … Urausu Town bought the deadlocked ski resort development site
(47ha) for 16 million yen.
(3) Apex resort Toya (Hokkaido) … Gorgeous resort of which development cost was 100 billion yen… Secom inc. affiliated company bought it for 6 billion yen.
(4) Sahoro resort (Hokkaido) … Gorgeous resort (900ha) with hotels, golf course, ski resort, etc. …
Kamori sightseeing inc. bought off it for 1 billion yen.
(5) St. Mary ski resort (Iwate) … Kawasaki Town bought it for 300 million yen. … Management is in
deficit after the transfer.
(6) Ca Et La Resort (Gunma) … Large resort of which development cost was 23 billion yen … Sakura
Resort inc. bought it for 0.3 billion yen.

SAM

2. Cases of free transfer(1) Namari-Onsen ski resort (Iwate) … It was transferred without compensation to Hanamaki City.
(2) Shiraishi ski resort (Iwate) … It was transferred without compensation to Shiraishi City. …
Remodeling cost is expected about 600 million to 700 million yen in 5
years.
(3) Onikobe ski resort (Miyagi) … It was transferred without compensation to Naruko Town. …
Management is going well after the transfer.
(4) Tengendai ski resort (Yamagata) … It was transferred without compensation to Yonezawa City.
(5) Cupid-Valley ski resort (Niigata) … It was transferred without compensation to Yasuzuka Town.
(6) Ibi-Kogen ski resort (Gifu) … It was transferred without compensation to Kuze & Bannai Village.
3. Other cases(1) Aizukogen-Takatue ski resort (Fukushima) … Owner company is going to be liquidated. Tateiwa
Village is going to set up the new company to manage it.
(2) Kawaba ski resort (Gunma) … It is now under the Civil Rehabilitation Law. … New capital (300
million yen) is going to be invested by Madarao-Kogen developmentinc. (85%) and Kawaba Village (15%).
(3) Kusatu-Shizukayama ski run (Gunma) … Upset price of the 1st public auction was 860 million yen.
Upset price of the 2nd public auction was 480 million yen. There was nobidder until now.
Besides the above mentioned cases, there are many ski resorts of which managements are not goingwell and which are seeking the transferee, as following pages.

Sheet-6-(2)-P.1

Business condition of Ski Resorts
DateNews soureAug. 23, 1998
Jan. 22, 2001
Jan. 22, 2001

NikkeiNikkei-BP
Nikkei-BP

02 "Urausu Resort development" in Hokkaido prefecture. (Deadlocked. Special liquidation. Sold)
Urausu Resort public corporation went special liquidation. Development \13,500mil.→Sold \16mil.

Sep. 25, 1998

Mainichi

03 "Apex Toya" in Hokkaido prefecture. (Bankruptcy. Transfer of business)
Under the influence of Hokutaku bank bankruptcy, Apex went bankrupt.
Former Apex golf course resumed operation.
Secom Inc. bought off the Apex Toya for \6bil.
Apex Toya (construction cost was \100bil) was sold for \6bil.
Toya ski park Resumption Supporters Association started up.

Mar. 19, 1998
Apr. 21, 2000
Oct. 13, 2000
Oct. 27, 2000
Jan. 11, 2002

MainichiNikkeiNikkei-Sangyo
Nikkei-Sangyo
Hokkaido

04 "Sahoro Resort" in Hokkaido prefecture. (Onerous transfer of business)
Seiyokankyo development Inc. went special liquidation. Sahoro Resort is seeking for transferee.
Kamori sight-seeing Inc. bought off the Sahoro Resort for \1bil.
Many visitors has come to the Sahoro Ski Resort in the new year holiday.

Jul. 20, 2000
May. 31, 2001
Jan. 05, 2002

Hokkaido
Yomiuri
Hokkaido

05 "Yokotsu-dake Ski Resort" in Hokkaido prefecture. (Onerous transfer of business)
Yokotudake Ski Resort go closing in 2002It is to be sold.
Kamori sight-seeing Inc. started to negotiate to take over the Yokotsu-dake Ski Resort.
Kamori sight-seeing Inc. bought off the Yokotsu-dake Ski Resort.

Feb. 20, 2001
Nov. 01, 2002
Nov. 26, 2002

NikkeiYomiuriYomiuri

06 "Ishikari-heigen Ski Resort" in Hokkaido prefecture. (Management company went voluntary bankrupt)
Tokai sports promotion Inc. went voluntary bankrupt.
Jan. 30, 2002

Hokkaido

07 "Nakayama-toge-kogen Ski Resort" in Hokkaido prefecture. (Application for Civil Rehabilitation)
Iwakura Land Development Inc. went under civil rehabilitation.
Iwakura Land Development Inc. can not pay the land rent.
The land rent to Kishibetsu Town is not paid. They are going to suspend the operation.
Delinquency in land rent → Civil litigation → Suspend of operation
The company decided to close the Ski Resort.

Dec. 22, 2001
Dec. 26, 2001
Oct. 23, 2002
Oct. 24, 2002
Oct. 25, 2002

Hokkaido
Hokkaido
Hokkaido
Yomiuri
Mainichi08 "Higashigawa Town ski run" in Hokkaido prefecture. (Free transfer of business)
Higashigawa Town ski run is to be sold. Former owner rent the facilities and operate it.

Jan. 11, 2001

Mainichi09 "Kato Town ski run" in Hokkaido prefecture. (Red figure. Business hour shortening)
Kato Town is considering whether to continue the ski run or close it.
Kato Town decided to continue operation of the ski run by shortening the business hour.

Sep. 23, 2003
Oct. 29, 2003

Hokkaido
Hokkaido

10 "Niseko-moiwa international Ski Resort" in Hokkaido prefecture. (Public auction, Knocked down, Resumed)"Niseko-moiwa international Ski Resort" Public auction, Knocked down, Resumed.
Oct. 24, 2002

Yomiuri

11 "Teine Olympia Ski Resort" in Hokkaido prefecture. (Onerous transfer of business)
Kamori sight-seeing Inc. bought off the Teine Olympia Ski Resort.

Nov. 01, 2002

Yomiuri

12 Asahikawa City owned three ski runs in Hokkaido prefecture. (Red figure. Considering whether to close)"Inozawa ski run", "Arashi-yama ski run", "Asahi-yama ski run". Red figure.
Dec. 06, 2002

Hokkaido

SA
M

PL
E

01 "α-Resort Tomamu" in Hokkaido prefecture. (Voluntary bankruptcy)
An outcome of the Resort Law. Miscalculation of utilization of vitality in the private sector.
Village bought the α-Resort for \500mil. (In fact, Kamori Inc. is going to buy it from the City.)
Sea resort also went bankrupt (α- Hatushima Tomamu).

Collected and edited by T.Yamaguchi

Sheet-6-(2)-P.2
13 "Kamui Ski Links" in Hokkaido prefecture. (Free transfer to the City)"Kamui Ski Links" transfers the Ski Resort to City. City lend it to the management company.

Aug. 30, 2003

Mainichi

14 Nakagoya Town owned "Nakagoya ski run" in Hokkaido prefecture. (Decided to close)
Nakagoya Town decided to close the "Nakagoya ski run".

Sep. 17, 2003

Hokkaido

15 Amakita Town owned "Amakita ski run" in Hokkaido prefecture. (Decided to close)
Amakita Town decided to close the "Amakita ski run".

Dec. 07, 2004

Hokkaido

16 "Niseko-Hirafu Flower garden Ski Resort", in Hokkaido. (Onerous transfer of business)"Niseko-Hirafu Flower garden Ski Resort". Transfer of business. To construct resort for Australia

Dec. 23, 2004

Hokkaido

17 "Hirosaki ski sesort" in Aomori prefecture. (Development went bankrupt. Debt forgiveness. Liquidation)
Hirosaki resort development went bankrupt. Bank is thinking of debt forgiveness and liquidation.
Oct. 10, 2001

Yomiuri

Sep. 09, 1998
Feb. 02, 1999
Mar. 21, 1999
Apr. 13, 1999
Jun. 18, 1999
Sep. 07, 1999
Sep. 14, 1999
Oct. 07, 1999
Feb. 26, 2000
Jan. 22, 2001
Mar. 20, 2001
May. 03, 2001
May. 29, 2001
Jul. 18, 2001
Aug. 07, 2001
Nov. 17, 2001
Nov. 22, 2001
Dec. 17, 2001

Mainichi
MainichiAsahi
Nikkei
MainichiYomiuri
Mainichi
Mainichi
MainichiNikkei-BP
NikkeiYomiuriYomiuri.doc
Nikkei
MainichiYomiuri
Nikkei19 "St. Mary Ski Resort" in Iwate prefecture. (Onerous transfer to the Town)
St. Mary Ski Resort was sold to the Town for \300mil.
St. Mary Ski Resort is under red figure after the onerous transfer to the Town.
St. Mary Ski Resort public corporation management hit the worst figure.
St. Mary Ski Resort is to open at December 22.

Sep. 25, 1999
May. 09, 2000
May. 25, 2000
Dec. 22, 2000

Yomiuri
NikkeiYomiuriAsahi

20 "Namari-onsen Ski Resort" in Iwate prefecture. (Free transfer to the City)
Namari-onsen Ski Resort was transferred without compensation.
City owned Ski Resort opened.

May. 11, 2001
Dec. 23, 2001

Mainichi
Mainichi

21 "Iwatekogen Ski Resort" in Iwate prefecture. (Operation is suspended)
Iwatekogen Ski Resort management is suspended.

Oct. 31, 2001

Mainichi

22 "Hachiman-daira Ski Resort" in Iwate prefecture. (Prefecture rejected to be the transferee)JR-east's resort subsidiary is to be liquidated. Cumulative deficit amounts to \6bil.
Prefectual governer said, "Hachimandaira is not to be owned by a third sector".
Hachiman-daira Resort Inc. is to withdraw from the business.
There is no one to take over the Hachimandaira Ski Resort.
Hachiman-daira Ski Resort is to be transferred to another Ski Resort owner in the vicinity.
Hachiman-daira Ski Resort is to be transferred at next April. Price is not decided.

Feb. 22, 2001
Feb. 25, 2001
Mar. 30, 2001
Apr. 26, 2001
Dec. 22, 2001
Dec. 22, 2001

Nikkei-Sangyo
Asahi
Nikkei
MainichiAsahi
NikkeiSA
M

PL
E

18 "Owani-onsen Ski Resort" in Aomori prefecture. (Not able to apply Civil Rehabilitation)
Public corporation bought a snowfall machine without recognition of the executive board.
Inter high started in the Owanionsen Ski Resort.
Owani Town got the debt for \10.4bil.
Mic would promote the disposal of the third sectors which got excessive liability.
Owani Town governor said that the Ski Resort could operate.
Owani Town assembly rejected the loss compensation.
Owani Town assembly rejected the loss guarantee for the gondola repair expense.
Town assembly approved to rend \50mil, to Owanionsen Ski Resort.
Owani Town assembly rejected the loss compensation, again.
The cause of failure of the Owani Town Ski Resort development.
Owani Town assembly rejected to support the Ski Resort.
Owani Town is not able to be exempted from debts even under Civil Rehabilitation Law.
Owani-area General Development Inc. went under Civil Rehabilitation.
Lawyer explained, Owani Town can not apply for Civil Rehabilitation.
Owani Town passed the supplementary budget. The Town would support the third sector.
Owani-onsen Ski Resort had a meeting for inviting more visitors.
Owani-onsen Ski Resort prepare to open in December 15.
Owani Town has a possibility to fall down to the "body of financial reconstruction".

Collected and edited by T.Yamaguchi

Sheet-6-(2)-P.3
23 "Appi-kogen Ski Resort" in Iwate prefecture. (Onerous transfer of stocks)
Recruit Inc. subsidiary company sold stocks of Appi-kogen Ski Resort to Kamori sight-seeing Inc.
Kamori sight-seeing Inc. bought the Appi-kogen Ski Resort.

Jan. 31, 2003
Feb. 01, 2003

Jiji
Hokkaido

24 "Geto-kogen Ski Resort (third sector) in Iwate prefecture. (Kamori sight-seeing Inc. took over the management)
Kamori sight-seeing Inc. took over the management of "Geto-kogen Ski Resort (third sector) .
Dec. 29, 2002

YomiuriFeb. 22, 2005

Asahi

26 "Onikobe Ski Resort" in Miyagi prefecture. (Free transfer to the Town)
Miyagi prefectural assembly discussed about the transfer of the Onikobe Ski Resort.
Onikobekogen development Inc. is to winding up the business.
Ski business is to be transferred to the Town. Golf course and hotel are to the subsidiary.
Mitubishi Estate Inc. is to withdraw form the business.
Onikoube Ski Resort Managemant Inc. wound up the ski business.
Blessed with snowfall and Increased advertising expenses, visitors Increased 10%.
Onikoube Ski Resort. Management is going well after the free transfer to the Town.
Town is to take over the hot spring facilities of the Onikobe Lodge.
Visiors decreased 30% because of heavy snow in the Onikoube Ski Resort.
Onikoube Ski Resort is to open at December 15.

Jun. 29, 1999
Jul. 22, 1999
Jul. 23, 1999
Jul. 23, 1999
Jul. 29, 1999
Mar. 20, 2000
May. 09, 2000
Feb. 20, 2001
Mar. 25, 2001
Dec. 16, 2001

NikkeiMitubishi Est.
Nikkei-Sangyo
NikkeiNikkei-Ryutu
Asahi
NikkeiYomiuri
Mainichi
Kahoku-Shinpo

27 "Shiraishi Ski Resort" in Iwate prefecture. (Free transfer to the City. A NPO became management entity)
Shiraishi Ski Resort owner call for free transfer to the City.
Jan. 28, 1999
City is to issue \200mil, bond.
Feb. 16, 1999
Shiraishi Ski Resort needs \670mil, for remodeling in following five years.
Apr. 13, 1999
A NPO is to operate Shiraishi Ski Resort.
Apr. 15, 1999
Visitors number Increased 10,000 under the NPO management.
Apr. 05, 2000
Management is going well after the free transfer to the City.
May. 09, 2000
Management turned into black figure.
May. 25, 2000
The NPO is to improve the management by planting maple trees.
Jun. 19, 2000
New restaurant opened in the Shiraishi Ski Resort.
Oct. 12, 2000
City constructed the center house in the Shiraishi Ski Resort.
Dec. 20, 2000
Shiraishi Ski Resort recorded the maximum sales figure two consecutive years.
May. 30, 2001
Ski Resort turned into black figure under the management of NPO "Never Forget Azalea"Mar. 28, 2004

Asahi
Asahi
Mainichi
Asahi
Asahi
NikkeiYomiuri
Mainichi
Mainichi
Mainichi
MainichiYomiuri

SA
M

PL
E

25 "Ikoi-no-mura Iwate" in Iwate prefecture. (Debt forgiveness)
Iwate prefecture has forgiven the debt of "Ikoi-no-mura Iwate".

28 "Naruko Ski Resort" in Miyagi prefecture. (Prefecture rejected to be the transferee)
Naruko Ski Resort postponed closing by the local request until next spring.
Miyagi prefectual government rejected to take over the Naruko Ski Resort.
Operation is suspended. Prefectural government is discussing about the free reception.

Nov. 11, 2000
Mar. 30, 2001
Dec. 22, 2001

NikkeiNikkeiKahoku-Shinpo

29 "Sendai high land Ski Resort" in Miyagi prefecture.
"Sendai high land Ski Resort"decided to close.

Nov. 07, 2002

Kahoku-Shinpo

30 "Shichi-ka-shuku Ski Resort" in Miyagi prefecture. (Town resign from management. Residents will manage it.)Town resign from management of "Shichi-ka-shuku Ski Resort". Residents will manage it.
Feb. 07, 2005

Kahoku-Shinpo(Decided to close)

31 "Tashiro-kokogen Lift Inc" in Akita prefecture. (Prefecture support it by no interest loan)
Prefectural government is to support the Ski Resort by non-interest loan.
Prefecture owned Tazawako Ski Resort received new executive.

Sep. 04, 1999
Oct. 30, 2001

NikkeiAsahi

32 City-owned "Yuzawa ski run" in Akita prefecture. (Red figure. Business hour shortening)
City-owned "Yuzawa ski run" is going to shorten the business hour to cut the overhead.

Jan. 27, 2003

Yomiuri

33 "Kuriko Ski Resort" in Yamagata prefecture. (Voluntary bankruptcy)
Kuriko Ski Resort might be closed next season because of heavy deficit.

Jan. 27, 2002

Kahoku-Shinpo

Collected and edited by T.Yamaguchi

Sheet-6-(2)-P.4
Management company of the Kuriko Ski Resort went voluntary bankrupt.
Influences of the voluntary bankrupt of the "Kuriko Ski Resort".

Oct. 08, 2003
Oct. 08, 2003

Asahi
Yamagata

34 Third sector "Kurobushi-kogen Snow Park" in Yamagata prefecture. (Management company changed)
Kurobushi-kogen Snow Park is to change the management company.
Sep. 22, 2001
Kurobushi-kogen Snow park entrusted the management to private company.
Oct. 11, 2001
The private company drew up the corporate restructuring plan of Kurobushi-kogen Snow park.
Oct. 27, 2001
New night ski lighting facilities were constructed in the Kurobushi-kogen Snow Park.
Dec. 15, 2001

NikkeiYomiuri
NikkeiTokyo-Yomiuri

Oct. 12, 2001

Yomiuri

36 "Tengendai Ski Resort" in Yamagata prefecture. (Transfer to the City)
Managemant company of the Tengendaikogen Ski Resort is to withdraw from the ski business.
Managemant company of the Tengendaikogen Ski Resort is to withdraw from the ski business.
Closing of the Tengendaikogen Ski Resort would have serious influence on local economy.
ＪＴＢ is to withdraw. Residents are requiring to the local government to continue the Ski Resort.
Residents are requiring to the local government to continue the Ski Resort.
The City took over the Tengendai Ski Resort.
Tengendai Ski Resort resumed under new management company (third sector).

Nov. 21, 2001
Nov. 21, 2001
Nov. 22, 2001
Nov. 27, 2001
Nov. 30, 2001
Jan. 24, 2002
Oct. 19, 2002

Asahi
Yomiuri
NikkeiNikkei-Ryutu
Yomiuri
Kahoku-Shinpo
Kahoku-Shinpo

37 "Tendo-kogen Ski Resort" in Yamagata prefecture. (City covers deficit)
City covers deficit of the city-owned Tendo-kogen Ski Resort.

Feb. 27, 2001

Asahi

38 "Greenpia Nihon-matu Ski Resort" in Fukushima prefecture. (Fujikyu Inc. is to withdraw)
Fujikyu Inc. is to withdraw from the Greenpia Nihonmatu Ski Resort.

Nov. 27, 2001

Mainichi

39 "Ski Resorts in Aizu area" in Fukushima prefecture. (Tobu Railroad Inc. withdrew)
Third sector "Aizukogen Resort" has heavy dificit. It is seeking for transferee.
Tobu Railroad Inc. is to withdraw from resort third sectors in Aizu.
Tobu Railroad Inc. considers sale of stocks of the third sectors.
Tobu Railroad Inc. is to liquidate the subsidiary which has heavy deficit.
Tobu Railroad Inc. does not consider sale of stocks of Aizu Noiwa Railroad Inc.
Tobu railroad Inc. held an explanation meeting concerning the withdrawal from the ski business.
Aizu Tajima Resort development Inc. is to be liquidated.
Tateiwa Village is to start up a new company to continue the Ski Resort.

Oct. 24, 2001
Dec. 12, 2001
Dec. 13, 2001
Dec. 13, 2001
Dec. 15, 2001
Dec. 21, 2001
Jan. 12, 2002
Jan. 12, 2002

Yomiuri
Nikkei
MainichiYomiuri
Kahoku-Shinpo
Kahoku-Shinpo
Mainichi
Mainichi

40 "Daikura-yama Ski Resort" in Fukushima prefecture. (Tobu Railroad Inc. withdrew from management)
Tobu Railroad Inc. is to withdraw from the Daikura-yama Ski Resort.
Dec. 12, 2001

Asahi

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35 Third sector, "Asahi Shizenkan Inc." in Yamagata prefecture. (Red figure)
Yamagata prefecture affiliated third sector "Asahi Shizenkan" has heavy dificit.

41 "Bandai Resort" in Fukushima prefecture. (Application for Civil Rehabilitation)
Bandai Resort has doubt of breach of the Resort Law.
Sumitomo Trust Bank is to lend \5bil, to the Bandai development without collateral.
Sumitomo Trust Bank is to withdraw from the Bandai Resort.
Bandai affiliated company’s executive was arrested for hiding money before the bankruptcy.
Ishikawa construction Inc. had borrowed \900mil, from Bandai Resort.
Prefectural manager was arrested for bribery suspicion from Ishikawa construction Inc.
Former executive of Ishikawa construction Inc. was convicted of bribery.
Mt. Bandai began to erupt. The road connected with a skiing area was closed.
The result of 14 years of the Bandai Resort.
Bandai resort development Inc. applied for Civil Rehabilitation.
Rehabilitation Plan of the Alts Bandai Ski Resort includes debt forgiveness.
Bankruptcy of the Bandai Resort. Fault of administration.
Bandai Resort is going to resume under Hoshino Resort's support.

Jan. 05, 1998
Apr. 02, 1998
May. 28, 1999
Jun. 17, 1999
Jun. 18, 1999
Jul. 08, 1999
Oct. 23, 1999
Aug. 18, 2000
Oct. 23, 2001
Oct. 16, 2002
Oct. 19, 2002
Oct. 23, 2002
Feb. 25, 2003

Mainichi
Mainichi
MainichiYomiuri
Mainichi
Mainichi
Mainichi
MainichiYomiuri
Kahoku-Shinpo
Mainichi
Kahoku-Shinpo
Nikkei42 "Minowa Ski Resort" in Fukushima prefecture. (Application for Civil Rehabilitation)

Collected and edited by T.Yamaguchi

Sheet-6-(2)-P.5
Feb. 17, 2003

Kyodo

43 "Toba-ko Ski Resort" in Fukushima prefecture. (Voluntaly bankruptcy)
Management company of the Toba-ko Ski Resort went voluntary bankrupt.

Apr. 14, 2004

Yomiuri

44 Third sector "Hunter Mountain Shiobara Ski Resort" in Tochigi prefecture. (Excessive liability)
Third sector "Hunter Mountain Shiobara Ski Resort". Red figure. Excessive liability.

Jan. 24, 2002

Tokyo-Yomiuri

45 "Keicho-san Ski Resort" in Tochigi prefecture. (2nd dishonor. Bankruptcy)
Third sector Keicho-san sight-seeing development Inc, went bankruptcy and fled by night.
Keichosan sight-seeing development Inc, took out the 2nd dishonor.
Skiing visitors are decreasing rapidly in Tochigi prefecture.
Fujiwara Sewerage construction Inc. gave bribery to the managers of prefectural government.
Bribery scandal of the Keichosan Sightseein development Inc.

Apr. 02, 1999
Apr. 02, 1999
Nov. 19, 1999
Nov. 10, 2000
Nov. 11, 2000

Asahi
Nikkei
Asahi
MainichiYomiuri46 "Nikko City-owned Kirifuri-kogen Ski Resort" in Tochigi prefecture. (Decided to close)
Nikko Kirifuri-kogen Ski Resort removed a ban on the snowboard for the deficit dissolution.
Nikko City-owned Kirifuri-kogen Ski Resort is considering whether to close.
Snowfall was the fewest in past 34 years. Old snowfall machine was not helpful.
Kirifuri-kogen Ski Resort is to postpone the opening because of the insufficient snowfall.
Kirifuri-kogen Ski Resort decided to close.

Feb. 04, 1998
Oct. 31, 1998
Feb. 17, 1999
Dec. 23, 2000
Oct. 28, 2004

Asahi
Asahi
Asahi
Yomiuri
Asahi

47 Third sector "Palcall Tumagoi Ski Resort" in Gunma prefecture. (Excessive liability)
Third sector Palcall Tumagoi Ski Resort has excessive liability.

Jan. 23, 2002

Tokyo-Yomiuri

48 Third sector "Saera Ski Resort" in Gunma prefecture. (Village took over the management)
A college student fell and died in the Saera Ski Resort. Parents sued the third sector.
Ozekogen Resort Inc. (third sector) has not paid the land rent because of the deficit.
Ozekogen Resort Inc. is to entrust the management to another company.
Management was taken over to another company without consent of the Villedge.
Katashina Village Promotion public corporation is to take over the management.
Reconciliation was materialized in the death accident of the college student.
The police report was sent to the prosecutor for retiring-allowance nonpayment.
Visitors decreased 24% in the Saera Ski Resort, this season.
Ozekogen Resort Inc. (third sector) applied for Civil Rehabilitation.
Saera Resort (construction cost was \23bil) was sold for \0.3bil.

Jun. 18, 1999
Oct. 23, 1999
Oct. 30, 1999
Jan. 22, 2000
May. 02, 2000
Jul. 25, 2000
Jan. 11, 2001
Mar. 14, 2001
Nov. 16, 2002
Nov. 11, 2004

Yomiuri
Asahi
Asahi
Asahi
YomiuriYomiuriYomiuriYomiuriYomiuriYomiuri

49 Third sector "Kawaba Ski Resort" in Gunma prefecture. ( Application for Civil Rehabilitation)
An outcome of the Resort Law. Miscalculation of utilization of vitality in the private sector.
Kawaba Ski Resort is to open in spite of the parent company bankruptcy.
The village will support the Kawaba Ski Resort.
Kawaba Village bought the Kawaba Ski Resort for low price.
Third sector Hotaka Recreation Inc. applied for Civil Rehabilitation.
Corporate restructuring plan was approved. 90% of the debt is to be forgiven.
Hotaka Recreation Inc. start up with new capital, Madaraokogen Inc. invested 85％, Village 15％.
Hotaka Recreation Inc. changes the name to Kawaba Resort Inc. Workers are reemployed.
Village worker's rate is increased.
The lawyer talks about the Kawaba Ski Resort case.
Kawaba Ski Resort case in Civil Rehabilitation Law.
Kawaba Resort Inc. increase the sales. Cumulative deficite is to be disolved.

Aug. 23, 1998
Oct. 14, 1998
Dec. 06, 1998
Sep. 11, 1999
Apr. 28, 2000
Jul. 19, 2000
Jul. 20, 2000
Sep. 01, 2000
Dec. 25, 2000
May. 03, 2001
Jun. 11, 2001
Jan. 26, 2002

Nikkei
Asahi
Asahi
YomiuriYomiuriYomiuriYomiuri
MainichiYomiuriYomiuri
NikkeiB
Nikkei50 "Kusatu Shizuka-yama Ski Resort" in Gunma prefecture. (Public auction )Kusatu Shizuka-yama Ski Resort is under severe condition in a warm winter.
Prefecture applied the abolition of the Resort Ordinance to Kusatu Shizuka-yama Ski Resort.
Asahi junior ski competition is to be held in the Kusatu Shizuka-yama Ski Resort.
Kusatu Shizuka-yama Ski Resort, 1st public auction, upset price was \864mil, No bidder.

Jan. 09, 2000
Mar. 04, 2000
Dec. 05, 2000
Dec. 10, 2000

YomiuriYomiuri
Asahi
Mainichi

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Management company of the Minowa ski Resort applied for Civil Rehabilitation.

Collected and edited by T.Yamaguchi

Sheet-6-(2)-P.6
Dec. 13, 2000
Dec. 20, 2000
Mar. 28, 2001
Oct. 02, 2001

Yomiuri
Asahi
Yomiuri
District court

51 "Hotaka Olympia Ski Resort" in Gunma prefecture. (Red figure. Seeking for transferee)
Hotakakogen hotel management is suspended. Ski Resort is seeking for transferee.

Apr. 21, 2001

Yomiuri

52 "Takara-dai Daini Ski Resort" in Gunma prefecture. (Onerous transfer to the third sector)
Prefectural Takara-dai Daini Ski Resort was sold to the third sector for \400mil.

Feb. 23, 2001

Yomiuri

53 "GALA Yuzawa Ski Resort" in Niigata prefecture. (Debt forgiveness. New company is to operate)
JR-east closed the GALA Yuzawa Ski Resort early because of the heavy rain and a south wind.
JR is to liquidate the Kamishinetukogen Resort development Inc.
GALA Yuzawa Ski Resort is to start up under a new company.
Target of the Summer business is parents and children who challenge field experience.

Apr. 20, 1998
Oct. 18, 1999
Dec. 11, 1999
May. 08, 2001

Nikkei-Sangyo
Nikkei-Sangyo
Yomiuri
Nikkei54 Third sector "Cupid Valley Ski Resort" in Niigata prefecture. (Bankruptcy. Free transfer to the Town)
Third sector Yasuzuka General development Inc. went bankrupt.
Dec. 29, 1999
Cupid Valley Ski Resort changed into black figure after free reception.
Jun. 30, 2000
Cupid Valley Ski Resort turned into black figure in single fiscal year income and outgo.
Jul. 12, 2000
Third sector Cupid Valley has paid the wage to the Town officer. Residents are to sue.
Oct. 05, 2001
Cupid Valley third sector asked the residents for withdrawal of the lawsuit.
Nov. 30, 2001

Yomiuri
NikkeiYomiuriYomiuriYomiuri

55 "Mountain Park Tunami Ski Resort" in Niigata prefecture. (Liquidation. Free transfer to the Town)
Mountain Park Tunami Ski Resort is to be transferred to the Town without compensation.

Nov. 16, 2000

Yomiuri

56 "Hikarigahara-kogen Makiba" in Niigata prefecture. (Management company changed)
Arai Resort development Inc. is to help the management of the Makiba Ski Resort.

Mar. 27, 1999

Nikkei57 third sector "Morito Village Ski Resort" in Niigata prefecture. (Application for Civil Rehabilitation)
Third sector Morito Village Ski Resort applied for Civil Rehabilitation.

Oct. 07, 2001

Yomiuri

58 "Futai Ski Resort" in Niigata prefecture. (Seeking for the transferee)
In Yuzawa Town Futai Ski Resort, operation is suspended. They are seeking for the transferee.

Nov. 16, 2000

Yomiuri

59 Ski resorts in Niigata prefecture. (Heavy influence of the withdrawal of Kokudo Inc.)
Withdrawal of Kokudo Inc. from ski resorts would have heavily influence in Niigata prefecture.

Feb. 02, 2005

Yomiuri

60 "Awasu-no Ski Resort" in Toyama prefecture. (Red figure. A NPO participate in management)
Awasu-no Ski Resort has heavy dificit.
Lift business of the Awasuno Ski Resort was transferred to a NPO.

Oct. 02, 2002
Dec. 16, 2002

Asahi
Asahi

61 "Snow-grouse-valley Ski Resort" in Toyama prefecture. (Management examination committee start up)
Management examination committee start up in Prefectural "Snow-grouse-valley Ski Resort".
Jul. 11, 2003

Yomiuri

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Kusatu Shizuka-yama Ski Resort suspend operation.
Asahi junior ski competition changed the place from Kusatu Shizuka-yama to Kusatu Kokusai.
Kusatu Shizuka-yama Ski Resort might be wind up the business.
Kusatu Shizuka-yama Ski Resort, 2nd public auction, upset price was \475mil, No bidder.

62 "Yumeno Daira Ski Resort" in Toyama prefecture. (Hotel resumed which suspended operation)
Hotel resumed which suspended operation in Yumeno Daira Ski Resort.

Oct. 03, 2004

Asahi

63 "Oizumi & Kiyosato Ski Resort" in Nagano prefecture. (Transfer)"Oizumi & Kiyosato Ski Resort" was transferred to another company. Price is unreleased.

Dec. 02, 2002

Kougyou

64 "Togakushi Ski Resort" in Nagano prefecture. (Village-owned ski course has deficit)
In Nagano prefecture, many public ski courses have deficit.
Village and the tourist business company are conflicting at the renewal of lifts.
Many visitors have come to Togakushi Ski Resort in new year holidays, blessed with snowfall.

Nov. 07, 1998
Nov. 28, 1998
Jan. 25, 2000

S-Mainichi
S-Mainichi
S-MainichiCollected and edited by T.Yamaguchi

Sheet-6-(2)-P.7

Nov. 08, 2001
Nov. 27, 2001

Yomiuri
Nikkei-Ryutu

66 "Small ski courses" in Nagano prefecture. (Poor business performance)
In small ski courses in Nagano prefecture, e.g. Wada-toge, Himeki-daira, operation is suspended.
Wada-toge ski course is going to continue operation as a village-owned company, this season.

Jan. 27, 2000
Nov. 23, 2000

S-Mainichi
S-Mainichi

67 "Hakuba High Land Ski Resort" in Nagano prefecture. (Hotel was closed. Ski run is going)
Hakuba High Land Ski Resort is to close the hotel.But ski run is to open.
Visitor decreased 17% in Omati Ski Resort, Hakuba Ski Resort, Odani Ski Resort.

Nov. 20, 1998
Apr. 10, 2001

S-Mainichi
S-Mainichi

68 Third sector "Iizuna Resort" in Nagano prefecture. (Excessive liability)
Village paid for the new lift of the Iizuna Resort to support the financing.
Third sector Iizuna Resort development Inc. has excessive liability of \940mil.

Apr. 01, 2000
Jan. 28, 2002

S-Mainichi
S-Mainichi

69 "Fujimi Panorama Ski Resort" in Nagano prefecture. (Public corporation is under red figure)Fujimi Panorama Ski Resort's single fiscal year income and outgo recorded the red figure \180mil.
Visitor decreased 30% in this new year holidays.
Public corporation’s settlement of accounts of 1999 fiscal year recorded the red figure.
Town lent the emergency loan to the development public corporation.
Visitor might decrease about 15% in this season.
Town is to support the third sector Fujimi Panorama Ski Resort. Hotel is to be sold.

Jun. 04, 1999
Jan. 22, 2000
May. 30, 2000
Nov. 28, 2000
Mar. 15, 2001
Nov. 18, 2001

S-Mainichi
S-Mainichi
S-Mainichi
S-Mainichi
S-Mainichi
Yomiuri

70 "Tateshina Associate Ski Resort" in Nagano prefecture. (Operation is suspended)
Tateshina Associate Ski Resort suspends operation in this season.

Dec. 22, 1998

S-Mainichi

Nov. 29, 2002

Mainichi72 "Nozawa-onsen Ski Resort" in Nagano prefecture. (Considering whether to change management entity)
Village is considering whether to change management entity to private company.
Dec. 19, 2002

Yomiuri

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65 Third sector "Koumi Resort City" in Nagano prefecture. (Town is to withdraw from the business)
Koumi Town is to withdraw from the third sector Koumi Resort City.
Koumi Resort City has become the Kawatetsu-Shoji Inc. wholly-owned company.

71 "Kaida-kogen Ski Resort" in Nagano prefecture. (Free transfer to the Village)
Third sector-owned "Kaida-kogen Ski Resort" was transferred to Village, without compensation.

73 "Mitake Ropeway" in Nagano prefecture. (Investor withdrew)
Mitake Ropeway of which investor withdrew, resumed operation.

Feb. 02, 2004

Asahi

74 "Most of ski resorts in Kiso Town" in Nagano prefecture. (Red figure)Managements of most of ski resorts in Kiso Town are in the red.

Feb. 02, 2004

Asahi

75 Third sector "Meiho Ski Resort" in Gifu prefecture. (Excessive liability)
Third sector Meiho Ski Resort has \300mil, excessive liability.

Jan. 23, 2002

Chubu-Yomiuri

76 "Ibi-kogen Ski Resort" in Gifu prefecture. (Free transfer to the Village)
Asahi High Land Inc. is to wind up the business because of the bad performance of golf course.
Asahi High Land Inc. is asking Kuze and Bannai Village for the free transfer of the Ski Resort.
Asahi High Land Inc. is asking Kuze and Bannai Village for the free transfer of the Ski Resort.
Golf course is to be closed. Ski Resort is to be transfered to Villages.
Ibi-kogen Ski Resort resumed under the new third sector.

Dec. 20, 2001
Jan. 10, 2002
Jan. 13, 2002
Jan. 16, 2002
Dec. 14, 2002

Asahi
ChunichiChubu-Yomiuri
Nikkei-Sangyo
Chunichi

77 "Paruku Ski Resort" in Gifu prefecture. (Decided to close)
Owner of the Paruku Ski Resort decided to close it.
Residents opened the snowmobile school, in the former Paruku Ski Resort.

Nov. 29, 2002
Mar. 03, 2005

Chubu
Tokyo

78 "Shin Hotaka Ski Resort" in Gifu prefecture. (Decided to close)
Owner of the Shin-Hotaka Ski Resort decided to close it.

Oct. 26, 2002

ChunichiCollected and edited by T.Yamaguchi

Sheet-6-(2)-P.8

Dec. 03, 2002

Chunichi80 "Hida Kawai Ski run" in Gifu prefecture. (Red figure)
Hida Kawai Ski run is in the red.

Dec. 15, 2002

Chunichi81 "Hida Nagareha Ski run" in Gifu prefecture. (Red figure)Town-owned Hida Nagareha Ski run is in the red.

Dec. 17, 2002

Chunichi

82 "Pentapia Snow World" in Gifu prefecture. (Considering whether to close)
Owner of the Pentapia Snow World is considering whether to close it.

Jan. 25, 2005

Chunichi83 "Hirayama Ski Resort" in Shiga prefecture. (Town refused to be the transferee.)
Hirayama Ski resort is going to be liquidated.
Owner must restore the land to the original state due to National Park Law.
Town refused to be the transferee of the Hirayama Ski Resort. Owner decided to close it.

Nov. 27, 2003
Mar. 25, 2004
Apr. 01, 2004

Kyoto
Kyoto
Kyoto

84 "Biwako Valley Ski Resort" in Shiga prefecture. (Owner is considering whether to withdraw)
Nagoya Railway, the owner of the Biwako Valley Ski Resort, is considering whether to withdraw.

Jan. 29, 2003

Yomiuri

85 "Hiei-zan Ski Run" in Kyoto prefecture. (Decided to close)
Keifuku Railway, the owner of the Hiei Ski Run, decided to close it.

Nov. 01, 2002

Kyodo

86 "Asahi Tenguston Ski Resort" in Shimane prefecture. (Transfer of business)
Third sector Tenguston Company went bankrupt. Another Ski Resort is to take over it.
Asahi Tenguston Ski Resort was transferred. And the business resumed.

Dec. 30, 2001
Dec. 30, 2001

Asahi
Asahi

87 Third sector "Kotohiki Forest Park Ski Run" in Shimane prefecture. (Excessive liability)
Third sector "Kotohiki Forest Park Ski Run" got excessive liability.

Nov. 05, 2002

Chugoku

88 "Sanbe Onsen Ski Resort" in Shimane prefecture. (Poor business performance)
Sanbe Onsen Ski Resort decided to scale down the business and continue to operate.

Dec. 19, 2002

Mainichi89 "Okutu Ski Resort" in Okayama prefecture. (Cumulative red figure)Okutu Ski Resort has heavy cumulative deficit.
Okutu Ski Resort has heavy cumulative deficit.

Oct. 26, 2001
Oct. 26, 2001

MainichiYomiuri

90 "Snow Resort Neko-yama" in Hiroshima prefecture. (Visitors got food poisoning)
127 people got food poisoning at the Snow Resort Neko-yama.

Jan. 10, 2002

Asahi

91 "Greenpia" in Kochi prefecture. (Decided to close)
Greenpia, a large Pension Fund recreational facility, decided to close due to heavy deficit.

Apr. 01, 2004

Kochi

92 "Gokase Highland" in Miyazaki prefecture. (Private company restructured the third sector)
Unkai-shuzo Inc. reduced the accumulated deficit of the Gokase Highland.
Unkai-shuzo Inc. restructured the third sector, and resigned the administrator.
Gokase Highland decided not to open in this season because of the closing of the road.
Gokase Highland decided not to operate in this season.

Aug. 15, 2003
Aug. 04, 2004
Sep. 22, 2004
Jan. 20, 2005

Yomiuri
Nishi-Nihon
Nishi-Nihon
Nishi-Nihon

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79 "Hida Takayama Ski run" in Gifu prefecture. (Red figure)
Hida Takayama Ski run is in the red. City decided to change the accounting to educational count.

Collected and edited by T.Yamaguchi

Area map, Residential map,
Public sectional map, Building drawings, Photographs

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Since this report is a sample,
pages of
Area map, Residential map,
Public sectional map,
Building drawings, Photographs
are intentionally excluded.

Certification

I certify to the best of my knowledge and belief that:

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1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions, and conclusions are limited only by the reported
assumptions and limiting conditions, and are my personal impartial, and unbiased
professional analyses, opinions, and conclusions.
3. I have no present or prospective interest in the property that is the subject of thisreport, and no personal interest with respect to the parties involved.
4. I have no bias with respect to the property that is the subject of this report or to theparties involved with this assignment.
5. My engagement in and compensation for this assignment were not contingent upondeveloping or reporting predetermined results, the amount of the value estimate, or aconclusion favoring the client.
6. My analyses, opinions, and conclusions were developed, and this report has been
prepared in conformity with the Uniform Standards of Professional Appraisal Practice.
7. I have the knowledge and experience to complete the assignment competently.
8. No one provided significant professional assistance to the person(s) signing thisreport.

Signature:

Takashi Yamaguchi

Date of certification: May 1, 2005