TAIHEIYO CEMENT CORPORATION (TAIHEIYO) announced selling of its real estate. And the details are as follows;
1. Reasons for Selling
TAIHEIYO has established a new "04 Mid-Term Management Plan" in order to restructure its total investments and business activities with an aim to strengthen its financial structure and business prospects. In view of above, TAIHEIYO has taken decision to sell of its real estate.
2. Details of Transaction
Property & Location
Book Value
Sold Price
Toyosu ON Building(Toyosu Koto-ku, Tokyo)
26.1 billion yen
37.2 billion yen
3. Purchaser
The National Mutual Insurance Federation of Agricultural Cooperatives (Zenkyoren)
(There is no capital relationship between TAIHEIYO and Zenkyoren.)
4. Schedule for the Transfer
December 19, 2003: Conclusion of contract and Transfer of property
5. Proposed Prospects
By selling of above mentioned real estate, an extraordinary profit of about 10.4 billion yen will be generated. This is already considered in the expected consolidated and non-consolidated mid-term financial statement of March 2004 and this was disclosed on November 18, 2003.
(As a reference)
a)
Projected consolidated performance announced on November 18, 2003 and the actual result in previous fiscal year
(million yen)
Sales
Ordinary profit
Net profit
Projected consolidated Performance
(term ended March 2004)
870,000
33,000
15,000
Actual results
(term ended March 2003)
927,956
23,381
6,262
b)
Projected unconsolidated performance announced on November 18, 2003 and the actual result in previous fiscal year
