| FOR IMMEDIATE RELEASE |
| Apr. 1, 2003 |
Toray Announces Inclusion of Special Credits and Charges
|
Toray expects to book the following special credits and charges
at the non-consolidated basis for the fiscal year ended March 31, 2003.
The earnings forecast announced on November 12, 2002 is not revised through this
change.
1. Special credits |
| |
Amount |
Details |
| Gain on absolution of certain pension liabilities |
16.4 billion yen |
The company was permitted to be absolved
from its future payment obligations for substitution portions of the employees'
pension plans hitherto covered by the company on behalf of the government.
The permission by the Minister of Health, Labor and Welfare took effect on January
30, 2003 and the company recognized that the said pension liabilities expired
as of such date. |
| Gain on contribution of securities to retirement
benefit trust |
15.3 billion yen |
9.5 billion yen out of 15.3 billion have
been included in the first half results. |
|
2. Special charges |
| |
Amount |
Details |
| Loss on liquidation of subsidiaries ,write-down
of investments to subsidiaries, and debt waiver to affiliates |
25.0 billion yen |
5.8 billion yen out of 25.0 billion have
been included in the first half results. |
| Loss on write-down of investment securities |
5.7 billion yen |
0.1 billion yen out of 5.7 billion have
been included in the first half results. |
|
The company's financial support plans for Chori Co., Ltd.
include 4.0 billion yen of the debt waiver and 1.1 billion yen of the preferred
stocks underwriting. The amount of debt waiver is included in the above special
charges.
|
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|
