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Nippon Sheet Glass announces Confirmation of Extra-Ordinary Gain Figures And Revision of Operating Result Forecast

Date
09 Aug 2007

Nippon Sheet Glass Co., Ltd. (“the Company”) confirms the provisional amount of extra-ordinary gain arising from the sale of shares of a subsidiary, and announces the revisions made to its previous forecast of operating results for FY 2008 ( April 2007 through March 2008 ) published on 6 July 2007, as below.

I. Confirmation of extra-ordinary gains figures

The Company confirms the amount of extra-ordinary gain arising from the sale of shares of its subsidiary, Pilkington Australia Finance Pty Ltd., as below. The following figures are subject to change in accordance with the provisions set in the sales agreement.

1. Confirmed amount of extra-ordinary gain (before taxation)

A$ 343 million (JPY 36.1 billion)
Note: This will be included in the Company's FY2008 Q1 results

2. The amount of consideration

A$ 727 million (JPY 74.7 billion)

Note: The amount of other expenses incurred upon the sale of shares is set below.
A$ 16 million (JPY 1.6 billion)

3. Summary of the balance sheet as of the closing date

 

Australian Dollars
(millions)

Japanese Yen
(billions)

Current assets

151

15.2

Fixed assets

368

36.9

Current liabilities

(79)

(7.9)

Fixed liabilities

(72)

(7.3)

Net assets

368

36.9

Gross assets

519

52.1



Note: Dividends have not been paid to the shareholders of Pilkington Australia Finance Pty Ltd.

II. Revised operating result forecast (consolidated)

1. Interim result (1st April 2007 through 30th September 2007)

Unit: JPY million,%

 

Net Sales

Income before
extra-ordinary items

Net Income

Previous forecast (A)
published on 6 July 2007

420,000

12,000

29,000 to 39,000

Revised forecast (B)

420,000

12,000

39,000

Change (B-A)

0

0

-

Change (%)

0.0%

0.0%

-

Previous year result (FY2007)

273,259

7,250

20,259

 

2. Full year result (1st April 2007 through 31st March 2008)

Unit: JPY million,%

 

Net Sales

Income before
extra-ordinary items

Net Income

Previous forecast (A)
published on 6 July 2007

830,000

24,000

35,000 to 45,000

Revised forecast (B)

830,000

24,000

45,000

Change (B-A)

0

0

-

Change (%)

0.0%

0.0%

-

Previous year result (FY2007)

651,547

8,001

12,095



III. Forecast for the Company's stand-alone results

The forecast of the Company's stand-alone operating results are not published.