Sale of Fixed Assets
Nippon Sheet Glass Co., Ltd. (“the Company”) announces that it has today agreed the sale of certain fixed assets in Japan as set out below.
1. Outline of the transaction
(i) Assets sold
Land and buildings formerly used for employee accommodation at the Company's Maizuru plant.
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(1)
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Address
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2316 Koaza Ohsako, Ohaza Yukinaga Maizuru-shi, Kyoto
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(2)
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Area (m2)
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Land:14,277.67, Building floor : 4,068.28
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(3)
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Book Value
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Approximately JPY 20million
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(4)
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Sale amount
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Approximately JPY 570million
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(5)
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Contract Expenses
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Approximately JPY 10million
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(6)
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Gain from the sale
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Approximately JPY 540 million
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(ii) Buyer
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(1)
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Name
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Sekisui Heim Kinki Co., Ltd.
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(2)
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Representative
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Yoshito Harada
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(3)
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Registered address
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1-6-1 Miyahara Yodogawa-ku, Osaka
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(iii) Transaction schedule
24th April 2009: Signature of Agreement
September 2009: Closing
2. Reason for the transaction
Disposal of redundant non-core assets, consistent with the Group's strategy of debt reduction.
3. Impact on the operation
It is estimated that the Group will recognize a gain from the sale of fixed assets as an extraordinary gain on both a non-consolidated and consolidated basis of JPY 540 million, in its result for the year to 31 March 2010.