Tomen Announced Upward Revision of its Forecast for Fiscal 2000 Sale of Some Shares of Arysta LifeScience Corporation, Completion to Liquidate 207 Affiliated Companies
2001-04-05
Tomen today announced its upward revision of its business results forecast for the fiscal year ended March 31, 2001 (April 1, 2000 to March 31, 2001), which was made public on November 17, 2000, and is amended as follows: 1.The revision of consolidated business results forecast forthe fiscal year ended March 31, 2001 | (April 1, 2000 to March 31, 2001) | Millions of Yen | | | Total Trading Transaction | Ordinary Profit | Net Income | Previous forecast (A)
(Announced on November 17, 2000) | 2,700,000 | 27,000 | 5,000 | | Revised forecast (B) | 2,700,000 | 27,000 | 10,000 | | Increase or decrease (B-A) | 0 | 0 | +5,000 | | Rate of Change (B-A)/A (%) | 0.0 | 0.0 | +100.0 | Results for the fiscal year ended
March 31, 2000 | 2,866,908 | 15,170 | -94,526 |
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2.The revision of non-consolidated business results forecast for the fiscal year ended March 31, 2001 | (April 1, 2000 to March 31, 2001) | Millions of Yen | | | Total Trading Transaction | Ordinary Profit | Net Income | Previous forecast (A)
(Announced on November 17, 2000) | 2,000,000 | 12,000 | 0 | | Revised forecast (B) | 2,000,000 | 12,000 | +13,000 | | Increase or decrease (B-A) | 0 | 0 | +13,000 | | Rate of Change (B-A)/A (%) | 0.0 | 0.0 | - | Results for the fiscal year ended
March 31, 2000 | 2,388,588 | 8,424 | -107,462 |
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| 3. Reason | | (1) | Revised forecast for consolidated business results | | The revision of the previous forecast is estimated with the following factors: | | - | Total 80 billion yen of extraordinary profit is estimated, including 34 billion yen from by sales of some shares of its life science subsidiary, 32 billion yen from repurchase of discounted debts, and 14 billion yen from sales of property of Tomen's Osaka head office and holding securities. | | - | On March 30, 2001 Tomen sold a 40% stake of Arysta LifeScience Corporation to Nichimen Corp., 2% to Toyota Tsusho Corp. and 1% to others. The sales amount of the stake was 54.3 billion yen. Arysta LifeScience Corporation started operation in April 2001 as Tomen's consolidated subsidiary in agrochemicals, pharmaceuticals and biotechnology business fields. | | - | Total 82 billion yen of extraordinary loss is estimated, including 28 billion yen from liquidation of affiliated companies, 21 billion yen from allowance for bad debts, 16.5 billion yen from sales and reappraisal of holding securities, 9 billion yen from impairment of real estatea, and 7.5 billion yen from special severance payments. | | - | As result of the above factors, 10 billion yen of net income is estimated as the revised forecast which exceeds the figure in the previous forecast. | | (2) | Revised forecast for non-consolidated business results | | In accordance with the above factors, 13 billion yen of non-consolidated net income is estimated as the revised forecast which exceeds the figure in the previous forecast. |
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