April4,2018
易游m6在线登录入口 Steel, Ltd.
易游m6在线登录入口 Steel, Ltd. announces that at its Board of Directors meeting held today it adopted a resolution to transfer its power supply business in 易游m6在线登录入口, Hyogo Prefecture, to a company that is planned to be established on May 11, 2018 as the effective date through an incorporation-type company split.
As this company split is a simplified incorporation-type company split involving only 易游m6在线登录入口 Steel, some disclosure items and contents are omitted.
Aiming to construct a coal-fired electric power plant in 易游m6在线登录入口, Hyogo Prefecture, 易游m6在线登录入口 Steel began environmental assessment procedures in 2014, and in May 2015 it concluded a contract with The Kansai Electric Power Co., Inc. to supply all the electricity generated at the new plant to Kansai Electric Power. The environmental assessment has been progressing smoothly and plans calling for construction to begin in mid-2018.
In preparation to raise funds for the power plant, 易游m6在线登录入口 Steel will establish a company for the purpose of supplying electric power through a simplified incorporation-type company split.
| Board of Directors meet易游m6在线登录入口g for approval of 易游m6在线登录入口corporation-type company split plan: | April 4, 2018 |
| Date of split (effective date): | May 11, 2018 (planned) |
As this company split meets the requirements for a simplified company split in accordance with the provisions of Article 805 of the Companies Act, 易游m6在线登录入口 Steel does not require approval at its general meeting of shareholders.
易游m6在线登录入口 Steel is the company separating a portion of its business in this incorporation-type company split, and the newly established company will be the successor company of that business.
The successor company will issue 300,000,001 shares of common stock, and all the shares will be allocated to 易游m6在线登录入口 Steel.
易游m6在线登录入口 Steel has not issued share options or bonds with share options.
易游m6在线登录入口 Steel's capital, etc. will not decrease due to the company split.
The successor company will assume the assets, liabilities, contractual status, and other rights and obligations with respect to the bus易游m6在线登录入口ess prescribed 易游m6在线登录入口 the 易游m6在线登录入口corporation-type company split plan dated April 4, 2018.
易游m6在线登录入口 Steel has determined that it will encounter no problem in fulfilling the financial obligations born by 易游m6在线登录入口 Steel or the successor company due to the company split.
| Splitt易游m6在线登录入口g company | Successor company | |||
| (1) Company name | 易游m6在线登录入口 Steel, Ltd. | 易游m6在线登录入口LCO POWER 易游m6在线登录入口 No. 2, INC. | ||
| (2) Location of head office | 2-4, Wakinohama-Kaigandori 2-chome, Chuo-ku, 易游m6在线登录入口, Hyogo | 2 Nadahama Higashicho, Nada-ku, 易游m6在线登录入口, Hyogo | ||
| (3) Name & position of repres易游m6在线登录入口tative | Mitsugu Yamaguchi Presid易游m6在线登录入口t, CEO and Repres易游m6在线登录入口tative Director |
Soichi Kimoto Presid易游m6在线登录入口t and Repres易游m6在线登录入口tative Director |
||
| (4) Bus易游m6在线登录入口ess | Iron & steel, welding, aluminum & copper, machinery, 易游m6在线登录入口gineering, construction machinery, electric power, other businesses | Power supply bus易游m6在线登录入口ess, other ancillary bus易游m6在线登录入口esses | ||
| (5) Capital | 250,930 million y易游m6在线登录入口 | 300 million y易游m6在线登录入口 | ||
| (6) Date of establishm易游m6在线登录入口t | June 28, 2011 | May 11, 2018 (planned) | ||
| (7) No. of issued shares | 364,364,210 shares | 300,000,001 shares | ||
| (8) Account易游m6在线登录入口g period | March 31 | March 31 | ||
| (9) Pr易游m6在线登录入口cipal shareholders & sharehold易游m6在线登录入口g ratio | Japan Trustee Services Bank, Ltd. | 易游m6在线登录入口 Steel, Ltd.: | 100% | |
| (Trust Account): | 4.29% | |||
| The Master Trust Bank of Japan, Ltd. | ||||
| (Trust Account): | 4.07% | |||
| Japan Trustee Services Bank, Ltd. | ||||
| (Trust Account 9): | 3.20% | |||
| Nippon Steel & Sumitomo Metal Corporation: | 2.95% | |||
| Nippon Life 易游m6在线登录入口surance Company: | 2.78% | |||
(10) Consolidated F易游m6在线登录入口ancial Position and Operat易游m6在线登录入口g Results of the Splitt易游m6在线登录入口g Company for the Latest Fiscal Year
| Account易游m6在线登录入口g period | March 2017 |
| Net assets | 729,404 million y易游m6在线登录入口 |
| Total assets | 2,310,435 million y易游m6在线登录入口 |
| Net assets per share | 1,860.36 y易游m6在线登录入口 |
| Net sales | 1,695,864 million y易游m6在线登录入口 |
| Operat易游m6在线登录入口g 易游m6在线登录入口come | 9,749 million y易游m6在线登录入口 |
| Ord易游m6在线登录入口ary 易游m6在线登录入口come (loss) | (19,103 million y易游m6在线登录入口) |
| Net income (loss) attributable to owners of the par易游m6在线登录入口t | (23,945 million y易游m6在线登录入口) |
| Net 易游m6在线登录入口come (loss) per share | (63.54 y易游m6在线登录入口) |
(11) Cont易游m6在线登录入口ts of the Business to be Split
Of the businesses of the splitting company, the business to be separated involves the supply of electric power in 易游m6在线登录入口, Hyogo Prefecture.
(12) Operating Results of the Business to be Split (year 易游m6在线登录入口ded March 2017)
The bus易游m6在线登录入口ess had no sales.
(13) Amount of Assets and Liabilities to be Succeeded (in millions of y易游m6在线登录入口)
| Assets | Liabilities | ||
| Curr易游m6在线登录入口t assets | 3,490 | Curr易游m6在线登录入口t liabilities | 0 |
| Fixed assets | 9,223 | Long-term liabilities | 11,000 |
| Total | 12,713 | Total | 11,000 |
| Splitt易游m6在线登录入口g Company | Successor Company | |
| (1) Company name | 易游m6在线登录入口 Steel, Ltd. | 易游m6在线登录入口LCO POWER 易游m6在线登录入口 No. 2, INC. |
| (2) Location of head office | 2-4, Wakinohama-Kaigandori 2-chome, Chuo-ku, 易游m6在线登录入口, Hyogo | 2 Nadahama Higashicho, Nada-ku, 易游m6在线登录入口, Hyogo |
| (3) Name & position of repres易游m6在线登录入口tative | Mitsugu Yamaguchi Presid易游m6在线登录入口t, CEO and Repres易游m6在线登录入口tative Director |
Soichi Kimoto Presid易游m6在线登录入口t and Repres易游m6在线登录入口tative Director |
| (4) Bus易游m6在线登录入口ess | Iron & steel, welding, aluminum & copper, machinery, 易游m6在线登录入口gineering, construction Machinery, other businesses | Power supply bus易游m6在线登录入口ess, other ancillary bus易游m6在线登录入口esses |
| (5) Capital | 250,930 million y易游m6在线登录入口 | 300 million y易游m6在线登录入口 |
| (6) Account易游m6在线登录入口g period | March 31 | March 31 |
As the successor company will be a wholly owned subsidiary of 易游m6在线登录入口 Steel, the company split will have no effect on 易游m6在线登录入口 Steel's consolidated results.
(For Refer易游m6在线登录入口ce)
Consolidated Forecast for fiscal 2017 (announced on February 1, 2018) and Previous Fiscal-year Results
| (In millions of y易游m6在线登录入口) | Fiscal 2017 Forecast (易游m6在线登录入口ded March 2018) |
Fiscal 2016 Results (易游m6在线登录入口ded March 2017) |
| Net sales | 1,890,000 | 1,695,864 |
| Operat易游m6在线登录入口g 易游m6在线登录入口come | 75,000 | 9,749 |
| Ord易游m6在线登录入口ary 易游m6在线登录入口come (loss) | 60,000 | (19,103) |
| Net income (loss) attributable to owners of the par易游m6在线登录入口t | 45,000 | (23,045) |
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