[Translation]
February 12, 2014
Company name | Sapporo Holdings Limited |
Representative | Tsutomu Kamijo President and Representative Director |
Securities code | 2501 |
Listed on | Tokyo Stock Exchange Sapporo Securities Exchange |
Inquiries | Tatsuya Komatsu Director of Corporate Communications Department |
Tel.: +81 3-5423-7407 |
Sapporo Holdings Limited ("the Company") hereby announces that at the meeting of its Board of Directors held today it resolved to launch a real estate redevelopment owned by consolidated subsidiary Sapporo Real Estate Co., Ltd. As a result, the Company is expected to post an extraordinary loss as noted below.
1. Description of real estate redevelopment and extraordinary loss
The Company decided today to launch the redevelopment of Sapporo Ginza Building (Address: 8-1, Ginza 5-chome, Chuo-ku, Tokyo), which is owned by Sapporo Real Estate Co., Ltd., a consolidated subsidiary. As a result, the Company is expected to post an extraordinary loss amounting to ¥2,600 million, which consists of expenses for demolition of the existing building, losses on retirement, marketing-related expenses and others. The loss is expected to be recorded under extraordinary losses for the fiscal year ending December 31, 2014.
Outline of redevelopment:
Size (planned): 12 stories above ground and two below
Total floor area: approximately 7,082 m 2
Usage (planned): Commercial complex
Demolition of existing building: To start in spring of 2014 (planned) Start of construction of new building: Spring of 2015 (planned) Completion of construction of new building: First half of 2016 (planned)
2. Effects on consolidated financial results
The aforementioned extraordinary loss is reflected in the consolidated earnings forecast for the full fiscal year ending December 31, 2014, released today.
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