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Reporting of extraordinary income from the partial cancellation of retirement benefit trust
March 10, 2015
Kobe Steel, Ltd. established a retirement benefit trust to provide retirement benefits in the future. Pension assets, including the retirement benefit trust, face a situation where they are greatly overfunded with regard to the projected benefit obligation (PBO). As this situation is anticipated to continue in the future, Kobe Steel decided to cancel a portion of the retirement benefit trust.
Generation of extraordinary income
- 1. Cancellation date:
- March 5, 2015
- 2. Surrender value:
- 33.6 billion yen
- 3. Effect on profit and loss:
- For the consolidated and nonconsolidated results for the fiscal year ending in March 2015, Kobe Steel expects to record extraordinary income of 15.6 billion yen as gain on return of assets from retirement benefits trust.
Future Outlook
Kobe Steel anticipates no change in its earnings forecast for the fiscal year ending in March 2015 announced on February 3, 2015.
If a correction is necessary following a detailed examination of other items, Kobe Steel will promptly make a disclosure.
