 |
| May 1, 2003 |
|
| Notice Regarding Loss on Devaluation of Securities at The End of The Fiscal Year Ended March 31, 2003 |
| 1. Loss on devaluation of
securities at the end of the fiscal year ended March 31, 2003 |
|
As a result of calculation for the loss on devaluation of securities
at the end of the fiscal year ended March 31, 2003, the outcome is
as described below:
| (Billions of Yen) |
|
| (A) |
Total amount of the loss on devaluation of securities
as of March 31, 2003: |
|
50.2 |
| (B) |
Net asset as of March 31, 2002: |
| |
(A/B*100) |
|
1,262.5
(4.0%) |
| (C) |
Ordinary profit as of March 31, 2002:
|
| |
(A/C*100) |
|
49.8
(100.8%) |
| (D) |
Net income as of March 31, 2002:
|
| |
(A/D* 100) |
|
16.4
(305.6%) |
|
|
|
The Company
evaluates securities and money trusts held for purposes other than
trading, at fair value, at cost or at amortized cost. Impairment losses
are recognized in case of investments having experienced a significant
decline in fair values or net asset book values below their respective
costs that are considered other than temporary.
The standard
for impairment losses of securities with fair values is applied to
all securities declining not less than 50% in fair values compared
with net asset book values, and securities declining not less than
30% but less than 50% in fair value compared with net asset book values
that are considered other than temporary.
If impairment
losses were recognized for all securities declining not less than
30% in fair values compared with net asset book values, an amount
of the loss on devaluation of securities to be increased would be
¥ 90million, compared with the amount if the current standard were
applied. |
| 2. Business results forecast |
|
There are
no revisions to the business results forecasts for the fiscal year
ended March 31, 2003 (on a consolidated basis and non-consolidated
basis) at this point of time.
|
Note:
|
|
|
The foregoing are forward-looking statements based on a
number of assumptions and beliefs in light of the information
currently available to management and subject to significant
risks and uncertainties. Actual financial results may differ
materially depending on a number of factors including, adverse
economic conditions, currency exchange rate fluctuations, adverse
legislative and regulatory developments, delays in new product
launches, pricing and insurance product initiatives of competitors,
the inability of the Company or its subsidiaries or affiliates
to market existing and new insurance products effectively, infringements
on the Company's intellectual property rights of the Company
or its subsidiaries or affiliates and the adverse outcome of
material litigation. |
|
|
