Nippon Telegraph and Telephone Corp NOTICE REGARDING THE ACQUISITION OF ASSETS (8903Y)

TIDMNPN

RNS Number : 8903Y

Nippon Telegraph and Telephone Corp

28 February 2013

February 28, 2013

 
 
                     Company Name: Nippon Telegraph and Telephone Corporation 
          Representative: Hiroo Unoura, President and Chief Executive Officer 
(Code No.: 9432, First section of Tokyo, Osaka and Nagoya Stock Exchanges and 
                                         Fukuoka and Sapporo Stock Exchanges)

NOTICE REGARDING THE ACQUISITION OF ASSETS UNDER THE OTEMACHI 2-CHOME AREA REDEVELOPMENT PROJECT

Nippon Telegraph and Telephone Corporation ("NTT") hereby announces that, at a meeting of its board of directors held today, NTT has authorized the acquisition of assets as described below.

   1.           Reasons for Acquisition:

The building in which NTT's headquarters is located will be rebuilt under the planned Otemachi 2-Chome Area Redevelopment Project and therefore, through an exchange of rights, NTT will acquire its entitled floor in the new building.

   2.           Details of Asset to be Acquired: 
 
 (1) Address:      Otemachi 2-Chome, Chiyoda-ku, 
                    Tokyo 
 (2) Overview:     Acquisition of a portion of the 
                    building (entitled floor) to be 
                    built under the Otemachi 2-Chome 
                    Area Redevelopment Project 
 (3) Acquisition   Approximately 60.0 billion yen 
  Price: 
 (4) Acquisition   Through an exchange of rights 
  Method:           with NTT's land lease and other 
                    rights 
 (5) Acquisition   March 2014 (planned) 
  Date 
 
   3.           Future Impact on Consolidated Results

NTT plans to record the gains resulting from the acquisition of the assets (estimated at 60.0 billon yen) as other income in the following fiscal year (the fiscal year ending March 31, 2014).

Consolidated financial results forecasts for the fiscal year ending March 31, 2014 are expected to be announced when the financial results for the fiscal year ending March 31, 2013 are released.

(For reference) Consolidated Financial Results Forecasts for the Fiscal Year Ending March 31, 2013 (announced on November 8, 2012) and Consolidated Financial Results for the Fiscal Year Ended March 31, 2012.

(Millions of yen)

 
                     Operating   Operating  Income before   Net Income 
                      Revenues     Income    income Taxes   Attributable 
                                                               to NTT 
-------------------  ----------  ---------  -------------  ------------- 
Fiscal Year Ending 
   March 31, 2013    10,810,000  1,200,000      1,170,000        530,000 
 Fiscal Year Ended 
   March 31, 2012    10,507,362  1,222,966      1,239,330        467,701 
-------------------  ----------  ---------  -------------  ------------- 
 
 
 
For further inquiries, please contact: 
 
Mr. Hiroshi Akagawa 
General Affairs Subgroup 
General Affairs Department 
Nippon Telegraph and Telephone Corporation 
Phone:         +81-3-5205-5571

This information is provided by RNS

The company news service from the London Stock Exchange

END

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