The Board of Directors of Toyo Engineering Corporation (hereinafter “the Company”) resolved today, November 8, 2018, to transfer the fixed assets as follows.
1. Reason for Transfer
In order to pursue greater efficiency of owned assets and strengthen financial standing.
2. Details of Transferred Assets
| Details and Location | Gain on Transfer of Fixed Asset | Current state |
| 6-3, Akanehama 2-chome Narashino-shi Chiba Land 4,149.85m2 Structure A 6,611.32 m2 Structure B 177.21 m2 |
Approximately 71 million Yen | Office Laboratory |
Note: The Company refrains from disclosing the transfer price and book value in accordance with the agreement with the transferee.
3. Outline of Transferee
The Company refrains from disclosing the name of Transferee, who is a Japanese corporation, in accordance with the agreement with Transferee, however, there is no capital, personal, or business relationship with Transferee and it is not a related party.
4. Schedule of Transfer
| Date of Board Resolution: | November 8, 2018 |
| Date of Contact: | November 30, 2018 (Planned) |
| Date of Property Transfer: | March 31, 2019 (Planned) |
5. Prospect
The transfer of the fixed asset is expected to result in the recording “Gain on sales of property, plant and equipment” of approximately 71 million yen as an extraordinary income on consolidated financial results for the fiscal year ending March 31, 2019. The Company expects no changes to the forecast of consolidated financial results for the fiscal year ending March 31, 2019 that was announced on May 15, 2018.