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Asahi Glass: government approves waiver of obligations

Asahi Glass Co., Ltd. announced 30 March 2004 in a press release that the Asahi Glass employee pension fund obtained a waiver of the obligation to pay benefits in the future from the Minister of Healt…

Asahi Glass Co., Ltd. announced 30 March 2004 in a press release that the Asahi Glass employee pension fund obtained a waiver of the obligation to pay benefits in the future from the Minister of Health, Labor and Welfare on 26 March 2004, in association with the return to the government of the assets/accounts that the fund has been managing on behalf of the government based on the Defined Benefit Corporate Pension Law. With the return of the assets of public pension programs, Asahi Glass says it intends to apply paragraph 47-2 of “Practical guidelines for accounting of retirement benefits (interim report)” (accounting committee report No. 13 of the Japanese Institute of Certified Public Accountants). As a result, Asahi Glass is expected to post an extraordinary profit and a decline in retirement pay obligations for fiscal 2004. The decrease in retirement pay obligations is also predicted to reduce operating expenses in and after fiscal 2004. Asahi Glass will announce the details of these amounts once it finishes the necessary calculations.

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