Commission File No. 2-61271 and 2-72713
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FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
REPORT OF FOREIGN ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
Report on Disclosure of Information of ITO-YOKADO CO., LTD.
ITO-YOKADO CO., LTD.
(Translation of registrant's name into English)
1-4, Shibakoen 4-chome, Minato-ku, Tokyo 105-8571, Japan
(Address of principal executive offices)
[Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.]
Form 20-F x Form 40-F
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[Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2 (b) under the Securities Exchange Act of
1934.]
Yes No x
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[If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2 (b). 82- ]
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[Translation]
May 7, 2002
To: Each of the Parties Concerned
Name of the Company: Ito-Yokado Co., Ltd.
Name of Representative: Toshifumi Suzuki
President & Representative Director
(Securities Code No. 8264, the First Section of the Tokyo
Stock Exchange)
Contact should be made to: Takeshi Umemoto
General Manager, Finance Dept.
(Tel. 03-3459-2131)
NOTICE REGARDING CONCLUSION OF THE TRANSFER AGREEMENT OF SHARES OF DAIKUMA
CO., LTD. AND REVISION OF BUSINESS RESULTS FORECASTS
(ON A CONSOLIDATED BASIS AND NON-CONSOLIDATED BASIS)
On April 10, 2002, Ito-Yokado Co., Ltd. ("Ito-Yokado") executed a letter of
intent that all outstanding shares of Daikuma Co., Ltd. ("Daikuma") held by the
Ito-Yokado Group will be transferred through a special purpose company ("SPC")
to YAMADA DENKI Co., Ltd. ("Yamada Denki") and Nomura Principal Finance Co.,
Ltd. ("NPF"), and has taken procedures for conditions, etc. of such transfer.
Today, the Company entered into the Transfer Agreement as stated below and is
pleased to notify you.
As a result, the Company will revise the consolidated and non-consolidated
business results forecasts for the fiscal year ending February 28, 2003 (from
March 1, 2002 to February 28, 2003) made public on April 11, 2002, when the
Company's business results were announced.
Particulars
1. Transfer of shares of Daikuma:
(1) Transferee: SPC, which is wholly owned by Yamada Denki. NPF will
hold bonds with stock acquisition rights in relation to
shares of such SPC
(2) Number of shares transferred:
All outstanding shares of Daikuma held by the Ito-Yokado
Group 10,339,140 shares (88.4% of the aggregate number
of shares issued of Daikuma)
(3) Sales price: 16,791 million yen
(4) Date of transfer: May 24, 2002 (scheduled)
2. Revision of business results forecasts for the fiscal year ending February
28, 2003 (from March 1, 2002 to February 28, 2003):
[Consolidated results]
(1) For the six months (from March 1, 2002 to August 31, 2002):
[U.S. GAAP]
(Millions of yen)
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Revenues from Operating Income Income before Net Income
Operation Income Taxes
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Previous forecast (A) 1,730,000 106,000 102,000 35,700
Revised forecast (B) 1,684,000 -- -- 17,000
Increase or decrease (B)-(A) -46,000 -- -- -18,700
Percentage of increase or decrease
(%) -2.7% -- -- -52.4%
Reference:
Results for the corresponding six
months of the preceding fiscal year: 1,644,297 82,198 100,145 35,621
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[Japanese GAAP]
(Millions of yen)
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Revenues from Operating Income Recurring Income Net Income
Operation
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Previous forecast (A) 1,820,000 110,000 107,000 35,500
Revised forecast (B) 1,774,000 -- -- 17,600
Increase or decrease (B)-(A) -46,000 -- -- -17,900
Percentage of increase or decrease
(%) -2.5% -- -- -50.4%
Reference:
Results for the corresponding six
months of the preceding fiscal year: -- -- -- --
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(2) For the fiscal year ending February 28, 2003 (from March 1, 2002 to
February 28, 2003):
[U.S. GAAP]
(Millions of yen)
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Revenues from Operating Income Income before Net Income
Operation Income Taxes
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Previous forecast (A) 3,470,000 192,000 183,000 53,200
Revised forecast (B) 3,383,000 -- -- 34,500
Increase or decrease (B)-(A) -87,000 -- -- -18,700
Percentage of increase or decrease
(%) -2.5% -- -- -35.2%
Reference:
Results for the preceding fiscal year
ended February 28, 2002: 3,332,486 160,969 171,793 52,323
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[Japanese GAAP]
(Millions of yen)
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Revenues from Operating Income Recurring Income Net Income
Operation
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Previous forecast (A) 3,660,000 210,000 203,000 53,600
Revised forecast (B) 3,573,000 -- -- 35,700
Increase or decrease (B)-(A) -87,000 -- -- -17,900
Percentage of increase or decrease
(%) -2.4% -- -- -33.4%
Reference:
Results for the preceding fiscal year
ended February 28, 2002: 3,503,619 200,067 196,411 39,304
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[Non-consolidated results]
(1) For the six months (from March 1, 2002 to August 31, 2002):
(Millions of yen)
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Revenues from Operating Income Recurring Income Net Income
Operation
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Previous forecast (A) 748,000 18,200 26,600 17,500
Revised forecast (B) -- -- -- 19,500
Increase or decrease (B)-(A) -- -- -- 2,000
Percentage of increase or decrease
(%) -- -- -- 11.4%
Reference:
Results for the corresponding six
months of the preceding fiscal year: 739,088 17,684 25,572 17,476
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(2) For the fiscal year ending February 28, 2003 (from March 1, 2002 to
February 28, 2003):
(Millions of yen)
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Revenues from Operating Income Recurring Income Net Income
Operation
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Previous forecast (A) 1,532,000 34,000 51,000 33,000
Revised forecast (B) -- -- -- 35,000
Increase or decrease (B)-(A) -- -- -- 2,000
Percentage of increase or decrease
(%) -- -- -- 6.1%
Reference:
Results for the preceding fiscal year
ended February 28, 2002: 1,510,945 30,573 46,136 25,791
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3. Reason for the revision of business results forecast:
[Consolidated business results]
Revenues from operation: Decrease due to Daikuma will no longer be the
subsidiary to be subject to the Company's consolidation.
Net income for the fiscal year
(the six months) under review: Decrease due to the fact that the loss resulting from
the transfer of shares of Daikuma will be stated.
[Non-consolidated business results]
Net income for the fiscal year
(the six months) under review: Increase due to the fact that the loss resulting from
the transfer of shares of Daikuma will be stated.
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 product initiatives of competitors, the inability of
the Company or its subsidiaries or affiliates to market existing and new
products effectively, interruptions in production, infringements of the
intellectual property rights of the Company or its subsidiaries or
affiliates, and the adverse outcome of material litigation.
- End -
[Translation]
May 7, 2002
OUTLINE OF SUBSIDIARY TO BE CHANGED
Name of the Company: Ito-Yokado Co., Ltd. (the "Company")
Name of Representative: Toshifumi Suzuki
President & Representative Director
Contact should be made to: Takeshi Umemoto
General Manager, Finance Dept.
Telephone number: Tel. 03-3459-2131
(Securities Code No. 8264, the First Section of the Tokyo Stock
Exchange)
1. Outline of Subsidiary to be changed:
<Table>
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(1) Corporate name: Daikuma Co., Ltd. ("Daikuma")
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(2) Location of head office: 62-1, Yuhigaoka, Hiratsuka-shi, Kanagawa Prefecture
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(3) Name of representative: Shigefumi Morita, President & Representative Director
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(4) Date of incorporation: April 7, 1951
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(5) Paid-in share capital: 4,243,000 thousand yen (as at May 7, 2002)
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(6) Major shareholders Percentage of
(as at May 7, 2002) Name Address Number of shareholding to the
shares held aggregate number of
shares issued
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shares %
Ito-Yokado Group 4-1-4, Shibakoen 10,339,140 88.4
Minato-ku, Tokyo
Other shareholders 1,360,860 11.6
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(7) Principal business: Retail of household related products and apparel products
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(8) Relationship to the Capital Subsidiary
Company --------------------------------------------------------------------------------
Staff Three Directors of the Company simultaneously have offices
of Directors of Daikuma.
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Transaction The Company provides the know-how to Daikuma and there
will be no such transaction after the change.
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(9) Number of employees: 1,919 (including part-time employees as at February 28, 2002)
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(10) Business results & Fiscal year ended Feb. 28, 2001 Fiscal year ended Feb. 28, 2002
financial Condition
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Net sales 114,315 million yen (7.7%) 105,673 million yen (7.1%)
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Operating income -3,535 million yen (--%) -1,303 million yen (--%)
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Recurring income -3,178 million yen (--%) -988 million yen (--%)
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Net income -2,819 million yen (--%) -3,985 million yen (--%)
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Total asset 56,061 million yen (5.4%) 50,895 million yen (4.9%)
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Shareholders' equity 41,690 million yen (5.9%) 37,646 million yen (5.3%)
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(Note) The figures in the parentheses above represent the ratio to the
Ito-Yokado's non-consolidated results of the current fiscal years.
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</Table>
2. Number of shares held:
(1) Number of shares held before change: 10,339,140 shares
(Such shares account for 88.4%
of the aggregate number of shares
issued. Out of 88.4%, the Company
indirectly owns 1.1%.)
(2) Number of shares to be transferred: 10,339,140 shares
(Such shares account for 88.4% of
the aggregate number of shares
issued. Out of 88.4%,
the Company indirectly owns 1.1%.)
Sales cost: 16,791 million yen
(3) Number of shares held after change: -- share (--%)
3. Outline of transferee:
<Table>
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(1) Corporate name: YAMADA DENKI Co., Ltd. ("Yamada Denki")
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(2) Location of head office: 40-11, Hiyoshi-cho 4-chome, Maebashi-shi, Gunma Prefecture
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(3) Name of representative: Noboru Yamada, President & Representative Director
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(4) Date of incorporation June 1, 1978
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(5) Paid-in share capital: 45,995,885 thousand yen (as at September 30, 2001)
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(6) Major shareholders Number Percentage to
(as at September 30, 2001) Name Address of shares the aggregate
held number of
shares issued
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Shares %
Tecc- Planning 3-10-17, Shimokoidecho, 1,562 5.6
Maebashi-shi, Gunma Pref.
Japan Trustee Services 1-8-11, Harumi, Chuo-ku, 1,535 5.5
Bank, Ltd. Tokyo
Mitsubishi Trust & 2-11-1, Nagatacho, 1,291 4.6
Banking Corporation Chiyoda-ku, Tokyo
The Nomura Trust and 1-1-1, Nihonbashi, 1,016 3.6
Banking Co., Ltd. Chuo-ku, Tokyo
The Chase Manhattan Woolgate House, Coleman 890 3.2
Bank NA (London) SL Street, London EC2P 2HD,
Omnibus Account England
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- -- Principal business: Retail of home electric appliance
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- -- Relationship to the Capital Not applicable.
Company: -----------------------------------------------------------------------------------
Staff Not applicable.
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Transactions Not applicable.
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4. Method of transfer of shares:
All outstanding shares of Daikuma held by the Ito-Yokado Group will be
transferred to the special purpose company ("SPC"), which is wholly owned
by Yamada Denki. NPC holds bonds with stock acquisition rights in relation
to shares of such SPC.
5. Reason for transfer of shares:
The Company has considered a drastic restructure of its discount store
business in line with the "Business Reengineering Plan of the Ito-Yokado
Group" which was made public last autumn, in view of the future course as a
group and the adequate distribution of management resources, etc., for the
purpose of achieving a more solid operating basis with high profitability.
As a result, the Company reached the conclusion to sell Daikuma's shares.
6. Schedule of transfer of shares:
May 24, 2002 (scheduled)
7. Business results forecast after the change of the subsidiary and any
influence due to such change, which may affect the consolidated business
results:
(1) Any influence resulting from the change of the subsidiary, which may
affect operations, financial conditions and business results of the
Company:
Consolidated revenues from operation: Decrease due to Daikuma will no
longer be the subsidiary to be
subject to the Company's
consolidation.
Consolidated net income: Decrease due to the fact that
the loss resulting from
transfer of shares of Daikuma
will be stated.
(2) Business results forecast for the fiscal years ending February 28,
2003 and the fiscal year ending February 29, 2004:
[U.S. GAAP]
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Business results forecast Business results forecast
for the 45th fiscal year for the 46th fiscal year
(Mar. 1, 2002 - Feb. 28, 2003) (Mar. 1, 2003 - Feb. 29, 2004
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Consolidated revenue
from operation 3,383,000 mil. yen (-87,000 mil. yen) -- mil. yen ( -- mil. yen)
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Consolidated operating
income 192,000 mil. yen ( -- mil. yen) -- mil. yen ( -- mil. yen)
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Consolidated income
before income taxes 183,000 mil. yen ( -- mil. yen) -- mil. yen ( -- mil. yen)
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Consolidated net income 34,500 mil. yen (-18,700 mil. yen) -- mil. yen ( -- mil. yen)
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(Note) The figures in the parentheses above represent the estimated amounts to
be affected by the change of the subsidiary.
[Japanese GAAP]
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Business results forecast Business results forecast
for the 45th fiscal year for the 46th fiscal year
(Mar. 1, 2002 - Feb. 28, 2003) (Mar. 1, 2003 - Feb. 29, 2004
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Consolidated revenue
from operation 3,573,000 mil. yen (-87,000 mil. yen) -- mil. yen ( -- mil. yen)
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Consolidated operating
income 210,000 mil. yen ( -- mil. yen) -- mil. yen ( -- mil. yen)
- -------------------------------------------------------------------------------------------------------
Consolidated income
before income taxes 203,000 mil. yen ( -- mil. yen) -- mil. yen ( -- mil. yen)
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Consolidated net income 35,700 mil. yen (-17,900 mil. yen) -- mil. yen ( -- mil. yen)
- -------------------------------------------------------------------------------------------------------
(Note) The figures in the parentheses above represent the estimated amounts to
be affected by the change of the subsidiary.
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 product initiatives of competitors, the inability of
the Company or its subsidiaries or affiliates to market existing and new
products effectively, interruptions in production, infringements of the
intellectual property rights of the Company or its subsidiaries or
affiliates, and the adverse outcome of material litigation.
8. Other significant contracts, etc:
None.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
ITO-YOKADO CO., LTD.
(Registrant)
May 7, 2002
By: /s/ Akira Miyauchi
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Akira Miyauchi
Managing Director