At a meeting of its Board of Directors held on Jan. 23, 2013, DIC Corporation took the decision to change its fiscal year-end, subject to the approval of a resolution to partially amend the company’s articles of incorporation at the 115th Ordinary General Meeting of Shareholders, scheduled for late June 2013, as follows.
The fiscal years of DIC and its domestic subsidiaries, with the exception of one company, currently end on March 31, while those of its overseas subsidiaries end on Dec. 31. The decision to adopt a standard fiscal year-end across the entire Group reflects DIC’s desire to:
(1) Ensure more timely and appropriate disclosure of management information.
(2) Enhance administrative capabilities (including budget compilation and corporate performance management) and improve the efficiency of business operations.
(3) Accommodate the need to align its accounts with the reporting period for consolidated corporate groups stipulated under the International Financial Reporting Standards (IFRS), the eventual adoption of which is currently under consideration in Japan.
As a result of this change, fiscal year 2013 for DIC will be a nine-month transitional period (April 1, 2013 –Dec. 31, 2013).