Last Updated: 2014.07.10
Overseas Regulatory Announcement and Inside Information - Change of Accounting Policy
FAST RETAILING CO., LTD.
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Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited (the "Stock Exchange") take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
FAST RETAILING CO., LTD.
迅銷有限公司*
(Incorporated in Japan with limited liability)
(Stock code: 6288)
OVERSEAS REGULATORY ANNOUNCEMENT AND
INSIDE INFORMATION - CHANGE OF ACCOUNTING POLICY
This announcement is made pursuant to Rules 13.09(2)(a) and 13.10B of the Rules Governing the Listing of Securities on the Stock Exchange and Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong).
Reference is made to the section headed "Financial Information" on page 133 of the listing document of Fast Retailing Co., Ltd. (the "Company") dated February 14, 2014, in which the Company indicated that it will prepare its financial reports in accordance with the International Financial Reporting Standards starting no later than three years from the secondary listing of its Hong Kong depositary receipts on the Main Board of the Stock Exchange.
The Company has released an announcement today in relation to the change of accounting policy. Please refer to attached document on the next page which has been published by the Company on the website of the Tokyo Stock Exchange on July 10, 2014.
By order of the Board
Fast Retailing Co., Ltd.
Mitsuru Ohki
Joint Company Secretary
Japan, July 10, 2014
As at the date of this announcement, our executive director is Tadashi Yanai, our non-executive directors are Toru Murayama and Takashi Nawa and our independent non-executive directors are Toru Hambayashi, Nobumichi Hattori and Masaaki Shintaku.
*For identification purpose
July 10, 2014
Fast Retailing Co., Ltd.
(Tokyo : 9983 / Hong Kong : 6288)
Notice of Fast Retailing Co., Ltd. ( the "Company", and together with its subsidiaries, the "Group")
related to the voluntary adoption of
International Financial Reporting Standards ("IFRS")
At the board meeting of the Company held on July 10, 2014, the board of directors of the Company (the "Board") has resolved to change the accounting standards applicable to the consolidated financial statements of the Group from the current Generally Accepted Accounting Principles in Japan ("JGAAP") to IFRS. Accordingly, the Group will adopt IFRS in preparation of its consolidated financial statements commencing with the financial year ending August 31, 2014.
Today, the Group manufactures and retails its mainstay UNIQLO casual wear brand and other Group labels all over the world, and Group operations outside of Japan currently generate over 30% of consolidated net sales. In addition, following the secondary listing of Hong Kong depositary receipts on the Main Board of The Stock Exchange of Hong Kong Limited in March 2014, the Group is firmly expanding its global presence and actively pursuing its development as a truly global company.
Furthermore, to facilitate international comparisons of its financial performance, the Board considers it appropriate to adopt IFRS as its reporting standard to improve the international comparability of financial information in the capital markets as originally planned.
