IR News｜News

 The Board of Directors of Benesse Corporation today resolved the dissolution of two of its subsidiaries, B.C. ESTATE Co., Ltd... and Okayama Fukutake Publishing Co., Ltd., effective March 31, 2004. B.C. ESTATE Co., Ltd.. operated as a real estate management company for the Benesse Group. However, due to a consolidation of the properties and subsequent sale to Benesse, their initial role no longer exists; thus, the decision was made to dissolve the company. The principal business of Okayama Fukutake Publishing Co., Ltd. was the production and sale of study materials, tests, and educational devices for Junior High Schools. The decision was made to dissolve the company and integrate its operations into Benesse's educational services unit to capitalize on the similarity of the two enterprises.

The dissolution of B.C. ESTATE will produce an estimated loss of 2,800 million yen. In contrast, the dissolution of Okayama Fukutake Publishing will have a negligible effect on operating performance.

Current performance projections will be announced today. Please refer to the Consolidated Financial Results for the Nine Months Ended December 31, 2003.


(Outline of the Subsidiaries)

Name:B.C. ESTATE Co., Ltd.
Address:1-34, Ochiai, Tama-shi, Tokyo 206-8686, Japan
President:Kenji Nakajima
Principal Activities:　Property Management
Established:June 14, 1966
Capital:10 million yen
Issued Shares:20,000
Shareholders Equity:729 million yen (as of December 31, 2003)
Total Assets:3,484 million yen (as of December 31, 2003)
Account Settlement:March
Employees:0 (as of December 31, 2003)
Major Clients:Benesse Corporation
Major Shareholders:Benesse Corporation (100%)
Major Banks:Sumitomo Mitsui Banking Corporation

Name:Okayama Fukutake Publishing Co., Ltd.
Address:1-10-23, Ban-cho, Okayama-shi, Okayama 700-0811, Japan
President:Akira Nishihara
Principal Activities:Sale of Educational Material and Devices
Established:March 25, 1986
Capital:10 million yen
Issued Shares:200
Shareholders Equity:496 million yen in deficit (as of December 31, 2003)
Total Assets:1,142 million yen (as of December 31, 2003)
Account Settlement:March
Employees:43 (as of December 31, 2003)
Major Clients:Benesse Corporation and other agencies
Major Shareholders:Benesse Corporation (100%)
Major Banks:The Chugoku Bank Ltd., Sumitomo Mitsui Banking Corporation


(Financial Results)

B.C. ESTATE Co., Ltd.
(Net Sales)
Year ended March 31, 2001 673 million yen
Year ended March 31, 2002 627 million yen
Year ended March 31, 2003 401 million yen
(Ordinary Income)
Year ended March 31, 2001 161 million yen
Year ended March 31, 2002 153 million yen
Year ended March 31, 2003 182 million yen
(Net Income)
Year ended March 31, 2001 93 million yen
Year ended March 31, 2002 -10 million yen
Year ended March 31, 2003 91million yen

Okayama Fukutake Publishing Co., Ltd.
(Net Sales)
Year ended March 31, 2001 1,775 million yen
Year ended March 31, 2002 1,863 million yen
Year ended March 31, 2003 1,876 million yen
(Ordinary Income)
Year ended March 31, 2001 9million yen
Year ended March 31, 2002 0 million yen
Year ended March 31, 2003 -13 million yen
(Net Income)
Year ended March 31, 2001 -0 million yen
Year ended March 31, 2002 -5 million yen
Year ended March 31, 2003 -18 million yen