<PAGE>
THE TOTAL NUMBER OF PAGES CONTAINED IN THIS DOCUMENT IS 7
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
For the month of November 1999
NIPPON TELEGRAPH AND TELEPHONE CORPORATION
(Translation of registrant's name into English)
3-1, OTEMACHI 2-CHOME
CHIYODA-KU, TOKYO 100-8116 JAPAN
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F X Form 40-F
-----
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
----- -----
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- .
---------------
<PAGE>
NOTICE OF ADOPTION OF MID-TERM RESTRUCTURING PLAN FOR FISCAL YEARS 2000 to 2002:
On November 17, 1999, the registrant issued a press release in which it
announced that it had adopted the three-year mid-term restructuring plan (the
"Plan") for the fiscal years 2000 to 2002, which comprises, over the term of
such Plan, (a)a reduction in the number of employees by approximately 21,000
(i.e., 10,000 by NTT East and 11,000 by NTT West), (b)a reduction in capital
investment by approximately (Yen)900 billion (i.e., (Yen)450 billion by each of
NTT East and NTT West), and (c)a reduction in other expenses by approximately
(Yen)100 billion (i.e., in excess of (Yen)30 billion by NTT East and in excess
of (Yen)65 billion by NTT West).
Attached is a copy of the press release dated November 17, 1999 pertaining
to the adoption of the Plan in connection with the registrant's operations for
the fiscal years 2000 to 2002. The financial and numerical information included
in the press release was prepared on the basis of accounting principles
generally accepted in Japan and, accordingly, will not be directly comparable to
the financial and numerical information included in the registrant's Annual
Reports on Form 20-F, which information is prepared on the basis of accounting
principles generally accepted in the United States.
The Plan contained in the attachment includes forward-looking information
which is based on the assumptions made by the registrant's management in light
of the information currently available to them. Such assumptions involve risks
and uncertainties, including increased competition, price reductions and changes
in government regulations, which may cause actual results to be materially
different from the information included in the Plan. Therefore, the registrant
desires to qualify for the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995.
2
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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.
NIPPON TELEGRAPH AND TELEPHONE
CORPORATION
By /s/ KAZUTO TSUBOUCHI
--------------------
Name: Kazuto Tsubouchi
Title: Senior Manager
Investor Relations Group
Department IV
Date: November 17, 1999
3
<PAGE>
November 17, 1999
N T T
NTT East
NTT West
Mid-term Restructuring Plan
To develop into a "Global Information-Sharing Corporate Group", while
continuing to respond to customer demand for fee reductions, the NTT Group aims
to achieve further growth in the rapidly changing telecommunications market by
restructuring, including the reallocation of human resources.
NTT's two regional companies, NTT East and NTT West, have drafted the
three-year Mid-term Restructuring Plan to go into effect from FY 2000. The
details are outlined below.
1. Reduction in the number of employees
- ---------------------------------------
NTT East and NTT West will reduce the number of employees by about 21,000
by the end of FY 2002.
- --------------------------------------------------------------------------------
Number of Number of
Employees Employees Reduction
(7/1/1999) (3/31/2003)
================================================================================
NTT East 60,000 about 50,000 about 10,000
- --------------------------------------------------------------------------------
NTT West 68,000 about 57,000 about 11,000
- --------------------------------------------------------------------------------
Total 128,000 about 107,000 about 21,000
- --------------------------------------------------------------------------------
[Measures]
- --------------------------------------------------------------------------------
. Raise operating efficiency
----------------------------
NTT East and NTT West intend to merge or close a considerable number of
offices (see attachment), reduce the number of administrative staff
members, and transfer employees to urban areas where the market is more
attractive.
. Reallocate human resources
----------------------------
NTT East and NTT West intend to transfer about 4,000 personnel to
affiliated companies which need greater human resources to expand their
business. NTT group companies also intend to restrain hiring (NTT East and
NTT West do not intend to hire new employees for 2 years of FY 2001 and
2002).
- --------------------------------------------------------------------------------
<PAGE>
2. Reduction in capital investment
- ----------------------------------
NTT East and NTT West intend to cut their aggregate capital investment by
about (Yen)900 billion for a period of three years (FY 2000 - 2002).
(Billions of yen)
- --------------------------------------------------------------------------------
Total Reduction
1999 2000-2002 (Accumulated
(Annual Average) 2000-2002)
================================================================================
NTT East 650 about 500 about 450
- --------------------------------------------------------------------------------
NTT West 650 about 500 about 450
- --------------------------------------------------------------------------------
Total 1,300 about 1,000 about 900
- --------------------------------------------------------------------------------
[Measures]
- --------------------------------------------------------------------------------
. Reduce procurement and construction costs
-------------------------------------------
. Make demand-based and efficiency-enhancing capital investment
---------------------------------------------------------------
- --------------------------------------------------------------------------------
3. Others
- ---------
(1) Cost reduction
NTT East and NTT West intend to cut other expenses by approximately
(Yen)100 billion (NTT East: in excess of (Yen)30 billion and NTT West:
in excess of (Yen)65 billion) by FY 2002.
[Measures]
- --------------------------------------------------------------------------------
. Cut overall expenses
----------------------
. Reduce transaction fee within the NTT Group
---------------------------------------------
All NTT Group companies intend to improve efficiency and find new markets
outside the NTT Group.
- --------------------------------------------------------------------------------
(2) Expansion of the merit system
NTT is discussing expanding its merit-based system for promotion and pay to
place more emphasis on employee performance and contribution and to enable NTT
group companies to respond more flexibly to changes in the business environment.
<PAGE>
4. Financial benefits
- ---------------------
These programs are expected to save NTT about (Yen)350 billion in total
((Yen)160 billion at NTT East and (Yen)190 billion at NTT West).*
* As a result of these measures, recurring profits for FY2002, not
including the effect of any governmental policy changes in charges (Long-
Run Incremental Cost methodology, price caps), are estimated, on a
preliminary basis, at about (Yen)100 billion for NTT East and about
(Yen)30 billion for NTT West.
This forecast is based on management's assumptions in light of the
information currently available to them. The assumptions involve risks
and uncertainties which may cause actual results to be materially
different from the forecast. Potential risks and uncertainties include
increased competition, price reductions and changes in government
regulations.
For further information, please contact:
Kenya Nakatsuka
Press Relations
Nippon Telegraph and Telephone Corporation
Telephone: 03-5205-5550
E-mail: [email protected]
<PAGE>
(attachment)
Efficiency-Raising Measures (NTT East and NTT West)
---------------------------------------------------
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
NTT East NTT West
-------------------------------------------------------------------------------------------------------
Number of Offices Number of Offices Number of Offices Number of Offices
(May 31, 1999) (Projected) (May 31, 1999) (Projected)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Sales 230 about 100 279 about 100
- ------------------------------------------------------ ------------------------
Customer Service 335 308
- ------------------------------------------------------------------------------------------------------------------------------------
116 77 about 40 74 about 35
(Installation &
Telephone Service)
- ------------------------------------------------------------------------------------------------------------------------------------
Fee Collection 73 about 30 80 about 30
- ------------------------------------------------------------------------------------------------------------------------------------
113 23 (24 hours) about 10 (24 hours) 34 (24 hours) about 5 (24 hours)
(Telephone Repairs) (34 daytime only) (about 20 daytime only) (7 daytime only) (about 25 daytime only)
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
