TOKYO, Feb 14, 2019 - (JCN Newswire) - Showa Denko ("SDK"; TSE:4004), in its 2018 consolidated financial statements announced today, recorded loss due to impairment (extraordinary loss).
Specifically, we reappraised the value of the aluminum beverage can business, of SDK and its consolidated subsidiary Showa Aluminum Can Corporation, and the value of the lithium-ion battery materials business, of SDK, taking into consideration their future performance forecast. As a result, SDK decided to record impairment loss of 8,845 million yen and 4,641 million yen, respectively, for relevant fixed assets. Furthermore, SDK recorded impairment loss for idle assets at some of its sites, including Hikone Plant (5,967 million yen) and Institute for Advanced and Core Technology (1,864 million yen). In total, SDK recorded 22,573 million yen of impairment loss in the category of extraordinary loss.
As for the influence of this issue on the consolidated business results, please refer to SDK's 2018 consolidated financial statements announced today.
- 2018 Consolidated Financial Statements and summary
About Showa Denko K.K.
Showa Denko K.K. (SDK; TSE:4004, ADR:SHWDY), a major manufacturer of chemical products, serves a wide range of fields from heavy industry to electronics and computer industries. The Petrochemicals Sector provides cracker products such as ethylene and propylene, the Chemicals Sector provides industrial, high-performance and high-purity gases and chemicals for semicon and other industries, and the Inorganics Sector provides ceramic products, such as alumina, abrasives, refractory and graphite electrodes and fine carbon products. The Aluminum Sector provides aluminum materials and high-value-added fabricated aluminum, the Electronics Sector provides HD media, compound semiconductors such as ultra high-bright LEDs and rare earth magnetic alloys, and the Advanced Battery Materials Department (ABM) provides lithium-ion battery components. For more information, please visit www.sdk.co.jp/english/.
Showa Denko K.K. IR Office, Tel: 81-3-5470-3323
Feb 14, 2019 14:00 HKT/SGT
Source: Showa Denko K.K.
Showa Denko K.K. (TSE: 4004)
Topic: Press release summary
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