SDK Records Impairment Loss (Extraordinary Loss)
TOKYO, Feb 13, 2020 - (JCN Newswire) - Showa Denko (SDK; TSE:4004), in its 2019 consolidated financial statements announced today, recorded loss due to impairment (extraordinary loss).
Specifically, we reappraised the value of some businesses, including those for manufacturing aluminum fabricated articles and synthetic resins, taking into consideration their future performance forecast. As a result, SDK decided to record impairment loss for relevant fixed assets, totaling 15,662 million yen (in the category of extraordinary loss). The figure includes impairment loss of 10,418 million yen for the aluminum fabricated articles manufacturing business, and impairment loss of 2,812 million yen for the synthetic resins manufacturing business.
As for the influence of this issue on the consolidated business results, please refer to SDK's 2019 consolidated financial statements announced today.
About Showa Denko K.K.
Showa Denko K.K. (SDK; TSE:4004, ADR:SHWDY) is a major manufacturer of chemical products serving from heavy industry to computers and electronics. 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, the Inorganics Sector provides ceramic products, such as alumina, abrasives, refractory/ 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
Source: Showa Denko K.K.
Copyright ©2020 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.