Nippon Kayaku : Notice regarding the Recording of an Extraordinary Loss (Impairment Loss)
April 24, 2024 at 03:24 am EDT
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April 23, 2024
To whom it may concern,
Name of company:
Nippon Kayaku Co., Ltd.
Name of representative:
Atsuhiro Wakumoto, President
Code No.:
4272
Tokyo Stock Exchange, Prime Market
Contact:
Tsutomu Kawamura, Director
General Manager of Finance &
Accounting Division
(Tel: +81-3-6731-5842)
Notice regarding the Recording of an Extraordinary Loss (Impairment Loss)
Nippon Kayaku Co., Ltd. (hereinafter "the Company") has announced that it expects to record an extraordinary loss (impairment loss) as follows for the fiscal year ended March 31, 2024 (April 1, 2023 to March 31, 2024).
1. Details of the Extraordinary Loss (Impairment Loss)
During the fourth quarter of the fiscal year under review, the Company abandoned the development projects anticipated at the time of acquiring the cleaner business by the Functional Materials Group, which forms part of the Fine Chemicals Business Unit. A downward deviation from the initial business plan is therefore expected.
For this reason, in accordance with the "Accounting Standards for Impairment of Fixed Assets" the Company must take into account future recoverability for cleaner business intangible fixed assets, thereby leading to the book value being reduced to the recoverable amount and the recording of an extraordinary loss of 2,555 million yen.
2. Impact on Financial Results
For the impact on consolidated results for the fiscal year ended March 31, 2024, please refer to the "Notice of Revision to the Business Results Forecasts" announced today.
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NIPPON KAYAKU CO., LTD. is primarily engaged in the manufacture and sale of functional chemical products. The Company has three business segments. The Functional Chemical segment manufactures and sells functional materials, such as epoxy resin, ultraviolet curable resin and high-performance chemicals; pigment materials, including functional dyes, pigment for inkjet printers and others; catalysts, such as catalysts for acrylic and methacrylic acid manufacturing, as well as coloring materials, such as dyes and special coloring materials for nonfibrous products, among others. The Pharmaceutical segment supplies pharmaceutical products, medical intermediates and diagnostic medicines, among others. The Safety Systems segment provides inflators for airbags and micro gas generators for seatbelt pretensioners. The Company is also engaged in the manufacture and sale of agricultural chemicals.
NIPPON KAYAKU CO., LTD. 
