Sumitomo Chemical Company, Limited Announced Impairment Losses for the Fourth Quarter of Fiscal Year 2023
April 30, 2024 at 05:00 am IST
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Sumitomo Chemical Company, Limited announced impairment losses for the fourth quarter of fiscal year 2023. For the period, the company reported the impairment loss totaling 180,857 million yen will be recorded. the carrying amount of the Essential Chemicals & Plastics production facilities and common facilities at Chiba Works will be written down to its value in use of ¥9,036 million and ¥5,152 million respectively, and an impairment loss of ¥25,381 million will be posted.
In the non-consolidated financial statements, ¥21,629 million of an impairment loss will be recorded as "Extraordinary losses." the carrying amount of methacrylate production facilities was written down to its value in use of ¥15,822 million, and an impairment loss of ¥14,891 million will be posted. In the non- consolidated financial statements, ¥11,498 million of an impairment loss will be recorded as "Extraordinary losses".
Sumitomo Chemical Co Ltd is one of the Japanese largest chemical groups. The group is also manufacturing and marketing pharmaceutical products. Net sales break down by family of products as follows:
- petrochemical and plastic products (25.8%): ethylene, polyethylene, propylene, elastomers, agricultural films, etc.;
- pharmaceutical products (23.9%): ethic drugs, radiopharmaceutical products, etc.;
- telecommunication chemical products (18.9%): optic films, pigments, filters, etc.;
- agrochemical and fine chemistryproducts (18.5%): insecticides, herbicides, fertilizers, food additives, etc.;
- functional chemical products (10.7%): methanol, caustic soda, aluminum hydroxide, alumina, nitric acid, acrylonitrile, active pharmaceutical ingredients, polymeric additives, resorcine, colorants, etc.;
- other (2.2%).
Net sales break down geographically as follows: Japan (31.7%), China (19.2%), Asia (19.5%), North America (17.7%), Europe (4.2%) and other (7.7%).