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SDK Corrects Segment Information in 2021 Consolidated Financial Statements
1. Reason for correction
We found an error in the description about cash flows in 2021, which is on page 9 of the Consolidated Financial Statements for the year ended December 31, 2021.
2. Correction details
The number subject to this correction is the one underlined below.
(Before correction)
(2) Cash flows in 2021
Net cash provided by operating activities increased 5,997 million yen from the previous year, to the proceeds of 115,283 million yen, due partly to an increase in profit before income taxes. Net cash used in investing activities decreased 958,653 million yen, to the proceeds of 28,606 million yen, due partly to the proceeds of 83,915 million yen resulting from the transfer of businesses, despite the effect of expenditure of 892,030 million yen in the previous year resulting from acquisition of shares in a subsidiary accompanying an expansion of the bounds of consolidation.
(After correction)
(2) Cash flows in 2021
Net cash provided by operating activities increased 5,997 million yen from the previous year, to the proceeds of 115,283 million yen, due partly to an increase in profit before income taxes. Net cash used in investing activities decreased 958,653 million yen, to the proceeds of 28,606 million yen, due partly to the proceeds of 83,915 million yen resulting from the transfer of businesses, despite the effect of expenditure of 890,230 million yen in the previous year resulting from acquisition of shares in a subsidiary accompanying an expansion of the bounds of consolidation.
Press release: www.sdk.co.jp/assets/files/english/news/2022/20220311_sdknewsrelease_e.pdf
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/.
For further information, contact:
Showa Denko K.K., IR Office, Finance & Accounting Department, Tel: 81-3-5470-3323
Copyright 2022 JCN Newswire. All rights reserved. www.jcnnewswire.comShowa Denko (SDK) (TOKYO: 4004) announces that it has corrected an error in the cash flows information of its Consolidated Financial Statements for the year ended December 31, 2021.
Showa Denko Decides Firm Name of the Newly Integrated Company
We will announce the details of this matter including changes in articles of incorporation as soon as they are decided.
1. Firm name of the Newly Integrated Company
Resonac Corporation
As stated in the news release titled "Showa Denko Group Starts to Consider Transformation into Holding Company Structure," which is announced at the same time today, we will consider transformation of our company structure from the current one into holding company structure. In this plan, we will set the current Showa Denko K.K. as a company to be split, execute the company split, make Showa Denko Materials Co., Ltd. (SDMC), which is a wholly owned subsidiary of HC Holdings K.K. (HCHD), in which SDK holds 100% of voting rights, succeed all businesses currently operated by SDK, and merge HCHD into SDMC. Then we will set SDMC as a company to be split, execute the company split, and make SDK succeed a part of SDMC's assets and liabilities.
If execution of this plan is finalized, firm names of the holding company and the manufacturing company will be set as follows.
- Holding company (current Showa Denko K.K. (planned)): Resonac Holdings Corporation
- Manufacturing company (current Showa Denko Materials Co., Ltd. (planned)): Resonac Corporation
2. Corporate logotype
https://www.acnnewswire.com/docs/Multimedia/Resonac_Logo.jpg
3. Reason for change in the firm names
In January 2023, SDK and SDMC will cooperatively transform themselves into a holding company structure, in which the holding company will specialize in formulating and executing group strategy, and functioning as a company listed on the stock exchange, and the newly integrated company (a company involved in manufacturing) will focus on strengthening competitiveness of each business of the Company in order to realize synergy of integration of SDK and SDMC as soon as possible, and operating businesses in a quick and flexible manner corresponding to the surrounding environment. The newly organized corporate group will aim to become a "Co-Creative Chemical Company," which will have global top-level competence as a chemical manufacturer, make decisions and act swiftly and flexibly, and co-create better society with key players in various industries and consumers who share a high aim and ideal with us. In order to take a new step as the newly integrated company and realize Co-Creative Chemical Company, we decided to change the new company's name into "RESONAC" concurrently with the integration of the two legal entities.
The Showa Denko Group sees the integration as "the second foundation" for SDK and SDMC. Under the new firm names, the brand-new Resonac Group will ferment the sense of unity further, create new functions required of the time as an advanced material partner, and contribute to sustainable development of global society.
4. Our hope put into the new firm name and corporate logotype
The new firm name "RESONAC" was created as a combination of two English words, namely, the word of "RESONATE" and "C" as the first letter of CHEMISTRY. Into RESONAC, we put our hope that the Group's wide-ranging and flexible advanced material technologies will be connected and resonate with our partners' various technologies and ideas to realize bright future, and the resonance will spread further to meet new partners, thereby creating a powerful surge that changes society.
To express this hope of ours, we put two parallel lines that rises steadily from left to right into the lower left of the first letter R in the new corporate logotype. These parallel lines symbolize co-creation borne by resonance, and also symbolize our strong will to spread the resonance further and challenge to realize bright future together with our partners.
5. The scheduled date of changes in firm names
January 1, 2023
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/.
For further information, contact:
Showa Denko K.K., Public Relations Group, Brand Communication Department, Tel: 81-3-5470-3235
Copyright 2022 JCN Newswire. All rights reserved. www.jcnnewswire.comShowa Denko K.K. (SDK) (TOKYO: 4004) announces that it was resolved at the Board of Directors meeting held today that SDK will set the firm name of a new company (the newly integrated company) which is planned to be organized in January 2023 as a result of integration of SDK and Showa Denko Materials Co., Ltd. (SDMC), which is a member company of the Showa Denko Group, as in below.
Showa Denko Group Starts to Consider Transformation into Holding Company Structure
1. Background and purpose of the consideration
As we stated in "Our Policy toward Realization of 'Co-Creative Chemical Company'," which was announced on February 14, 2022, the Showa Denko Group aims to change the Group into "Company that can compete on the world stage," "Company that contributes to sustainable global society," and "Company that develops talent that represents Japan's manufacturing industry," thereby making the Group "Global Top-Level Functional Chemical Manufacturer from Japan," which is the ideal state of the Co-Creative Chemical Company.
Into the Purpose of the Showa Denko Group, which is "Change society through the power of chemistry," we put our will to have global top-level competence as a chemical manufacturer, to think beyond the conventional boundaries of our individual business activities, and to co-create better society with stakeholders and communities who share a high aim and ideal with us. This is the essence of Co-Creative Chemical Company that we aim to be. Through realization of the Purpose, the Showa Denko Group will continue reforming itself, aiming to become the Global Top-Level Functional Chemical Manufacturer.
In the process to realize the ideal state, the Showa Denko Group will commit itself to realize scale and profitability of the Company which are prerequisites to become a company that can compete on the world stage, execute business portfolio management focusing on strategic allocation of management resources, while maintaining integrity, promoting innovations that bear competitive advantage, and executing personnel strategy focusing on human resource development based on Purpose and Four Values, which are the Showa Denko Group's new Corporate Philosophy.
To become Global Top-Level Functional Chemical Manufacturer, which is our ideal state, and to maximize our corporate value, we will accelerate business portfolio management which enable us to solve global social issues and create sustainable corporate value. Aiming to establish organizational structure optimum for realization of the ideal state, we will consider specific procedures for transformation into a holding company structure.
If the Group transforms itself into a holding company structure, the holding company will specialize in formulating and executing group strategy and functioning as a company listed on the stock exchange. The holding company will cope with management issues quickly and flexibly, and realize appropriate allocation of management resources group-wide from bird's-eye viewpoint, including formation of business alliance and M&A. The newly integrated company (a company involved in manufacturing) will focus on strengthening competitiveness of each business of the Company in order to realize synergy of integration of Showa Denko and Showa Denko Materials as soon as possible, and operate businesses in a quick and flexible manner corresponding to the surrounding environment, thereby enhancing corporate value of the entire Group.
2. Planned process for transformation into holding company structure
The planned process for transformation from current company structure to holding company structure is as follows. We will set the current Showa Denko K.K. as a company to be split, execute the company split, make Showa Denko Materials Co., Ltd. (SDMC), which is a wholly owned subsidiary of HC Holdings K.K. (HCHD), in which SDK holds 100% of voting rights, succeed all businesses currently operated by SDK, and merge HCHD into SDMC. Then we will set SDMC as a company to be split, execute the company split, and make SDK succeed a part of SDMC's assets and liabilities. We will announce the detail of this process as soon as it is decided in the future.
3. Plan for the future
- End of June 2022: Record Date to fix shareholders who can execute voting rights at the extraordinary general meeting of shareholders concerning transformation into holding company structure
- August 2022: Board of Directors' meeting concerning transformation into holding company structure
- September 2022: Extraordinary general meeting of shareholders concerning transformation into holding company structure
- January 2023: Transformation into a holding company structure
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/.
For further information, contact:
Showa Denko K.K., Public Relations Group, Brand Communication Department, Tel: 81-3-5470-3235
Copyright 2022 JCN Newswire. All rights reserved. www.jcnnewswire.comShowa Denko K.K. (SDK) (TOKYO: 4004) announces that it was resolved at the Board of Directors meeting held today that, regarding a plan for transformation from current company structure to holding company structure, the Company will start to consider the plan and prepare for execution of the plan.
Showa Denko Accelerates Search for Optimal Formulation of Semiconductor Materials with Quantum Computing Technology
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Semiconductor materials contain a large number of ingredients such as resins, fillers and additives in various mixing ratios; by optimizing these formulations high-performance materials are obtained. However, the theoretical number of combinations for the development theme that we are working on is enormous, exceeding 10 to the 50th power. Thus, it would take decades to explore all possible combinations of these ingredients and their mixing ratios with conventional artificial intelligence (AI) models, and for this reason only a portion of the theoretical combinations had been extracted to search for the optimal combination of formulations.
To reduce the time required for the exploration, we focused on Fujitsu Ltd's Digital Annealer(1), the first quantum-inspired digital technology(2). In order to utilize Digital Annealer, input in the form of an Ising model(3), an analysis method of statistical mechanics, is required. We were successful in expressing an originally developed AI model, capable of predicting the characteristics of semiconductor materials from the complex compounding conditions of materials, in the Ising model. By simulating the Ising model on Digital Annealer, we have reduced the required exploration time to tens of seconds, or about 1/72,000 of the time required by conventional AI models, which search by conditions limiting the type and amount of compounding. In addition, we were able to obtain a formula that achieves 30% higher performance as a semiconductor material.
In our "Long-term Vision for Newly Integrated Company," the Showa Denko Group announced that it would commit itself to the research and development of AI and computational science, the core of its fundamental R&D activities. The results of this development are an example of the achievements of R&D activities based on the application of "Chemistry to Think" and "Chemistry to Formulate," both of which the Group has defined as basic frameworks for technological development. The Group will apply this development to various materials, accelerate its development activities, and provide customers with solutions for problems, thereby contributing to a sustainable society.
(1) Digital Annealer: Domain specific architecture (basic computer design consisting of memory and computing circuits) specialized in solving computationally intensive combinatorial optimization problems. (https://www.fujitsu.com/global/services/business-services/digital-annealer/)
(2) Quantum-inspired computing technology: High-performance computing technology inspired by quantum technology, though not directly using quantum effects.
(3) Ising model: A statistical mechanical model for describing the behavior of spins in magnetic materials. The model describes the macroscopic magnetization of a magnetic material by considering the interaction between the spins and the coupling to the external magnetic field. The model is applied to a wide range of research areas, including combinatorial optimization problems.
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/.
For further information, contact:
Showa Denko K.K., Brand Communication Department, Tel: 81-3-5470-3235
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comShowa Denko K.K. (SDK; TSE:4004) has demonstrated that it is possible to significantly speed up the time required to search for the optimal formulation of semiconductor materials from several decades to several tens of seconds using quantum computing technology.
Showa Denko Revises Forecast of Consolidated Performance
1. Revision of forecast of consolidated business results for January 1 - December 31, 2021
(1) Revised forecast of consolidated business results for January 1 - December 31, 2021
https://www.acnnewswire.com/docs/Multimedia/Low_SDK202202.jpg
(2) Reasons for the revision
Net sales hovers around the level of the previous forecast. However, operating income is expected to slightly increase. Ordinary income is also expected to increase by about 4.5 billion yen due to an increase in foreign exchange gain and a slight increase in equity in earnings of affiliates. In addition, an extraordinary loss of about 8.5 billion yen, which was once expected to incur in the year ending on December 31, 2021 as a cost of business structure improvement in the Showa Denko Materials segment, is now expected to incur in 2022. As a result, net income attributable to owners of the parent is expected to increase by about 13 billion yen from that in the previous forecast.
With regard to the dividend, we maintain our expectation that the Company will pay 65 yen per share as year-end dividend.
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/.
For further information, contact:
Showa Denko K.K., IR Office, Finance & Accounting Department, Tel: 81-3-5470-3323
Copyright 2022 JCN Newswire. All rights reserved. www.jcnnewswire.comShowa Denko (SDK; TSE:4004) announces that it revises its forecast of consolidated business results for the full year ending on December 31, 2021, which was announced on August 3, 2021.
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