Ube Industries, Ltd. today announced the following extraordinary losses to be recorded at the end of the fiscal year ending March 31, 2003. The accounting for impairment, based on the "Accounting Standards relating to Financial Instruments," of investment securities held by the company resulted in a loss from securities revaluation. In addition, the disposal of the fixed assets of the Kanda cement factory resulted in an extraordinary loss. The details of these losses are provided below.
Note: The Ube Industries, Ltd. fiscal year ends March 31.
At the end of the year ended March 2003, Ube Industries, Ltd. disposed of the No. 1 Kiln System Equipment (book value: 689 million yen) for its Kanda cement factory, in response to a decline in cement demand. Accordingly, a loss on the retirement of fixed assets of 1,450 million yen was recorded.
The loss from securities revaluation and the retirement of fixed assets, described above, were recorded as extraordinary losses for the year ended March 2003.
As regards the effect on the performance of Ube Industries, Ltd. for the year, the losses were included in the forecast for the year announced on November 20, 2002, and no revision to the forecasted performance is made.