Idemitsu Kosan : Announcement on Extraordinary Losses Resulting from the Transition to a Defined Contribution Pension System
May 15, 2018 at 02:23 am EDT
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May 15, 2018
Press Release
Company name: Idemitsu Kosan Co.,Ltd. Representative Director and CEO: Shunichi Kito
Announcement on Extraordinary Losses Resulting from the Transition to a Defined Contribution Pension System
Idemitsu Kosan Co.,Ltd. (the "Company" or "Idemitsu") hereby announces that is reported extraordinary losses in the fiscal year ended March 2018, in connection with its transition to a defined contribution pension system, as detailed below.
Note that consolidated earnings forecasts for the fiscal year ended March 2018 disclosed on February 14, 2018, in "Announcement on the Revisions to Consolidated Earnings Forecasts" include the impact from this transition.
1. Background
Idemitsu transferred allowances previously provided as a part of employees' compensation packages to a defined benefits pension system in the fiscal year ended March 2018 and transitioned to a defined contribution pension system effective April 1, 2018. As a result, the Company reported extraordinary
losses in the fiscal year ended March 2018.
2. Impact on FY 3/2018 Financials
Idemitsu reported extraordinary losses of ¥13.8 billion in connection with its transition to a defined contribution pension system in its parent and consolidated financial statements for the fiscal year ended March 2018. For further details, please refer to "Consolidated Financial Results for the Fiscal Year 2017 [Japan GAAP]" announced on the date hereof.
For inquiries regarding this press release, please contact
Public Relations Section, Public Relations Department,
Idemitsu Kosan Co.,Ltd. TEL: +81-3-3213-3115
URLhttp://www.idemitsu.co.jp
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Idemitsu Kosan Co. Ltd. published this content on 15 May 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 15 May 2018 06:22:07 UTC
Idemitsu Kosan Co., Ltd. is specialized in the production and refining of petroleum products. Net sales break down by category as follows:
- refining of petroleum products (78.8%): fuels, lubricants, kerosene, etc. At the end of March 2019, the group operated 6 refineries in Japan;
- manufacturing of petrochemical products (12.5%): activity carried out in 2 production sites located in Japan;
- exploration and production of oil, coal, uranium and geothermal resources (7%);
- other (1.7%).
Net sales are distributed geographically as follows: Japan (69.8%), Asia-Pacific (19.2%), North America (7.2%), Europe (2.4%) and others (1.4%).