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    5486   JP3786200000

HITACHI METALS, LTD.

(5486)
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Hitachi Metals : (Correction) Partial Correction to "Reorganization of Sales System in Japan (Transfer of Business Divisions of Wholly-owned Subsidiary)"

05/27/2021 | 06:03am EDT

May 27, 2021

To whom it may concern:

Company Name: Hitachi Metals, Ltd.

Name of Representative: Mitsuaki Nishiyama

Chairperson, President, and CEO (Code: 5486; First Section of the Tokyo Stock Exchange)

Contact: Izumi Tsubouchi General Manager, Corporate Communications Dept. (Phone: +81-3-6774-3077)

(Correction) Partial Correction to "Announcement of Reorganization of Sales System in Japan (Transfer of Business Divisions of Wholly-owned Subsidiary through Demerger [Simplified Absorption-type Demerger])"

Hitachi Metals, Ltd. makes correction to the " Announcement of Reorganization of Sales System in Japan (Transfer of Business Divisions of Wholly-owned Subsidiary through Demerger [Simplified Absorption-type Demerger])" released on May 26, 2021 due to some errors in the contents. Corrections are shown as underlined.

Correction Details

Part of the correction; II. Sales Division, etc. Absorption-type Demerger

2. Overview of Parties to the Sales Division, etc. Absorption-type Demerger

[Before correction]

2. Overview of Parties to the Sales Division, etc. Absorption-type Demerger

Demerger company

Successor company

(Hitachi Metals Trading)

(The Company)

(1)

Name

Hitachi Metals Trading, Ltd.

Hitachi Metals, Ltd.

(2)

Address

2-70, Konan 1-chome,Minato-ku, Tokyo

2-70, Konan 1-chome,Minato-ku, Tokyo

108-8224, Japan

108-8224, Japan

(3)

Name and title of

Takehisa Seo

Mitsuaki Nishiyama

representative

President, CEO

Chairperson, President and CEO

Marketing of specialty steel products;

Manufacture and marketing of specialty

(4)

Products and

functional components and equipment;

steel products; functional components and

magnetic materials, applications and power

equipment; magnetic materials, applications

businesses

electronics; and wires, cables and related

and power electronics; and wires, cables and

products

related products

(5)

Capital

¥350 million (As of March 31, 2021)

¥26,284 million (As of March 31, 2021)

(6)

Establishment

April 1950

April 1956

(7)

Number of outstanding

7,383,200 shares (As of March 31, 2021)

428,904,352 shares (As of March 31, 2021)

shares

(8)

Accounting date

March 31

March 31

(9)

Major shareholders

Hitachi Metals, Ltd. 100%

Hitachi, Ltd. 53.4%

and shareholding ratio

(As of March 31, 2021)

(As of March 31, 2021)

  1. Operating performance and financial position of demerger company in most recent fiscal year (fiscal year ended March 31, 2021; Japanese GAAP)

Net assets

¥18,449 million

Total assets

¥52,153 million

Net assets per share

¥2,498

Net sales

¥112,812 million

Operating profit

¥2,009 million

Ordinary profit

¥2,125 million

Profit

¥1,018 million

Profit per share

¥137

  1. Operating performance and financial position of successor company in most recent fiscal year (fiscal year ended March 31, 2021; consolidated; IFRS)

Total assets

¥972,249 million

Total equity

¥492,118 million

Equity per share attributable to shareholders of

¥1,145.26

the parent company

Revenues

¥761,615 million

Adjusted operating income*

(¥4,977 million)

Income before income taxes

(¥50,588 million)

Net income attributable to shareholders of the

(¥42,285 million)

parent company

Earnings per share (basic)

(¥98.90)

*Adjusted operating income = Revenues - Cost of sales - Selling, general & administrative expenses

1

[After correction]

2. Overview of Parties to the Sales Division, etc. Absorption-type Demerger

Demerger company

Successor company

(Hitachi Metals Trading)

(The Company)

(1)

Name

Hitachi Metals Trading, Ltd.

Hitachi Metals, Ltd.

(2)

Address

2-70, Konan 1-chome,Minato-ku, Tokyo

2-70, Konan 1-chome,Minato-ku, Tokyo

108-8224, Japan

108-8224, Japan

(3)

Name and title of

Takehisa Seo

Mitsuaki Nishiyama

representative

President, CEO

Chairperson, President and CEO

Marketing of specialty steel products;

Manufacture and marketing of specialty

(4)

Products and

functional components and equipment;

steel products; functional components and

magnetic materials, applications and power

equipment; magnetic materials, applications

businesses

electronics; and wires, cables and related

and power electronics; and wires, cables and

products

related products

(5)

Capital

¥350 million (As of March 31, 2021)

¥26,284 million (As of March 31, 2021)

(6)

Establishment

September 1950

April 1956

(7)

Number of outstanding

7,383,200 shares (As of March 31, 2021)

428,904,352 shares (As of March 31, 2021)

shares

(8)

Accounting date

March 31

March 31

(9)

Major shareholders

Hitachi Metals, Ltd. 100%

Hitachi, Ltd. 53.4%

and shareholding ratio

(As of March 31, 2021)

(As of March 31, 2021)

  1. Operating performance and financial position of demerger company in most recent fiscal year (fiscal year ended March 31, 2021; Japanese GAAP)

Net assets

¥18,449 million

Total assets

¥52,153 million

Net assets per share

¥2,498

Net sales

¥112,812 million

Operating profit

¥2,009 million

Ordinary profit

¥2,125 million

Profit

¥1,018 million

Profit per share

¥137

  1. Operating performance and financial position of successor company in most recent fiscal year (fiscal year ended March 31, 2021; consolidated; IFRS)

Total assets

¥972,249 million

Total equity

¥492,118 million

Equity per share attributable to shareholders of

¥1,145.26

the parent company

Revenues

¥761,615 million

Adjusted operating income*

(¥4,977 million)

Income before income taxes

(¥50,588 million)

Net income attributable to shareholders of the

(¥42,285 million)

parent company

Earnings per share (basic)

(¥98.90)

*Adjusted operating income = Revenues - Cost of sales - Selling, general & administrative expenses

Part of the correction; III. Business Division Absorption-type Demerger from Hitachi Metals Trading to Hitachi Metals Tool Steel and Sale to Dealers

1. Overview of Business Division to be Transferred from Hitachi Metals Trading to Hitachi Metals Tool Steel

(3) Status after the absorption-type demerger"

[Before correction]

Successor company (Hitachi Metals Tool Steel)

Name

Hitachi Metals Tool Steel, Ltd.

Address

2-70, Konan 1-chome,Minato-ku, Tokyo 108-8224, Japan

Name and title of

Fumihito Kobayashi, Chairperson, President and CEO

representative

Products and businesses

Sale, thermal treatment and processing of specialty steel, etc.

Share capital

¥100 million (As of March 31, 2021)

Accounting date

March 31

2

[After correction]

Successor company (Hitachi Metals Tool Steel)

Name

Hitachi Metals Tool Steel, Ltd.

Address

2-70, Konan 1-chome,Minato-ku, Tokyo 108-8224, Japan

Name and title of

Fumihito Kobayashi, President, CEO

representative

Products and businesses

Sale, thermal treatment and processing of specialty steel, etc.

Share capital

¥100 million (As of March 31, 2021)

Accounting date

March 31

Ends

3

Disclaimer

Hitachi Metals Ltd. published this content on 27 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 May 2021 10:02:05 UTC.


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Last Close Price 2 152,00 JPY
Average target price 1 994,25 JPY
Spread / Average Target -7,33%
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Mitsuaki Nishiyama Co-Chairman, CEO & Executive President
Hiroaki Nishioka Chief Financial Officer & Head-Administration
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