Maxell : About the impact of Russia-Ukraine situation on the business performance of the Group
March 30, 2022 at 02:25 am EDT
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FOR IMMEDIATE RELEASE
About the impact of Russia-Ukraine situation on the business performance of the Group
Tokyo, March 30, 2022－Maxell, Ltd. (TSE: 6810, hereinafter "the Company") announced today about the impact of Russia-Ukraine situation to the business performance of the Group.
The Company is deeply concerned about the recent Russia-Ukraine situation, and sincerely hopes that the situation will move toward a peaceful resolution as soon as possible.
Following is a summary of the Group's current policies for business in Russia and Ukraine, as well as the impact on business performance coming from the Russia-Ukraine situation.
1. Overview and Response Policies of the Group's Business for Russia and Ukraine
The Group does not have sales and manufacturing bases in Russia and Ukraine, and the businesses in Russia and Ukraine had been sales of consumer products, such as micro batteries and accessories, to distributors in both countries from our consolidated subsidiary, Maxell Europe Ltd. based in the U.K. Among these, sales to Russia have already been autonomously halted since the end of February 2022.
The Company will continue to closely monitor the situation in Russia and Ukraine while considering responses in cooperation with the international society.
2. Impact on Business Performance of the Group
The actual sales amount for both countries was approximately several million yen per month in total, which is not a large portion of our consolidated net sales, and the impact of the suspension of sales to both countries is minimal. However, the price of oil is soaring due to the Russia-Ukraine situation, and in addition to the impact of rising raw material and logistics costs, there are concerns for the Group about the impact of prolonged semiconductor shortage.
3. Future Forecast
Although the impact of the Russia-Ukrainian situation on our consolidated results for the fiscal year ending March 2022 is minimal, the Company will immediately announce any significant impact that may have occurred in the fiscal year ending March 2023 onwards, such as further lengthening or worsening of the situation.
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Hitachi Maxell Ltd. published this content on 30 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 March 2022 06:24:17 UTC.
Maxell Ltd, formerly Maxell Holdings Ltd, is mainly engaged in the manufacturing and sales of energy, industrial materials and electric appliances and consumer products. The Company mainly operates through three business segments. The Energy segment manufactures and sells secondary batteries, such as coin type lithium secondary batteries, industrial lithium ion batteries and electrodes, and consumer lithium ion batteries, primary batteries such as lithium primary batteries and button batteries, and charger and battery packs. The Industrial Materials segment manufactures and sells optical components, functional materials, electroforming and precision parts, semiconductor-related embedded systems, mold and synthetic resin molded parts, adhesive tapes, radio-frequency identification (RFID) systems and Integrated Circuit (IC) cards, industrial rubber products and others. The Electric Appliance and Consumer segment manufactures and sells projectors, small electric equipments and others.
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