Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President & CEO: Tatsuo Yasunaga) announced that Mitsui has deconsolidated Sims Metal Management ("Sims"), a metals and electronics recycler, from an equity accounted investee. The background of the deconsolidation is that Mitsui has lost a portion of its directors nomination right to the board of Sims due to amendments to Sims' constitution which have passed at Sims' general meeting held today.
As a result of the deconsolidation, a profit of about ¥21 billion is expected to be recorded in Mitsui's full year consolidated financial results for the fiscal year ending March 2017. A part of this profit was included in Mitsui's latest forecast announced on November 2nd, 2016.
Sims Metal Management Limited
|Sims Metal Management
|Chairman : Mr. Geoffrey Brunsdon, CEO : Mr. Galdino Claro
|Metals and electronics recycle
|1917 (listing on Australian Securities Exchange from 1991)
|Mitsui 18.3%, Others 81.7% (as of end September 2016)
|A$ 2,737.3 million (as of end June 2016)
|Fiscal Year End
|Loss for the Year
|-A$216.5 million (Fiscal Year ended June 2016)
|A$2,570.9 million (as of end June 2016)
|Number of Employees
|More than 200 sites in North America, Australia, New Zealand, and Europe (including affiliated companies)
This announcement contains forward-looking statements. These forward-looking statements are based on Mitsui's current assumptions, expectations and beliefs in light of the information currently possessed by it and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, financial position or cash flows to be materially different from any future results, financial position or cash flows expressed or implied by these forward-looking statements. These risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest Annual Securities Report and Quarterly Securities Report, and Mitsui undertakes no obligation to publicly update or revise any forward-looking statements.
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