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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  LIXIL Group Corporation    5938   JP3626800001

LIXIL GROUP CORPORATION

(5938)
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LIXIL : Jan 27, 2020ReleaseNotification Regarding Start of Consideration of Merger between LIXIL Group Corporation and its subsidiary > NEW

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01/27/2020 | 02:15am EDT

[This is an English translation of the original text written in Japanese]

January 27, 2020

LIXIL Group Corporation Kinya Seto

Representative Executive Officer and President (First Section of TSE/NSE, code 5938)

(Contact): Kayo Hirano

Senior Manager, Investor Relations Office

Notification Regarding Start of Consideration of Merger between

LIXIL Group Corporation and its subsidiary

LIXIL Group Corporation (hereinafter "LGC") announced today that its Board of Directors has resolved to start considering a merger between LGC, the holding company of the LIXIL Group, and LIXIL Corporation (hereinafter "LIXIL"), its 100% subsidiary.

The details are as follows:

1. Purpose of the merger

LIXIL Group's aim is to be an entrepreneurial company that can achieve sustainable competitiveness and growth in order to fulfill its corporate purpose to contribute to society by making better homes a reality for everyone, everywhere. To achieve this aim, the company is taking steps to transform its operations, including strengthening governance, enhancing productivity and efficiency, as well as becoming a more agile organization that enables better decision-making.

Since 2001, under the former Tostem Inax Holding Corporation, LIXIL Group adopted a holding company structure to optimize overall operations while maintaining cooperation between each operating company. This structure was continued when LIXIL was established following the integration of five major operating companies in 2011. However, as LIXIL Group's strategy has evolved, it must now place greater focus on actively managing its core businesses and driving synergies across these business areas to accelerate growth. This is in line with the announcement of July 22, 2019, ("Announcement Regarding Management's Future Direction"), which stated that the highest priority of the current executive officers and board of directors is to enhance corporate value by focusing on LIXIL's core businesses inside and outside of Japan.

By dissolving the two-tier structure of LGC and LIXIL, efficiency will be improved by eliminating duplication of management, operating costs and human resources. This change will enable faster decision-making, as well as improve corporate governance by simplifying the group management system and increasing the transparency of management.

Based on these considerations, the Board of Directors has today resolved to consider eventually merging LGC and LIXIL.

2. Overview of the companies to be merged

(1) Name of the

LIXIL Group Corporation

LIXIL Corporation

company

(2)

Major business

1) To control and manage the

To manufacture and sell building

operations of the companies operating

materials and housing equipment for

businesses relating to living in Japan

housing and buildings, operate

and foreign countries by obtaining and

housing-related businesses as well as

holding the shares or the equities in

related services.

such companies.

2) To control and manage the

operations of the companies operating

business relating to urban environment

in Japan and foreign countries by

obtaining and holding the shares or the

equities in such companies.

(3)

Year of

September 1949

October 2001

foundation

(4)

Headquarters

Ojima 2-2-1,Koto-ku, Tokyo, JAPAN

Ojima 2-2-1,Koto-ku, Tokyo, JAPAN

(5)

Representative

Kinya Seto

Kazuhiko Otsubo

(6)

Capital

JPY68,418 million

JPY34,600 million

(7)

Outstanding

313,319,159 shares

650,649 shares

shares

(8)

Major

The Master Trust Bank of

6.17%

LIXIL Group Corporation

100%

shareholders and

Japan, Ltd. (Trust

its % of

account)

shareholding

Japan Trustee Services

4.91%

(As of September

Bank, Ltd. (Trust Account)

30, 2019)

State Street Bank Client

3.72%

Omnibus OM04

(Note) excluding

(Standing Proxy: The

treasury stock of

Hongkong and

23,223,744 shares.

Shanghai Banking

Corporation Limited

Tokyo Branch)

Other

(9) Financial

IFRS (Consolidated)

JGAAP (Stand-alone)

position and

Total equity (JPY million)

567,167

Total equity (JPY million)

134,964

operating results

Total asset (JPY million)

2,059,544

Total asset (JPY million)

829,446

for the latest fiscal

Equity attributable to

1,839.59

Net asset per share (JPY)

207,430.08

year (March 2019)

owners of the parent per

share (BPS) (JPY)

Revenue (JPY million)

1,832,608

Net Sales (JPY million)

883,231

Operating loss (JPY

-15,029

Operating income (JPY

6,019

million)

million)

Ordinary income (JPY

8,470

million)

Loss for the year

-52,193

Net loss (JPY million)

-79,642

attributable to owners of

the parent (JPY million)

Basic loss per share (JPY)

-179.98

Loss per share (JPY)

-122,404.19

3. Future plans

The LIXIL Group will establish a project team to advance the consideration of the merger between LGC and LIXIL as part of its initiatives to improve its corporate governance, management efficiency, and corporate value. The project team will consider the method of the merger, the timing of the completion of the merger, and the management structure after the merger, etc.

4. Future outlook

As the considered merger is between LGC and its 100% of consolidated subsidiary, there will be no negative impact on LIXIL Group's consolidated financial performance. LGC will announce the timing of the completion of the merger, and the management structure after the merger once it is agreed and determined.

End

Disclaimer

LIXIL Group Corporation published this content on 27 January 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 January 2020 07:14:00 UTC

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Financials (JPY)
Sales 2020 1 828 B
EBIT 2020 39 594 M
Net income 2020 18 607 M
Debt 2020 756 B
Yield 2020 5,49%
P/E ratio 2020 20,0x
P/E ratio 2021 13,6x
EV / Sales2020 0,62x
EV / Sales2021 0,61x
Capitalization 370 B
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Technical analysis trends LIXIL GROUP CORPORATION
Short TermMid-TermLong Term
TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 11
Average target price 1 933,00  JPY
Last Close Price 1 274,00  JPY
Spread / Highest target 112%
Spread / Average Target 51,7%
Spread / Lowest Target 17,7%
EPS Revisions
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NameTitle
Kinya Seto Executive President, CEO & Representative Director
Masatoshi Matsuzaki Chairman
Sachio Matsumoto Chief Financial Officer, EVP, Head-Accounting, M&A
Ryo Nihei Chief Technology Officer
Yugo Kanazawa Chief Digital & Information Officer
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