Acquisition of Seibu Oil as a subsidiary and suspension of refining functions at the Yamaguchi Refinery
First written in FY2022. 2 of 4 entries say "Restated". Latest entry: FY2024.
No other company in this theme has enough history to compare yet.
- FY2024AchievedAnnual report
「In domestic manufacturing and supply, the company suspended refining functions at the Yamaguchi Refinery (Seibu Oil株式会社) in March 2024 to optimize the group supply structure and move toward establishing a CNX center.」
The suspension of refining functions at Seibu Oil's Yamaguchi Refinery was carried out in March 2024, reaching a key milestone in the reorganization of the domestic refining structure announced after the company became a subsidiary. - FY2023-Q3RestatedAnnual report
「During the first quarter of the consolidated fiscal year, Seibu Oil株式会社, formerly an equity-method affiliate, was included in the scope of consolidation following the additional acquisition of shares.」
The plan to make Seibu Oil a consolidated subsidiary and suspend refining functions at the Yamaguchi Refinery around March 2024 remained an underlying premise during the current quarter. - FY2023-Q1RestatedAnnual report
「During the first quarter of the current consolidated fiscal year, Seibu Oil株式会社, formerly an equity-method affiliate, was included in the scope of consolidation following the additional acquisition of shares.」
The company reconfirmed in the business combination notes that Seibu Oil became a consolidated subsidiary through the additional acquisition, that the voting rights ratio was 66.9%, and that refining functions at the Yamaguchi Refinery were scheduled to be suspended around March 2024. - FY2022First statedAnnual report
「At a meeting of the Board of Directors held on 14 June 2022, the company resolved to acquire shares in Seibu Oil株式会社, an equity-method affiliate, and make it a subsidiary, and to terminate the product offtake agreement (product sales agreement) with Seibu Oil as of 31 March of the same year, on the premise that refining functions at Seibu Oil's Yamaguchi Refinery would be suspended around March 2024. As the company acquired the shares on 14 June 2022, Seibu Oil became a consolidated subsidiary.」
Against a backdrop of declining domestic demand for petroleum products, the company disclosed for the first time its plan to make Seibu Oil a subsidiary and suspend refining functions at the Yamaguchi Refinery around March 2024. The voting rights ratio after the acquisition was 66.9%.