Hitachi (6501) · InitiativeAchieved
Freeze on the UK nuclear power plant construction project
First written in FY2019-Q3. 1 of 2 entries say "Achieved", first in FY2019. Latest entry: FY2019.
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Impairment resulting from the suspension of a UK nuclear power plant construction projectA theme 1 companies write about · 1 as a headwind · 0 as a tailwind
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- FY2019AchievedAnnual report
「At a meeting of the Board of Directors held on 17 January 2019, we decided to freeze the project from the perspective of economic rationality as a private-sector company.」
We decided to freeze the UK nuclear power plant construction project and recognized an impairment loss of ¥277,208 million on the related assets. - FY2019-Q3First statedAnnual report
「On 17 January 2019, we decided to freeze the UK nuclear power plant construction project. In connection with this decision, we recognized an impairment loss of ¥206.7 billion on tangible fixed assets related to the project, including equipment and other assets of Horizon Nuclear Power Limited, in the Social Infrastructure & Industrial Systems segment during the nine-month period ended 31 December 2018.」
We determined that further time would be required to reach agreement on the financing model and the terms for constructing and operating the nuclear power plant, and decided to freeze the project on 17 January 2019. We recognized a total impairment loss of ¥277,208 million on the related assets and plan to recognize contract termination costs and other expenses in the fourth quarter.