Additional Costs and Business Delays Caused by Soil Contamination
First written in FY2016. 2 of 3 entries say "Restated". Latest entry: FY2018.
The whole theme swung hardest in 2019: 1 of 7 companies on the "Worse" side.
12 other companies' latest entry also says "Restated".
- FY2018RestatedAnnual report
「When acquiring land for business use, the Group conducts historical and contamination investigations in advance. If contamination is confirmed, the Group either cancels the acquisition or arranges for its removal by a specialist contractor. However, the Group may be unable to identify all aspects of soil contamination in advance through the investigations described above, and the seller may be unable to assume liability for defects even if soil contamination is discovered.」
The Group restates both the response measures of investigation, cancellation of acquisitions and removal by specialist contractors, and residual risks including the inability to identify contamination in advance. - FY2017RestatedAnnual report
「When acquiring land for business use, the Group conducts historical and contamination investigations in advance. If contamination is confirmed, the Group either cancels the acquisition or arranges for its removal by a specialist contractor. However, the Group may be unable to identify all aspects of soil contamination in advance through the investigations described above, and the seller may be unable to assume liability for defects even if soil contamination is discovered.」
The Group describes responses including investigations, cancellation of acquisitions and removal by specialist contractors, while restating the residual risk of soil contamination. - FY2016First statedAnnual report
「However, the Group may be unable to identify all aspects of soil contamination in advance through the investigations described above, and the seller may be unable to assume liability for defects even if soil contamination is discovered. Accordingly, if soil contamination is found on acquired land, the Group's operating results and financial condition may be affected by changes to the original business schedule, additional costs and additional recognition of asset retirement obligations.」
While conducting historical and contamination investigations, the Group identifies the inability to detect contamination in advance and the seller's insufficient ability to bear the costs as risks.