Stabilising the Financial Base Through the Consolidation, Sale or Closure of 8 Loss-Making Subsidiaries
First written in FY2022. 1 of 2 entries say "Achieved", first in FY2024. Latest entry: FY2024.
13 other companies' latest entry also says "Achieved".
- FY2024AchievedAnnual report
「Specifically, for the fiscal year ended March 2022, the Company proceeded with the consolidation, transfer and closure of 8 subsidiaries; for the fiscal year ended March 2023, the transfer, consolidation and closure of 6 subsidiaries; and for the fiscal year ended March 2024, the consolidation and closure of 8 subsidiaries. It was essentially able to clear out companies with profitability issues.」
Regarding the restructuring of loss-making and unprofitable subsidiaries since the fiscal year ended March 2022, the Company stated that it had essentially cleared them out after handling a total of 22 companies over 3 fiscal years. - FY2022First statedAnnual report
「The Company had pursued M&A and established numerous new subsidiaries. However, on an individual-company basis, both sales and profits failed to materialize and losses expanded, adversely affecting the group's consolidated profits and financial base. Taking seriously the need to address this issue, the Company reviewed the future prospects of each company and, for the fiscal year ended March 2022, recognized allowances for doubtful accounts, wrote off goodwill in a lump sum, and recorded provisions for losses in anticipation of company closures, thereby clearing out the loss-making companies of the past. Specifically, it proceeded with the consolidation, sale and closure of 8 subsidiaries.」
In response to expanding losses and the adverse impact on the financial base, the Company recognized provisions and amortized goodwill for the fiscal year ended March 2022, and for the first time presented specific measures to consolidate, sell and close 8 subsidiaries.