Declining earnings capacity and impairment losses at Indonesia’s GDM coal mine
First written in FY2019. 3 of 6 entries say "Materialised", first in FY2019. Latest entry: FY2022.
The whole theme swung hardest in 2019: 4 of 10 companies on the "Worse" side.
7 other companies' latest entry also says "Mitigated".
- FY2022MitigatedAnnual report
「The following loss from investment business was recognized as an extraordinary loss in connection with the investment in Indonesia GDM (PT Gerbang Daya Mandiri): Provision for doubtful receivables: ¥95 million」
Investment business losses related to the GDM investment totaled ¥95 million in the current fiscal year, down from ¥692 million in the previous fiscal year. In addition, under the amended shareholders’ agreement dated 26 April 2022, the voting rights ownership ratio became 15%, and GDM ceased to be an equity-method affiliate. - FY2022-Q1MaterialisedAnnual report
「The following loss from investment business was recognized as an extraordinary loss in connection with the investment in Indonesia GDM (PT Gerbang Daya Mandiri): Provision for doubtful receivables: ¥5 million」
The investment in GDM resulted in an investment business loss of ¥5 million from the provision for doubtful receivables during the current quarter as well. - FY2021WorsenedAnnual report
「The following losses from investment business were recognized as extraordinary losses in connection with the investment in Indonesia GDM (PT Gerbang Daya Mandiri): Provision for doubtful receivables: ¥596 million Loss on valuation of investment securities: ¥95 million Total: ¥692 million」
The GDM investment resulted in full-year losses of ¥596 million from the provision for doubtful receivables and ¥95 million from the loss on valuation of investment securities, for a total loss of ¥692 million. - FY2021-Q3MaterialisedAnnual report
「The following losses from investment business were recognized in connection with the investment in Indonesia GDM (PT Gerbang Daya Mandiri): Provision for doubtful receivables: ¥544 million Loss on valuation of investment securities: ¥88 million Total: ¥632 million」
The investment in the GDM coal mine resulted in investment business losses of ¥544 million from the provision for doubtful receivables and ¥88 million from the loss on valuation of investment securities, for a total of ¥632 million. - FY2020RestatedAnnual report
「The company will carry out test mining at Indonesia’s GDM coal mine as scheduled and proceed with a cautious examination of the possibility of commercial production.」
Even after the decline in the expected earnings capacity of the GDM coal mine and the impairment loss, the company stated its policy of conducting test mining and examining the possibility of commercial production. - FY2019MaterialisedAnnual report
「Profit attributable to owners of the parent increased to ¥2,240 million, up ¥720 million, or 47.4%, year on year, despite the recognition of a ¥1,793 million impairment loss on goodwill, investment securities and other assets of the GDM mine in Indonesia as an extraordinary loss, due mainly to the recognition of a ¥102 million gain on sale of shares of an affiliated company as an extraordinary gain and tax expenses of ¥2,005 million.」
Due to changes in the business environment surrounding the GDM coal mine, its expected earnings capacity could no longer be anticipated, and an impairment loss of ¥1,793 million was actually incurred, including ¥950 million of goodwill and ¥741 million of investment securities.