Declining profitability and impairment losses at 花菱縫製 due to the shrinking suit market
First written in FY2021-Q3. 1 of 2 entries say "Materialised", first in FY2021-Q3. Latest entry: FY2021.
Mitsui Matsushima Holdings moved to the "Worse" side of this theme in 2021.
0 other companies' latest entry also says "Worsened".
- FY2021WorsenedAnnual report
「For the “business assets” (Saitama, Saitama Prefecture, and elsewhere), the carrying amount of the above assets related to 花菱縫製株式会社, a consolidated subsidiary, was reduced to the recoverable amount because the profitability originally anticipated could no longer be expected in light of the contraction of the suit market, accelerated mainly by the spread of COVID-19, and the reduction was recognized as an impairment loss under extraordinary losses.」
Against the backdrop of the shrinking suit market, impairment losses totaling ¥1,441 million were recognized in relation to 花菱縫製: ¥811 million in goodwill, ¥573 million in property, plant and equipment, and ¥57 million in intangible assets. - FY2021-Q3MaterialisedAnnual report
「For the “business assets” (Saitama, Saitama Prefecture, and elsewhere), the carrying amount of the above assets related to 花菱縫製株式会社, a consolidated subsidiary, was reduced to the recoverable amount because the profitability originally anticipated could no longer be expected in light of the contraction of the suit market, accelerated mainly by the spread of COVID-19, and the reduction was recognized as an impairment loss under extraordinary losses.」
Against the backdrop of the contraction in the suit market accelerated by the spread of COVID-19, impairment losses were recognized on assets related to 花菱縫製: ¥811 million in goodwill, ¥366 million in property, plant and equipment, and ¥55 million in intangible assets.