Deterioration in the performance of Panus Poultry Group and impairment of investments and intangible assets
First written in FY2021-Q3. 1 of 2 entries say "Materialised", first in FY2021-Q3. Latest entry: FY2023.
The whole theme swung hardest in 2019: 37 of 69 companies on the "Worse" side.
24 other companies' latest entry also says "Mitigated".
- FY2023MitigatedAnnual report
「During the consolidated fiscal year, the Group sold its investment in Panus Poultry Group, a Thai chicken producer and processor accounted for using the equity method under the Overseas Business Division.」
The Group sold its investment in Panus Poultry Group and recognized a ¥1,919 million reversal gain on impairment losses recorded in prior fiscal years. Direct investment exposure to the investee decreased as a result of its deteriorating performance. - FY2021-Q3MaterialisedAnnual report
「During the consolidated third quarter, the performance of Panus Poultry Group, a Thai chicken producer and processor under the Overseas Business Division, diverged significantly from the original plan because chicken prices remained below the levels assumed in the future plan prepared when the investment was made, in addition to weak sales to Europe resulting from the spread of the COVID-19 pandemic. The Group therefore determined that there were indications of impairment in its investment in Panus Poultry Group, which is accounted for using the equity method, and conducted an impairment test by comparing its recoverable amount with its carrying amount.」
For Thailand-based Panus Poultry Group, performance diverged significantly from plan due to weaker chicken prices and sales to Europe, resulting in impairment losses of ¥5,291 million on the investment and ¥1,785 million on intangible assets included in the investment.