Risk of Revenue Falling Short Following a Corporate or Business Acquisition
First written in FY2018. 6 of 13 entries say "Worsened", first in FY2020. Latest entry: 2026-10-15.
TETSUJIN Holdings moved to the "Worse" side of this theme in 2020, 3 years before the typical company in this theme (2023).
The whole theme swung hardest in 2025: 9 of 30 companies on the "Worse" side.
36 other companies' latest entry also says "Restated".
- 2026-10-15RestatedRevision of earnings forecasts
「この方針のもと、Ｍ＆Ａを含め収益性が見込まれる事業への投資を積極的に実施しておりますが、投資先事業の業績が計画を下回った場合には、当社グループの業績に影響を及ぼす可能性があります。」
Ｍ＆Ａを含む投資を継続する一方、投資先事業の業績未達がグループ業績に影響するリスクを明示している。 - FY2024-Q3Continued revenue growth and a smaller decline in profitAnnual report
「For the nine months ended the third quarter, revenue from the beauty business was ¥1,302 million, up 3.0% year on year, and segment profit was ¥79 million, down 21.6%.」
The beauty business maintained revenue growth, while segment profit continued to fall below the previous year’s level. The rate of decline narrowed from the 42.5% year-on-year decrease in the previous quarter. - FY2024-Q2WorsenedAnnual report
「For the six months ended the second quarter, revenue from the beauty business was ¥857 million, up 2.5% year on year, and segment profit was ¥46 million, down 42.5%.」
The beauty business after the acquisition maintained revenue growth, while segment profit declined 42.5% year on year, indicating that the risk of securing profit from the acquired business continues. - FY2024-Q1WorsenedAnnual report
「For the three months ended the first quarter, revenue from the beauty business was ¥420 million, up 2.7% year on year, and segment profit was ¥23 million, down 47.1%.」
The beauty business maintained revenue growth, but segment profit declined 47.1% year on year, while an impairment loss of ¥1.925 million was also recognized on goodwill. The acquired business’s profit and asset valuation risks remain evident. - FY2023-Q3Revenue growth alongside declining profitAnnual report
「For the nine months ended the third quarter, revenue from the beauty business was ¥1,263 million, up 59.0% year on year, and segment profit was ¥101 million, down 12.4%.」
In the beauty business after the acquisition, revenue increased substantially and the business remained profitable, while segment profit declined 12.4% year on year. - FY2023-Q2MitigatedAnnual report
「For the six months ended the second quarter, revenue from the beauty business was ¥836 million, up 200.7% year on year, and segment profit was ¥80 million, up 142.0%.」
In the beauty business after the acquisition, revenue and segment profit increased substantially, providing continued evidence of improvement in the risk of the acquired business failing to achieve expected earnings. - FY2023-Q1MitigatedAnnual report
「Because the beauty business was only minimally affected by the COVID-19 pandemic, it has generated sufficient operating earnings, and the company is pursuing an aggressive business expansion.」
Regarding the beauty business after the acquisition, the company stated that it was generating sufficient operating earnings because the impact of the COVID-19 pandemic was limited, indicating an improvement in the risk of the acquired business failing to achieve expected earnings. - FY2022WorsenedAnnual report
「During the fiscal year, the company recognized ¥8 million in impairment losses on 11 beauty salons and ¥12 million in impairment losses on goodwill.」
In the beauty business after the acquisition, the company recognized total impairment losses of ¥20 million on existing beauty salons and goodwill alongside expansion and profit growth, bringing the acquired business’s risk of failing to achieve expected earnings and its asset valuation risk to the fore. - FY2022-Q3WorsenedAnnual report
「Comparable existing stores* (株式会社Rich to) totaled 10, with revenue at 90.3% of the same quarter of the previous year.」
In the beauty business after the acquisition, revenue at existing Rich to stores was 90.3% of the same period of the previous year, continuing to fall below the prior-year level. An impairment loss of ¥32 million was also recognized on Rich to’s goodwill. - FY2021-Q3RestatedAnnual report
「The ramen restaurant “Naokyu,” operated by the subsidiary 株式会社直久, faced difficult operating conditions because it is located in a business district and was affected by the spread of telework,」
Among the acquired businesses, the “Naokyu” ramen business continues to face difficult operating conditions because of its business-district location and the spread of telework. - FY2021-Q2WorsenedAnnual report
「The ramen restaurant “Naokyu,” operated by the subsidiary 株式会社直久, faced difficult operating conditions because it is located in a business district and was affected by the spread of telework,」
Regarding the risk of acquired businesses failing to achieve expected earnings, the company stated that the “Naokyu” ramen business was facing difficult operating conditions as a result of the spread of telework. - FY2020WorsenedAnnual report
「Tokyo: Yoga store, Shibuya Center-gai store, Shinjuku Ōgādo store, Ryōgoku store, Tōyōchō store, Gotanda West Exit store, and 8 other stores; karaoke stores; buildings and other assets: 246,623」
Impairment losses were recognized on multiple assets, including businesses acquired and stores opened after acquisitions. Impairment losses were also recognized for the bridal business of ¥48.206 million and the web curation site of ¥16.500 million. - FY2018First statedAnnual report
「If synergies with existing businesses are limited, the business environment deteriorates after an acquisition or other transaction, or an acquired business otherwise fails to generate earnings as initially anticipated, the group’s performance could be affected.」
While considering future corporate and business acquisitions, the company disclosed insufficient synergies, deterioration in the post-acquisition business environment and failure to achieve expected earnings as risks.