Deterioration in returns and recognition of valuation losses on proprietary investments
First written in FY2016. 3 of 5 entries say "Restated". Latest entry: FY2025.
First Brothers moved to the "Worse" side of this theme in 2026, 6 years after the typical company in this theme (2020).
The whole theme swung hardest in 2019: 23 of 50 companies on the "Worse" side.
26 other companies' latest entry also says "Materialised".
- FY2025MaterialisedAnnual report
「Regarding goodwill arising from the acquisition of 株式会社応実堂, a consolidated subsidiary, the Company revised its business plan because performance was below the initially projected plan. As a result, it was no longer possible to expect excess earning power, so the recoverable amount of the goodwill was reduced to zero, the entire unamortised balance was written down, and the resulting reduction was recognised as an impairment loss under extraordinary losses.」
The risk of deteriorating returns and valuation losses on proprietary and business investments materialised as impairment losses totalling ¥1,307.148 million, including a full impairment of ¥521.990 million on goodwill arising from the acquisition of 応実堂. - FY2020RestatedAnnual report
「These proprietary investments are made only after careful deliberation by the management committee, board of directors and other bodies in accordance with internal rules, to examine the associated investment risks. However, if investment returns deteriorate due to changes in the external environment or other factors, or valuation losses arise on the investments, the Group's performance and financial position could be affected.」
The risk of deteriorating returns and valuation losses on proprietary investments, together with careful deliberation by the management committee and board of directors, was reaffirmed for the full fiscal year as well. - FY2019RestatedAnnual report
「These proprietary investments are made only after careful deliberation by the management committee, board of directors and other bodies in accordance with internal rules, to examine the associated investment risks. However, if investment returns deteriorate due to changes in the external environment or other factors, or valuation losses arise on the investments, the Group's performance and financial position could be affected.」
The risk of deteriorating returns and valuation losses on proprietary investments, together with deliberation by the management committee and board of directors, was reaffirmed for the full fiscal year as well. - FY2017RestatedAnnual report
「The Group invests in projects expected to generate stable returns, including rental real estate. It also actively makes new investments in areas in which the Group has strengths, including renewable energy and venture companies, with the aim of enhancing corporate value over the medium to long term. These proprietary investments are made only after careful deliberation by the management committee, board of directors and other bodies in accordance with internal rules, to examine the associated investment risks. However, if investment returns deteriorate due to changes in the external environment or other factors, or valuation losses arise on the investments, the Group's performance and financial position could be affected.」
The risks of deteriorating returns and valuation losses on proprietary investments, including rental real estate, renewable energy and venture investments, and their management through deliberation were reaffirmed. - FY2016First statedAnnual report
「These proprietary investments are made only after careful deliberation by the management committee, board of directors and other bodies in accordance with internal rules, to examine the associated investment risks. However, if investment returns deteriorate due to changes in the external environment or other factors, or valuation losses arise on the investments, the Group's performance and financial position could be affected.」
Deterioration in returns and the risk of valuation losses on proprietary investments, including same-boat investments, rental real estate, renewable energy and venture investments, were identified.