Uncertainty Regarding Damages and Settlement Amounts Related to Subsidiary Matters
First written in FY2017-Q1. 7 of 10 entries say "Materialised", first in FY2017-Q1. Latest entry: FY2023-Q1.
Avant Group moved to the "Worse" side of this theme in 2022, 2 years after the typical company in this theme (2020).
The whole theme swung hardest in 2018: 7 of 13 companies on the "Worse" side.
4 other companies' latest entry also says "Materialised".
- FY2023-Q1MaterialisedAnnual report
「Damages － 10,831」
¥10,831 thousand in damages was recorded in the first quarter. Its relationship to the previous subsidiary matter cannot be identified from the text and table. - FY2019-Q3MaterialisedAnnual report
「Damages 4,351 120 Settlement proceeds received 20,000 31,200」
¥120 thousand in damages and ¥31,200 thousand in settlement proceeds received were recorded. However, the text and table alone do not identify their relationship to the previous subsidiary matter. - FY2019-Q2MitigatedAnnual report
「Provision for damages 2,500 －」
The provision for damages was zero for the cumulative second quarter of the current consolidated fiscal year. The text does not identify its relationship to the previous subsidiary matter. - FY2018MaterialisedAnnual report
「¥4,872 thousand in damages and ¥20,000 thousand in settlement proceeds received were recorded.」
Damages and settlement proceeds received were recorded. The text does not identify their relationship to the previous subsidiary matter. - FY2018-Q3MaterialisedAnnual report
「Damages — ¥4.351 million Settlement proceeds received — ¥20 million」
The income statement records ¥4,351 thousand in damages and ¥20,000 thousand in settlement proceeds received. The text does not identify their relationship to the previous subsidiary matter. - FY2018-Q2MaterialisedAnnual report
「Provision expense for damages claims — 2,500」
A provision expense for damages claims of ¥2.5 million was recorded in the six months ended the second quarter, compared with zero in the previous consolidated fiscal year. The filing does not describe the specific matter. - FY2017MitigatedAnnual report
「Regarding a matter involving our subsidiary that had been under discussion with a customer concerning liability under a business entrustment agreement, a settlement was reached under which the subsidiary would pay the customer ¥500 million.」
The full-year financial statements confirm the ¥500 million payment following the settlement and that the balance of the provision for damages claims fell to zero. - FY2017-Q3MitigatedAnnual report
「The main component of cash receipts was profit before income taxes of ¥685.978 million, while the main cash payments included the ¥500 million settlement payment and ¥344.218 million in income taxes paid.」
For the subsidiary matter for which a settlement was reported in the previous quarter, the ¥500 million settlement payment was also confirmed in cash flow. While uncertainty regarding the settlement amount declined, an extraordinary loss of ¥326 million was recorded. - FY2017-Q2MaterialisedAnnual report
「Regarding a matter involving our subsidiary that had been under discussion with a customer concerning liability under a business entrustment agreement, a settlement was reached under which the subsidiary would pay the customer ¥500 million.」
Regarding the subsidiary matter for which ¥174 million had been provided in the previous fiscal year, a settlement was reached with a payment of ¥500 million, and an additional extraordinary loss of ¥326 million was recorded. - FY2017-Q1MaterialisedAnnual report
「A customer of our subsidiary claimed that the subsidiary was liable under the business entrustment agreement for damages arising from a project it had undertaken, and the parties held discussions. To reach a settlement, the subsidiary was asked to propose a specific payment amount. The subsidiary proposed that, as the best way to achieve an early resolution, it would offer a settlement payment of ¥174 million, which it considered reasonable. After taking various circumstances into account, our extraordinary Board of Directors meeting held on 5 August 2016 approved the proposal. However, as the customer has not agreed to the settlement amount proposed by the subsidiary, the payment amount may change going forward.」
A provision of ¥174 million has been recorded for the proposed settlement of the damages claim, but the payment amount may change because the customer has not yet agreed.