Impairment risk arising from divergences between business investment decisions and investment outcomes
First written in FY2024. 1 of 3 entries say "Restated". Latest entry: FY2025.
Milbon moved to the "Worse" side of this theme in 2026, 4 years after the typical company in this theme (2022).
The whole theme swung hardest in 2019: 10 of 27 companies on the "Worse" side.
8 other companies' latest entry also says "Worsened".
- FY2025WorsenedAnnual report
「さらに、海外事業投資では、各国の政治状況や外交関係の緊張により事業継続が困難となり、売上や利益率の低下、資本効率の悪化、企業価値の低下につながる可能性があります。」
事業投資リスクは影響度大・発生可能性大と評価され、海外政治・外交リスクによる事業継続、利益率、資本効率への影響が明示された。 - FY2025-H1RestatedAnnual report
「No new business or other risks arose during the current interim consolidated accounting period. There were also no material changes to the business and other risks described in the securities report for the previous fiscal year.」
事業投資判断・投資効果の乖離による減損リスクを含む既存リスクについて、重要な変更がないとの扱い。 - FY2024First statedAnnual report
「Unclear processes for investment decisions or changes in market and operating conditions not anticipated when an investment decision was made could cause actual results to diverge significantly from the original plan, resulting in impairment losses and affecting the Company’s performance.」
Business investment was identified as a medium-impact, medium-probability enterprise-wide risk, with responses including formalizing investment processes, setting monetary requirements, reviewing plans every 5 years, and revising plans when investment returns diverge from expectations.