Closure and Liquidation of a Chinese Subsidiary
First written in FY2016. 5 of 11 entries say "Advanced", first in FY2017-Q2. Latest entry: FY2019.
The whole theme swung hardest in 2024: 2 of 11 companies on the "Worse" side.
12 other companies' latest entry also says "Restated".
- FY2019RestatedAnnual report
「亞徳利玻璃（珠海）有限公司 was excluded from the scope of consolidation because its liquidation was completed during the current consolidated fiscal year.」
The annual report also reconfirms the completion of liquidation and exclusion from the scope of consolidation of the Zhuhai subsidiary. - FY2019-Q3RestatedAnnual report
「During the second quarter consolidated accounting period, 亞徳利玻璃（珠海）有限公司 was excluded from the scope of consolidation because its liquidation was completed.」
The completion of liquidation and exclusion from the scope of consolidation of 亞徳利玻璃（珠海）有限公司 are reconfirmed. No new progress in the liquidation is reported. - FY2019-Q2AchievedAnnual report
「During the second quarter consolidated accounting period, 亞徳利玻璃（珠海）有限公司 was excluded from the scope of consolidation because its liquidation was completed.」
The completion of liquidation and exclusion from the scope of consolidation of 亞徳利玻璃（珠海）有限公司, which was subject to liquidation, are explicitly reported. - FY2018AdvancedAnnual report
「This was because, in connection with the closure of the consolidated subsidiary 亞徳利玻璃（珠海）有限公司, the application for the waiver of loans to the company was accepted by the Chinese State Administration of Foreign Exchange, allowing the loans to be treated as bad debt losses for tax purposes and substantially reducing income tax expense.」
The application for the waiver of loans in connection with the closure of the Zhuhai subsidiary was accepted, and liquidation-related procedures progressed, including the recognition of a ¥53 million gain on liquidation of affiliates. Completion of the liquidation itself is not reported. - FY2018-Q3AdvancedAnnual report
「* Breakdown of gain on liquidation of affiliates: Gain on sale of property, plant and equipment ¥100 million; settlement payment to 中海石油气電集団有限責任公司広東貿易分公司 △¥47 million; total ¥52 million」
In connection with the closure of 亞徳利玻璃（珠海）有限公司, a gain on the sale of property, plant and equipment and a settlement payment to the natural gas contract counterparty were recorded, indicating progress in the reorganization procedures. Completion of the liquidation itself is not reported. - FY2018-Q2AdvancedAnnual report
「In addition, because the application for the waiver of loans to 亞徳利玻璃（珠海）有限公司 was accepted by the Chinese State Administration of Foreign Exchange, the loans were treated as bad debt losses for tax purposes, resulting in a substantial decrease in income tax expense. Quarterly net income attributable to owners of the parent was ¥1,488 million, up 366.4% year on year.」
The application to waive loans to the Zhuhai subsidiary subject to liquidation was accepted by the Chinese State Administration of Foreign Exchange, leading to their treatment as tax-deductible bad debt losses and a reduction in income tax expense. - FY2018-Q1AdvancedAnnual report
「* Breakdown of gain on liquidation of affiliates: Gain on sale of property, plant and equipment ¥102 million; settlement payment to 中海石油气電集団有限責任公司広東貿易分公司 △¥47 million; total ¥54 million」
A gain on the sale of property, plant and equipment and a settlement payment to the natural gas contract counterparty were recorded in connection with the company subject to liquidation. Completion of the liquidation itself is not reported. - FY2017RestatedAnnual report
「石塚玻璃（香港）有限公司 has been excluded from the scope of consolidation because its liquidation was completed during the current consolidated fiscal year.」
The annual report also confirms the completion of the Hong Kong subsidiary’s liquidation and its exclusion from the scope of consolidation. - FY2017-Q3RestatedAnnual report
「石塚玻璃（香港）有限公司 has been excluded from the scope of consolidation because its liquidation was completed during the second quarter consolidated accounting period.」
The completion of the Hong Kong subsidiary’s liquidation and its exclusion from the scope of consolidation are reiterated. There has been no new development since the completion reported in the previous quarterly report. - FY2017-Q2AdvancedAnnual report
「石塚玻璃（香港）有限公司 has been excluded from the scope of consolidation because its liquidation was completed during the second quarter consolidated accounting period.」
Regarding the reorganization of the Chinese subsidiaries, liquidation of the Hong Kong subsidiary has been completed. Meanwhile, 亞徳利玻璃（珠海）有限公司 remains in the liquidation process. - FY2016First statedAnnual report
「We resolved to dissolve 亞徳利玻璃（珠海）有限公司 and 石塚玻璃（香港）有限公司.」
The company states that liquidation procedures for the Chinese subsidiaries are proceeding following the dissolution resolution.