Business restructuring and structural reform at consolidated subsidiaries
First written in FY2019. 4 of 6 entries say "Advanced", first in FY2020-Q2. Latest entry: FY2022.
Tokyo Rope Mfg. moved to the "Worse" side of this theme in 2022.
0 other companies' latest entry also says "Worsened".
- FY2022WorsenedAnnual report
「In the steel cord business, where operational improvements are being pursued through structural reforms, operating costs such as energy, materials and transportation remained high. In addition, the instability in the Russia-Ukraine situation that emerged during the fourth quarter consolidated accounting period was expected to be prolonged, resulting in the recognition of impairment losses on fixed assets in the business and the recording of extraordinary losses,」
While advancing structural reform of the steel cord business, including at subsidiaries, the company incurred impairment losses on fixed assets due to persistently high operating costs and geopolitical conditions. - FY2021-Q3AdvancedAnnual report
「As a result of efforts to complete structural reform of the Chinese steel cord business and reduce various expenses during the first half, profit for the third quarter of the current consolidated fiscal year, from 1 October 2020 to 31 December 2020, turned positive and recovered to a level above the same period of the previous year.」
Regarding the restructuring and structural reform of a consolidated subsidiary, the company disclosed that structural reform of the Chinese steel cord business was completed during the first half, followed by a recovery in profit during the third quarter. - FY2020AdvancedAnnual report
「As a result of this third-party allotment, the company's equity interest changed from 100% to 69.28% as of 30 September 2019, and to 53% as of 31 December 2019.」
A third-party allotment capital increase was conducted at 東綱スチールコード株式会社, and the company's equity interest changed from 100% to 69.28%, and then to 53%. - FY2020-Q3AdvancedAnnual report
「東綱スチールコード株式会社, the company's wholly owned consolidated subsidiary, conducted third-party allotments on 30 September 2019 and 30 December 2019, with Hongduk Industrial Co., Ltd. of the Koryo Steel Group and the company as the recipients.」
It was confirmed that a third-party allotment capital increase related to the alliance with the Koryo Steel Group was carried out with payment dates of 30 September and 30 December 2019. - FY2020-Q2AdvancedAnnual report
「The company agreed to form a steel cord business alliance with Hongduk Industrial Co., Ltd. of the Koryo Steel Group. It will make its domestic production subsidiary 東綱スチールコード株式会社 a joint venture between the two parties and work together to fundamentally improve the profitability of the steel cord business in Japan. In addition, the company will conduct a third-party allotment capital increase to both parties to fund investment in the renewal of plant equipment for comprehensive operating rationalization at the joint venture. As a result of this third-party allotment, the company's equity interest will change from 100% to 69.28%.」
Specific progress in the restructuring and structural reform of a consolidated subsidiary was disclosed, including the formation of a joint venture with the Koryo Steel Group, investment in renewed plant equipment, a third-party allotment capital increase and a change in the company's equity interest to 69.28%. - FY2019First statedAnnual report
「Business structural reform costs mainly comprised special retirement payments related to the business restructuring of consolidated subsidiaries.」
The company disclosed for the first time in specific terms that it recorded ¥54 million in business structural reform costs, mainly special retirement payments associated with the business restructuring of a consolidated subsidiary.