Cancellation and order risk for a large machine tool contract for India
First written in FY2018-Q1. 2 of 3 entries say "Cited as achieved", first in FY2018-Q3. Latest entry: FY2018.
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- FY2018Cited as achievedAnnual report
「Net non-operating income increased by ¥1,408 million from the previous consolidated fiscal year due to cancellation fees received and foreign exchange gains, resulting in net non-operating income of ¥2,341 million.」
The cancellation fee received in connection with the past cancellation of the large machine-tool contract for India is cited as a factor behind increases in non-operating income and ordinary income for the fiscal year. - FY2018-Q3Cited as achievedAnnual report
「Regarding profit and loss, continued profit improvement centered on the Molding Machines segment as a result of various cost-reduction initiatives led to operating income of ¥2,947 million, up 30.2% year on year. Ordinary income was ¥5,110 million, up 60.4%, due to increases in non-operating income from cancellation fees received and foreign exchange gains.」
The cancellation fee received in connection with the past cancellation of the large machine-tool contract for India is cited as a factor behind the increase in ordinary income for the nine months ended the third quarter under review. - FY2018-Q1MaterialisedAnnual report
「Regarding the large machine tool ordered by the Company for India in August 2011, the customer requested a postponement of the contractual delivery date, and the parties had been discussing the delivery schedule. The customer subsequently requested cancellation of the contract, and on 31 July 2017 the parties agreed to cancel the contract, including a cancellation fee received of ¥1,695 million.」
The Company discloses as a material subsequent event that, following discussions on postponing delivery of the large machine tool for India, it agreed to cancel the contract and recognized the related amount, including a cancellation fee received of ¥1,695 million.