Improvement of financial condition and elimination of negative net worth through the sale of the Izumi plant
First written in FY2020-Q3. 1 of 4 entries say "Achieved", first in FY2021-Q1. Latest entry: FY2021.
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- FY2021Cited as achievedAnnual report
「As a result of implementing structural reforms and raising funds and strengthening capital through the issuance of stock acquisition rights, negative net worth was eliminated as of the end of the fiscal year ended March 2020.」
The elimination of negative net worth through the sale of the Izumi plant and capital strengthening through stock acquisition rights was cited as a past achievement in the explanation of challenges for FY2021. - FY2021-Q2RestatedAnnual report
「Negative net worth had been eliminated as of the end of the previous consolidated fiscal year.」
The elimination of negative net worth achieved at the end of the previous consolidated fiscal year was maintained through the second quarter of the current fiscal year. - FY2021-Q1AchievedAnnual report
「As a result, negative net worth had been eliminated as of the end of the previous consolidated fiscal year.」
Following structural reforms and financial measures, including the sale of the Izumi plant and capital strengthening through stock acquisition rights, negative net worth was eliminated as of the end of the previous consolidated fiscal year. - FY2020-Q3First statedAnnual report
「In the fourth quarter, we plan to recognize an approximately ¥350 million gain on the transfer of the Izumi plant and an approximately ¥1,400 million gain on the sale of equipment to 江蘇三超社, among other items. We will continue working to eliminate negative net worth through realization of this revenue recognition.」
Following our withdrawal from the diamond wire production business, we formally executed a real estate sale agreement for the land and buildings of the Izumi plant on 17 December 2019. We planned to use the approximately ¥350 million gain on the transfer expected in the fourth quarter to improve our financial condition and eliminate negative net worth, with the ownership transfer scheduled for late March 2020.