Reversal of provision for loss from penalties borne by a Dalian subsidiary
First written in FY2019-Q2. 1 of 2 entries say "Achieved", first in FY2022. Latest entry: FY2022.
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- FY2022AchievedAnnual report
「With respect to the provision for losses related to contractual penalties recorded in the fiscal year ended June 2017 in connection with the progress of the factory construction plan of Nagaoka Setsubi (Dalian) Co., Ltd. (the “Dalian Factory”), the Company reversed the provision in full because the periods for land-related administrative penalties and the statute of limitations for civil litigation had expired, and recognized the amount as an extraordinary gain.」
The Company reversed in full the provision for contractual penalty-related losses associated with the Dalian Factory and recognized ¥244.633 million as an extraordinary gain. - FY2019-Q2First statedAnnual report
「The construction work subject to the contractual penalty was completed in September 2018, and the real estate registration was completed in January 2019. Accordingly, the Company reassessed the loss amount. In the cumulative second quarter consolidated accounting period, it reversed ¥22.108 million from the provision for losses related to contractual penalties and recognized the same amount as a reversal of the provision for losses related to contractual penalties.」
Following completion of the construction work and real estate registration, the Company reassessed the loss amount associated with the provision for contractual penalty-related losses recorded for the Dalian subsidiary and reversed ¥22.108 million.