Project Losses and Business Environment Risks in the Brazilian FPSO Business
First written in FY2016. 4 of 9 entries say "Worsened", first in FY2023. Latest entry: FY2026.
No other company in this theme has enough history to compare yet.
- FY2026WorsenedAnnual report
「TS Participações e Investimentos S.A. Total net assets △¥29,410 million」
The net liabilities of TS Participações e Investimentos S.A., a consolidated subsidiary in Brazil, amounted to ¥29.410 billion, up from ¥20.532 billion in the previous fiscal year. - FY2025WorsenedAnnual report
「TS Participações e Investimentos S.A. ① Net sales from completed construction contracts ¥34,167 million ② Ordinary loss (△) △¥4,701 million ③ Net loss (△) △¥6,142 million ④ Net assets △¥20,532 million」
After TS Participações e Investimentos S.A. became a consolidated subsidiary of the Brazilian business, it reported an ordinary loss of ¥4.7 billion, a net loss of ¥6.1 billion and negative net assets of ¥20.5 billion. The financial risk and losses of the Brazilian business have materialized within the scope of consolidation. - FY2025-H1ReframedAnnual report
「From the current interim consolidated accounting period, following the additional acquisition of shares in TS Participações e Investimentos S.A., the company and its subsidiaries TSE S.A. and Estaleiros do Brasil Ltda. changed from equity-method affiliates to consolidated subsidiaries.」
The Brazilian affiliates changed from equity-method affiliates to consolidated subsidiaries, changing how the business’s financial results and risks are incorporated. - FY2024WorsenedAnnual report
「TS Participações e Investimentos S.A. Total net assets △¥15,962 million」
The net liabilities of TS Participações e Investimentos S.A., a Brazilian equity-method affiliate, increased from ¥15.962 billion in the previous fiscal year to ¥28.054 billion as reported as a subsequent event. - FY2023WorsenedAnnual report
「TS Participações e Investimentos S.A. Total net assets △¥15,962 million」
The net liabilities of TS Participações e Investimentos S.A., a Brazilian equity-method affiliate, amounted to ¥15.962 billion, up from ¥12.719 billion in the previous fiscal year. Financial risk in the Brazilian business is deteriorating. - FY2021MitigatedAnnual report
「TS Participações e Investimentos S.A. (Note) 3 Brazil São Paulo Thousands of Brazilian reais 53,680 EPC business 50.00 Entrusted with part of plant engineering, procurement and construction.」
The net liabilities of TS Participações e Investimentos S.A. amounted to ¥12,404 million. Although this was down from ¥19,575 million in the previous disclosure, the company remained in a net liability position. - FY2019RestatedAnnual report
「The companies were in a net liability position, with the net liability amounting to ¥1,861 million for Toyo Engineering & Construction Sdn. Bhd. and ¥19,575 million for TS Participações e Investimentos S.A., respectively.」
TS Participações e Investimentos S.A., the Brazilian equity-method affiliate, is reported to have had net liabilities of ¥19.575 billion, indicating that financial risk in the related business remains. - FY2017MaterialisedAnnual report
「For the yard facilities owned by the Brazilian equity-method affiliate and used to assemble FPSO modules and perform offshore installation work, we conservatively reviewed their profitability and recognized an additional impairment loss.」
Although no new losses arose from the FPSO project itself, an additional impairment loss was recognized on the yard facilities following deterioration in their profitability. - FY2016MaterialisedAnnual report
「This equity-method investment loss was primarily attributable to a subsidiary of TS Participações e Investimentos S.A. (hereinafter, “TSPI”), an equity-method affiliate in Brazil. Specifically, it resulted from the recognition of losses due to deterioration in project profitability after additional increases in material, construction and other costs were identified in the FPSO (floating production, storage and offloading) topsides project.」
The company states that additional costs and deterioration in project profitability actually occurred, resulting in an equity-method investment loss of ¥8.2 billion and an impairment loss on yard facilities.