Risk of Declining Enterprise Value and Underperformance at M&A Targets
First written in FY2020. 3 of 4 entries say "Restated". Latest entry: FY2026.
The whole theme swung hardest in 2024: 36 of 89 companies on the "Worse" side.
- FY2026RestatedAnnual report
「当該のれんについては、取得原価のうち、のれんに配分された金額が相対的に多額であるため、減損の兆候が存在すると判断しましたが、割引前将来キャッシュ・フローがのれんを含む資産グループに係る固定資産の帳簿価額を上回っているため減損損失の認識は不要と判断しております。」
アコーディア・ゴルフ取得に係るのれん133,947百万円について減損兆候を認識しつつ、減損損失は計上していない。 - FY2022RestatedAnnual report
「However, if the enterprise value or market value of shares and other assets of an investee declines due to changes in social conditions or competition, or if it is determined that the expected results cannot be achieved, impairment losses on investments in affiliated companies or goodwill may arise and affect the Group's financial position, operating results, and other matters.」
M&A投資先の価値下落、成果未達、関係会社株式評価損及びのれん減損のリスクを継続して開示している。 - FY2021RestatedAnnual report
「However, if the enterprise value or market value of shares and other assets of an investee declines due to changes in social conditions or competition, or if it is determined that the expected results cannot be achieved, impairment losses on investments in affiliated companies or goodwill may arise and affect the Group's financial position, operating results, and other matters.」
M&A投資先の価値下落、成果未達、関係会社株式評価損及びのれん減損のリスクを継続して開示している。 - FY2020First statedAnnual report
「However, if the enterprise value or market value of shares and other assets of an investee declines due to changes in social conditions or competition, or if it is determined that the expected results cannot be achieved, impairment losses on investments in affiliated companies or goodwill may arise and affect the Group's financial position, operating results, and other matters.」
The Company continues to disclose the risks of declining value at M&A targets, failure to achieve expected results, impairment losses on investments in affiliated companies, and goodwill impairment.