Increase in new vehicle launch costs at the UK subsidiary
First written in FY2017-Q1. 1 of 5 entries say "Mitigated", first in FY2017-Q2. Latest entry: FY2020.
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- FY2020Wording changed to higher costs at the UK subsidiaryAnnual report
「FALTEC group's operating profit was ¥2,106 million, down ¥346 million (△14.1%) from the previous fiscal year, due to lower operating volume associated with declining revenue and higher retirement benefit expenses at the UK subsidiary, among other factors.」
The description changed from the previous focus on higher new vehicle launch costs at the UK subsidiary to a decline in profit due to higher retirement benefit expenses and other factors in the current fiscal year. - FY2018RestatedAnnual report
「Operating profit was ¥20.7 billion, ¥5.3 billion below target (△20.3%), due to the impact of foreign exchange, corrections related to inappropriate accounting practices in prior years at FALTEC Co.,Ltd., and higher new vehicle launch costs at its UK subsidiary, among other factors.」
Higher new vehicle launch costs at the UK subsidiary were again cited for the full year as one factor behind the shortfall in operating profit under the 17th Medium-Term Management Plan. - FY2017-Q3Profit maintained, but down year on yearAnnual report
「At the FALTEC group, revenue increased by ¥1,501 million year on year to ¥60,934 million due to the consolidation of a new site in China. Segment profit was ¥611 million, down ¥822 million year on year, as the impact of lower revenue in Japan and some of the higher costs incurred during new vehicle launches at the UK subsidiary continued from the previous year.」
Some of the higher new vehicle launch costs at the UK subsidiary continue. The FALTEC group remains profitable at the segment level, but profit declined year on year. - FY2017-Q2MitigatedAnnual report
「At the FALTEC group, revenue increased by ¥472 million year on year to ¥39,430 million due to the consolidation of a new site in China. Segment profit was ¥37 million, down ¥795 million year on year, as the impact of lower revenue in Japan and some of the higher costs incurred during new vehicle launches at the UK subsidiary continued from the previous year.」
Although higher new vehicle launch costs at the UK subsidiary continue, the FALTEC group's segment result improved from a loss in the previous quarter to a profit of ¥37 million. - FY2017-Q1First statedAnnual report
「Segment loss was ¥163 million, a decline of ¥451 million year on year, owing to lower sales in Japan and the continued impact of higher costs associated with new-vehicle launches at the UK subsidiary.」
Higher costs associated with new-vehicle launches continued at FALTEC Co.,Ltd., resulting in a segment loss.