Recognition of a Provision for Losses Related to the Voluntary Recall of Telematics Devices
First written in FY2021-Q1. 3 of 6 entries say "Mitigated", first in FY2021-Q3. Latest entry: FY2022-Q3.
The whole theme swung hardest in 2024: 3 of 6 companies on the "Worse" side.
8 other companies' latest entry also says "Mitigated".
- FY2022-Q3MitigatedAnnual report
「Provision for product recall-related losses 8,326 —」
The provision for product recall-related losses decreased from ¥8.326 million at the end of the previous consolidated fiscal year to zero at the end of the third quarter. In addition, ¥19.145 million in product recall-related losses was recorded during the cumulative third-quarter period. - FY2022-Q2MitigatedAnnual report
「Provision for product recall-related losses 8,326 6,044」
The provision for product recall-related losses decreased from ¥8.326 million at the end of the previous consolidated fiscal year to ¥6.044 million at the end of the second quarter, and no additional provision expense was recorded during the cumulative quarterly period. - FY2021MaterialisedAnnual report
「As shipments of the product are no longer expected in the following fiscal year or thereafter, a total of ¥116 million will additionally be recorded as an extraordinary loss for the costs expected to arise as a result.」
The situation regarding recall-related costs deteriorated from the initial plan to address re-shipment to the recognition of an additional ¥116 million extraordinary loss based on the loss of expected shipments in the following fiscal year and thereafter. - FY2021-Q3MitigatedAnnual report
「Following a detailed review of the estimated damages, the expected cost burden related to the voluntary recall was expected to be lower than initially anticipated. Accordingly, ¥39.281 million was reversed during the consolidated accounting period of the third quarter, reducing the extraordinary loss.」
The estimated cost burden related to the voluntary recall was reassessed, and ¥39.281 million was reversed, reducing the extraordinary loss. For the cumulative third quarter, ¥107.469 million in product recall-related losses and other items were recorded. - FY2021-Q2Continued recognition of recall-related costs and provisionsAnnual report
「For the six months ended September 30, net sales were ¥733 million, down 13.4% year on year, operating loss was ¥38 million, compared with operating income of ¥23 million in the same quarter of the previous year, ordinary loss was ¥37 million, compared with ordinary income of ¥24 million, and net loss attributable to owners of the parent was ¥269 million, compared with net income attributable to owners of the parent of ¥17 million, due to the recognition of ¥159 million in product recall-related costs and ¥61 million in impairment loss as extraordinary losses in connection with the voluntary recall of telematics in-vehicle products.」
¥159 million in costs related to the voluntary recall of telematics in-vehicle units was recorded, and the provision for product recall-related losses stood at ¥144.949 million at the end of December 2020. The possibility of additional costs continued to be disclosed. - FY2021-Q1First statedAnnual report
「Net loss attributable to owners of the parent was ¥166 million, compared with a net loss attributable to owners of the parent of ¥12 million in the same quarter of the previous year, due to the recognition of ¥159 million in provision for product recall-related losses as an extraordinary loss for the voluntary recall of telematics in-vehicle products.」
For the voluntary recall of telematics in-vehicle products, ¥159 million, representing the estimated costs that can reasonably be determined, was recorded as a provision for product recall-related losses. Although additional costs may arise in the future, the amount of the impact cannot reasonably be estimated at this time.