Risk of failed post-M&A integration, unrealized synergies and impairment losses

「The group is actively pursuing M&A as part of its growth strategy. However, if the integration of business operations, organizational culture, personnel systems and other aspects at newly acquired companies does not proceed as planned, or if key management personnel leave, the expected synergies may not be realized, potentially affecting the group's business, performance and financial condition. In addition, when conducting M&A, the group performs appropriate business valuations based on expected future profitability. However, if it is unable to secure the expected earnings due to changes in the business environment or other factors, it may be forced to recognize impairment losses on goodwill and other assets.」