Improving Subsidiary Profitability
First written in FY2017-Q1. 9 of 15 entries say "Worsened", first in FY2018. Latest entry: FY2023.
Geomatec moved to the "Worse" side of this theme in 2018.
The whole theme swung hardest in 2019: 3 of 8 companies on the "Worse" side.
3 other companies' latest entry also says "Other".
- FY2023Exclusion of the transferred subsidiary's results from the scope of consolidation updatedAnnual report
「The company has not prepared consolidated financial statements since the current fiscal year.」
Following the transfer of all interests in the Chinese subsidiary, its earnings performance has no longer been included in consolidated results from the current fiscal year. - FY2023-Q3Updated exclusion from the scope of consolidation following the transferAnnual report
「The company transferred all equity interests in 吉奥馬科技（無錫）有限公司, formerly a consolidated subsidiary, on 8 August 2022 and accordingly excluded it from the scope of consolidation.」
吉奥馬科技（無錫）有限公司 was excluded from the scope of consolidation following the transfer of all its equity interests, and its profitability was not included in consolidated results in the non-consolidated financial statements for the cumulative third quarter. - FY2023-Q2Updated the change in the scope of consolidation accompanying the transfer of a subsidiaryAnnual report
「Following the transfer of all equity interests in 吉奥馬科技（無錫）有限公司, formerly a consolidated subsidiary, on 8 August 2022, the company prepared consolidated financial statements through the cumulative first quarter and switched to non-consolidated accounting from the cumulative second quarter.」
Following the transfer of the Wuxi subsidiary, its earnings were no longer incorporated into consolidated results, and the company shifted to non-consolidated accounting. - FY2023-Q1WorsenedAnnual report
「As a result, revenue was ¥1,568 million, up 3.8% year on year. In terms of earnings, although the Chinese subsidiary continued to operate under difficult conditions,」
Although consolidated performance improved due to increased sales to the domestic mobility market and other factors, the Company states that difficult conditions at its Chinese subsidiary have continued. - FY2022WorsenedAnnual report
「However, this was not enough to cover the losses of the Chinese subsidiary, which continued to operate under difficult conditions, and the consolidated operating loss widened.」
The Chinese subsidiary remained loss-making, and the consolidated operating loss could not be eliminated even after the standalone business returned to operating profitability. The company also recorded an impairment loss of ¥50 million on fixed assets and a ¥828 million valuation loss on investments in affiliates at the parent company. - FY2022-Q3WorsenedAnnual report
「Quarterly net loss attributable to owners of the parent was ¥33 million, as the Chinese subsidiary recorded a ¥50 million impairment loss on fixed assets due to declining profitability. This compared with quarterly net loss attributable to owners of the parent of ¥839 million in the same period of the previous year.」
The company recognized a ¥50 million impairment loss on fixed assets due to declining profitability at its Chinese subsidiary, and the subsidiary's deteriorating profitability continued in the current quarter. - FY2022-Q2Updated the impact of semiconductor shortages on the Chinese subsidiaryAnnual report
「Although the Chinese subsidiary was significantly affected, the impact in Japan was limited, and business remained generally firm.」
The company states that its Chinese subsidiary was significantly affected by the semiconductor shortage, while the impact in Japan was limited. - FY2021WorsenedAnnual report
「Key financial information: (1) Net sales: ¥937 million; (2) Ordinary loss: ¥78 million; (3) Net loss: ¥428 million」
The Wuxi subsidiary reported revenue of ¥937 million, an ordinary loss of ¥78 million and a net loss of ¥428 million, with the deficit widening from the previous period's net loss of ¥286 million. - FY2021-Q3WorsenedAnnual report
「During the nine-month period ended 31 December, the Group recognized impairment losses on the following asset group: manufacturing equipment at the head office plant of 吉奥馬科技（無錫）有限公司 (Wuxi, Jiangsu Province, China), including buildings and machinery, ¥349.968 million.」
An impairment loss of ¥349.968 million was recorded on manufacturing equipment at the head office plant of the Wuxi subsidiary, and the impact of the subsidiary’s deteriorating profitability continues. - FY2021-Q1WorsenedAnnual report
「Against this backdrop, the first quarter of 2020 (January to March) at the company's Chinese subsidiary coincided with a period of temporary production suspensions and production cutbacks to prevent the spread of infectious disease, and conditions remained extremely difficult.」
The Chinese subsidiary temporarily halted production and implemented production cuts to prevent the spread of infectious diseases, and its business conditions were described as extremely challenging. - FY2020Updated earnings at the Wuxi subsidiaryAnnual report
「Key financial information, etc. (1) Net sales: ¥930 million (2) Ordinary loss: ¥149 million (3) Net loss: ¥286 million」
The Wuxi subsidiary recorded net sales of ¥930 million, an ordinary loss of ¥149 million and a net loss of ¥286 million. Although the ordinary loss narrowed from the previous fiscal year, the subsidiary remained in the red. - FY2019WorsenedAnnual report
「 주요 financial information: (1) Net sales ¥933 million (2) Ordinary loss ¥156 million (3) Net loss ¥657 million」
The Wuxi subsidiary posted revenue of ¥933 million, an ordinary loss of ¥156 million and a net loss of ¥657 million, clearly indicating the subsidiary's deteriorating profitability on a full-year basis. - FY2019-Q3WorsenedAnnual report
「In addition to continued orders below the initial forecast at the company's consolidated subsidiary 吉奥馬科技（無錫）有限公司, the business environment has changed due to the slowdown in China's smartphone market and the impact of U.S.-China trade friction. After reviewing its future business plan and recoverability, the company recorded an impairment loss of ¥500 million as an extraordinary loss on the tangible fixed assets, including manufacturing equipment, held by the subsidiary.」
Orders at the Wuxi subsidiary remained below the initial forecast. Combined with the slowdown in China's smartphone market and U.S.-China trade friction, this resulted in an impairment loss of ¥500.890 million on manufacturing equipment and other assets. - FY2018WorsenedAnnual report
「The main factor was that 吉奥馬科技（無錫）有限公司, a subsidiary of the company, posted a substantial loss due to declining sales of products for digital cameras and car navigation systems.」
Contrary to the improvement in the profitability of a subsidiary described in the previous fiscal year, the Wuxi subsidiary posted a substantial loss due to lower sales to the digital camera and car navigation markets. - FY2017-Q1First statedAnnual report
「Although sales declined, the loss narrowed because revenue increased on a processing-fee basis excluding material costs and the profitability of subsidiaries improved, among other factors,」
The improvement in the subsidiary's profitability is cited as one of the factors behind the narrower consolidated loss for the quarter.