Restructuring of ownership interests toward withdrawal from the Russian business
First written in FY2022. 1 of 2 entries say "Achieved", first in FY2023-Q2. Latest entry: FY2023-Q2.
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- FY2023-Q2AchievedAnnual report
「Because the conversion of the shares into non-voting shares had been completed, TRM LLC and TRM Corporation B.V., consolidated subsidiaries, were excluded from the scope of consolidation beginning with the second-quarter consolidated accounting period. In connection with this change in the scope of consolidation, a special loss of ¥401 million, “Loss on reversal of foreign currency translation adjustment account,” was recorded in the quarterly consolidated statement of income, and a decrease of ¥180 million in cash and cash equivalents due to exclusion from consolidation was recorded in the quarterly consolidated statement of cash flows.」
The procedures to convert the shares into non-voting shares in preparation for exiting the Russia business were completed in September 2022, and TRM LLC and TRM Corporation B.V. were excluded from the scope of consolidation. - FY2022First statedAnnual report
「On 4 April 2022, we reached an agreement with Automobile Plant GAZ LLC, the Russian shareholder, to convert all shares associated with our interest in TRM Corporation B.V., a Dutch holding company that owns all shares of the Russian subsidiary TRM LLC, into non-voting shares in order to exit the Russia business.」
As of the filing date, it was disclosed for the first time that an agreement had been reached to convert our interest in TRM Corporation B.V. into non-voting shares for the purpose of exiting the Russia business.