Risks relating to M&A execution, post-acquisition integration and impairment
First written in FY2022. 2 of 3 entries say "Restated". Latest entry: FY2024.
The whole theme swung hardest in 2024: 36 of 89 companies on the "Worse" side.
- FY2024RestatedAnnual report
「However, growth through M&A is not necessarily assured because there may be no suitable acquisition targets, or an acquisition may not be completed because agreement cannot be reached on the terms. Even if an acquisition is completed, there is a risk that impairment accounting may be required if the value of the acquired company declines after the acquisition.」
M&Aの対象不足、成立不確実性、買収後の価値低下及び減損のリスクを再掲している。 - FY2023RestatedAnnual report
「しかしながら、そもそも買収対象が存在しない場合や、条件の合意に至らずに買収が成立しない場合等が想定されるため、必ずしもM&Aという手法を用いた当社グループの成長が保証されているものではありません。」
M&Aの対象不足、成立不確実性、買収後の価値低下及び減損のリスクを再掲している。 - FY2022First statedAnnual report
「However, growth through M&A is not necessarily assured because there may be no suitable acquisition targets, or an acquisition may not be completed because agreement cannot be reached on the terms. Even if an acquisition is completed, there is a risk that impairment accounting may be required if the value of the acquired company declines after the acquisition.」
Although M&A is one element of the growth strategy, the company separately identifies insufficient acquisition targets, failure to complete transactions, post-acquisition declines in value, inadequate complementarity with existing businesses and weakening demand as risks.