Exit from the Australian New-Car Dealership Business and Focus on Large Domestic Stores and Service Centers
First written in FY2022. 3 of 6 entries say "Restated". Latest entry: FY2024-Q1.
- FY2024-Q1RestatedAnnual report
「The Australian segment was excluded from the scope of consolidation in the previous consolidated fiscal year following completion of the transfer of the shares in the Australian subsidiary.」
Following the withdrawal from the Australian new-car dealership business, the exclusion of the Australian subsidiaries from the scope of consolidation continued in the first quarter of the current fiscal year. - FY2023AchievedAnnual report
「As all shares in our former consolidated subsidiaries IDOM Automotive Group Pty Ltd. and Gulliver Australia Pty Ltd. were transferred, they ceased to qualify as subsidiaries and were excluded from the scope of consolidation.」
The transfer of all shares in the Australian holding company, Gulliver Australia Pty Ltd. and other entities was completed on 5 July 2022, and the annual report also confirms that the withdrawal from the Australian new-car dealership business has been completed. - FY2023-Q3RestatedAnnual report
「As all shares in our former consolidated subsidiaries IDOM Automotive Group Pty Ltd. and Gulliver Australia Pty Ltd. were transferred, they ceased to qualify as subsidiaries and were excluded from the scope of consolidation.」
The transfer of all shares in the Australian holding company and Australian subsidiaries and other entities, and the exclusion of a total of 28 companies from the scope of consolidation, were also confirmed in the third-quarter notes. The withdrawal from the Australian new-car dealership business remains completed. - FY2023-Q2RestatedAnnual report
「During the second quarter of the current consolidated fiscal year, we sold all shares held in our consolidated subsidiaries IDOM Automotive Group Pty Ltd. and Gulliver Australia Pty Ltd. As a result, IDOM Automotive Group Pty Ltd., Gulliver Australia Pty Ltd. and their subsidiaries were excluded from the scope of consolidation as of the end of the second quarter of the current consolidated fiscal year.」
Regarding the withdrawal from the Australian new-car dealership business, the completion of the share transfer on 5 July 2022 and the exclusion of the Australian holding company and 28 subsidiaries and other entities from the scope of consolidation were also confirmed in the first-half notes. - FY2023-Q1AdvancedAnnual report
「At a meeting of the Board of Directors held on 14 April 2022, the company resolved to transfer all of its holdings in its consolidated subsidiaries IDOM Automotive Group Pty Ltd. and Gulliver Australia Pty Ltd. After entering into a share transfer agreement on the same date, it completed the share transfer on 5 July of the same year.」
Regarding the withdrawal from the Australian new-car dealership business, the transfer of all shares in the Australian holding company and Gulliver Australia Pty Ltd. and other entities was completed on 5 July 2022, and the policy moved into the execution stage. - FY2022First statedAnnual report
「The Company makes decisions on focused investment in and withdrawal from each business using a business portfolio that prioritizes capital efficiency (ROIC) and growth. The domestic large-store retail business with attached service centers has demonstrated high capital efficiency and is also viewed as having significant room for future growth. Accordingly, the Company intends to concentrate management resources on this business over the medium to long term. Based on this approach, it withdrew from the domestic new-car dealership businesses for BMW and MINI in September 2021. In addition, it has now decided to withdraw from the Australian new-car dealership business.」
On 14 April 2022, the company entered into an agreement to transfer all shares in its Australian holding company and Gulliver Australia Pty Ltd. The share transfer date had not been determined, but the company indicated that the withdrawal was expected to reduce next fiscal year’s net sales by approximately ¥85 billion, operating profit by approximately ¥3 billion, and ordinary profit by approximately ¥2.8 billion, while improving capital-efficiency indicators such as ROIC.