Delays and defects in the development of the joint core system
First written in FY2016. 4 of 7 entries say "Materialised", first in FY2016. Latest entry: FY2019-Q3.
Credit Saison moved to the "Worse" side of this theme in 2018, 3 years before the typical company in this theme (2021).
The whole theme swung hardest in 2025: 4 of 12 companies on the "Worse" side.
2 other companies' latest entry also says "Materialised".
- FY2019-Q3MaterialisedAnnual report
「During the nine-month consolidated cumulative period of the fiscal year under review, one-time expenses related to the migration to the joint core system were recorded as “system migration expenses” under extraordinary losses.」
In connection with the system migration on 28 October 2018, system migration expenses of ¥3,299 million were recorded as extraordinary losses during the nine-month cumulative period. The financial impact of system-related risk continued to occur. - FY2018MaterialisedAnnual report
「Net income attributable to owners of the parent was ¥38,329 million, down 9.3% from the previous fiscal year, mainly due to the recording of a ¥8,536 million gain on the sale of investment securities as extraordinary income following the sale of part of the investment securities held, while ¥12,969 million in one-time expenses related to the migration to the joint core system was recorded as an extraordinary loss.」
One-time expenses of ¥12,969 million associated with the migration to the joint core system were recorded as extraordinary losses, confirming the financial impact of system-related risk in the annual results. - FY2018-Q3MaterialisedAnnual report
「In connection with the migration to the joint core system under construction on Sunday, 26 November 2017, one-time expenses related to the migration were recorded as “system migration expenses” under extraordinary losses during the nine-month consolidated cumulative period of the fiscal year under review.」
One-time expenses of ¥12,969 million associated with the migration to the joint core system were actually recorded as extraordinary losses. This represents the materialization of the financial impact of system-related risk following the earlier development delays and other issues. - FY2018-Q2Migration date determinedAnnual report
「At a meeting of the Board of Directors held on Friday, 10 November 2017, the Company resolved to migrate to the joint core system currently under construction from Sunday, 26 November 2017. Total investment as of that date was approximately ¥220 billion, and depreciation expense after migration to the joint core system was expected to be approximately ¥13 billion annually.」
For the joint core system, which had previously experienced development delays and other issues, the Company specified the migration date, total investment, and expected depreciation expense after migration. - FY2017-Q2Settlement payment receivedAnnual report
「Net income attributable to owners of the parent was ¥28,245 million, up 22.7% year on year, as a result of recording as extraordinary income a ¥11,475 million settlement payment related to development delays and other issues in the joint core system development project with Saison Information Systems Co., Ltd.」
The Company received a ¥11,475 million settlement payment related to delays and other issues involving the joint core system and recorded it as extraordinary income. Separately, the system migration date was changed. - FY2017-Q1Settlement proceedings advancedAnnual report
「The Company and certain consolidated subsidiaries had petitioned a third-party organization for a neutral evaluation procedure regarding the terms of the settlement with Saison Information Systems Co., Ltd. concerning development delays and other issues in the joint core system development project. On 29 July 2016, the Company received a neutral evaluation that the settlement terms were reasonable. Accordingly, the Company planned to record a settlement payment received of ¥11,475 million as extraordinary income in the second quarter of the fiscal year ending March 2017.」
Regarding the already-occurring delays and defects in the joint core system, the Company received a neutral evaluation, clarifying its plans to record a settlement payment. - FY2016MaterialisedAnnual report
「As a result of recording a ¥3.5 billion settlement payment related to development delays and other issues in the joint core system development project with Saison Information Systems Co., Ltd. as extraordinary income, net income attributable to owners of the parent was ¥26,163 million.」
Some defects in the forms and external interface systems under development were identified in the previous fiscal year, and a ¥3.5 billion settlement payment was received during the fiscal year under review. This is an example of the risk materializing as actual losses and delays.