Cancellation of Megasolar Project Due to Soaring Construction Cost Contributions
First written in FY2017-Q2. 2 of 3 entries say "Restated". Latest entry: FY2017.
0 other companies' latest entry also says "Restated".
- FY2017RestatedAnnual report
「The construction contribution required to be paid to the power company became substantially higher than anticipated. As a result, it became increasingly likely that the investment would not achieve the originally anticipated returns, and we decided to cancel the project. Accordingly, all costs incurred by the Company to date were recognized as an impairment loss of ¥130 million and recorded under extraordinary losses in connection with the cancellation.」
The cancellation of the Fukushima Prefecture project due to soaring construction contribution costs and recognition of a ¥130 million impairment loss continue to be disclosed in the notes. - FY2017-Q3RestatedAnnual report
「However, as work progressed on the project, the construction contribution required to be paid to the power company became substantially higher than anticipated. As a result, it became increasingly likely that the investment would not achieve the originally anticipated returns, and we decided to cancel the project. Accordingly, all costs incurred by the Company to date were recognized as an impairment loss of ¥130 million and recorded under extraordinary losses in connection with the cancellation.」
The cancellation of the Fukushima Prefecture mega-solar project due to soaring construction contribution costs and recognition of a ¥130 million impairment loss continue to be confirmed in the notes. - FY2017-Q2MaterialisedAnnual report
「However, as work progressed on the project, the construction contribution required to be paid to the power company became substantially higher than anticipated. As a result, it became increasingly likely that the investment would not achieve the originally anticipated returns, and we decided to cancel the project. Accordingly, all costs incurred by the Company to date were recognized as an impairment loss of ¥130 million and recorded under extraordinary losses in connection with the cancellation.」
The increased likelihood that higher construction contribution costs would prevent the investment from achieving the expected returns led to the cancellation of the mega-solar power plant construction project and recognition of a ¥130 million impairment loss.