Risks of Integrating Acquisitions, Business Alliances and Joint Ventures and Recovering Investments
First written in FY2019. 1 of 2 entries say "Restated". Latest entry: FY2020.
The whole theme swung hardest in 2020: 30 of 87 companies on the "Worse" side.
91 other companies' latest entry also says "Restated".
- FY2020RestatedAnnual report
「When considering each investment, the group conducts sufficient due diligence and makes investment decisions through the prescribed approval process. However, if an investee company fails to perform as expected, if the group overestimates its enterprise value when making the investment, or if the integration of a new business into an existing business or the establishment of a post-integration internal control system is unsuccessful, this could adversely affect the group's operating results and financial position.」
Restates the risks of underperformance, valuation errors and failed integration in acquisitions, alliances and joint ventures, together with the due diligence and approval processes. - FY2019First statedAnnual report
「If the group's investee companies fail to perform as expected, if the group overestimates their enterprise value when making investments, or if the integration of new businesses into existing businesses or the establishment of post-integration internal control systems is unsuccessful, this could adversely affect the group's operating results and financial position.」
While expanding M&A, equity investments and joint venture formation, identifies as risks underperformance by investees, overvaluation, failed integration and insufficient control.