Price, Foreign Exchange and Country-Specific Regulatory Risks Associated with Overseas Business Expansion
First written in FY2019. 5 of 8 entries say "Materialised", first in FY2020. Latest entry: FY2026.
The whole theme swung hardest in 2025: 72 of 118 companies on the "Worse" side.
- FY2026WorsenedAnnual report
「In particular, the company became more exposed to fluctuations in Henry Hub prices (gas prices) after newly acquiring a natural gas development and production company through TG Natural Resources LLC in the United States in December 2023 and signing a joint shale gas development agreement with Chevron in March 2025.」
The company explains that, in addition to the acquisition of a North American shale gas business, the joint development agreement with Chevron further increased its sensitivity to Henry Hub prices. - FY2024WorsenedAnnual report
「In particular, the company newly acquired a natural gas development and production company through TG Natural Resources in December 2023. Given the characteristics of the business, it became more exposed to fluctuations in Henry Hub prices (gas prices), but the company will mitigate these risks by using hedges and reducing production costs.」
The company explicitly states that the acquisition of Rockcliff increased its sensitivity to Henry Hub prices, and identifies hedging, production cost reductions, business diversification and asset rotation as countermeasures. - FY2023MaterialisedAnnual report
「During the consolidated fiscal year, the Tokyo Gas America Group recognized an impairment loss of ¥5,381 million on its investment in an affiliate.」
Risks related to prices, foreign exchange and the business environment associated with the overseas business materialized as an impairment loss of ¥5,381 million on an investment in a U.S. affiliate. - FY2021MaterialisedAnnual report
「In addition, the company recognized extraordinary losses related to overseas upstream operations consisting of an impairment loss of ¥9,427 million and a loss on valuation of investment securities of ¥4,454 million.」
Risks related to prices, foreign exchange and other factors in overseas upstream operations materialized over the full fiscal year as impairment losses and losses on valuation of investment securities. - FY2021-Q3MaterialisedAnnual report
「In addition, the company recognized extraordinary income of ¥2,937 million from the gain on the recognition of negative goodwill related to overseas upstream operations, and extraordinary losses consisting of an impairment loss of ¥7,300 million and a loss on valuation of investment securities of ¥4,004 million.」
Risks related to prices, foreign exchange and other factors in the overseas business have materialized as an impairment loss of ¥7,300 million and a loss on valuation of investment securities of ¥4,004 million on overseas upstream operations. - FY2021-Q2MaterialisedAnnual report
「In addition, the company recognized extraordinary income of ¥2,937 million from the gain on the recognition of negative goodwill related to overseas upstream operations, and extraordinary losses consisting of an impairment loss of ¥6,464 million and a loss on valuation of investment securities of ¥4,067 million.」
Risks related to prices, foreign exchange and other factors in the overseas business have materialized as an impairment loss of ¥6,464 million and a loss on valuation of investment securities of ¥4,067 million on overseas upstream operations. - FY2020MaterialisedAnnual report
「This was attributable to the recognition of an impairment loss of ¥28,152 million on overseas upstream operations and a loss on valuation of investment securities of ¥18,643 million.」
Risks related to prices, foreign exchange and other factors in the overseas business have materialized as impairment losses on overseas upstream operations. - FY2019First statedAnnual report
「The Company is accelerating its global expansion to grow its overseas business under the Challenge 2020 Vision. In upstream businesses, particularly the acquisition of LNG interests and gas fields, fluctuations in crude-oil and gas prices and foreign-exchange rates could affect earnings.」
Describes the impact on earnings and business operations of crude-oil and gas prices, foreign-exchange rates, and the laws, regulations and business practices of individual countries in connection with overseas business expansion.