Risk of Post-M&A Earnings Shortfalls
First written in FY2019. 13 of 14 entries say "Restated". Latest entry: FY2025-H1.
The whole theme swung hardest in 2018: 13 of 79 companies on the "Worse" side.
- FY2025-H1RestatedAnnual report
「No new business or other risks arose during the interim consolidated accounting period. There were also no material changes to the business and other risks described in the annual securities report for the previous fiscal year.」
The Group states that there have been no material changes regarding the risk of post-acquisition earnings falling short following M&A. - FY2024-Q3RestatedAnnual report
「During the cumulative third quarter of the fiscal year under review, there were no newly arising business or other risks. There were also no material changes to the business or other risks described in the annual securities report for the previous fiscal year.」
The Group states that there have been no material changes regarding the risk of post-acquisition earnings falling short following M&A. - FY2024-Q2RestatedAnnual report
「No new business or other risks arose during the 2nd quarter cumulative period. There were also no material changes to the business and other risks described in the securities report for the previous fiscal year.」
The Group states that there have been no material changes regarding the risk of post-acquisition earnings falling short following M&A. - FY2023-Q3RestatedAnnual report
「During the cumulative third quarter of the fiscal year under review, there were no newly arising business or other risks. There were also no material changes to the business or other risks described in the annual securities report for the previous fiscal year.」
The Group states that there have been no material changes regarding the risk of post-acquisition earnings falling short following M&A. - FY2023-Q2RestatedAnnual report
「No new business or other risks arose during the 2nd quarter cumulative period. There were also no material changes to the business and other risks described in the securities report for the previous fiscal year.」
The Group states that there have been no material changes regarding the risk of post-acquisition earnings falling short following M&A. - FY2022-Q1RestatedAnnual report
「No new business or other risks arose during the 1st quarter cumulative period. There were also no material changes to the risks described in the securities report for the previous fiscal year.」
The Group states that there have been no material changes regarding the risk of post-acquisition earnings falling short following M&A. - FY2021RestatedAnnual report
「The Group may conduct M&A as part of its growth strategy. However, there is no guarantee that acquisition prices in M&A transactions will always be appropriate or reasonable. If post-acquisition earnings fall significantly below the future earnings forecasts projected at the time of acquisition, this could adversely affect the Group’s operating results and financial position.」
The Group continues to disclose M&A as part of its growth strategy and the risk of post-acquisition earnings falling short. - FY2021-Q3RestatedAnnual report
「During the cumulative third quarter of the fiscal year under review, there were no newly arising business or other risks. There were also no material changes to the business or other risks described in the annual securities report for the previous fiscal year.」
The Group states that there have been no material changes regarding the risk of post-acquisition earnings falling short following M&A. - FY2021-Q2RestatedAnnual report
「No new business or other risks arose during the 2nd quarter cumulative period. There were also no material changes to the business and other risks described in the securities report for the previous fiscal year.」
The Group states that there have been no material changes regarding the risk of post-acquisition earnings falling short following M&A. - FY2021-Q1RestatedAnnual report
「No new business or other risks arose during the 1st quarter cumulative period. There were also no material changes to the risks described in the securities report for the previous fiscal year.」
The Group states that there have been no material changes regarding the risk of post-acquisition earnings falling short following M&A. - FY2020-Q3RestatedAnnual report
「During the cumulative third quarter of the fiscal year under review, there were no newly arising business or other risks. There were also no material changes to the business or other risks described in the annual securities report for the previous fiscal year.」
The Group states that there have been no material changes from the risk disclosures for the previous fiscal year regarding the risk of post-acquisition earnings falling short following M&A. - FY2020-Q2RestatedAnnual report
「No new business or other risks arose during the 2nd quarter cumulative period. There were also no material changes to the business and other risks described in the securities report for the previous fiscal year.」
The Group states that there have been no material changes from the risk disclosures for the previous fiscal year regarding the risk of post-acquisition earnings falling short following M&A. - FY2020-Q1RestatedAnnual report
「No new business or other risks arose during the 1st quarter cumulative period. There were also no material changes to the risks described in the securities report for the previous fiscal year.」
The Group states that there have been no material changes from the risk disclosures for the previous fiscal year regarding the risk of post-acquisition earnings falling short following M&A. - FY2019First statedAnnual report
「The Group may conduct M&A as part of its growth strategy. However, there is no guarantee that acquisition prices in M&A transactions will always be appropriate or reasonable. If post-acquisition earnings fall significantly below the future earnings forecasts projected at the time of acquisition, this could adversely affect the Group’s operating results and financial position.」
The Group identifies as risks the possibility of conducting M&A as part of its growth strategy and the impact on operating results and financial position of post-acquisition earnings falling short.