FinTech, inkatakana script and English letters (registration 5113746), FinTech Global, in English letters (registration 5811521) and in katakana script (registration 5811522), and FGI (registration 5113748) are registered trademarks of FinTech Global Incorporated.
Fiscal 2019 First Three Quarters: Consolidated Business Summary
Revenues significantly higher, reflecting opening of Moominvalley Park.
Although FGI showed cumulative loss over first three quarters of fiscal 2019, owing to impact of expenses in preparation for opening of Moominvalley Park and a ¥ 365 million impairment loss on corporate investment, the Company showed improvement in the third quarter (April - June 2019), posting final profit of ¥ 34 million.
Metsä site fully open (Metsä Village in November 2018 and Moominvalley Park in March 2019). Actively rolled out various strategies, including events to attract visitors. Capitalized on high travel and leisure activity demand during spring vacation and Golden Week (skipping-stone holidays at end of April and early May) and recorded one-millionth visitor on July 26, based on cumulative guest count from November 2018.
Increase in asset investment exits.
Shares in Adacotech Incorporated, a subsidiary in FGI's investment portfolio, were picked up by a venture capital fund under a third-party allocation of shares. As an FGI affiliate accounted for by the equity method, Adacotech's change in status led to booking of ¥120 million in extraordinary profit (gain on change in equity) on a consolidated basis.
Fiscal year-end performance forecast being closely examined
In investment banking business, progress on performance front delayed mainly by impairment loss on corporate investment.
In entertainment service business, burden of expenses during preparation for opening of Metsä site was heavy but segment loss is quickly improving since full-scale opening of site. Fueling business results on a consolidated basis.
(Measures to meet fiscal year-end targets)
In investment banking business, emphasis will be on arrangement transaction services, including M&A-related services, sales of subdivided real estate investment products and investment exits.
In entertainment service business, focus on measures to attract all types of guests to Metsâ.
Management will carefully track progress of these segments, and if changes to performance forecast are thought to be necessary, management will immediately issue an update.
Revenue, gross profit and operating income include intersegment transactions.
Key Consolidated Subsidiaries
FinTech Asset Management
FinTech Global Trading, FGI Capital Partners
FinTech M&A Solition,SGI-Group
Public Management Consulting Corporation
Hanno Local Resource Utilization LLC
Rights and Brands Japan
（Elimination of transactions
among segements and
Amount Booked on
Statement of Income
SGI-GroupB.V. and the subsidiaries fell under consolidation in the second quarter of fiscal 2018, and FinTech M&A Solution, Inc., and Geoplan Namtech Inc. fell under consolidation in the third quarter of fiscal 2018. Plan to remove Geoplan Namtech from scope of consolidation in fourth quarter of fiscal 2019.
Rights and Brands Japan fell under consolidation in the first quarter of fiscal 2019.
Adacotech removed from scope of consolidation at end of third quarter of fiscal 2019.
The ¥644 million operating loss for the first three quarters of fiscal 2019, under adjustment, includes intersegment elimination (¥182 million in the first three quarters of fiscal 2019) as well as corporate expenses (¥827 million in the same period) that are not allocated to any reporting segment. Corporate expenses are general and administrative expenses not associated with any reporting segment, mainly because it is difficult to justifiably allocate such expenses to any particular reporting segment.
FGI - FinTech Global Inc. published this content on 14 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 August 2019 09:26:10 UTC