Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
  1. Homepage
  2. Equities
  3. Japan
  4. Japan Exchange
  5. FinTech Global Incorporated
  6. News
  7. Summary
    8789   JP3802830004

FINTECH GLOBAL INCORPORATED

(8789)
  Report
Delayed Japan Exchange  -  01:00:00 2023-01-27 am EST
59.00 JPY    0.00%
2022Fintech Global Incorporated : Results for Fiscal 2022,ended September 30,2022
PU
2022Fintech Global Incorporated : 〔Delayed〕Notice regarding decreases in common stock, legal capital surplus and legal re…
PU
2022Fintech Global Incorporated : 〔Delayed〕Notice regarding change in status of consolidated subsidiary to equity-method …
PU
SummaryQuotesChartsNewsCalendarCompanyFinancialsFunds 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

FinTech Global Incorporated : 〔Delayed〕Notice regarding change in status of consolidated subsidiary to equity-method …

11/10/2022 EST

UNOFFICIAL TRANSLATION

The official press release is in Japanese.

Company Name:

FinTech Global Incorporated

Representative:

Nobumitsu Tamai, President and CEO

Stock Listing:

Tokyo Stock Exchange Standard Market

Stock Code:

8789

Inquiries:

Takashi Senda, Director,

Senior Executive Officer

Tel:

050-5964-3978

Notice regarding change in status of consolidated subsidiary to equity-method affiliate

Tokyo, November 8, 2022-Rights and Brands Japan Co., Ltd. (hereafter, "RBJ") is an indirectly owned consolidated subsidiary of FinTech Global (hereafter, "FGI"). At a meeting of the RBJ board of directors today, a decision was made for Moomin Characters Oy Ltd, official Moomin copyright holder (headquartered in Helsinki, Finland; hereafter, "MC") and R&B Licensing AB, exclusive agent for MC (headquartered in Stockholm, Sweden; hereafter, "R&B") to accept all shares in a 42.3% stake held by another existing RBJ shareholder. This transfer of shares should be completed in May 2023, and the expectation is then that MC and R&B will hold a combined 57.7% stake in RBJ, while FGI subsidiary Moomin Monogatari Ltd. (hereafter, "Moomin Monogatari") retains its 42.3% stake. Also, as of today, one director sent to RBJ by FGI has stepped down from the position. Given these developments, RBJ will be excluded from FGI's scope of consolidation and become an affiliate accounted for by the equity method. Details are provided below.

Particulars

1. Reasons for change

Moomin Monogatari holds a 42.3% stake in RBJ, and at the present time, this makes RBJ an indirectly owned consolidated subsidiary of FGI under effective control standards*.

RBJ is promoting a strategy to raise the value of the Moomin brand-a strategy that hinges on the One-Moomin global strategy endorsed by MC and R&B. The board of directors at RBJ approved the transfer of shares, believing the change in ownership will add momentum to the One-Moomin strategy and expand Moomin business in Japan. The transfer of shares should wrap up in May 2023, and as a result, the expectation is that the MC and R&B corporate groups will hold the majority of RBJ shares. In addition, with one director sent to RBJ by FGI stepping down from this concurrent position, directors from FGI and Moomin Monogatari no longer form the majority on the RBJ board of directors. Given these factors, RBJ will no longer be deemed a consolidated subsidiary of FGI, based on effective control standards, and the company's status will be that of an affiliate accounted for by the equity method.

FGI and Moomin Monogatari agreed because the transfer of shares will lead to further development of the Moomin business in Japan and contribute to improved corporate value for RBJ and Moomin Monogatari.

*Ratio of voting rights above 40% but less than 50%; majority of members on board of directors come from FGI

1

2. Outline of the subsidiary undergoing change in status (As of September 30, 2022)

(1)

Name

Rights and Brands Japan Co., Ltd.

(2)

Address

Meguro Central Square, 15th Floor, 3-1-1, Kamiosaki, Shinagawa-ku,

Tokyo

(3)

Name and title of

Kumiko Ito, President

representative

(4)

Business activities

Activities include those of agent for transfer and use of copyrights

(5)

Paid-in capital

¥45 million

(6)

Date of establishment

March 16, 2018

Moomin Monogatari, Ltd.

42.3

Major shareholders

Tuttle-Mori Agency, Inc.

42.3

(7)

and shareholding

MC

10.4

ratios

R&B

5.0

Capital relationship

• Moomin Monogatari holds a 42.3% stake in RBJ.

• Concurrently, a Moomin Monogatari director

holds the position of representative director at

RBJ, two Moomin Monogatari directors hold

Personnel relationship

positions as directors at RBJ, one Moomin

Monogatari employee holds a position as a

director at RBJ, and one Moomin Monogatari

Relationships with

employee has corporate auditor duties at RBJ.

(8)

• FGI signed a management services agreement

FGI

with RBJ and receives a consulting fee from the

company. In addition, FGI subleases space in the

building where it is a tenant to RBJ.

Business relationship

• Moomin Monogatari pays a licensing fee to RBJ

applicable mainly to the sale of Moomin

character merchandise.

• Moomin Monogatari receives a service fee for

e-commerce operations from RBJ.

(9) Consolidated performance and financial position for the past three years

Fiscal year

Ended March 31, 2020

Ended March 31, 2021

Ended March 31, 2022

Net assets

¥240

million

¥397

million

¥613 million

Total assets

¥752

million

¥966 million

¥1,122 million

Net assets per share

¥600,194

¥994,500

¥1,457,423

Net revenue

¥1,580 million

¥1,614 million

¥1,843 million

Operating income

¥214 million

¥233 million

¥250 million

Recurring profit

¥216 million

¥230 million

¥250 million

2

Net income

¥156 million

¥157 million

¥156 million

Net income per share

¥390,426

¥394,305

¥371,271

Dividends per share

¥12,500

¥37,500

3. Schedule

Date of decision by RBJ board of directors

November 8, 2022

Director sent to RBJ steps down

November 8, 2022

Date of change in status

November 8, 2022

Completion of RBJ share transfer

May 2023 (planned)

4. Outlook

This transfer of shares is part of the One-Moomin strategy in Japan. The plan is to achieve unified management between Moomin Monogatari and RBJ, effective from December 2022. Specifically, Roleff Kråkström, CEO of MC, will be appointed as Chairman of the Board at both companies, and Kumiko Ito, currently president of RBJ, will be appointed as Representative Director and President at both companies. The intent of these steps toward unified management is to forge a stronger partnership between the two companies and expand the Moomin market exponentially. At Moominvalley Park, in particular, the plan is for MC, RBJ and Moomin Monogatari to work as a cohesive team to promote business under a strategy shaped prior to the pandemic. Looking to the future, Moomin Monogatari and RBJ will explore initiatives that take into consideration the possibility of consolidating their operations in Japan.

With regard to the One-Moomin strategy, FGI will extend support, focusing on the Management Department at Moomin Monogatari, but is also keen to undertake new development and other opportunities at Metsä Village juxtaposed with Moominvalley Park, and to energize the entire Metsä site.

The change in RBJ's status from that of a consolidated subsidiary to an equity-method affiliate will take effect from the first quarter of fiscal 2023, ending September 30, 2023, but for FGI, the stockholding ratio in RBJ through Moomin Monogatari will not change and there will be no impact on profit attributable to owners of the parent. Also note that FGI has factored the change in status into its consolidated performance forecast for fiscal 2023, which appears in the summary of financial statements (Japanese version) for fiscal 2022 announced today.

END

3

Disclaimer

FGI - FinTech Global Inc. published this content on 10 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 November 2022 14:54:31 UTC.


ę Publicnow 2022
All news about FINTECH GLOBAL INCORPORATED
2022Fintech Global Incorporated : Results for Fiscal 2022,ended September 30,2022
PU
2022Fintech Global Incorporated : 〔Delayed〕Notice regarding decreases in common ..
PU
2022Fintech Global Incorporated : 〔Delayed〕Notice regarding change in status of ..
PU
2022Fintech Global Incorporated Provides Consolidated Earnings Guidance for the Fiscal Year..
CI
2022Fintech Global Incorporated : Summary of Financial Statements for Fiscal 2022 (under Japan..
PU
2022Fintech Global Incorporated : Summary of Financial Statements for Fiscal 2022 (under Japan..
PU
2022Fintech Global Incorporated Raises Earnings Guidance for the Year Ended September 30, 2..
CI
2022Greater Than listed in InsurTech100 list for addressing challenges faced by the insuran..
AQ
2022Certain Common Stock of STORAGE-OH Co.,Ltd. are subject to a Lock-Up Agreement Ending o..
CI
2022FinTech Global Incorporated Provides Consolidated Earnings Guidance for the Fourth Quar..
CI
More news
Financials
Sales 2022 9 301 M 71,6 M 71,6 M
Net income 2022 176 M 1,35 M 1,35 M
Net Debt 2022 5 756 M 44,3 M 44,3 M
P/E ratio 2022 44,8x
Yield 2022 -
Capitalization 11 877 M 91,4 M 91,4 M
EV / Sales 2021 1,98x
EV / Sales 2022 1,46x
Nbr of Employees 176
Free-Float 84,6%
Chart FINTECH GLOBAL INCORPORATED
Duration : Period :
FinTech Global Incorporated Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends FINTECH GLOBAL INCORPORATED
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Managers and Directors
Nobumitsu Tamai President & Representative Director
Seigo Washimoto Executive Officer & Finance Manager
Ken Kanda Manager-Compliance, Legal Affairs & Examination
Toru Oyama Auditor
Kenjiro Suzuki Independent Outside Director