FinTech Global Incorporated : Notice regarding medium-term management plan and fiscal 2020 consolidated performance forecast
March 22, 2020 at 09:02 pm EDT
Share
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 Mothers Section
Stock Code:
8789
Inquiries:
Seigo Washimoto, Director, Vice President
and Senior Executive Officer
Tel:
050-5964-3978
Notice regarding medium-term management plan and
fiscal 2020 consolidated performance forecast
Tokyo, March 19, 2020-As described in the news release "Notice regarding revisions to medium-term management plan" (Japanese only), dated November 8, 2019, management at FGI (hereafter, "FGI" and "the Company") had decided to revise the Company's three-year management plan with fiscal 2020 as the third and final year and announce new targets sometime in March 2020. But management has decided not to pursue that route but rather ascertain the impact exerted on consolidated performance by the COVID-19 outbreak. Also, as described in the summary of financial statements for fiscal 2019, announced on November 8, 2019 (English version posted January 24, 2020), management was to announce its forecast for consolidated performance in fiscal 2020 along with the revised medium-term management plan. This announcement has been pushed back for the reasoned presented below.
Particulars
1. Background
Exits on asset investments by the investment banking business did not unfold as anticipated and Metsä operations delivered results that differed from pre-opening expectations. Such factors led to structural changes and a review of management strategies, and ultimately prompted a decision by the Board of Directors on November 8, 2019, to revise the medium-term management plan announced on May 28, 2018. Structural changes and management strategies subsequently underwent review as planned.
Against this backdrop, the COVID-19 outbreak - the illness caused by a novel coronavirus that first emerged in Wuhan, Hubei Province, in China, in December 2019 - quickly spread through China and then around the world, including Japan. A decision was made to close Moominvalley Park from March 2 through March 13, 2020, to help slow the spread of the novel coronavirus and ensure the safety of guests and employees. Thorough measures were implemented to prevent the spread of the novel coronavirus, including temperature checkpoints set up for guests and employees, a dramatic increase in hand sanitizer stations, and ventilation and cleaning of facilities. Moominvalley Park was ready to reopen on March 14, 2020. However, no one can definitively predict when the outbreak will come to an end, creating an uncertain operating environment. In fact, as the situation evolves, the site may have to close again. It is difficult to prepare an accurate business plan at this time and harder still to estimate business
results. Therefore, the process of revising the medium-term management plan has been stopped temporarily, and the consolidated performance forecast for fiscal 2020 has been postponed for now.
2. Going Forward
The consolidated performance forecast for fiscal 2020 will be disclosed as soon as management has a better idea of how the spread of the novel coronavirus is, or will, impact business results. Preparation of a new medium-term management plan will be taken up again once the outbreak comes to an end.
END
Attachments
Original document
Permalink
Disclaimer
FGI - FinTech Global Inc. published this content on 23 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 March 2020 01:01:00 UTC
FinTech Global Incorporated is a financial service provider engaged in the investment banking business, real estate business, public consulting business, entertainment and service business. It has four segments. Investment Banking segment is engaged in the investment banking and corporate investment business, including finance arrangement, public finance, financial advisory, asset management and asset investment. The Real Estate segment conducts welfare services business, real estate brokerage, real estate development, real estate sales, real estate leasing. The Public Consulting segment engages in the preparation of financial documents, support for maintenance of fixed assets ledger, comprehensive management plan of public facilities, and formulation support business. The Entertainment Service segment conducts the development, holding, management, operation of the theme park, and eating and drinking business.