BeNext Yumeshin : Notice of Recording of Extraordinary Loss in Non-Consolidated Financial Results
July 30, 2021 at 02:11 am EDT
Share
July 30, 2021
Company name
BeNext-Yumeshin Group Co.
Name of Representative
Yutaka Nishida
Chairman and Representative Director, CEO
(Code: 2154 1st Section of TSE)
Contact
Hiroshi Sato
Board Director
Telephone Number
03-6672-4181
Notice of Recording of Extraordinary Loss in Non-Consolidated Financial Results
due to Review of Operations in the U.K.
The impact of the transaction on consolidated results is immaterial.
We expect to record an extraordinary loss in the non-consolidated financial results due to the transfer of shares in MTrec Limited, a U.K. subsidiary. We are pleased to announce the following:
The transfer of shares was approved by the Board of Directors on May 21, 2021, but because of the conditional nature of the agreement, the terms of the transfer were finalized on July 30, which became the date of the agreement. In addition, an extraordinary loss was recorded in the non-consolidated financial results, which has been disclosed today.
This case does not fall under the disclosure criteria of "matters involving transfer or acquisition of shares or other changes of subsidiaries, etc. involving transfer of subsidiaries, etc."
１．Recording of Extraordinary Losses in Non-Consolidated Financial Results
Our U.K. business is performing steadily, partly due to a high percentage of businesses that support lifestyle industries, such as the food business and the logistics business. In order to further grow the U.K. business and strengthen earnings in the future, we are reviewing the composition of our business portfolio and have decided to withdraw from the U.K. manufacturing business, to enable us to concentrate on other industries. As such, we intend to strengthen our profitable healthcare and engineering businesses. We expect to record an extraordinary loss of 527 million yen in the non-consolidated accounting due to the transfer of shares of MTrec Limited, which is dedicated to the manufacturing business.
２．Overview of MTrec Limited
（１）Name
MTrec Limited
（２）Address
8 Market Lane, Newcastle Upon Tyne, England and Wales
（３）Title and name of the
David Musgrave
representative
（４）Business
Temporary staffing and recruitment agency for
manufacturing staff and engineers
（５）Capital
￡2,020
（６）Established
March 14, 2006
（７）Major shareholders and
We hold 94.1%
shareholding ratio
３．Future Outlook
The extraordinary loss in this case is recorded in the non-consolidated financial statements for the full year ended June 31, 2021. The effect on the consolidated results will be in the fiscal year ending June 2022, when actual trading will be conducted, but the effect on the consolidated results is expected to be immaterial.
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BeNEXT Group Inc. published this content on 30 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 July 2021 06:08:20 UTC.
Open Up Group Inc, former BeNext-Yumeshin Group Co, is a Japan-based company engaged in human resource services, mainly dispatching engineers and business contracting. The Company operates in four business segments. The Mechanical and Electrical, Information Technology (IT) Domain segment consists of mechanical, electrical and electronic engineers such as development, design and manufacturing technology at domestic manufacturers, and construction and development of networks, servers, software at IT companies. Dispatch and contract work by IT engineers for operation system. The Construction Domain segment mainly dispatches construction management engineers and computer-aided design (CAD) engineers to companies in the domestic construction industry. The Manufacturing Domain segment mainly dispatches and outsources work in the manufacturing process for domestic manufacturers. The Overseas Domain segment is engaged in dispatch, recruitment, and personnel consulting.
OPEN UP GROUP INC. 
