This filing was originally prepared and published by the company in Japanese as it contained timely disclosure information to be submitted to the Tokyo Stock Exchange (1st section). The English translation is for your reference only. To the extent there is any discrepancy between this English translation and the original Japanese filing, the Japanese filing will prevail. The following financial information was prepared in accordance with generally accepted accounting principles in Japan (JGAAP).
Financial Results (Consolidated) for Q1 of FY2020
April 28, 2020 | ||
Corporate Name: | ValueCommerce Co., Ltd. | Listed: TSE 1st section |
Ticker Symbol: | 2491 | URL: https://www.valuecommerce.co.jp/en/ |
Representative: | Representative Director, President and CEO | (Name) Jin Kagawa |
Contact person: | Director of the Board, CFO | (Name) Masatomo Endo |
TEL: 81 3 6438 6860 | ||||||||||||
Scheduled date of commencement of dividend payment: | - | |||||||||||
Scheduled date of filing the securities report: | May 13, 2020 | |||||||||||
Results supplementary materials to be created: | Yes | |||||||||||
An explanatory presentation to investors: | No | |||||||||||
(Amounts less than one million yen rounded down) | ||||||||||||
1. Consolidated Operating Results for the First Quarter of FY2020 (Jan. 1 to Mar. 31, 2020) | ||||||||||||
(1) Consolidated Operating Results | (Percentage figures refer to comparisons with the preceding fiscal year) | |||||||||||
Net income | ||||||||||||
Revenue | Operating income | Ordinary income | attributable to owners | |||||||||
of the parent | ||||||||||||
Million Yen | % | Million Yen | % | Million Yen | % | Million Yen | % | |||||
Q1 FY2020 | 7,661 | 21.6 | 1,526 | 22.9 | 1,523 | 22.5 | 1,013 | 21.2 | ||||
Q1 FY2019 | 6,300 | 34.7 | 1,242 | 50.2 | 1,242 | 51.3 | 836 | 51.8 |
(Note) Comprehensive income: | First quarter ended March 31, 2020: | 1,073 million yen, 31.0% | ||||||
First quarter ended March 31, 2019: | 819 million yen, 41.3% | |||||||
Basic EPS | Diluted EPS | |||||||
(Earnings per share) | (Diluted Earnings per share) | |||||||
Yen | Yen | |||||||
Q1 FY2020 | 31.39 | 31.36 | ||||||
Q1 FY2019 | 25.91 | 25.88 | ||||||
(2) Consolidated Financial Positions | ||||||||
Total assets | Net worth | Equity ratio | Book-value per share | |||||
Million Yen | Million Yen | % | Yen | |||||
As of March 31, 2020 | 18,029 | 11,952 | 66.3 | 369.84 | ||||
As of December 31, 2019 | 18,011 | 11,491 | 63.8 | 355.60 | ||||
(Reference) Owners' equity: | As of March 31, 2020: | 11,946 million yen | ||||||
As of December 31, 2019: | 11,485 million yen |
2. Dividends
Dividend per share | ||||||
Q1 | Q2 | Q3 | Q4 | Total | ||
Yen | Yen | Yen | Yen | Yen | ||
FY2019 | - | 14.00 | - | 19.00 | 33.00 | |
FY2020 | - | |||||
FY2020 (Forecast) | 16.00 | - | 18.00 | 34.00 | ||
(Note) Revisions to dividends forecast published most recently: No
3. Consolidated Operating Forecast for the Fiscal Year Ended Dec. 31, 2020 (Jan. 1 to Dec. 31, 2020)(Percentage figures refer to comparisons with the preceding fiscal year)
Net income | Basic EPS | ||||||||||
Revenue | Operating income | Ordinary income | attributable to owners | (Earnings | |||||||
of the parent | per share) | ||||||||||
Million Yen | % | Million Yen | % | Million Yen | % | Million Yen | % | Yen | |||
Q1-Q2(cumulative) FY2020 | 14,300 | 16.1 | 2,550 | 7.5 | 2,550 | 7.0 | 1,670 | 5.1 | 51.70 | ||
FY2020 | 30,000 | 16.8 | 5,500 | 10.7 | 5,500 | 10.3 | 3,600 | 7.6 | 111.45 |
(Note) Revisions to operating forecast published most recently: No
- Notes
- Significant changes in scope of consolidation during this year: No
- Application of specific accounting treatment to the preparation of quarterly consolidated financial statements: No
- Changes in accounting policies and accounting estimates, retrospective restatement
1. | Changes in accounting policies due to amendment of accounting standards, etc. | : | No |
2. | Changes in accounting policies other than "1." | : | No |
3. | Changes in accounting estimates | : | No |
4. | Retrospective restatement | : | No |
(4) Number of shares issued (Common stock) | ||||||||
1. | Common stock | as of | 34,471,000 | shares | as of | 34,471,000 | shares | |
(including treasury stock) | Mar. 31, 2020 | December 31, 2019 | ||||||
2. | Treasury stock | as of | 2,169,828 | shares | as of | 2,170,779 | shares | |
Mar. 31, 2020 | December 31, 2019 | |||||||
3. | Average number of shares issued | average during | 32,300,689 | shares | average during | 32,288,531 | shares | |
(cumulative period) | Jan. 1 to Mar. 31, 2020 | Jan. 1 to Mar. 31, 2019 | ||||||
* Quarterly review
This outline of quarterly consolidated financial statements is not subject to the quarterly review.
-
Note on proper use of the financial forecasts and other special notes (Note on future descriptions)
This filing contains future description such as financial outlook. They are based on information currently available to the company and on certain assumptions we deem reasonable. They are not intended to constitute the company's guarantee that the outlook and description will be realized. The actual results may differ materially from those described in this filing due to various factors.
(Method to reach supplementary materials)
The supplementary materials on financial results will be posted on the company's website.
1. Qualitative Information Concerning Consolidated Business Results
- Analysis of Operating Results
During the first quarter of the consolidated fiscal year under review, the Japanese economy was depressed as the spread of COVID-19 infection got worsened day by day. Though the end of the spread of COVID-19 infection is necessary for economic recovery, the uncertain situation is still to continue.
In this environment, the Group focus on providing effective marketing solution to maximize commerce business operators' performance, "Gross Merchandise Value (GMV)".
For the first quarter of the consolidated fiscal year under review, revenue was JPY 7,661,466 thousand (up 21.6% Y/Y). This was attributable to good performance in existing services at the beginning of the period and total impact of COVID-19 was limited despite there's the impact from the end of February. In addition, revenue of Dynatech inc. and B-SLASH Corporation, which are consolidated after the fourth quarter of last consolidated fiscal year, was accounted.
Selling, general and administrative expenses was JPY 1,298,211 thousand (up 64.3% Y/Y) due to selling, general and administrative expenses and amortization of goodwill of beforementioned subsidiary according to acquisition of its share.
Operating income was JPY 1,526,932 thousand (up 22.9% Y/Y) due to growth driven by existing services.
Ordinary income was JPY 1,523,061 thousand (up 22.5% Y/Y) due to recognizing operating losses on investment in partnership of JPY 9,385 thousand under non-operating expenses.
Net income attributable to owners of the parent was JPY 1,013,894 thousand (up 21.2% Y/Y) due to the recording of income taxes of JPY 510,465 thousand.
Segment performance was as follows:
(i) Marketing Solution Business
Marketing Solution Business provides solutions of customer attraction to commerce business operators' EC site. Main service is "Affiliate Marketing", pay-per-performance advertising.
During the first quarter of the consolidated fiscal year under review, performance was good at the beginning of the period and total impact of COVID-19 is limited despite there's the impact from the end of February in some parts of "Affiliate Marketing" such as Travel category, etc.
As a result, this segment attained revenue of JPY 4,595,401 thousand (up 1.6% Y/Y) and segment operating income of JPY 826,214 thousand (up 3.9% Y/Y).
(ii) EC Solution Business
EC Solution Business provides solutions of sales promotion on commerce business operators' EC site. Main services are "STORE's R∞", CRM tool for stores in the online shopping mall operated by Yahoo Japan Corporation, and "Storematch", pay-per-click advertising.
Also, EC Solution Business includes two subsidiaries, which the Company acquired all shares and consolidated;
-Dynatech inc. (develops and provides information system for accommodation facilities)
Its profit and loss and amortization of goodwill according to acquisition of its shares are accounted from the fourth quarter of 2019 consolidated fiscal year.
-B-SLASH Corporation (provides necessary solutions for EC operation solutions for EC operation)
Its profit and loss and amortization of goodwill according to acquisition of its shares are accounted from the first quarter of 2020 consolidated fiscal year.
During the first quarter of the consolidated fiscal year under review, service use of stores increased due to business measures by collaborating with Yahoo Japan Corporation in the online shopping mall operated by Yahoo Japan Corporation.
About operating results in services for stores in the online shopping mall operated by Yahoo Japan Corporation, there's little impact from the spread of COVID-19 infection. About Dynatech inc., which customer is accommodation facilities, there's no significant impact as its main business is a subscription model with monthly charges.
As a result, this segment attained revenue of JPY 3,066,065 thousand (up 72.5% Y/Y) and segment operating income of JPY 1,021,351 thousand (up 43.0% Y/Y).
- 1 -
- Analysis of Financial Positions
1. The status of assets, liabilities and net assets (Assets)
At the end of the first quarter of the consolidated fiscal year under review, total assets amounted to JPY 18,029,016 thousand, an increase of JPY 17,443 thousand from the end of the preceding consolidated fiscal year.
Current assets amounted to JPY 12,850,838 thousand, a decrease of JPY 621,687 thousand from the end of the preceding consolidated fiscal year. This was mainly due to a decrease in cash and deposits of JPY 511,938 thousand and notes and accounts receivable-trade of JPY 206,619 thousand.
Noncurrent assets amounted to JPY 5,178,178 thousand, an increase of JPY 639,131 thousand from the end of the preceding consolidated fiscal year. This was mainly due to 1; an increase in software of JPY 227,563 thousand, and 2; goodwill of JPY 364,776 thousand according to the acquisition and consolidation of 100% share of B-SLASH Corporation.
(Liabilities)
At the end of the first quarter of the consolidated fiscal year under review, total liabilities amounted to JPY 6,076,935 thousand, a decrease of JPY 442,716 thousand from the end of the preceding consolidated fiscal year.
Current liabilities amounted to JPY 5,966,194 thousand, a decrease of JPY 471,450 thousand from the end of the preceding consolidated fiscal year. This was mainly due to a decrease in accounts payable-other of JPY 414,276 thousand and income taxes payable of JPY 510,255 thousand despite an increase in accounts payable-trade of JPY 107,258 thousand and provision for bonuses of JPY 126,520 thousand.
Noncurrent liabilities amounted to JPY 110,740 thousand, an increase of JPY 28,733 thousand from the end of the preceding consolidated fiscal year.
(Net assets)
At the end of the first quarter of the consolidated fiscal year under review, net assets amounted to JPY 11,952,081 thousand, an increase of JPY 460,160 thousand from the end of the preceding consolidated fiscal year. This was mainly due to an increase in attributable to the recording of net income attributable to owners of the parent of JPY 1,013,894 thousand despite a decrease in retained earnings of JPY 613,704 thousand as a result of a dividend of surplus.
2. Cash Flows
At the end of the first quarter of the consolidated fiscal year under review, the balance of cash and cash equivalents amounted to JPY 7,350,973 thousand, a decrease of JPY 511,938 thousand from the end of the preceding consolidated fiscal year.
The cash flows during the first quarter of the consolidated fiscal year under review and their causes are as follows.
(Operating Cash Flows)
Net cash provided by operating activities amounted to JPY 803,551 thousand (compared to net cash provided of JPY 489,110 thousand in the preceding first quarter), mainly due to income before income taxes of JPY 1,524,359 thousand. Positive factors include depreciation of JPY 104,905 thousand, amortization of goodwill of JPY 115,731 thousand, a decrease in accounts receivable-trade of JPY 206,619 thousand and an increase in accounts payable-trade of JPY 107,258 thousand. Negative factors include a decrease in accounts payable-other of JPY 482,138 thousand and income taxes paid of JPY 1,005,111 thousand.
(Investing Cash Flows)
Net cash used in investing activities amounted to JPY 707,431 thousand (compared to net cash used of JPY 23,944 thousand in the preceding first quarter), mainly due to purchase of intangible assets of JPY 206,621 thousand and payment of acquisition of investments in subsidiaries resulting in change in scope of consolidation of JPY 537,032 thousand, despite proceeds from distribution of investment in partnership of JPY 92,776 thousand.
(Financing Cash Flows)
Net cash used in financing activities amounted to JPY 608,058 thousand (compared to net cash used of JPY 570,577 thousand in the preceding first quarter), mainly due to cash dividends paid of JPY 607,925 thousand.
(3) Information about Consolidated Financial Forecasts
The consolidated financial forecast has not changed from the Consolidated Financial Forecasts for FY2020 announced in the "Financial Results (Consolidated) for Fiscal Year of 2019" on January 29, 2020.
Impact of COVID-19 on each business is under examination as the Group estimates decline in revenue in some categories such Travel, Recruiting, etc. in "Affiliate Marketing" whereas increased online-shopping demand is observed in some categories.
The Group will announce the revision immediately if necessary.
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3. Earnings Results for the Year Ended March 31, 2020
- Consolidated Balance Sheet
(Thousand yen) | |||
As of | As of | ||
December 31, 2019 | March 31, 2020 | ||
(Assets) | |||
Current assets | |||
Cash and deposits | 7,862,912 | 7,350,973 | |
Notes and accounts receivable- trade | 4,290,931 | 4,084,311 | |
Accounts receivable- other | 1,172,858 | 1,098,715 | |
Other current assets | 161,466 | 334,650 | |
Allowance for doubtful accounts | -15,642 | -17,812 | |
Current assets in total | 13,472,525 | 12,850,838 | |
Noncurrent assets | |||
Property, plant and equipment | |||
Buildings and accompanying facilities, net | 184,923 | 199,071 | |
Tools, instruments and fixtures, net | 156,582 | 142,342 | |
Leased assets, net | 7,731 | 18,131 | |
Property, plant and equipment in total | 349,237 | 359,545 | |
Intangible assets | |||
Software | 847,031 | 1,074,594 | |
Software in progress | 1,010,539 | 1,035,863 | |
Goodwill | 1,321,103 | 1,685,880 | |
Other intangible assets | 11,010 | 11,032 | |
Intangible assets in total | 3,189,685 | 3,807,371 | |
Investments and other assets | |||
Investment securities | 544,822 | 551,962 | |
Guarantee deposits | 311,369 | 311,502 | |
Deferred tax assets | 119,299 | 126,183 | |
Other investments | 25,626 | 22,603 | |
Allowance for doubtful accounts | -993 | -989 | |
Investments and other assets in total | 1,000,124 | 1,011,261 | |
Noncurrent assets in total | 4,539,047 | 5,178,178 | |
Total assets | 18,011,572 | 18,029,016 |
- 3 -
(Thousand yen) | |||
As of | As of | ||
December 31, 2019 | March 31, 2020 | ||
(Liabilities) | |||
Current liabilities | |||
Accounts payable- trade | 2,622,733 | 2,729,991 | |
Accounts payable- other | 2,278,599 | 1,864,322 | |
Income taxes payable | 1,063,905 | 553,649 | |
Provision for bonuses | 19,075 | 145,596 | |
Other current liabilities | 453,330 | 672,633 | |
Current liabilities in total | 6,437,645 | 5,966,194 | |
Noncurrent liabilities | |||
Other noncurrent liabilities | 82,006 | 110,740 | |
Noncurrent liabilities in total | 82,006 | 110,740 | |
Liabilities in total | 6,519,652 | 6,076,935 | |
(Net assets) | |||
Shareholders' equity | |||
Capital stock | 1,728,266 | 1,728,266 | |
Capital surplus | 1,162,922 | 1,163,298 | |
Retained earnings | 8,976,301 | 9,376,491 | |
Treasury stock | -530,161 | -530,022 | |
Shareholders' equity in total | 11,337,329 | 11,738,034 | |
Accumulated other comprehensive income | |||
Valuation difference on available-for-sale securities | 148,497 | 208,110 | |
Accumulated other comprehensive income in total | 148,497 | 208,110 | |
Subscription rights to shares | 6,093 | 5,936 | |
Net assets in total | 11,491,920 | 11,952,081 | |
Liabilities and net assets | 18,011,572 | 18,029,016 |
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(2) Consolidated Statement of Income and Comprehensive Income
(Thousand yen) | ||
Year ended | Year ended | |
March 31, 2019 | March 31, 2020 | |
(Jan. 1 to Mar. 31, 2019) | (Jan. 1 to Mar. 31, 2020) | |
Revenue | 6,300,301 | 7,661,466 |
Cost of revenue | 4,267,203 | 4,836,322 |
Gross profit | 2,033,097 | 2,825,143 |
Selling, general and administrative expenses | 790,310 | 1,298,211 |
Operating income | 1,242,787 | 1,526,932 |
Non-operating income | ||
Gain on non-refundable commissions for publishers | 6 | 4,162 |
Reversal of allowance for doubtful accounts | 647 | 75 |
Others | 1,636 | 1,594 |
Non-operating income in total | 2,290 | 5,833 |
Non-operating expenses | ||
Operating losses on investment in partnership | 1,531 | 9,385 |
Foreign exchange losses | 654 | 174 |
Others | 31 | 144 |
Non-operating expenses in total | 2,216 | 9,704 |
Ordinary income | 1,242,860 | 1,523,061 |
Extraordinary income | ||
Gain on liquidation of subsidiary | - | 4,767 |
Extraordinary income in total | - | 4,767 |
Extraordinary losses | ||
Impairment losses | 7,890 | - |
Expense on corresponding system failure | - | 3,470 |
Extraordinary losses in total | 7,890 | 3,470 |
Income before income taxes | 1,234,970 | 1,524,359 |
Income taxes- current | 370,718 | 543,658 |
Income taxes- deferred | 27,698 | -33,193 |
Income tax in total | 398,416 | 510,465 |
Net income | 836,554 | 1,013,894 |
(Break Down) | ||
Net income attributable to owners of the parent | 836,554 | 1,013,894 |
Net income attributable to non-controlling interests | - | - |
Other comprehensive income | ||
Valuation difference on available-for-sale securities | -16,901 | 59,612 |
Other comprehensive income in total | -16,901 | 59,612 |
Comprehensive income | 819,652 | 1,073,506 |
(Break Down) | ||
Comprehensive income attributable to | ||
Comprehensive income attributable to owners of the parent | 819,652 | 1,073,506 |
Comprehensive income attributable to non-controlling interests | - | - |
- 5 -
(3) Consolidated Statement of Cash Flow
(Thousand Yen) | |||
Year ended | Year ended | ||
March 31, 2019 | March 31, 2020 | ||
(Jan. 1 to Mar. 31, 2019) | (Jan. 1 to Mar. 31, 2020) | ||
Operating cash flows | |||
Income before income taxes | 1,234,970 | 1,524,359 | |
Depreciation and Amortization | 60,713 | 104,905 | |
Amortization of goodwill | 28,086 | 115,731 | |
Increase (decrease) in allowance for doubtful accounts | -11,569 | 2,166 | |
Loss (gain) on liquidation of subsidiary | - | -4,767 | |
Interest income received | -42 | -47 | |
Interest expenses | - | 103 | |
Foreign exchange losses (gains) | 178 | - | |
Operating losses (gains) on investment in partnership | 1,531 | 9,385 | |
Impairment losses | 7,890 | - | |
Expense on corresponding system failure | - | 3,470 | |
Decrease (increase) in note and accounts receivable- trade | 34,008 | 206,619 | |
Increase (decrease) in accounts payable- trade | -46,781 | 107,258 | |
Decrease (increase) in accounts receivable- other | -66,488 | 52,931 | |
Increase (decrease) in accounts payable-other | -108,533 | -482,138 | |
Others, net | 122,760 | 168,742 | |
Subtotal | 1,256,726 | 1,808,718 | |
Interest income received | 42 | 47 | |
Interest expense paid | - | -103 | |
Income taxes paid | -767,658 | -1,005,111 | |
Operating cash flows | 489,110 | 803,551 | |
Investing cash flows | |||
Purchase of property, plant and equipment | -1,716 | -37,909 | |
Purchase of intangible assets | -48,109 | -206,621 | |
Purchase of investment securities | - | -33,381 | |
Proceeds from liquidation of subsidiary | - | 14,767 | |
Proceeds from distribution of investment in partnership | 25,881 | 92,776 | |
Payments for guarantee deposits | - | -32 | |
Payment of acquisition of subsidiaries' share resulting in change in | - | -537,032 | |
scope of consolidation | |||
Investing cash flows | -23,944 | -707,431 | |
Financing cash flows | |||
Proceeds from disposal of treasury stock | 3,889 | 463 | |
Purchase of treasury stock | -89 | -104 | |
Cash dividends paid | -574,377 | -607,925 | |
Repayments of finance lease obligations | - | -491 | |
Financing cash flows | -570,577 | -608,058 | |
Effect of exchange rate change on cash and cash equivalents | -178 | - | |
Net increase (decrease) in cash and cash equivalents | -105,590 | -511,938 | |
Beginning balance of cash and cash equivalents | 7,978,055 | 7,862,912 | |
Ending balance of cash and cash equivalents | 7,872,464 | 7,350,973 |
- 6 -
- Notes to Consolidated Financial Statement (Notes on the going concern premise)
Not applicable.
(Note if there is a considerable change to shareholders' equity) Not applicable.
(Application of special accounting methods for preparing quarterly consolidated financial statements) Not applicable.
(Segment Information) Segment Information
I. For the first quarter of the Fiscal 2019 (Jan. 1 to Mar. 31, 2019)
1. Information on the amount of sales, profit/loss by reporting segment
(Thousand yen) | |||||||||||
Reporting segment | Adjustment | Amount on | |||||||||
Marketing | EC Solution | consolidated financial | |||||||||
Total | (Note 1) | ||||||||||
Solution Business | Business | statements (Note 2) | |||||||||
Revenue | |||||||||||
Revenue to clients | 4,522,694 | 1,777,606 | 6,300,301 | - | 6,300,301 | ||||||
Inter-segment revenue | - | - | - | - | - | ||||||
Total revenue | 4,522,694 | 1,777,606 | 6,300,301 | - | 6,300,301 | ||||||
Segment operating income/loss | 795,584 | 714,434 | 1,510,019 | -267,232 | 1,242,787 |
(Note) 1. The adjustment to segment operating income of JPY -267,232 thousand is corporate expenses not allocated to any reporting segment.
2. Segment operating income/loss is adjusted to operating income in the consolidated financial statement.
2. Information on impairment loss of noncurrent assets, goodwill, etc. by reportable segment (Material impairment loss of noncurrent assets)
Not applicable.
(Material change in goodwill) Not applicable.
(Material gain on negative goodwill) Not applicable.
- For the first quarter of the Fiscal 2020 (Jan. 1 to Mar. 31, 2020)
1. Information on the amount of sales, profit/loss by reporting segment
(Thousand yen) | ||||||||||
Reporting segment | Adjustment | Amount on | ||||||||
Marketing | EC Solution | consolidated financial | ||||||||
Total | (Note 1) | |||||||||
Solution Business | Business | statements (Note 2) | ||||||||
Revenue | ||||||||||
Revenue to clients | 4,595,401 | 3,066,065 | 7,661,466 | - | 7,661,466 | |||||
Inter-segment revenue | - | - | - | - | - | |||||
Total revenue | 4,595,401 | 3,066,065 | 7,661,466 | - | 7,661,466 | |||||
Segment operating income/loss | 826,214 | 1,021,351 | 1,847,566 | -320,633 | 1,526,932 | |||||
(Note) 1. | The adjustment to segment operating income of JPY -320,633 thousand is corporate expenses not allocated to any reporting | |||||||||
segment. | ||||||||||
2. | Segment operating income/loss is adjusted to operating income in the consolidated financial statement. |
2. Information on assets by reportable segment
At the end of the first quarter of the consolidated fiscal year under review, assets on EC Solution Business increased JPY 1,106,742 thousand from the end of the preceding consolidated fiscal year, as B-SLASH Corporation has been consolidated.
The amount of assets of the segment is calculated tentatively based on information currently available to the company and on certain assumptions we deem reasonable since acquisition cost is not determined and not allocated to the other expenses yet.
3. Information on impairment loss of noncurrent assets, goodwill, etc. by reportable segment (Material impairment loss of noncurrent assets)
Not applicable.
(Material change in goodwill)
At the end of the first quarter of the consolidated fiscal year under review, goodwill on EC Solution Business increased JPY 480,507 thousand from the end of the preceding consolidated fiscal year, as B-SLASH Corporation has been consolidated.
The amount of goodwill of the segment is calculated tentatively based on information currently available to the company and
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on certain assumptions the company deem reasonable since acquisition cost is not determined and not allocated to the other expenses yet.
(Material gain on negative goodwill) Not applicable.
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ValueCommerce Co. Ltd. published this content on 28 April 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2020 07:17:02 UTC