Fuyo General Lease Co., Ltd. TSE:8424
Fuyo General Lease : Notice Concerning Recording of Losses due to Risk of Uncollectible or Delayed Collection of Receivables and Revision of Full-Year Consolidated Earnings Forecast
Source: MarketScreener
October 23,2025
To Whom It May Concern
Address: 5-1-1, Kojimachi, Chiyoda-ku, Tokyo Company Name: Fuyo General Lease Co., Ltd.
President & CEO: Hiroaki Oda
Ticker 8424, TSE Prime
Inquiries: Yusuke Watanabe General Manager
Corporate Communications Office
TEL: +81-3-5275-8891
Notice Concerning Recording of Losses due to Risk of Uncollectible or Delayed Collection of Receivables and Revision of Full-Year Consolidated Earnings Forecast
Fuyo General Lease (hereinafter, the Company) announces that it has recorded losses due to the risk of uncollectible or delayed collection of receivables from our counterparties, and we have revised our consolidated earnings forecast for the fiscal year ending March 2026, which was announced on May 9, 2025.
Summary of counterparties related thereto
The counterparties related thereto are established for the purpose of raising funds for the development of renewable energy projects led by our alliance partners in Europe.
Name
(1)
Mazarine Renewables Godo Kaisha
(2) Address
Tokyo Kyodo Accounting Office, 1-4-1 Marunouchi, Chiyoda-ku, Tokyo, Japan
(3) Representative
Jost Rodewalt
Relationship between
(4) the Company and the Counterparty
Capital Relationship
N/A
Personnel Relationship
N/A
Transaction Relationship
Implemented loans to the counterparty and investments in anonymous partnerships.
Status as Related Party
N/A
(1) Name
AQ Capital S.A.
(2) Address
5 Heienhaff, L.1736 Senningerberg, Luxembourg
(3) Representative
Guizzetti Antonio Lawrence Alex Michael Puttilli Fabio
Schut Hille-Paul
Relationship between
(4) the Company and the Counterparty
Capital Relationship
N/A
Personnel Relationship
N/A
Transaction Relationship
Underwrote corporate bonds issued by the counterparty.
Status as Related Party
N/A
(1) Name
Halesia FCP, Compartment 5.
(2) Address
1, Haaptstrooss, L-6869 Wecker, Luxembourg
(3) Operating company
1sec S.A.
Relationship between
(4) the Company and the Counterparty
Capital Relationship
N/A
Personnel Relationship
N/A
Transaction Relationship
Underwrote corporate bonds issued by the counterparty.
Status as Related Party
N/A
(1) Name
Halesia FCP, Compartment 6.
(2) Address
1, Haaptstrooss, L-6869 Wecker, Luxembourg,
(3) Operating company
1sec S.A.
Relationship between
(4) the Company and the Counterparty
Capital Relationship
N/A
Personnel Relationship
N/A
Transaction Relationship
Underwrote corporate bonds issued by the counterparty.
Status as Related Party
N/A
Background to risk of uncollectible or delayed collection
It was discovered that among the multiple renewable energy projects being developed and funded by counterparties through project-specific holding companies, some projects in Spain have been delayed due to insufficient development funds.
In response, we examined the recoverability of our receivables against that counterparties related to separate renewable energy projects involving our alliance partners leading these projects. As a result, we determined that uncertainty exists
regarding the amount and timing of collection for a portion of these receivables, and there is a risk that these receivables may be uncollectible or subject to collection delays.
Types and amounts of receivables, and their percentage of consolidated net assets
Types of receivables
Amounts of receivables
Percentage of consolidated net
assets
Operating loans
¥4.3 billion
0.8％
Operational investment securities
¥28.6 billion
5.4％
Total
¥32.9 billion
6.2％
*Receivables are mainly denominated in euros, and the above amounts are calculated based on an exchange rate of 1 euro = 174.51 yen.
*The percentage of consolidated net assets is calculated based on the results for the first quarter of the fiscal year ending March 2026.
Future outlook
For the above receivables, in the second-quarter financial results for the fiscal year ending March 2026, of the total amount of 286 hundred million yen excluding the portion expected to be recovered through sale of the project to third parties, interest receivable related to those receivables that arose during the fiscal year ending March 2026 will not be recorded (Net sales will be reversed), and the remaining balance excluding such interest receivables will be recorded as cost of sales, provision for doubtful accounts (selling, general and administrative expenses), or bad debt expense (selling, general and administrative expenses). Accordingly, we will revise full-year consolidated earnings forecast for the fiscal year ending March 2026.
Revision of earnings forecast
Full-year consolidated earnings forecast for the fiscal year ending March 2026
(Unit: ¥ millions)
Consolidated operating profit
Consolidated ordinary profit
Profit attributable to owners of
parent
Consolidated profit per share
Previously announced forecast
(A)
66,000
70,000
46,000
¥509.94
Revised forecast (B)
34,000
38,000
17,000
¥188.52
Change (B－A)
－32,000
－32,000
－29,000
¥－321.42
Change (%)
－48.5%
－45.7%
－63.0%
－63.0%
（Reference）
Previous result
（FY2024）
64,760
69,036
45,277
¥501.66
(Note) On April 1, 2025, the Company conducted a 3-for-1 stock split. Assuming that the stock split was conducted at the beginning of the previous consolidated fiscal year, the "consolidated profit per share" for the previous fiscal year has been calculated.
Reasons for revision
We are revising the earnings forecast announced on May 9, 2025, to reflect the recognition of losses arising from the risk of uncollectible or delayed collection of receivables, as well as to incorporate the risk such as the deterioration of the business environment in the renewable energy sector in the United States.
Dividend Forecast
There are no revisions to the dividend forecast for the fiscal year ending March 2026, which was announced on May 9, 2025.
(Note) This translation is prepared and provided for reference only. In the event of any discrepancy between the document and the original Japanese document, the original document shall prevail.