Askul Corporation is writing down almost all the goodwill and customer-relationship value it booked when it bought AP67 Co., Ltd. in February 2023. In an extraordinary report filed with the Kanto Local Finance Bureau on July 14, the Tokyo-based office-supply distributor said it had revised AP67's growth plan and, as a result, booked a ¥4.82bn impairment loss on goodwill and customer-related assets in its consolidated results for the fiscal year to May 2026.
| Item | Amount |
|---|---|
| Consolidated goodwill and customer-asset impairment (fiscal year to May 2026) | ¥4.82bn |
| Non-consolidated valuation loss on AP67 shares (eliminated in consolidation) | ¥4.83bn |
AP67 is the parent of Feed Corporation and its affiliated businesses. Askul's filing points to three reasons for the reversal: a weaker yen that pushed up AP67's purchase costs, a resulting slowdown in customer-base growth, and integration synergies that have taken longer than expected because AP67 operates as a separate corporate entity. The event triggering the write-down is dated July 3, 2026.
Separately, on a non-consolidated basis, Askul booked a ¥4.83bn valuation loss on its AP67 shares. That loss is eliminated on consolidation and does not add to the group-level hit, according to the filing.
The size of the write-down is close to what Askul paid for AP67 three years ago, which suggests the unit's near-term contribution has been cut to close to zero in Askul's books. The filing does not give a revised timeline for AP67 to become synergy-positive.