EPC project delays and additional costs caused by the spread of COVID-19, and postponement of investment decisions
First written in FY2020. 5 of 11 entries say "Restated". Latest entry: FY2024-Q1.
2 other companies' latest entry also says "Mitigated".
- FY2024-Q1MitigatedAnnual report
「The global economy was on a recovery trend as economic activity normalized in various countries following the easing of measures against the novel coronavirus infection and resource prices stabilized.」
The easing of measures against COVID-19 and normalization of economic activity were evident, and the impact of the spread of the infection on the EPC business environment continued to ease. - FY2023-Q3MitigatedAnnual report
「During the third quarter of the current consolidated cumulative period, the global economy was on a recovery trend as the impact of the novel coronavirus infection (hereinafter, COVID-19) eased, although」
As the impact of COVID-19 eased and the global economy was said to be recovering, the impact of the spread of the infection on the EPC business environment appeared to be easing. However, uncertainty due to rising prices and other factors remained. - FY2023-Q2MitigatedAnnual report
「During the second quarter of the current consolidated cumulative period, the global economy was on a recovery trend as the impact of the novel coronavirus infection (hereinafter, COVID-19) eased, although」
As the impact of COVID-19 eased and the global economy was said to be recovering, the impact of the spread of the infection on EPC projects appeared to be easing from the previous fiscal year. However, uncertainty due to rising prices and other factors remained. - FY2022RestatedAnnual report
「Due to the global spread of COVID-19 and measures taken by governments in various countries, movement of overseas construction personnel and transportation of materials for projects under execution in the comprehensive engineering business were restricted, resulting in delays and other impacts on the procurement of equipment and materials and construction work.」
Restrictions on the movement of personnel and materials and delays in equipment and materials procurement and construction work due to COVID-19 continued to pose full-year risks. - FY2022-Q3RestatedAnnual report
「Although the global economy as a whole was on a recovery trend as vaccination against the novel coronavirus infection (hereinafter, “COVID-19”) progressed, the degree of recovery remained uneven among countries and regions due to the spread of variants and other factors, and the business environment remained uncertain.」
The global economy continued to recover as vaccination progressed, while differences in recovery among countries and regions due to variants and uncertainty over the outlook persisted. - FY2022-Q2Regional disparities in recovery due to variantsAnnual report
「Although the global economy was generally recovering as COVID-19 vaccinations progressed, the pace of recovery varied by country and region due to the spread of variants and other factors, and the business environment remained uncertain.」
Although the global economy was showing signs of recovery as vaccination progressed, the degree of recovery differed by country and region due to the spread of variants, and uncertainty in the EPC business environment continued. - FY2022-Q1RestatedAnnual report
「During the first quarter of the current consolidated cumulative period, the global economy in the overseas market for the comprehensive engineering business was on a recovery trend as COVID-19 vaccines became more widely available, but the business environment remained uncertain.」
Although the global economy was showing signs of recovery as vaccines became more widely available, uncertainty in the EPC business environment due to COVID-19 continued. - FY2021-Q3RestatedAnnual report
「The future spread of the novel coronavirus infection and the timing of its containment differ substantially by country and region. For major projects, we have established assumptions and estimated the impact after individually scrutinizing the circumstances, but these estimates are essentially based on the assumption that the current situation will not deteriorate significantly and that the Group's business environment will gradually recover from the fourth-quarter consolidated accounting period onward.」
Individual estimates reflecting the impact of COVID-19 by country and region and the uncertainty surrounding project delays and additional costs, together with assumptions of a gradual recovery after the end of the fiscal year, remain in place. - FY2021-Q2RestatedAnnual report
「The future spread of the novel coronavirus infection and the timing of its containment differ substantially by country and region. For major projects, we have established assumptions and estimated the impact after individually scrutinizing the circumstances, but these estimates are essentially based on the assumption that the current situation will not deteriorate significantly and that the Group's business environment will gradually recover toward the end of the current consolidated fiscal year.」
Against a backdrop of uncertainty over when COVID-19 will be contained and its impact on the economic environment, estimates of additional costs by project and assumptions of recovery toward the end of the fiscal year remain in place. - FY2021-Q1Incorporation of the estimated impact of COVID-19 into the current-quarter estimatesAnnual report
「Due to the spread of the novel coronavirus infection and measures taken by governments in various countries, the comprehensive engineering business is facing a situation in which delays in delivery schedules and additional costs are expected for projects being executed by the Group, owing to lower productivity from working remotely, temporary evacuation from areas where the infection is spreading, and restrictions on the movement of overseas construction personnel and transportation of materials.」
Lower productivity, restrictions on the movement of personnel and materials, delivery delays and additional costs associated with COVID-19 remained expected as of the first quarter, and the impact for each project was reflected in the accounting estimates. - FY2020First statedAnnual report
「The spread of COVID-19 restricted the movement of people and transportation of goods, increasing the likelihood of delays in equipment manufacturing and construction work.」
Restrictions on the movement of personnel and materials, construction delays and temporary suspensions, additional costs, and postponement of customers' final investment decisions due to COVID-19 were documented systematically for the first time as independent risks.