Domestic population decline, a declining birth rate and an aging population, and changes in the business environment driven by the TPP and other factors
First written in FY2016. 15 of 34 entries say "Restated". Latest entry: FY2026.
Feed One moved to the "Worse" side of this theme in 2020, 4 years before the typical company in this theme (2024).
The whole theme swung hardest in 2020: 6 of 13 companies on the "Worse" side.
4 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「The Group's operating environment is expected to remain uncertain, owing to declining numbers of livestock farms and livestock and poultry in the livestock sector; lower demand caused by heat stress and livestock diseases; lower demand in the fishery sector due to feeding restrictions under high seawater temperatures; and higher resource and logistics costs and uncertainty over the supply of feed ingredients against a backdrop of climate change and geopolitical risks. Nevertheless, the Group recognizes that underlying demand supporting the food supply chain will remain firm.」
The disclosure specifies declining numbers of livestock farms and livestock and poultry, heat stress and disease, high seawater temperatures, climate change and geopolitical risks as sources of uncertainty for demand, costs and raw material supply. - FY2026-H1US tariff policy and geopolitical risks have been added to the disclosure.Annual report
「Meanwhile, conditions remain uncertain due to developments in US tariff policy and the prolonged geopolitical risks in Ukraine and the Middle East.」
In addition to the existing external environmental risks, the disclosure specifically identifies US tariff policy and the prolonged geopolitical risks in Ukraine and the Middle East as sources of uncertainty during the interim period. - FY2025WorsenedAnnual report
「The Group's operating environment is expected to remain uncertain in terms of earnings, owing to an anticipated decline in demand for livestock feed resulting from fewer livestock farms and temporary decreases in livestock numbers caused by disease outbreaks; lower demand for fish feed due to feeding restrictions resulting from high seawater temperatures; uncertainty over the supply of feed ingredients and higher prices associated with climate change and other factors; and higher manufacturing costs due to rising energy prices.」
In addition to the existing external environmental risks relating to raw materials, foreign exchange and disease, the disclosure explicitly identifies fewer livestock farms, feeding restrictions caused by high seawater temperatures, climate change and energy prices as sources of uncertainty for demand and earnings. - FY2024-Q3RestatedAnnual report
「During the cumulative third quarter under review, there were no significant changes in the matters described in this quarterly report regarding the business and accounting conditions that could materially affect investors’ decisions, or in the “Business and Other Risks” described in the securities report for the previous fiscal year.」
The disclosure states that there have been no material changes in business and other risks. Regarding the economic environment, energy prices remain elevated, financial and capital markets remain volatile, and domestic prices continue to rise, while social activity has moved toward normalization. - FY2024-Q2The delayed recovery of the Chinese economy and other factors have been added as business-environment factors.Annual report
「During the first six months of the fiscal year under review, from 1 April 2023 to 30 September 2023, the Japanese economy remained uncertain. Factors affecting the economy included higher energy and raw material prices resulting from heightened geopolitical tensions, volatility in financial and capital markets, rising domestic prices and the delayed recovery of the Chinese economy. However, as the COVID-19 pandemic subsided, social activity gradually normalized and a gradual recovery was seen.」
The disclosure identifies energy and raw material prices, financial and capital markets, domestic prices and the delayed recovery of the Chinese economy as sources of uncertainty, while also noting that the COVID-19 pandemic is subsiding and social activity is returning to normal. - FY2024-Q1RestatedAnnual report
「However, conditions remain uncertain, due to higher energy and raw material prices resulting from heightened geopolitical tensions, volatility in financial and capital markets caused by shifts in monetary policy in various countries, and a slowdown in overseas economies.」
While stating that the impact of COVID-19 is subsiding, the disclosure continues to describe uncertainty in energy and raw material prices, financial and capital markets, and overseas economies. - FY2023WorsenedAnnual report
「However, consumption is expected to recover only gradually, owing in part to the wave of food price increases that has continued since 2022, higher livestock product prices caused by avian influenza, and labor shortages in the food-service industry. In addition, with raw material prices remaining high amid international political instability, volatile foreign exchange rates, higher energy and logistics costs, and the continuing impact of avian influenza, earnings conditions are expected to remain challenging.」
The disclosure describes a challenging earnings environment in which, in addition to the existing risks from infectious diseases, raw material prices and foreign exchange, the effects of food price increases, labor shortages, higher energy and logistics costs, and avian influenza remain. - FY2023-Q3RestatedAnnual report
「During the cumulative third quarter under review, there were no significant changes in the matters described in this quarterly report regarding the business and accounting conditions that could materially affect investors’ decisions, or in the “Business and Other Risks” described in the securities report for the previous fiscal year.」
The disclosure states that there have been no material changes in business and other risks. Meanwhile, the uncertain environment continues due to the Russia-Ukraine situation, energy and raw material prices, monetary policy and rising prices. - FY2023-Q2RestatedAnnual report
「During the cumulative second quarter under review, there were no significant changes in the matters described in this quarterly report regarding the business and accounting conditions that could materially affect investors’ decisions, or in the “Business and Other Risks” described in the securities report for the previous fiscal year.」
While stating that there have been no material changes in business and other risks, the disclosure describes the uncertain environment surrounding COVID-19, the Russia-Ukraine situation, higher raw material prices and the depreciation of the yen. - FY2023-Q1RestatedAnnual report
「During the first three months of the fiscal year under review, from 1 April 2022 to 30 June 2022, the Japanese economy remained uncertain. In addition to the impact of COVID-19, there were many factors raising concerns about the economic outlook, including higher raw material prices resulting from the Russia-Ukraine situation and the rapid depreciation of the yen caused by rising US interest rates.」
The disclosure continues to identify COVID-19, the Russia-Ukraine situation, higher raw material prices and the depreciation of the yen associated with rising US interest rates as factors contributing to an uncertain business environment. - FY2022WorsenedAnnual report
「The Group's operating environment is expected to be extremely challenging in terms of earnings, as many raw material prices have remained at historically high levels since the beginning of the year due to concerns over the supply of grain and other commodities arising from the Russia-Ukraine situation and the rapid depreciation of the yen. There are also concerns that this will lead to a substantial increase in contributions to the Feed Price Stabilization Fund.」
In addition to the existing risks from raw material prices and foreign exchange movements, the Russia-Ukraine situation, the rapid depreciation of the yen, historically high raw material prices and concerns about increased fund contributions are explicitly identified, indicating a worsening of external environmental risks. - FY2022-Q3RestatedAnnual report
「During the first nine months of the fiscal year under review, from 1 April 2021 to 31 December 2021, some restrictions on corporate and individual activities imposed by COVID-19 were eased, and a gradual restart of domestic economic activity was expected. However, conditions remained unpredictable, including the potential impact on Japan of the renewed spread of infections overseas.」
The disclosure continues to describe an uncertain business environment due to the impact of COVID-19 and the renewed spread of infections overseas. - FY2022-Q2RestatedAnnual report
「The Group regards the stable delivery of safe and secure food as its social mission and continues to fulfill its responsibilities by maintaining a stable supply of compound feed to livestock and fishery producers. Although the Group currently believes that the impact of COVID-19 on its financial position and operating results is immaterial, future developments may make it necessary to revise its business forecasts.」
The disclosure reconfirms that, despite the continued state of emergency and other measures, the impact on business performance is immaterial at present, while business forecasts may need to be revised depending on future developments relating to the pandemic. - FY2022-Q1RestatedAnnual report
「During the first three months of the fiscal year under review, from 1 April 2021 to 30 June 2021, the Japanese economy remained uncertain. Even after the start of the new fiscal year, the end of the COVID-19 pandemic remained unclear, a state of emergency was declared again in April in major urban areas, particularly Tokyo, and priority preventive measures continued thereafter.」
The disclosure reconfirms the uncertain business environment, with no clear end to the COVID-19 pandemic and continued states of emergency and priority preventive measures. - FY2021-Q3WorsenedAnnual report
「Although the outlook and the timing of the end of the pandemic remain unclear, the Group regards the stable delivery of safe and secure food as its social mission and continues to fulfill its responsibilities by maintaining a stable supply of compound feed to livestock and fishery producers. Although the Group currently believes that the impact on its financial position and operating results is immaterial, future developments may make it necessary to revise its business forecasts.」
The disclosure states that infections began spreading again from November and that uncertainty over when the COVID-19 pandemic will end continues. While describing the impact on business performance as immaterial at present, it continues to indicate the possibility of revising business forecasts. - FY2021-Q2RestatedAnnual report
「The Company regards the stable delivery of safe and secure food as its social mission and continues to fulfill its responsibilities by maintaining a stable supply of compound feed to livestock and fishery producers. Although the Company currently believes that the impact on its financial position and operating results is immaterial, future developments may make it necessary to revise its business forecasts.」
The disclosure continues to state that the timing of the end of the COVID-19 pandemic remains unclear. While describing the impact on business performance as immaterial at present, it mentions the possibility of revising business forecasts depending on future developments. - FY2021-Q1WorsenedAnnual report
「During the first three months of the fiscal year under review, from 1 April 2020 to 30 June 2020, the Japanese economy deteriorated sharply as a result of the spread of COVID-19, and is expected to remain extremely challenging going forward.」
The disclosure describes a sharp economic deterioration caused by COVID-19 and the expectation that extremely challenging conditions will continue. While stating that the impact on financial position and operating results is immaterial at present, it also mentions the possibility that business forecasts may need to be revised depending on future developments. - FY2020WorsenedAnnual report
「In FY2019, amid concerns over an economic downturn, including the global spread of the novel coronavirus infection, the Group considered the stable supply of products to livestock and fisheries producers and the provision of safe and reliable food to consumers to be its absolute mission.」
In addition to the existing factors of population decline, trade policy, foreign exchange and raw material prices, the global spread of COVID-19 and concerns about an economic downturn are explicitly identified as external environmental factors. - FY2020-Q3Overseas political and economic uncertainty specified in greater detailAnnual report
「During the nine-month consolidated cumulative period from 1 April 2019 to 31 December 2019, Japan's economy remained on a moderate recovery trend, but the outlook remained uncertain due to overseas political developments and economic uncertainty, including the US-China trade issue, concerns over the outlook for the Chinese economy and the UK's issue of leaving the EU.」
In addition to the uncertainty surrounding trade policy and other factors, the disclosure specifically cites the US-China trade issue, concerns over the outlook for the Chinese economy and the UK's issue of leaving the EU as business environment factors during the quarter. - FY2020-Q2US-China trade friction and concerns over a consumption tax increase specified as business environment factorsAnnual report
「Although the economy improved moderately, driven by strong construction demand and other factors, uncertainty intensified further due to concerns over economic stagnation caused by a slowdown in exports and capital investment accompanying the global economic downturn against the backdrop of US-China trade friction, as well as concerns over a decline in domestic consumption following an increase in the consumption tax.」
In addition to the uncertainty surrounding trade policy and other factors, the disclosure specifically cites the global economic downturn caused by US-China trade friction and concerns over a decline in domestic consumption following an increase in the consumption tax as business environment factors during the quarter. - FY2020-Q1RestatedAnnual report
「However, in addition to concerns over the declining domestic population and declining birthrate and ageing population, uncertainty over the impact of trade policy on Japan's livestock industry, sharp foreign exchange fluctuations and soaring prices for imported raw materials have led to significant changes in the business environment surrounding the Group. Competition in the domestic market is expected to intensify further.」
Population trends, trade policy, foreign exchange rates, imported raw material prices and intensifying domestic competition continue to be cited as business environment risks. - FY2019-Q2External environmental factors specified in greater detailAnnual report
「However, uncertainty has persisted due to factors including the impact of intensifying trade friction between the United States and China, higher crude oil prices, and damage caused by torrential rain and typhoons, which affected the economies of disaster-stricken areas, particularly in western Japan.」
In addition to changes in trade policy and raw material prices, the disclosure specifically cites US-China trade friction, higher crude oil prices, and the impact of torrential rain and typhoons on the economies of disaster-stricken areas as factors contributing to uncertainty during the quarter. - FY2019-Q1ReframedAnnual report
「If the business environment surrounding the Group's core feed business changes, such as as a result of changes in agricultural policy accompanying developments in the TPP, FTA and other agreements, this could have a material impact on operating results.」
The wording on the risk of changes in the business environment due to trade policy has been changed to specifically cite changes in agricultural policy accompanying developments in the TPP, FTA and other agreements. - FY2018-Q3RestatedAnnual report
「However, in addition to concerns over the declining domestic population and declining birthrate and ageing population, uncertainty over the impact of trade policy on Japan's livestock industry, sharp foreign exchange fluctuations and soaring prices for imported raw materials have led to significant changes in the business environment surrounding the Group. Competition in the domestic market is expected to intensify further.」
Population trends, trade policy, foreign exchange rates, imported raw material prices and intensifying domestic competition continue to be cited as business environment risks. - FY2018-Q2RestatedAnnual report
「However, in addition to concerns over the declining domestic population and declining birthrate and ageing population, uncertainty over the impact of trade policy on Japan's livestock industry, sharp foreign exchange fluctuations and soaring prices for imported raw materials have led to significant changes in the business environment surrounding the Group. Competition in the domestic market is expected to intensify further.」
Population trends, trade policy, foreign exchange rates, imported raw material prices and intensifying domestic competition continue to be cited as business environment risks. - FY2018-Q1Agricultural policy change risk explicitly statedAnnual report
「If the business environment surrounding the Group's core feed business changes, such as as a result of changes in agricultural policy by the government, this could have a material impact on operating results.」
In addition to population trends and trade policy, the disclosure explicitly states that changes in agricultural policy by the government could affect the core feed business. - FY2017ReframedAnnual report
「However, in addition to concerns over the declining domestic population and declining birthrate and ageing population, uncertainty over the impact of trade policy on Japan's livestock industry, sharp foreign exchange fluctuations and soaring prices for imported raw materials have led to significant changes in the business environment surrounding the Group. Competition in the domestic market is expected to intensify further.」
The wording has been changed from a broad reference to international trade developments to wording centred on uncertainty over the impact of trade policy on Japan's livestock industry. - FY2017-Q3ReframedAnnual report
「However, in addition to the declining domestic population and the progress of the declining birthrate and ageing population, the business environment surrounding the Group has changed significantly due to various developments concerning the future of international trade being discussed multilaterally and uncertainty over their impact on Japan's livestock and fisheries industries, sharp foreign exchange fluctuations and soaring prices for imported raw materials. Competition in the domestic market is expected to intensify further.」
The wording has been broadened from its previous emphasis on the TPP negotiations to cover the future of international trade being discussed multilaterally and its impact on domestic industries. - FY2017-Q2RestatedAnnual report
「However, in addition to concerns over the declining domestic population and declining birthrate and ageing population, uncertainty over the impact on Japan's livestock industry as the TPP negotiations moved from broad agreement towards entry into force, sharp foreign exchange fluctuations and soaring prices for imported raw materials have led to significant changes in the business environment surrounding the Group. Competition in the domestic market is expected to intensify further.」
Domestic population trends, agricultural policies including the TPP, foreign exchange rates, imported raw material prices and intensifying domestic competition continue to be cited as business environment risks. - FY2017-Q1RestatedAnnual report
「However, in addition to concerns over the declining domestic population and declining birthrate and ageing population, uncertainty over the impact on Japan's livestock industry as the TPP negotiations moved from broad agreement towards entry into force, sharp foreign exchange fluctuations and soaring prices for imported raw materials have led to significant changes in the business environment surrounding the Group. Competition in the domestic market is expected to intensify further.」
Domestic population trends, agricultural policies including the TPP, foreign exchange rates, imported raw material prices and intensifying competition are reiterated as the same business environment risks as before. - FY2016First statedAnnual report
「However, in addition to concerns over the declining domestic population and declining birthrate and ageing population, uncertainty over the impact on Japan's livestock industry as the TPP negotiations moved from broad agreement towards entry into force, sharp foreign exchange fluctuations and soaring prices for imported raw materials have led to significant changes in the business environment surrounding the Group. Competition in the domestic market is expected to intensify further.」
Changes in domestic demand and policy, foreign exchange rates and imported raw material prices, and intensifying competition are cited as business environment risks.