Risk of higher costs due to soaring raw material prices and yen depreciation
First written in FY2016. 16 of 37 entries say "Worsened", first in FY2022. Latest entry: 2026-08-07.
Morinaga Milk Industry moved to the "Worse" side of this theme in 2022, the same year as the typical company in this theme.
The whole theme swung hardest in 2019: 10 of 16 companies on the "Worse" side.
12 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「In addition to continued expected increases in raw material prices and operating costs such as logistics and labor costs, our Group also expects further cost increases against the backdrop of the situation in the Middle East.」
The company states that costs for raw materials, logistics and labor, among others, will continue to rise, and expects operating profit of ¥32,000 million for the fiscal year ending March 2027, down 7.2% year on year. - FY2026-H1WorsenedAnnual report
「Cost increases have continued across various operating costs, including raw material prices and logistics costs, following the increase in domestic transaction prices for raw milk for dairy products from June 2025 and for drinking and fermented milk products from August.」
In addition to the ongoing increases in raw material, logistics and operating costs, transaction prices for raw milk were raised in June and August 2025, and cost increases have continued. - FY2025-H1WorsenedAnnual report
「Meanwhile, the company continues to be affected by higher costs for raw materials and logistics, as well as various operating costs such as labor expenses.」
In addition to raw material and energy prices and logistics costs, operating costs such as labor expenses are also identified as factors driving cost increases and are contributing to the decline in operating profit. - FY2024-Q3WorsenedAnnual report
「Regarding transaction prices for raw milk, following the increases from April for dairy products and from August for drinking and fermented milk products, prices for raw milk for butter and cream were raised from December, resulting in a further increase in costs.」
In addition to the previous price increases for dairy products and drinking and fermented milk products, prices for products for butter and cream were also raised from December, adding another factor driving raw material cost increases. - FY2024-Q2WorsenedAnnual report
「From August 2023, transaction prices for raw milk for drinking and fermented milk products were raised, resulting in a further increase in costs.」
In addition to rising raw material and energy prices and various operating costs, transaction prices for raw milk for drinking and fermented milk products were raised from August 2023, adding another factor driving cost increases. - FY2024-Q1WorsenedAnnual report
「In particular, transaction prices for raw milk for dairy products were raised in April 2023. New cost increases also arose, including the temporary tax burden associated with the sale of the former Tokyo plant site in April 2023 and higher amortization of goodwill resulting from M&A.」
In addition to the previous increases in raw material, energy and logistics costs, the April 2023 increase in transaction prices for raw milk, the tax burden associated with the sale of the former Tokyo plant site and amortization of goodwill resulting from M&A emerged as new cost factors. - FY2023-Q3WorsenedAnnual report
「In addition, transaction prices for raw milk for drinking and fermented milk products were raised from November 2022, resulting in a further increase in costs.」
In addition to the previous increases in raw material and energy prices, logistics costs and costs caused by the yen's depreciation, transaction prices for raw milk were raised from November 2022, adding another factor driving cost increases. Although the company advanced price revisions and other measures, consolidated operating profit declined 25.9% year on year, indicating that the risk had materialized in earnings. - FY2023-Q2WorsenedAnnual report
「Meanwhile, growing global demand, further depreciation of the yen and uncertainty surrounding the situation in Ukraine contributed to increases in raw material and energy prices and logistics costs to levels significantly different from the previous environment.」
Although rising raw material and energy prices and logistics costs continued and the company advanced price revisions and product mix improvements, it was unable to absorb the substantial increase in costs, and operating profit declined 29.5% year on year. - FY2023-Q1WorsenedAnnual report
「Meanwhile, growing global demand, the yen's rapid depreciation and uncertainty surrounding the situation in Ukraine contributed to increases in raw material and energy prices and logistics costs to levels significantly different from the previous environment.」
Rising raw material and energy prices and logistics costs actually accelerated against a backdrop of global demand, the yen's rapid depreciation and the situation in Ukraine, becoming factors that reduced profit. - FY2022WorsenedAnnual report
「Raw material and energy prices and logistics costs are expected to rise to levels significantly different from the previous environment, due to growing global demand and the yen's depreciation, compounded by uncertainty surrounding the situation in Ukraine.」
The company states that rising raw material and energy prices and logistics costs affected actual earnings, and that further increases are expected due to the yen's depreciation, global demand and the situation in Ukraine. - FY2022-Q1RestatedAnnual report
「Responding to the rebound increase in operating costs after they were contained in the previous fiscal year, as well as higher costs caused by rising raw material and energy prices.」
The company recognizes the rebound increase in operating costs and higher costs caused by rising raw material and energy prices, and continues to respond to them. - FY2021MitigatedAnnual report
「In preparation for major changes in supply and demand, the Group monitors trends in raw material markets and has established the Morinaga Milk Industry Group Procurement Policy. With safety and security as its top priorities, it plans to implement various measures, including purchasing from multiple regions and suppliers and securing alternative raw materials.」
In response to the risk of price fluctuations caused by raw material market conditions, supply and demand, tariffs and foreign exchange rates, the company specifies procurement policies, purchasing from multiple regions and suppliers, and securing alternative raw materials as countermeasures. - FY2021-Q3RestatedAnnual report
「During the third quarter cumulative consolidated period, there were no significant changes to, or newly emerging, risks that management recognizes could affect the group’s operating performance, financial position or other matters.」
The company states that there have been no significant changes or new developments regarding the risk of higher costs caused by raw material market conditions and foreign exchange fluctuations. - FY2021-Q1MitigatedAnnual report
「To address rising operating costs, we implemented measures including improving the product mix by reviewing low-margin products, promoting low-cost operations and revising prices.」
The company is implementing product mix improvements, low-cost operations and price revisions in response to rising operating costs. - FY2020MitigatedAnnual report
「The company plans to implement various measures, including purchasing from multiple regions and suppliers and securing alternative raw materials.」
In response to the risk of price fluctuations caused by raw material market conditions, supply and demand, and foreign exchange rates, the company specifies measures including purchasing from multiple regions and suppliers, using alternative raw materials, and entering into foreign exchange forward contracts and settling transactions in foreign currencies. - FY2020-Q3MitigatedAnnual report
「In terms of consolidated earnings, through measures including price revisions and product mix improvements in response to rising raw material, operating and other costs, operating profit was ¥22,885 million, up 9.5% year on year, while ordinary profit was ¥23,366 million, up 7.1%.」
The company states that, although raw material and operating costs continued to rise, profit exceeded the previous year's level as a result of price revisions and product mix improvements. - FY2020-Q2RestatedAnnual report
「In terms of consolidated earnings, through measures including price revisions and product mix improvements in response to rising raw material, operating and other costs, operating profit was ¥15,959 million, up 7.6% year on year, while ordinary profit was ¥16,128 million, up 3.2%.」
The company continues to implement price revisions and product mix improvements in response to rising raw material and operating costs. - FY2020-Q1MitigatedAnnual report
「To address increases in all costs, including raw materials and operating costs, we implemented measures including improving the product mix by reviewing low-margin products, promoting low-cost operations and revising prices.」
Although raw material and operating costs continue to rise, the company states that it has responded by improving its product mix, maintaining low-cost operations and implementing price revisions. - FY2019-Q3MaterialisedAnnual report
「In terms of consolidated earnings, due to rising raw material prices and other factors, operating profit was ¥20,907 million, down 4.4% year on year, while ordinary profit was ¥21,814 million, down 5.6%.」
Rising raw material prices and other factors have emerged during the first nine months of the fiscal year as factors contributing to declines in operating profit and ordinary profit. - FY2019-Q2MaterialisedAnnual report
「In terms of consolidated earnings, due to rising raw material prices and other factors, operating profit was ¥14,826 million, down 12.1% year on year, while ordinary profit was ¥15,629 million, down 12.4%.」
Rising raw material prices and other factors have emerged during the first six months of the fiscal year as factors contributing to declines in operating profit and ordinary profit. - FY2019-Q1MaterialisedAnnual report
「In terms of consolidated profitability, due to higher raw-material prices and other factors, operating profit decreased 17.9% year on year to ¥6.621 billion, while ordinary profit decreased 19.1% to ¥7.045 billion.」
Higher raw-material prices and other factors are explicitly cited as drivers of declines in first-quarter operating profit and ordinary profit, indicating that the impact of the risk of higher costs continues to materialize. - FY2018RestatedAnnual report
「Surging market prices and further yen depreciation could increase costs and affect the Group’s operating results and financial position.」
Continues to report the risk of higher costs resulting from raw-material market prices and yen depreciation. - FY2018-Q3MaterialisedAnnual report
「In terms of consolidated profitability, the Group continued efforts to improve profitability by efficiently deploying expenses and through other measures. However, due to higher raw-material prices and other factors, operating profit decreased 2.8% year on year to ¥21.871 billion, while ordinary profit decreased 0.8% year on year to ¥23.108 billion.」
Higher raw-material prices and other factors are explicitly cited as drivers of year-on-year declines in operating profit and ordinary profit, indicating that the risk of higher raw-material prices has materialized in profitability. - FY2018-Q2RestatedAnnual report
「During the second quarter cumulative consolidated period, there were no significant changes to, or newly emerging, risks that could affect the group’s operating performance, financial position or other matters.」
States that there have been no material changes or newly arising risks relating to the risk of higher costs resulting from fluctuations in raw-material market prices and foreign exchange rates. - FY2018-Q1RestatedAnnual report
「During the first quarter cumulative consolidated period, there were no significant changes to, or newly emerging, risks that could affect the group’s operating performance, financial position or other matters.」
States that there have been no material changes or newly arising risks relating to the risk of higher costs resulting from fluctuations in raw-material market prices and foreign exchange rates. - FY2017RestatedAnnual report
「Surging market prices and further yen depreciation could increase costs and affect the Group’s operating results and financial position.」
Continues to report the risk of higher costs resulting from raw-material market prices and foreign exchange fluctuations. - FY2017-Q3RestatedAnnual report
「During the third quarter cumulative consolidated period, there were no significant changes to, or newly emerging, risks that could affect the group’s operating performance, financial position or other matters.」
States that there have been no material changes or newly arising risks relating to the risk of higher costs resulting from fluctuations in raw-material market prices and foreign exchange rates. - FY2017-Q2RestatedAnnual report
「During the second quarter cumulative consolidated period, there were no significant changes to, or newly emerging, risks that could affect the group’s operating performance, financial position or other matters.」
Treats the risk of higher costs resulting from fluctuations in raw-material market prices and foreign exchange rates as having undergone no material changes. - FY2017-Q1RestatedAnnual report
「During the first quarter cumulative consolidated period, there were no significant changes to, or newly emerging, risks that could affect the group’s operating performance, financial position or other matters.」
Treats the risk of fluctuations in raw-material market prices and foreign exchange rates as having undergone no material changes. - FY2016First statedAnnual report
「Surging market prices and further yen depreciation could increase costs and affect the Group’s operating results and financial position.」
Reports the risk of fluctuations in market prices and foreign exchange rates for raw materials and products procured overseas.