Country Risks Associated with the Expansion of Overseas Operations
First written in FY2016. 9 of 15 entries say "Restated". Latest entry: 2026-07-30.
Japan Tobacco moved to the "Worse" side of this theme in 2018, 3 years before the typical company in this theme (2021).
The whole theme swung hardest in 2025: 47 of 95 companies on the "Worse" side.
78 other companies' latest entry also says "Restated".
- 2026-07-30RestatedRevision to earnings forecasts
「In the Russian market, the Group continues to operate its business in compliance with all applicable sanctions and regulations in Japan and overseas. In light of the likelihood that the prolonged and increasingly complex situation may significantly impede stable and sustainable business operations, the Group continues to consider options for the future operation of its tobacco business in the Russian market, including separating it from Group management.」
The Group reiterated that it continues to operate in the Russian market while continuing to consider options including separating the business from Group management. - FY2026-H1Monitoring developments in the Middle EastAnnual report
「The Group also has operating bases and customers in the Middle East. Although it continues to monitor developments in the region, it currently does not recognize any material impact on the Group's business or performance.」
The Group newly provides specific disclosure that it is monitoring developments in the Middle East as a country risk associated with its overseas business, while stating that it currently recognizes no material impact on its business or performance. - FY2024-Q1RestatedAnnual report
「The Group continues to operate its business in the Russian market in compliance with all sanctions, regulations and other measures imposed domestically and internationally. In view of the likelihood that a prolonged and increasingly complex situation could seriously disrupt the Group's stable and sustainable business operations, the Group continues to consider options for the operation of its tobacco business in the Russian market, including separating it from Group management. At present, the outlook and impact on business performance cannot be reasonably estimated.」
The Group continues operating in the Russian market while complying with sanctions, regulations and other measures, and has reconfirmed that it is considering options including separating the business and that the future impact remains uncertain. - FY2023-Q3RestatedAnnual report
「The Group continues to operate its business in the Russian market in compliance with all sanctions, regulations and other measures imposed domestically and internationally. In view of the likelihood that a prolonged and increasingly complex situation could seriously disrupt the Group's stable and sustainable business operations, the Group continues to consider options for the operation of its tobacco business in the Russian market, including separating it from Group management. At present, the outlook and impact on business performance cannot be reasonably estimated.」
The Group continues operating in the Russian market while complying with sanctions, regulations and other measures, and has reconfirmed that it is considering options including separating the business and that the future impact remains uncertain. - FY2023-Q2RestatedAnnual report
「The Group continues to operate its business in the Russian market in compliance with all sanctions, regulations and other measures imposed domestically and internationally. In view of the likelihood that a prolonged and increasingly complex situation could seriously disrupt the Group's stable and sustainable business operations, the Group continues to consider options for the operation of its tobacco business in the Russian market, including separating it from Group management. At present, the outlook and impact on business performance cannot be reasonably estimated.」
The Group continues operating in the Russian market while complying with sanctions, regulations and other measures, and has reconfirmed that it is considering options including separating the business and that the future impact remains uncertain. - FY2023-Q1RestatedAnnual report
「The Group continues to operate its business in the Russian market in compliance with all sanctions, regulations and other measures imposed domestically and internationally. In view of the likelihood that a prolonged and increasingly complex situation could seriously disrupt the Group's stable and sustainable business operations, the Group continues to consider options for the operation of its tobacco business in the Russian market, including separating it from Group management. At present, the outlook and impact on business performance cannot be reasonably estimated.」
The Group continues operating in the Russian market while complying with sanctions, regulations and other measures, and has reconfirmed that it is considering options including separating the business and that the future impact remains uncertain. - FY2022-Q3RestatedAnnual report
「The Group continues to operate its business in the Russian market in compliance with all sanctions imposed domestically and internationally. In view of the likelihood that a prolonged and increasingly complex situation could seriously disrupt the Group's stable and sustainable business operations, the Group continues to consider options for the operation of its tobacco business in the Russian market, including separating it from Group management. At present, the outlook and impact on business performance cannot be reasonably estimated.」
The Group continues operating in the Russian market while complying with sanctions, and has reconfirmed that it is considering options including separating the business and that the future impact cannot be reasonably estimated. - FY2022-Q2RestatedAnnual report
「The Group continues to operate its business in the Russian market in compliance with all sanctions imposed domestically and internationally. In view of the likelihood that a prolonged and increasingly complex situation could seriously disrupt the Group's stable and sustainable business operations, the Group continues to consider options for the operation of its tobacco business in the Russian market, including separating it from Group management. At present, the outlook and impact on business performance cannot be reasonably estimated.」
The Group continues operating in the Russian market while complying with sanctions, and has reconfirmed that it is considering options including separating the business and that the future impact cannot be reasonably estimated. - FY2022-Q1WorsenedAnnual report
「In light of the recent situation involving Russia and Ukraine, the Company decided to suspend all new investments, marketing activities and other activities by the Group in the Russian market and has implemented measures accordingly. In view of the likelihood that a prolonged situation and other factors could seriously disrupt the Group's stable and sustainable business operations, the Group is considering options for the operation of its tobacco business in the Russian market, including separating it from Group management. At present, the outlook and impact on business performance cannot be reasonably estimated.」
Regarding the Russia-Ukraine situation, the filing states that, in addition to suspending new investments and marketing activities, the Group is considering options including separating the Russian tobacco business from Group management on the assumption that operations could be seriously disrupted. - FY2021WorsenedAnnual report
「In light of the current situation involving Russia and Ukraine, the Group has decided to temporarily suspend all new investments and marketing activities in the Russian market. The business environment in the Russian market has become exceptionally difficult, with no precedent, and is expected to affect future operations in a wide range of ways. Accordingly, the Group believes that it may also temporarily suspend manufacturing in Russia unless the business environment improves significantly.」
In response to the Russia-Ukraine situation, the filing newly states that new investments and marketing activities have been suspended and that manufacturing may also be temporarily suspended. - FY2019-Q1MaterialisedAnnual report
「The Group's Iranian subsidiary is currently experiencing difficulty remitting funds from Iran to countries outside Iran due to international sanctions and other measures against Iran.」
The filing states that the Iranian subsidiary is in fact experiencing difficulty remitting funds outside the country due to economic sanctions. - FY2017WorsenedAnnual report
「The Group also operates in countries subject to economic sanctions. Although the Group conducts its business lawfully and appropriately in compliance with various economic sanctions, if the Group were to violate these sanctions, it could face substantial fines and other consequences. In addition, if the scope or other aspects of the sanctions were changed, the Group might be unable to continue operating in those countries, which could adversely affect its business performance.」
In addition to conventional political, economic and social conditions, the Group explicitly identifies violations of economic sanctions, changes to sanctions and reputational impact as overseas business risks. - FY2016First statedAnnual report
「The Group will actively pursue further geographic expansion to achieve long-term growth. At the same time, country risk may increase relatively due to changes in local political, economic, social and legal conditions, as well as riots, terrorism and war. If these risks materialize, the Group's business performance may be adversely affected by disruptions to its supply chain and distribution network, damage to assets and facilities, and difficulties in staffing and operational management.」
Against the backdrop of operations in more than 70 countries and regions and a policy of geographic expansion, the Group explicitly identifies overseas business risks arising from political, social and legal conditions, conflicts and other factors.