Impact of COVID-19 on Business Operations and Performance
First written in FY2020. 5 of 15 entries say "Mitigated", first in FY2023-Q1. Latest entry: FY2024-Q2.
Banners moved to the "Worse" side of this theme in 2020, the same year as the typical company in this theme.
The whole theme swung hardest in 2020: 103 of 145 companies on the "Worse" side.
42 other companies' latest entry also says "Mitigated".
- FY2024-Q2MitigatedAnnual report
「In the automotive sales business, the number of visitors had begun to recover following the reclassification of COVID-19 as a Class 5 disease, although」
The company stated that the number of visitors to automotive dealerships had begun to recover following the reclassification of COVID-19 as a Class 5 disease. It did not state that the impact of the pandemic had completely disappeared. - FY2024-Q1MitigatedAnnual report
「As the impact of COVID-19 gradually eased, the number of visitors also gradually increased, concerts, competitions, school club activities and civic group activities became more active, and demand for musical instruments, reeds as consumables and reed-making-related products showed a rising trend.」
As the impact of the pandemic eased, visitors, musical activities and demand for related products in the musical instrument business showed signs of recovery. The company also stated that there had been no material change in its accounting assumptions regarding the pandemic. - FY2023WorsenedAnnual report
「Although the spread of COVID-19, which emerged at the beginning of 2020, was easing, the group continued to operate with thorough hygiene management, staggered working hours, remote work and other measures. However, if infections spread again, the group's operations, financial position and operating results may be affected by lower customer traffic, employee infections leading to work suspensions, supply chain disruptions and other factors.」
While noting that infection rates were easing, the company continued to identify lower customer traffic, employee infections and supply chain disruptions as risks if infections spread again. For accounting purposes, it assumed that the impact would continue for a certain period of the fiscal year ending March 2024, extending the time frame from the previous assumption. - FY2023-Q3MitigatedAnnual report
「In the musical instrument business, as the impact of COVID-19 gradually eased, the number of visitors also gradually increased, and concerts, competitions, school club activities and civic group activities began to resume. Demand for musical instruments, consumables and other related products showed a rising trend.」
Although the effects of COVID-19 remained, visitors and concerts, school club activities and other activities recovered, and demand for musical instruments, consumables and other products also began to increase. - FY2023-Q2MitigatedAnnual report
「As the impact of COVID-19 gradually eased, the number of visitors also gradually increased, and concerts, competitions, school club activities and civic group activities began to resume. Demand for musical instruments, consumables and other related products showed a rising trend.」
Although the effects of the pandemic remained, visitors and concerts, school club activities and other activities recovered, and demand for musical instruments, consumables and other products also began to increase. In the additional information, the company stated that there had been no material change in its accounting assumptions regarding the pandemic. - FY2023-Q1MitigatedAnnual report
「As the impact of COVID-19 gradually eased, the number of visitors also began to increase gradually, while concerts, competitions, school club activities and civic group activities began to resume. Demand for musical instruments, reeds as consumables and reed-making-related products showed a rising trend.」
Although the effects of the pandemic remained, visitors and concerts, school club activities and other activities recovered, and demand for musical instruments and consumables also began to increase. The company stated that there had been no material change in its accounting assumptions regarding the pandemic. - FY2022WorsenedAnnual report
「It remains difficult to predict when the impact of COVID-19 will subside. Based on accounting estimates made on the assumption that the impact would continue for a certain period of the fiscal year ending March 2023, the company determined that the effect on the consolidated financial statements for the current and following consolidated fiscal years would be immaterial.」
The company assumed that the impact of the pandemic would continue for a certain period of the fiscal year ending March 2023, extending the assumed time frame from the previous year's assumption that it would continue through the fiscal year ending March 2022. - FY2022-Q3WorsenedAnnual report
「However, the continuing spread of COVID-19 has kept customers away and reduced visits by new customers. Delays in vehicle deliveries due to component shortages have also not improved, and sales of both new and used vehicles continue to face difficulties.」
The impact of COVID-19 has continued to affect automotive sales through fewer visitors and difficult sales conditions. The company also referred to the potential economic impact of new variants. - FY2022-Q2RestatedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, there were no material changes to the assumptions described in the annual securities report for the previous fiscal year, including assumptions regarding the future spread of COVID-19 and when it would subside.」
The company stated that there had been no material changes to the previous fiscal year's accounting assumptions regarding the spread of COVID-19 and when it would subside. Meanwhile, business operations continued to be affected by component shortages, canceled events and other factors. - FY2022-Q1RestatedAnnual report
「Although cancellations of concerts and competitions and restrictions on school club and civic group activities due to the spread of COVID-19 continued to affect the business and the operating environment remained difficult, demand for musical instruments, reeds as consumables and reed-making-related products showed signs of recovery, and sales exceeded those in the same quarter of the previous year, when the first state of emergency was declared.」
The effects of canceled events and restrictions on activities due to the pandemic remained, but demand related to musical instruments showed signs of recovery. The company stated that there had been no material change in the accounting assumptions regarding the pandemic described in the previous fiscal year. - FY2021MaterialisedAnnual report
「The musical instrument business was significantly affected by the spread of COVID-19. In addition to fewer visitors following the declaration of a state of emergency, demand for musical instruments, reeds as consumables and reed-making-related products declined because concerts and competitions were canceled and school clubs and civic groups refrained from activities, resulting in sales falling to approximately half the previous year's level.」
The pandemic risk materialized in the form of fewer visitors, canceled events and lower demand, with sales in the musical instrument business reaching 55.9% of the previous year's level. For accounting purposes, the company assumed that the impact would continue for a certain period of the fiscal year ending March 2022. - FY2021-Q3WorsenedAnnual report
「It remains difficult to predict when the COVID-19 pandemic will subside, and the company has assumed that its impact will continue for a certain period of the fiscal year ending March 2022.」
The company revised its assumption to reflect the impact of the pandemic continuing for a certain period of the fiscal year ending March 2022. Although it remains difficult to predict when the pandemic will subside, the company determined that the effect of revising this assumption on accounting estimates was immaterial. - FY2021-Q2MaterialisedAnnual report
「In the automotive sales business, the new-vehicle sales division faced significant difficulties, and unit sales fell to approximately half the previous year's level.」
The impact of COVID-19 appeared in automotive unit sales, which fell to approximately half the previous year's level. The company also described deterioration in sales and profit in the musical instrument business due to fewer visitors, canceled events and other factors. - FY2021-Q1MaterialisedAnnual report
「In the automotive sales business, the company worked to serve as regional infrastructure for maintaining and selling vehicles that can create personal space during the COVID-19 pandemic. Store visits by both new and existing customers had been recovering since mid-May, and orders reached 70% of the previous year's level, which had benefited from demand ahead of the tax increase.」
The impact of COVID-19 appeared in automotive sales orders, which reached 70% of the previous year's level. The company also described lower sales in the musical instrument business due to fewer visitors and canceled concerts and events, indicating that the business impact of the risk had materialized. - FY2020First statedAnnual report
「Although the spread of the novel coronavirus that emerged at the beginning of 2020 has continued worldwide, the group is implementing efficient business operations, including thorough hygiene management, staggered working hours and remote work, to prevent the spread of infection. However, if the situation takes longer to subside or infections spread further, the group's operations, financial position and operating results may be affected by employee infections leading to work suspensions, supply chain disruptions and other factors.」
The spread of COVID-19 was identified as a new major risk for FY2020. The company had already described the business impact, including delivery delays and lower vehicle sales in the automotive business and fewer visitors and canceled events in the musical instrument business, as well as the possibility of future employee infections and supply chain disruptions. The accounting assumptions also stated that the outbreak would subside by the end of 2020 and that the impact would be immaterial.