Business and Supply-Chain Impact of COVID-19
First written in FY2020. 4 of 10 entries say "Restated". Latest entry: FY2024.
Ocean System 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.
15 other companies' latest entry also says "Reframed".
- FY2024ReframedAnnual report
「In addition, if a virus pandemic such as COVID-19 occurs, business activities may be disrupted, potentially affecting the performance and financial position of our group.」
The company has moved from independently explaining the specific business impact of COVID-19 to presenting it as a general pandemic risk included among natural disasters, accidents and other events. - FY2023RestatedAnnual report
「COVID-19 is expected to disrupt business activities through shorter operating hours or closures caused by staff shortages at stores and production sites, declines in revenue resulting from tenants' requests for rent reductions, and the risk of delays in product supplies caused by supply-chain disruptions. However, as of the filing date, we believe its impact on the consolidated financial statements is minor.」
The company continues to describe the risks of infection-related staff shortages, shorter operating hours and closures, requests for rent reductions, and supply-chain disruptions, while explaining that the impact on the financial statements was minor as of the filing date. - FY2023-Q1RestatedAnnual report
「There have been no significant changes to the assumptions regarding the impact of COVID-19 described in the annual securities report for the previous consolidated fiscal year under “Significant Accounting Estimates.”」
The Bank reconfirmed that there had been no material changes from the previous fiscal year in the accounting assumptions concerning the impact of COVID-19. - FY2022While deeming the impact minor, explicitly identifying the risk of supply delaysAnnual report
「COVID-19 is expected to disrupt business activities through shorter operating hours or closures caused by staff shortages at stores and production sites, declines in revenue resulting from tenants' requests for rent reductions, and the risk of delays in product supplies caused by supply-chain disruptions. However, as of the filing date, we believe its impact on the consolidated financial statements is minor.」
While explicitly identifying shorter operating hours, closures, requests for rent reductions and supply delays due to supply-chain disruptions as risks, the company recognizes that the impact on the consolidated financial statements was minor as of the filing date. - FY2022-Q2RestatedAnnual report
「In the ryokan and other businesses, revenue has been significantly affected by requests to suspend operations or shorten operating hours under states of emergency and priority preventive measures, requests to stop serving alcoholic beverages, and requests to refrain from going out and dining in groups, and has not yet recovered.」
The company continues to describe how suspension of operations, shorter operating hours, suspension of alcoholic beverage service and requests to refrain from going out associated with COVID-19 are preventing revenue recovery in the ryokan and restaurant businesses. - FY2022-Q1RestatedAnnual report
「In the ryokan and other businesses, the travel and restaurant industries have continued to face substantially restricted corporate activities, including requests from the government last April to refrain from nonessential, nonurgent outings under a state of emergency, and revenue has not yet recovered.」
Restrictions on activity in the travel and restaurant industries and the failure of revenue to recover due to COVID-19 continue. - FY2021-Q3WorsenedAnnual report
「Regarding COVID-19, we had assumed that its impact would continue until around summer and then return to the previous level in approximately six months. However, we have changed our assumption to reflect that it will take a certain period to contain the spread of infection and that the impact will continue through the fiscal year ending March 2022.」
The assumption regarding the impact of COVID-19 has changed from the previous assumption that it would continue until around summer to one that it would continue through the fiscal year ending March 2022, extending the expected duration of the impact. - FY2021-Q2MaterialisedAnnual report
「Although the volume of prepared-food production contracted by food supermarkets at the Chiba Plant increased as demand for meals prepared at home grew, the number of boxed lunches manufactured under contract for the travel industry declined substantially.」
The impact of COVID-19 continues to materialize as a substantial decline in contract bento manufacturing for the travel-related industry and deterioration in the performance of the home-delivered bento and ryokan businesses. Meanwhile, contract production of prepared foods for food supermarkets increased due to demand for meals prepared at home. - FY2021-Q1MaterialisedAnnual report
「The number of home-delivered bento meals sold to business establishments declined. Meanwhile, although the volume of prepared foods produced on a contract basis for food supermarkets at the Chiba plant increased amid stronger demand for meals prepared at home, the number of bento meals manufactured on a contract basis for the travel-related industry declined significantly.」
The impact of COVID-19 has materialized as a decline in home-delivered bento sales, a decline in contract bento manufacturing for the travel-related industry and a sharp drop in revenue from the ryokan and restaurant businesses. Meanwhile, contract production of prepared foods for food supermarkets increased due to demand for meals prepared at home. - FY2020First statedAnnual report
「Across our group, restaurants have voluntarily suspended operations, retail stores have shortened their operating hours, and we have provided partial support in response to tenants' requests for rent reductions. In the bento catering business, the spread of working from home has led to a decline in bento orders and the closure of cafeterias, while restrictions on movement have resulted in a decline in the number of bento orders manufactured on a contract basis for the travel-related industry.」
For the first time, the company independently describes the actual impact of COVID-19 on its businesses, including voluntary suspension of restaurant operations, shorter hours at retail stores, fewer bento orders, cafeteria closures and a decline in contract work for the travel-related industry, as well as the risk that the impact may persist over the long term and a second wave may occur.