Risk of Political Instability and Changes in Laws and Policies at Asian Production Bases
First written in FY2016. 4 of 7 entries say "Restated". Latest entry: FY2025.
Sanno moved to the "Worse" side of this theme in 2019, 2 years before the typical company in this theme (2021).
The whole theme swung hardest in 2022: 27 of 57 companies on the "Worse" side.
31 other companies' latest entry also says "Restated".
- FY2025RestatedAnnual report
「In its precious-metal surface-treatment business, the Group has a production base in the Philippines in response to growing overseas demand. The Group expects the share of overseas production within the Group to increase as Japanese manufacturers increasingly transfer production overseas.」
The expansion of overseas production centered on the Philippine base, and the risks of changes in political conditions, laws, policies, regulations and tax systems, remain ongoing. - FY2023RestatedAnnual report
「In its precious-metal surface-treatment business, the Group has a production base in the Philippines in response to growing overseas demand. The Group expects the share of overseas production within the Group to increase as Japanese manufacturers increasingly transfer production overseas. However, concerns remain about the effects of political instability in some Asian countries. In addition, changes to laws, policies, regulations or tax systems could have a material effect on the Group's financial condition and operating results.」
The expansion of overseas production centered on the Philippine base, and the risks of changes in political conditions, laws, policies, regulations and tax systems, remain ongoing. - FY2021RestatedAnnual report
「In its precious-metal surface-treatment business, the Group has a production base in the Philippines in response to growing overseas demand. The Group expects the share of overseas production within the Group to increase as Japanese manufacturers increasingly transfer production overseas. However, concerns remain about the effects of political instability in some Asian countries. In addition, changes to laws, policies, regulations or tax systems could have a material effect on the Group's financial condition and operating results.」
The expansion of overseas production centered on the Philippine base, and the risks of changes in political conditions, laws, policies, regulations and tax systems, remain ongoing. - FY2020ReframedAnnual report
「In its precious-metal surface-treatment business, the Group has a production base in the Philippines in response to growing overseas demand. The Group expects the share of overseas production within the Group to increase as Japanese manufacturers increasingly transfer production overseas.」
Compared with the previous risk description covering Asian bases, including China and the Philippines, references to China have been removed and the description has been reorganized around the Philippine base. - FY2019ReframedAnnual report
「However, the business environment is becoming more difficult to address, with new equipment measures planned in China in response to tighter environmental regulations and a review of preferential treatment in economic zones in the Philippines due to tax reforms, among other developments.」
In addition to the existing risks of political and legal or policy changes at Asian bases, specific regulatory responses have come to the fore, including compliance with China's environmental regulations and the review of preferential treatment in Philippine economic zones. - FY2017RestatedAnnual report
「In its precious-metal surface-treatment business, the Group has production bases in the Philippines and China in response to growing overseas demand. The Group expects the share of overseas production within the Group to increase as Japanese manufacturers increasingly transfer production overseas. However, concerns remain about the effects of political instability in some Asian countries. In addition, changes to laws, policies, regulations or tax systems could have a material effect on the Group's financial condition and operating results.」
Against the backdrop of production bases in the Philippines and China and the expected increase in the overseas production ratio, the risks of changes in political conditions, laws, policies, regulations and tax systems remain ongoing. - FY2016First statedAnnual report
「In its precious-metal surface-treatment business, the Group has production bases in the Philippines and China in response to growing overseas demand. The Group expects the share of overseas production within the Group to increase as Japanese manufacturers increasingly transfer production overseas. However, concerns remain about the effects of political instability in some Asian countries. In addition, changes to laws, policies, regulations or tax systems could have a material effect on the Group's financial condition and operating results.」
Against the backdrop of production bases in the Philippines and China and the expected increase in the share of overseas production, the Company identifies the risks of political instability and changes to laws, policies, regulations and tax systems.