Delays in customer acceptance inspections and deferral of revenue recognition due to the spread of COVID-19
First written in FY2020-Q3. 7 of 15 entries say "Mitigated", first in FY2022-Q2. Latest entry: FY2026.
The whole theme swung hardest in 2020: 103 of 175 companies on the "Worse" side.
- FY2026ReframedAnnual report
「If an infectious disease outbreak develops into a pandemic, restrictions on activities to ensure the safety of employees of our group and our business partners and to prevent the spread of infection could impose various constraints on our group's business activities.」
The disclosure has been reorganized from a specific reference to delivery and customer-acceptance delays caused by COVID-19 into a general infectious-disease risk alongside natural disasters and terrorism. - FY2024MitigatedAnnual report
「As COVID-19 moves toward containment worldwide and the behavioral restrictions and various regulations imposed to date are eased,」
The company indicates that the easing of behavioral restrictions and regulations related to the infection is moving the business environment toward containment and normalization. - FY2024-Q1MitigatedAnnual report
「Synchrotron radiation facilities and X-ray free-electron laser facilities in Japan and overseas, which are the main markets for X-ray nanofocusing mirrors, have recovered to normal operations,」
Major delivery-destination facilities have recovered to normal operations, reducing the risk of facility-operation and customer-acceptance delays due to the infection. Meanwhile, travel restrictions to China remain in place. - FY2023-Q3MitigatedAnnual report
「Synchrotron radiation facilities and X-ray free-electron laser facilities in Japan and overseas, which are the main markets for X-ray nanofocusing mirrors, have generally returned to normal operations. Upgrade projects and new construction plans at synchrotron radiation facilities in China, Europe and the United States, as well as at Japan's next-generation synchrotron radiation facility NanoTerasu, are also progressing smoothly.」
Major delivery-destination facilities have generally returned to normal operations, partly reducing the infectious-disease risk related to facility operations and customer-acceptance delays. Deliveries of products to the United States and China that had been deferred from the previous fiscal year have also been largely completed. - FY2023-Q2MitigatedAnnual report
「Synchrotron radiation facilities and X-ray free-electron laser facilities in Japan and overseas, which are the main markets for X-ray nanofocusing mirrors, have generally returned to normal operations.」
Synchrotron radiation facilities and X-ray free-electron laser facilities in Japan and overseas, the main markets, have generally returned to normal operations, partly reducing the risk of facility-operation and customer-acceptance delays due to the infection. - FY2023-Q1MitigatedAnnual report
「Although synchrotron radiation facilities and X-ray free-electron laser facilities in Japan and overseas, which are the main markets for X-ray nanofocusing mirrors, have generally returned to normal operations, the impact of COVID-19 continues to be felt in China, including continued travel restrictions under its zero-COVID policy.」
Major delivery-destination facilities in Japan and overseas have generally returned to normal operations, partly reducing the risk of facility-operation and customer-acceptance delays due to the infection. Meanwhile, travel restrictions under China's zero-COVID policy remain in place. - FY2022MaterialisedAnnual report
「Subsequently, the impact of import restrictions resulted in many products destined for China not being delivered.」
Import restrictions associated with COVID-19 and China's zero-COVID policy actually caused delays in deliveries of products destined for China and deferred revenue recognition to the following fiscal year. The company also states that entry restrictions in South Korea and Taiwan prevented the installation of electron-science equipment, and that revenue is expected to be deferred to the following fiscal year. - FY2022-Q3MitigatedAnnual report
「Although the impact of the zero-COVID policy in China, including its uncertain economic effects in Shanghai and elsewhere, varies by country, the impact of COVID-19 at facilities around the world has gradually diminished and they are returning to normal activities.」
Although uncertainty caused by China's zero-COVID policy remains, the impact of the infection at facilities around the world has gradually declined and they are returning to normal activities. The risk of delays in facility operations and customer acceptance at delivery destinations has partly declined. - FY2022-Q2MitigatedAnnual report
「Although the situation regarding the Omicron variant requires continued attention, the impact of the coronavirus at facilities around the world is subsiding and they are gradually returning to normal operations.」
The company continues to monitor the Omicron variant, but states that the impact of the infection at synchrotron radiation facilities around the world has subsided and that they are gradually returning to normal operations. The risk of delays in facility operations and customer acceptance at delivery destinations has partly declined. - FY2022-Q1RestatedAnnual report
「Logistics delays still remain, including a decline in sea-freight shipments to and from Japan and the resulting impact on air-freight shipments.」
The company states that logistics delays related to the spread of the infection still remain. It also indicates that the impact is gradually easing, including with the resumption of travel to the United States. - FY2021-Q3RestatedAnnual report
「On the other hand, a substantial amount of overseas sales is scheduled to be recognized in the fourth quarter, and the situation remains uncertain because the effects of the spread of COVID-19 continue in various countries.」
As COVID-19 continues, the impact on overseas delivery destinations and uncertainty regarding the timing of revenue recognition in the fourth quarter persist. - FY2021-Q2MaterialisedAnnual report
「The spread of COVID-19 continued to have a significant impact. In particular, the effects of lockdown measures in Europe and the United States and logistics delays caused by the spread of the virus overlapped, and many projects could not be shipped even though manufacturing had been completed. As a result, performance fell substantially below the initial forecast.」
The risk of delays in deliveries and revenue recognition due to COVID-19 has materialized in the form of projects that could not be shipped after manufacturing was completed and failure to meet the earnings forecast. - FY2021-Q1MaterialisedAnnual report
「In addition, sales of the quartz crystal oscillator wafer processing system, whose development had been significantly delayed by the spread of COVID-19, are expected in the second quarter.」
The impact of COVID-19 has actually caused delays in the development of crystal oscillator wafer processing systems and in the timing of revenue recognition. - FY2020MaterialisedAnnual report
「Orders were delayed because construction and research plans at facilities in China and the United States were delayed. Decisions on final specifications were delayed by shutdowns at facilities in China (SSRF), Brazil (SIRIUS) and Taiwan (TPS), among others, and manufacturing was delayed by the shutdown of a German manufacturer to which the grating and multilayer-film processing had been outsourced.」
COVID-19 actually delayed orders, specification decisions, outsourced processing and shipments, causing revenue from the optical business to be deferred to the following fiscal year. - FY2020-Q3First statedAnnual report
「Although the spread of the novel coronavirus has had no impact on our production system, facilities in countries around the world that are our delivery destinations have begun to be affected. If acceptance procedures at the delivery destinations do not progress, revenue may not be recognized in the fiscal year ending June 2020 and may instead be recognized in the fiscal year ending June 2021 or later.」
While our production system has not been affected, synchrotron radiation facilities around the world that are delivery destinations have been affected by the spread of the infection. Delays in acceptance may defer revenue for the fiscal year ending June 2020 to the fiscal year ending June 2021 or later, and this has been identified as a new risk.