Business Impact of the Spread of COVID-19
First written in FY2020. 2 of 12 entries say "Worsened", first in FY2021-Q2. Latest entry: FY2024-Q3.
The whole theme swung hardest in 2020: 103 of 175 companies on the "Worse" side.
- FY2024-Q3RestatedAnnual report
「Although the classification of COVID-19 under the Infectious Diseases Act changed and economic and social activity showed signs of normalization, the economic environment during the nine-month period of the current fiscal year remained uncertain due to soaring energy and raw material prices and sharp foreign-exchange fluctuations.」
While recognizing the change in the legal classification of infectious diseases and the normalization of economic and social activity, uncertainty in the business environment continues. - FY2024-Q1Transition toward normalization following the impact of infectionsAnnual report
「Although the classification of COVID-19 under the Infectious Diseases Act changed and economic and social activity showed signs of normalization, the economic environment during the three-month period of the current fiscal year remained uncertain due to soaring energy and raw material prices and sharp foreign-exchange fluctuations.」
While the change in the legal classification of infectious diseases and the normalization of economic and social activity were noted, uncertainty in the business environment continues. - FY2023-Q3RestatedAnnual report
「Although the COVID-19 priority preventive measures ended and some signs of recovery were seen, the outlook remained uncertain due to the resurgence in COVID-19 cases, soaring energy and raw material prices, and sharp foreign-exchange fluctuations.」
Although the end of infection-control measures and a partial recovery are recognized, the business environment remains uncertain due to the renewed increase in infections. - FY2023-Q2WorsenedAnnual report
「Although the COVID-19 priority preventive measures ended and some signs of recovery were seen, the economic environment during the six-month period of the current fiscal year remained challenging due to the resurgence in COVID-19 cases and soaring energy and raw material prices.」
It is stated that although the measures ended and signs of a partial recovery emerged, the renewed increase in infections again heightened the business environment risks from the pandemic. - FY2023-Q1End of measures and partial recoveryAnnual report
「Although the priority preventive measures against the spread of COVID-19 ended and signs of a partial recovery emerged, conditions remained difficult due to China's zero-COVID policy and soaring energy and raw material prices, among other factors.」
Although the end of the priority preventive measures and a partial recovery were indicated in Japan, difficult conditions continue due to China's zero-COVID policy and other factors. - FY2022-Q2Recovery cited alongside renewed spread of infectionsAnnual report
「The economic environment during the cumulative second-quarter period was gradually recovering as vaccination against COVID-19 progressed and economic activity resumed with the support of economic measures. However, the renewed spread of infections caused by the prevalence of variants led to declarations of a state of emergency and the implementation of priority preventive measures, leaving the situation uncertain.」
The recovery resulting from vaccinations and the resumption of economic activity is cited alongside the renewed spread of infections caused by variants and the continuation of related measures. - FY2022-Q1Business recovery following the impact of infectionsAnnual report
「Although the same period of the previous year was affected by lockdowns and production stoppages resulting from the spread of COVID-19, the steady subsequent recovery in the automobile-related industry led to substantial year-on-year increases in both sales and profit in the first quarter.」
Although lockdowns and production stoppages caused a downturn in the same period of the previous year, the recovery in the automobile-related industry led to substantial increases in sales and profit in the first quarter. - FY2021Recovery trend cited alongside the impact of infectionsAnnual report
「However, the group's overseas business as a whole reported lower sales year on year due to the significant impact of the global decline in automobile sales. On the profit front, profit increased due to China's market recovery, which exceeded expectations, and the effects of the “COVID-19 emergency measures,” centered on thorough cost reductions.」
Although the global decline in automobile sales caused lower sales in the overseas business, the vehicle materials business reported higher profit due to the recovery of the Chinese market and the COVID-19 emergency measures. - FY2021-Q3Recovery trend cited alongside renewed spread of infectionsAnnual report
「Although the recovery trend became clearer in the third quarter, the pace of COVID-19 infections has recently accelerated again, and the situation remains one that requires close monitoring.」
It is stated that although the recovery trend became clearer in the third quarter, infections have recently begun to spread again and infection-related risks remain uncertain. - FY2021-Q2WorsenedAnnual report
「Although economic activity is gradually resuming, the outlook remains uncertain, with infections rising again. Under these circumstances, the group raised the reduction rate for directors' remuneration and revised upward the rate of leave allowances, with the aim of protecting employees' livelihoods as well as their employment in anticipation of prolonged production adjustments. The group will implement thorough cost reductions across the company and work to reduce risks. However, depending on the global spread of COVID-19, an economic crisis more severe than anticipated could occur, potentially adversely affecting the group's business performance and financial condition.」
The uncertainty caused by a renewed increase in infections and the possibility of an economic crisis exceeding expectations were explicitly stated, broadening the potential downside from infection-related risks. - FY2021-Q1MaterialisedAnnual report
「As the spread of COVID-19 led to the suspension of automobile production at factories and the closure of dealerships worldwide, it had a significant impact on both automobile production and sales. Although production has begun to recover since May, it is expected to take more time for production levels to recover.」
The spread of the infection led to the suspension of automobile manufacturers' factories and the closure of dealerships, resulting in an actual impact on automobile production and sales. Production is beginning to recover, but it is stated that recovery will take time. - FY2020First statedAnnual report
「As a result, the Group’s core automotive materials business was forced to adjust production in response to lower production volumes. In addition, the decline in consumption caused by restrictions on going out and store closures in Japan and overseas as measures to prevent the spread of COVID-19 reduced sales volumes in the high-fashion, electronics, environmental and lifestyle materials, and medical businesses, as well as in automotive materials, leaving the outlook for recovery uncertain.」
COVID-19 caused production adjustments in the automotive materials business and reduced sales volumes across the other businesses. The Group stated that a prolonged impact could materially harm its results and financial condition.