Financial defenses and lowering the break-even point during the COVID-19 pandemic
First written in FY2020. 7 of 10 entries say "Advanced", first in FY2021-Q2. Latest entry: FY2023-Q2.
13 other companies' latest entry also says "Restated".
- FY2023-Q2RestatedAnnual report
「On the cost side, we will implement the following measures in response to concerns about pressure on profits.」
Measures to address pressure on profits include system integration, bringing cleaning operations in-house, and raising prices in the food and beverage division. Cost and revenue improvement measures are continuing. - FY2023-Q1RestatedAnnual report
「On the cost side, we will continue negotiations to reduce rent and management fees or convert them into variable costs in order to lower the break-even point.」
Negotiations to reduce rent and management fees or convert them into variable costs are continuing to lower the break-even point. - FY2022AdvancedAnnual report
「The integration of the core operating systems for Washington Hotel Plaza and R&B Hotel, which began during the current fiscal year, is scheduled for completion in December 2022. In addition to reducing running costs, we will seek to improve productivity by increasing flexibility in staff allocation between the two businesses.」
The integration of the core operating systems was initiated and scheduled for completion in December 2022. The aims are to reduce running costs and increase flexibility in staff allocation between the two businesses. - FY2022-Q3AdvancedAnnual report
「As in the previous fiscal year, we are continuing negotiations to reduce rent and management fees or convert them into variable costs. We have also continued to reduce executive compensation and employee salaries, and, following the previous fiscal year's winter bonuses, did not pay summer or winter bonuses in the current fiscal year.」
Negotiations to reduce rent and management fees or convert them into variable costs continued, as did reductions in executive compensation and employee salaries. Following the previous fiscal year's winter bonuses, summer and winter bonuses were also withheld in the current fiscal year. - FY2022-Q2AdvancedAnnual report
「Regarding expenses, from April this year we further increased reductions in executive compensation and cut employee salaries, while also withholding summer bonuses, following the previous winter's bonuses. We continued working to reduce costs, including ongoing negotiations to reduce rent and management fees or convert them into variable costs.」
The Company increased reductions in executive compensation, cut employee salaries, and withheld summer bonuses. Negotiations to reduce fixed costs or convert them into variable costs also continued. - FY2022-Q1AdvancedAnnual report
「Regarding expenses, from April this year we further increased the reductions in executive compensation and also cut employee salaries. We are continuing to work on cost reductions, including ongoing negotiations to reduce rent and management fees or convert them into variable costs.」
From April, the Company further increased reductions in executive compensation and also cut employee salaries. Negotiations to reduce rent and management fees or convert them into variable costs are continuing. - FY2021AdvancedAnnual report
「On the cost side, we worked to reduce personnel costs by cutting executive compensation and bonuses, including non-payment of bonuses, seconding employees to other companies, and reviewing staff allocation. We also worked to control spending by negotiating reductions in fixed costs such as rent and maintenance fees.」
Specific cost reductions were implemented in executive compensation and bonuses, staff allocation, employee secondments, rent, and maintenance fees. - FY2021-Q3AdvancedAnnual report
「During the cumulative third quarter, we worked to reduce costs by cutting executive compensation and bonuses, including non-payment of bonuses, negotiating rent reductions, and restraining other expenses. Going forward, we will continue working to control spending and reduce personnel costs by reviewing staff allocation.」
Cost-cutting measures included reductions in executive compensation and bonuses, negotiations for rent reductions, and restraint of miscellaneous expenses. The Company also indicated that it would review staff allocation going forward. - FY2021-Q2AdvancedAnnual report
「To avoid infection risks and further losses, a total of 13 hotels were temporarily closed in stages from 17 April through the end of May.」
The previously announced measures, including temporary hotel closures, were implemented through the temporary closure of a total of 13 hotels from 17 April 2020 through the end of May. - FY2020First statedAnnual report
「Under these circumstances, as financial preparations, we will expand our borrowing facilities, avoid infection risks and further losses by temporarily closing some hotels, make use of employment adjustment subsidies, and review costs across the Company in an effort to lower break-even sales.」
The Company identified expanding borrowing facilities, temporary hotel closures, use of employment adjustment subsidies, and a company-wide cost review as measures to address the spread of the infection.