Decline in demand and business interruptions caused by the spread of COVID-19, and revision of the medium-term plan
First written in FY2020. 7 of 16 entries say "Mitigated", first in FY2021. Latest entry: FY2025-H1.
The whole theme swung hardest in 2020: 103 of 175 companies on the "Worse" side.
- FY2025-H1MitigatedAnnual report
「Demand for aircraft-related fuel increased from the previous year as flights continued to return to service after COVID-19.」
The continued return of flights after COVID-19 increased demand for aircraft-related fuel, and the impact of the demand decline that emerged during the pandemic was described as easing. Meanwhile, demand for main fuels declined due to structural factors. - FY2024-Q2RestatedAnnual report
「During the first half of the fiscal year, demand for aircraft increased, but the recovery from the decline in demand during the COVID-19 pandemic since 2020 paused, leaving other major fuels such as gasoline broadly in line with the previous year.」
Although demand that had fallen during the COVID-19 pandemic increased for aircraft-related fuel, the recovery paused, while demand for other main fuels was almost at the previous year's level. - FY2024-Q1Demand recovery pausesAnnual report
「During the first quarter of the fiscal year, demand for aircraft increased, but the recovery from the decline in demand during the COVID-19 pandemic since 2020 paused, leaving other major fuels such as gasoline broadly in line with the previous year.」
Although demand for aircraft-related fuel, which had fallen during the COVID-19 pandemic, increased, the recovery paused, while demand for other main fuels was at roughly the previous year's level. The disclosure does not indicate that the impact had begun to expand again. - FY2023MitigatedAnnual report
「In fiscal 2021, COVID-19 variants affected the Group's operations and financial condition, but fuel oil sales, including jet fuel, in fiscal 2022 showed a recovery from the previous fiscal year.」
Although the decline in demand due to COVID-19 did occur, fuel oil sales, including jet fuel, showed a year-on-year recovery trend in fiscal 2022. - FY2023-Q3MitigatedAnnual report
「During the first nine months of the fiscal year, domestic demand for major petroleum products recovered, mainly for major fuels and aircraft, due to the lifting of restrictions on activities and increased economic activity in preparation for the post-COVID period.」
Regarding domestic demand for petroleum products, which had declined due to COVID-19, recovery continued as restrictions on activity were lifted and economic activity gained momentum, with the impact described as easing. - FY2023-Q2MitigatedAnnual report
「During the first half of the fiscal year, domestic demand for major petroleum products recovered, mainly for major fuels and aircraft, due to the lifting of restrictions on activities and increased economic activity in preparation for the post-COVID period.」
Regarding domestic demand, which had declined due to COVID-19, demand for main fuels and aircraft-related fuel continued to recover as restrictions on activity were lifted and economic activity gained momentum, with the impact described as easing. - FY2023-Q1MitigatedAnnual report
「During the first quarter of the fiscal year, domestic demand for major petroleum products increased for both major fuels and aircraft, due to the gradual decline in COVID-19 infections and the lifting of priority preventive measures.」
As the number of infections gradually declined and restrictions on activity were lifted, the impact on demand for main fuels and aircraft-related fuel, which had fallen due to COVID-19, began to ease. - FY2022RestatedAnnual report
「In fiscal 2021, the impact of COVID-19 variants continued from the previous fiscal year to affect the Group's operations and financial condition. There is still no clear prospect of a complete resolution domestically, and the impact of significantly reduced flights, particularly on jet fuel, continues. There is a risk that demand recovery could take several years.」
Although overall domestic demand is showing signs of recovery, the company continues to disclose the impact of variants and the risk of delayed recovery in jet fuel. - FY2022-Q3RestatedAnnual report
「During the first nine months of the fiscal year, domestic demand for major petroleum products continued to recover from the downturn caused by the spread of COVID-19 since the previous year and increased, particularly for aircraft and power generation.」
Regarding the decline in domestic demand that emerged due to the spread of COVID-19, the company reported continued demand recovery and increased demand from the aircraft and power sectors. It stated that there had been no material change in the pandemic risk itself among business and other risks. - FY2022-Q2RestatedAnnual report
「During the first half of the fiscal year, domestic demand for major petroleum products continued to recover from the downturn caused by the spread of COVID-19 since the previous year and increased, particularly for aircraft.」
Regarding the decline in demand that emerged due to the novel coronavirus disease, the company reported continued recovery in domestic demand and an increase in demand for aircraft, with the impact continuing to ease. - FY2022-Q1MitigatedAnnual report
「During the first quarter of the fiscal year, domestic demand for major petroleum products showed signs of recovery from the stagnation in economic activity caused by the spread of COVID-19 in the previous year, and increased, particularly for aircraft.」
The company reported signs of a rebound in domestic demand for petroleum products following the slowdown in economic activity caused by COVID-19, as well as increased demand for aircraft, indicating that the impact of the demand decline that emerged in the previous fiscal year had eased to some extent. - FY2021MitigatedAnnual report
「The company does not anticipate another substantial decline in demand for petroleum products. Domestic demand recovered to near the level of the same period of the previous year in the second half of fiscal 2020, and no substantial decline was seen during the second and third waves.」
The explanation shifted to domestic demand having recovered in the second half after its sharp decline due to COVID-19. Jet fuel, particularly for international flights, remained at about half the previous year's level, leaving open the possibility that recovery could take several years. - FY2021-Q3MaterialisedAnnual report
「During the first nine months of the fiscal year, domestic demand for major petroleum products was below the previous year, particularly for automobiles and aircraft, due to the impact of the COVID-19 pandemic.」
The risk from the spread of COVID-19 disclosed in the previous fiscal year continued to materialize in the third quarter as domestic demand for petroleum products, particularly for automobiles and aircraft, remained below the previous year's level. - FY2021-Q2MaterialisedAnnual report
「During the first half of the fiscal year, demand for major petroleum products in Japan declined significantly, particularly for automobiles and aircraft, due to the impact of the COVID-19 pandemic.」
The decline in demand caused by the spread of COVID-19 continued into the second quarter, appearing as lower sales volumes in the Fuel Oil segment and a substantial decline in operating income. - FY2021-Q1MaterialisedAnnual report
「During the first quarter of the fiscal year, demand for major petroleum products in Japan declined significantly, particularly for automobiles and aircraft, due to the stagnation of economic activity following the declaration of a state of emergency in April.」
The COVID-19 pandemic risk disclosed in the previous fiscal year materialized in business performance as a substantial decline in domestic demand for petroleum products. - FY2020First statedAnnual report
「The Group's financial condition and operating results have been significantly affected by the emergence of pandemic risk due to the spread of COVID-19. If the situation continues for an extended period, the impact may increase further. Although the outlook remains uncertain, the spread of COVID-19 may affect not only economic conditions but also political, social and technological trends. The company is responding to the risk by developing a post-COVID-19 business environment scenario and revising its previously announced medium-term management plan, among other measures.」
The company disclosed pandemic risk due to COVID-19 as a standalone risk and cited disruptions to transportation operations and declines in demand for petroleum products, petrochemical products and advanced materials as expected impacts.