Impact of the Situation in Ukraine on Commodity Prices and Economic Activity
First written in FY2023-Q1. 3 of 5 entries say "Worsened", first in FY2024. Latest entry: FY2026-H1.
ENEOS Holdings moved to the "Worse" side of this theme in 2024, the same year as the typical company in this theme.
The whole theme swung hardest in 2025: 45 of 80 companies on the "Worse" side.
49 other companies' latest entry also says "Worsened".
- FY2026-H1WorsenedAnnual report
「The yen-dollar exchange rate moved rapidly higher for the yen, from ¥150 at the beginning of the period to the low ¥140s temporarily in mid-April, amid concerns about an economic slowdown resulting from US tariff policies and other factors.」
Concerns about an economic slowdown resulting from US tariff policies emerged in the business environment during the interim period as economic uncertainty transmitted through exchange-rate fluctuations. - FY2025WorsenedAnnual report
「Social conditions relating to energy have become an environment in which stable and economical energy supplies, including oil, are receiving greater emphasis while remaining aligned with the direction of decarbonization. The company believes this is largely attributable to “heightened uncertainty,” including growing awareness of energy security, policy risks under the Trump administration, rising costs associated with achieving a decarbonized society, and declining visibility into project profitability due to inflation and other factors.」
Heightened uncertainty, including geopolitical, policy, decarbonization-cost and inflation risks, was explicitly identified as an assumption underlying the Fourth Medium-Term Management Plan. - FY2024WorsenedAnnual report
「For fiscal 2024, the Company selected the following as priority risk events requiring focused response: "an increase in refinery troubles and persistently low utilization rates," "worsening geopolitical risk," and "the risk of losses arising from natural disasters"」
The deterioration of geopolitical risks was newly identified as a key risk event requiring attention in fiscal 2024 and was specified as a management issue. - FY2023-Q3RestatedAnnual report
「Restrictions on economic activity and other effects arising from COVID-19, as well as the impact of international developments surrounding Ukraine on commodity prices and restrictions on economic activity, may affect the Group's businesses and business performance, and we will continue to monitor developments closely.」
The international situation surrounding Ukraine continues to be cited as a risk affecting the business and financial results through commodity prices and economic activity. - FY2023-Q1First statedAnnual report
「Restrictions on economic activity and other effects arising from COVID-19, as well as the impact of international developments surrounding Ukraine on commodity prices and restrictions on economic activity, may affect the Group's businesses and business performance, and we will continue to monitor developments closely.」
For the first time, the international situation surrounding Ukraine was explicitly identified as a risk affecting the business and financial results through commodity prices and economic activity. The discussion of operating results also referred to the surge in commodity markets following Russia’s invasion of Ukraine.