Business Activity and Earnings Impact from the Prolonged COVID-19 Pandemic
First written in FY2020. 5 of 12 entries say "Restated". Latest entry: FY2023.
The whole theme swung hardest in 2020: 102 of 175 companies on the "Worse" side.
- FY2023MitigatedAnnual report
「Based on currently available external information and other factors, the Group has prepared its accounting estimates on the assumption that, although the impact of COVID-19 may continue in some regions, it will not materially affect the accounting estimates.」
Although the Group recognizes the possibility that the impact of the pandemic may continue in some regions, it continues to apply the assumption that the impact will not materially affect its accounting estimates. No pandemic-related losses were recognized during the fiscal year. - FY2023-Q3RestatedAnnual report
「There have been no material changes from the end of the previous fiscal year in the judgments concerning accounting estimates at the end of the third quarter of the current fiscal year. Based on currently available external information and other factors, the Group has prepared its accounting estimates on the assumption that, although the impact of COVID-19 may continue in some regions, it will not materially affect the accounting estimates.」
While recognizing the possibility that the impact of the pandemic may continue in some regions, the Group states that there have been no material changes in its judgments concerning accounting estimates. - FY2023-Q2RestatedAnnual report
「There have been no material changes from the end of the previous fiscal year in the judgments concerning accounting estimates at the end of the second quarter of the current fiscal year. Based on currently available external information and other factors, the Group has prepared its accounting estimates on the assumption that, although the impact of COVID-19 may continue in some regions, it will not materially affect the accounting estimates.」
While recognizing the possibility that the impact of the pandemic may continue in some regions, the Group states that there have been no material changes in its judgments concerning accounting estimates since the end of the previous fiscal year. - FY2023-Q1RestatedAnnual report
「There have been no material changes from the end of the previous fiscal year in the judgments concerning accounting estimates at the end of the first quarter of the current fiscal year. Based on currently available external information and other factors, the Group has prepared its accounting estimates on the assumption that, although the impact of COVID-19 may continue in some regions, it will not materially affect the accounting estimates.」
While recognizing the possibility that the impact of the pandemic may continue in some regions, the Group states that there have been no material changes in its judgments concerning accounting estimates since the end of the previous fiscal year. - FY2022-Q3RestatedAnnual report
「Based on currently available external information and other factors, the Group has prepared its accounting estimates on the assumption that, although recovery from the impact of the pandemic will vary partially by business and region from the fourth quarter onward, conditions overall will generally return to pre-pandemic levels.」
The Group continues to apply the accounting assumption that recovery from the impact of the pandemic will vary by business and region, while conditions overall will return to pre-pandemic levels. - FY2022-Q2RestatedAnnual report
「Based on currently available external information and other factors, the Group has prepared its accounting estimates on the assumption that, although the impact of COVID-19 will continue in some businesses, conditions will generally recover to pre-pandemic levels from the second half onward.」
The Group continues to apply the accounting assumption that, although the impact of the pandemic will continue in some businesses, conditions will generally recover to pre-pandemic levels from the second half onward. - FY2022-Q1MitigatedAnnual report
「Based on currently available external information and other factors, the Group has prepared its accounting estimates on the assumption that, although the impact of COVID-19 will continue in some businesses, conditions will generally recover to pre-pandemic levels from the second half onward.」
Although the impact of the pandemic is expected to continue in some businesses, the Group assumes that conditions will generally recover to pre-pandemic levels from the second half onward. Demand for automotive components recovered to pre-pandemic levels, and the segment returned to profit in the first quarter. - FY2021MaterialisedAnnual report
「Due mainly to the impact of production adjustments resulting from a global decline in automotive demand, particularly during the first half, the Group’s revenue decreased 6.0% year on year to ¥196,372 million.」
The impact of the global decline in automotive demand and production adjustments caused by COVID-19 materialized as a full-year decline in revenue. Full-year revenue decreased 12.6% year on year in automotive components and 17.5% in building materials. - FY2021-Q3MaterialisedAnnual report
「Due mainly to the impact of production adjustments resulting from a global decline in automotive demand, particularly during the first half, the Group’s revenue decreased by ¥13,899 million, or 9.1%, year on year to ¥138,671 million.」
The impact of the global decline in automotive demand and production adjustments caused by the pandemic continued, primarily during the first half, as an actual decline in revenue. Although recovery in domestic and overseas demand from the third quarter was also disclosed, the impact remained on a cumulative basis. - FY2021-Q2MaterialisedAnnual report
「Automotive components revenue decreased 27.6% year on year to ¥16,131 million, and segment profit decreased 95.4% to ¥82 million, as the business was affected by production adjustments resulting from a global decline in automotive demand caused by COVID-19. The Group recorded as extraordinary losses the fixed costs incurred during periods when some overseas consolidated subsidiaries suspended operations in response to requests from the governments of their respective countries and other authorities aimed at preventing the spread of COVID-19.」
The decline in demand and production adjustments in the automotive components business caused by the pandemic continued, and their impact on revenue and segment profit was quantified. The Group also recorded ¥104 million in pandemic-related losses, including fixed costs associated with the suspension of operations at overseas production facilities, as extraordinary losses. - FY2021-Q1MaterialisedAnnual report
「Due to continued production adjustments resulting from a global decline in automotive demand caused by the COVID-19 pandemic, the Group’s revenue decreased 9.2% year on year to ¥43,048 million. The Group recorded as extraordinary losses the fixed costs incurred during periods when some overseas consolidated subsidiaries suspended operations in response to requests from the governments of their respective countries and other authorities aimed at preventing the spread of COVID-19. Based on currently available external information and other factors, the Group has prepared its accounting estimates on the assumption that the impact of the pandemic will continue throughout the current fiscal year in the automotive components business and through the first half in its other businesses, after which conditions will generally return to pre-pandemic levels.」
The decline in demand and production adjustments in the automotive components business caused by COVID-19, the suspension of operations at overseas production facilities, and ¥36 million in pandemic-related extraordinary losses actually occurred. The accounting assumptions were also updated to reflect the continuation of the impact throughout the current fiscal year in the automotive components business and through the first half in the other businesses. - FY2020First statedAnnual report
「The economy has recently been significantly weakened by the impact of the COVID-19 pandemic. Although the impact of COVID-19 on the Group’s operating results for the fiscal year was limited, uncertainty surrounding the Group’s business environment has increased as the global spread of the pandemic continues. If the situation becomes prolonged, it could affect the Group’s business activities and earnings, including through lower demand for automotive components. In making judgments concerning accounting estimates at the end of the fiscal year, the Group has assumed, based on currently available external information and other factors, that the impact of the pandemic will continue for approximately six months before conditions generally return to pre-pandemic levels.」
The impact of COVID-19 in weakening the economy and its potential impact on the automotive components business if prolonged are disclosed for the first time as a standalone theme. For accounting purposes, the Company assumes that the impact will continue for approximately six months, while stating that the impact on current-year earnings was limited.