Impact of the COVID-19 pandemic on the suspension of China operations and earnings
First written in FY2020. 3 of 9 entries say "Restated". Latest entry: FY2022.
The whole theme swung hardest in 2020: 103 of 175 companies on the "Worse" side.
- FY2022DroppedAnnual report
「Shanghai Kaimasi Dianqi Co., Ltd., which operated the overseas business through the previous fiscal year, completed its liquidation on 3 June 2021. HONG KONG JMACS LIMITED. resolved to dissolve the company on 15 June 2020 and, as of the filing date, is undergoing liquidation procedures.」
The Company has moved from treating the suspension of operations and earnings impact in the China business as separate risks to the post-restructuring status in which the Shanghai subsidiary's liquidation has been completed and the Hong Kong subsidiary is undergoing liquidation procedures. - FY2022-Q3RestatedAnnual report
「The number of infected people has declined as COVID-19 vaccinations have become widespread, and signs of a recovery in economic activity have begun to emerge, but concerns about a further resurgence of the infection cannot be completely dispelled」
The Company states that the number of infected people has declined and economic activity shows signs of recovery as vaccines have become widespread, while concerns about a resurgence of the infection remain, and continues to disclose the risk of future effects from COVID-19. - FY2022-Q2RestatedAnnual report
「The impact to date of the spread of COVID-19 on the Company's production and sales has been limited, with no significant increase or decrease observed. However, COVID-19 is an event with a broad impact on the economy and corporate activities, and it is difficult to predict how it will spread or when it will subside. Accordingly, based on external information and other data available as of the end of the second quarter accounting period, the Company has made accounting estimates, including the recoverability of deferred tax assets, on the assumption that the impact will continue for a certain period during the fiscal year ending February 2022.」
While stating that the current impact on production and sales is limited, the Company continues to make accounting estimates based on the assumption that the impact will continue for a certain period during the fiscal year ending February 2022. - FY2022-Q1RestatedAnnual report
「The impact to date of the spread of COVID-19 on the Group's production and sales has been limited, with no significant increase or decrease observed. However, COVID-19 is an event with a broad impact on the economy and corporate activities, and it is difficult to predict how it will spread or when it will subside. Accordingly, based on external information and other data available as of the end of the first quarter consolidated accounting period, the Company has made accounting estimates, including the recoverability of deferred tax assets, on the assumption that the impact will continue for a certain period during the fiscal year ending February 2022.」
While stating that the current impact on production and sales is limited, the Company has assumed that the effects of the infection will continue for a certain period during the fiscal year ending February 2022 and continues to disclose the risk of future effects on securing earnings. - FY2021SoftenedAnnual report
「The impact to date of the spread of COVID-19 on our group’s production and sales has been limited, with no significant increase or decrease observed. However, COVID-19 is an event with a broad impact on the economy and corporate activities, and because it is difficult to predict how it will spread or when it will subside, depending on how the situation develops, it may affect our group’s ability to secure earnings.」
A statement has been added that the current impact on production and sales is limited, while the broad impact of the spread of the infection and the risk of future effects on earnings continue to be disclosed. - FY2021-Q3WorsenedAnnual report
「Although economic activity temporarily resumed after the lifting of the state of emergency in May 2020 and recent economic indicators began to improve, a third wave of COVID-19 infections emerged in November 2020, and there was no clear prospect for containment. Concerns remained that the negative impact on the global and Japanese economies would be prolonged.」
Regarding COVID-19 and its impact on overseas businesses, including China, the company has explicitly raised concerns about a third wave and a prolonged impact, indicating that the risk is continuing and becoming more serious. - FY2021-Q2WorsenedAnnual report
「In the overseas business, we focused on acquiring new customers in the Chinese market to establish a revenue base and further expand sales channels. However, the spread of the novel coronavirus from early 2020 caused economic activity in the region to stagnate, resulting in net sales of ¥15.427 million, down 43.3% year on year, and a segment loss of ¥32.905 million, compared with a segment loss of ¥17.700 million in the same quarter of the previous year.」
The continued stagnation of economic activity in overseas regions caused by COVID-19 has had a further earnings impact, reflected in lower revenue from the overseas business and increased segment losses. - FY2021-Q1MaterialisedAnnual report
「In the overseas business, net sales were ¥6.036 million, down 76.0% year on year, due to the suspension of operations to prevent the spread of the novel coronavirus. The recording of inventory valuation losses caused by lower profitability resulted in a segment loss of ¥24.444 million, compared with a segment loss of ¥6.551 million in the same quarter of the previous year.」
The impact of the suspension of overseas operations associated with the spread of COVID-19 has become apparent through a 76.0% decline in revenue, recognition of an inventory valuation loss, and an increase in segment losses. - FY2020First statedAnnual report
「Since the outbreak of coronavirus disease (COVID-19) was reported in Wuhan, Hubei Province, the People’s Republic of China, in December 2019, reports of increasing infections have continued worldwide. …Within our group, temporary suspension of operations and other disruptions have occurred in our China business, and depending on how the situation develops, this may affect our ability to secure earnings.」
The company has, for the first time, separately identified as a risk the possibility that the spread of COVID-19, which has actually caused temporary suspension of operations and other disruptions in its China business, may affect its ability to secure earnings depending on how the situation develops.