Risks Related to Overseas Political and Economic Conditions, Laws and Regulations, and Anti-Japanese Sentiment

「In China, the business environment remained challenging as consumers continued to favor thrift against a backdrop of a sluggish real-estate market and uncertainty in employment conditions, particularly among younger people. Factors included weak performance of the "Haowu Festival," an alternative to uniform-price sales, and sluggish sales of seasonal products due to prolonged rain and low temperatures.」

「During the six-month consolidated accounting period, uncertainty about the outlook continued against a backdrop of global political instability, a sense of stagnation in the Chinese economy and US trade policy, among other factors.」

「Throughout the consolidated fiscal year, uncertainty about the outlook continued against a backdrop of global political instability, armed conflicts and slowing growth in the Chinese economy.」

「During the six-month consolidated accounting period, uncertainty about the outlook continued amid global political instability, armed conflicts and slowing growth in the Chinese economy, among other factors.」

「During the three-month period ended 31 May, uncertainty about the outlook continued amid global political instability and slowing growth in the Chinese economy, among other factors.」

「In the ASEAN countries, the effects of US-China tensions and the situation in Ukraine and Russia have continued, prompting successive downward revisions to GDP growth forecasts.……In China, the environment remains difficult because of the real estate downturn and sluggish imports and exports.」

「In the ASEAN countries, the macroeconomic environment is challenging due to the impact of international developments, including soaring prices for various resources resulting from the situation in Ukraine and Russia.……In China, the environment remains difficult because of the real estate downturn and sluggish imports and exports, among other factors.」

「In China, the "dynamic zero-COVID policy" remained in place and strict restrictions on movement were imposed even during the major national holidays of the Mid-Autumn Festival and National Day, but operating revenue for the nine-month period ended 31 December remained firm at 100.0% of the year-earlier level on a local-currency basis.」

「Profit declined due to increased advertising and promotional expenses associated with cashless payment initiatives in Japan, as well as deterioration in the overseas economic environment caused by factors including US-China trade friction and demonstrations in Hong Kong, an increase in provisions for doubtful accounts associated with the accumulation of performing receivables in Malaysia following the adoption of IFRS 9, "Financial Instruments," and the impact of improper accounting in prior fiscal years identified at Aeon Credit Service (Philippines) Inc., a consolidated subsidiary in the Philippines.」

「As of the end of February 2019, the Group had 133 consolidated subsidiaries overseas.」

「If overseas markets experience events such as slowing economic growth, stagnant personal consumption, unstable political or economic conditions, changes in laws or policies, terrorist activity or outbreaks of infectious diseases, or if problems arise in logistics, quality control, taxation or other areas associated with overseas transactions or businesses, the Group's business and performance may be adversely affected.」