Impact of the COVID-19 Pandemic on Results and Financial Position
First written in FY2020-Q1. 8 of 14 entries say "Materialised", first in FY2020-Q2. Latest entry: FY2023.
The whole theme swung hardest in 2020: 103 of 175 companies on the "Worse" side.
- FY2023MitigatedAnnual report
「As a result, average room rates and room occupancy rates improved to approximately pre-pandemic levels, and both revenue and segment profit and loss exceeded the same period of the previous year.」
The hotel business recovered from the decline in demand caused by the infection, changing from a segment loss of ¥315 million in the previous year to a profit of ¥990 million. Meanwhile, the outlook stated that the impact on commercial facilities would continue. - FY2023-Q2Hotel recovery, impact on commercial facilities continuesAnnual report
「As of the end of the three months ended this second quarter, we recognize that real estate market conditions other than those for commercial facilities have already recovered. For commercial facilities, however, we expect the impact of COVID-19 to continue for the time being, with a gradual recovery toward the end of November 2023.」
While recovery progressed in the hotel business, including its return to profitability, the accounting estimates assumed that the impact of the infection on commercial facilities would continue and that recovery would be gradual toward the end of November 2023. - FY2023-Q1Impact continues, hotel business turns profitableAnnual report
「As of the end of the three months ended this first quarter, we recognize that real estate market conditions other than those for hotels and commercial facilities have already recovered. For hotels and commercial facilities, however, we expect the impact of COVID-19 to continue for the time being, with a gradual recovery toward the end of November 2023.」
Although the impact of the infection was expected to continue in hotels and commercial facilities, a gradual recovery toward the end of November 2023 was anticipated. The hotel business turned profitable in the first quarter. - FY2022Continuing impact, narrowing lossesAnnual report
「Although the impact of COVID-19 continued during the consolidated fiscal year, we worked to improve occupancy rates at existing hotels, and both revenue and segment profit and loss exceeded the levels of the previous year.」
The impact of the infection continued, but revenue from the hotel business increased 247.0% year on year, while the segment loss narrowed from ¥838 million to ¥315 million. - FY2022-Q3MaterialisedAnnual report
「Although the impact of COVID-19 continued during the third quarter consolidated cumulative period, we worked to improve occupancy rates at existing hotels, and both revenue and segment profit and loss exceeded the levels of the same period of the previous year. As a result, hotel-business revenue was ¥1,338 million, up 325.1% year on year, and the segment recorded a loss of ¥316 million, compared with a loss of ¥622 million in the same period of the previous year.」
The impact of the infection continued, and the hotel business still recorded a segment loss of ¥316 million. Meanwhile, it improved significantly year on year as a result of efforts to improve occupancy rates. - FY2022-Q2MaterialisedAnnual report
「The impact of COVID-19 continued during the six months ended this second quarter, but efforts to improve occupancy rates at existing hotels and other measures resulted in revenue and segment profit and loss exceeding the same period of the previous year.」
The impact of the infection continued, but efforts to improve occupancy rates resulted in year-on-year improvements in revenue and segment profit and loss in the hotel business. - FY2022-Q1MaterialisedAnnual report
「The impact of COVID-19 continued during the three months ended this first quarter, but efforts to improve occupancy rates at existing hotels and other measures resulted in revenue and segment profit and loss exceeding the same quarter of the previous year.」
The impact of the infection continued in the hotel business, but efforts to improve occupancy rates resulted in improved revenue and profit and loss year on year. - FY2021-Q3MaterialisedAnnual report
「During the nine months ended this third quarter, Tosei Hotel Cocone Asakusa opened in July 2021. We also worked to improve occupancy rates at existing hotels, but difficult conditions continued as some hotels were closed in response to the resurgence of COVID-19. As a result, revenue from the hotel business was ¥314 million, down 2.9% from the same quarter of the previous year, and the segment loss was ¥622 million, compared with a segment loss of ¥733 million in the same quarter of the previous year.」
Some hotels continued to be closed due to the resurgence of the infection, resulting in lower revenue from the hotel business. Meanwhile, the segment loss narrowed from ¥733 million in the previous period to ¥622 million. - FY2021-Q2MaterialisedAnnual report
「During the six months ended this second quarter, we worked to improve occupancy rates and other metrics, but difficult conditions continued as some hotels were closed in response to the resurgence of COVID-19.」
The impact of the resurgence of the infection continued to materialize in the form of partial hotel closures and revenue of ¥161 million, down 40.0% year on year. - FY2021-Q1MaterialisedAnnual report
「As a result, revenue was ¥82 million, down 61.4% from the same quarter of the previous year, and the segment loss was ¥218 million, compared with a segment loss of ¥166 million in the same quarter of the previous year.」
The hotel business recorded a 61.4% decline in revenue due to the impact of COVID-19, while the loss widened from ¥166 million in the same period of the previous year to ¥218 million. - FY2020MaterialisedAnnual report
「The spread of COVID-19 has led to a substantial decline in hotel lodging demand and worsening tenant business conditions at commercial facilities across the real estate industry to which the Group belongs. In this environment, the Group recognized impairment losses, primarily on hotels and commercial facilities where declines in market values were a particular concern.」
The decline in hotel lodging demand and deterioration in commercial facility tenants' businesses caused by the infection resulted in the recognition of an inventory valuation loss of ¥7,784.858 million, primarily on hotels and commercial facilities. - FY2020-Q3RestatedAnnual report
「The Group's financial condition, operating results and other aspects may be affected by restrictions on economic activity and requests to suspend operations associated with the global spread of COVID-19.」
The risk that restrictions on economic activity and requests to suspend operations due to COVID-19 could affect the financial condition and operating results was reconfirmed as an additional item. - FY2020-Q2MaterialisedAnnual report
「During the six months ended this second quarter, revenue and segment profit and loss fell significantly below expectations due to the closure of the existing Tosei Hotel Cocone Kanda and Tosei Hotel Cocone Ueno in response to restrictions on economic activity and requests to suspend operations amid the global spread of COVID-19.」
The impact of restrictions on economic activity and requests to suspend operations due to COVID-19 materialized in the form of hotel closures, lower revenue and the recognition of a loss. - FY2020-Q1First statedAnnual report
「The spread of COVID-19, which began mainly in Wuhan, Hubei Province, the People's Republic of China, in December 2019, may affect the financial condition, operating results and other aspects of the Group. However, in 2020, the decline in lodging demand associated with COVID-19, which emerged in December 2019, became evident from February onward, raising concerns that the spread of the infection would be prolonged (according to the Japan Tourism Agency).」
The spread of COVID-19 was described as an additional risk that could affect the Group's financial condition and operating results. In the hotel business, the decline in lodging demand caused by the infection became evident from February onward.