The Impact of COVID-19 on Air Travel Demand and Operations
First written in FY2020. 7 of 12 entries say "Restated". Latest entry: FY2024.
4 other companies' latest entry also says "Mitigated".
- FY2024MitigatedAnnual report
「Although domestic and international air travel demand is returning to pre-pandemic levels,」
Air travel demand is returning to pre-pandemic levels, and the airport-related business achieved a return to profitability for the first time in 4 periods. By route, however, uncertainty remains, including for flights to and from China. - FY2024-Q3RestatedAnnual report
「In the airport-related field of the comprehensive solutions business, domestic and international air travel demand reduced by COVID-19 is recovering, but demand trends remain uncertain for certain routes, particularly flights to and from China. Despite this uncertainty, accounting estimates, including impairment of fixed assets, are based on the assumption that demand will recover gradually.」
Domestic and international air travel demand is recovering, while demand for certain routes, including flights to and from China, remains uncertain. The Company continues to use accounting estimates based on the assumption of a gradual recovery. - FY2024-Q2RestatedAnnual report
「In the airport-related field of the comprehensive solutions business, domestic and international air travel demand reduced by COVID-19 is recovering, but demand trends remain uncertain for certain routes, particularly flights to and from China.」
The Company continues to recognize that domestic and international air travel demand is recovering, while demand trends for certain routes, including flights to and from China, remain uncertain. - FY2024-Q1MitigatedAnnual report
「In the airport-related field of the comprehensive solutions business, domestic and international air travel demand reduced by COVID-19 is recovering, but demand trends remain uncertain for certain routes, particularly flights to and from China.」
Domestic and international air travel demand has shown signs of recovery, partly mitigating the previous risk of reduced demand. At the same time, the Company stated that demand for certain routes, including flights to and from China, remains uncertain. - FY2023-Q1MitigatedAnnual report
「In the airport-related field of the comprehensive solutions business, reduced domestic and international air travel demand due to entry restrictions imposed by countries worldwide and requests for people to refrain from going out in Japan has shown signs of recovery, but its impact has been prolonged. Although it is difficult to predict when the COVID-19 pandemic will subside, accounting estimates, including impairment of fixed assets, are based on the assumption that demand will recover gradually from the fiscal year ending March 2023 onward.」
The Company recognized signs of recovery in air travel demand and its accounting estimates now assume a gradual recovery from the fiscal year ending March 2023 onward. The disclosure changed from the previous assumption that weak demand would continue to one incorporating a recovery. - FY2022-Q3RestatedAnnual report
「For the cumulative third quarter of the current consolidated fiscal year, the Company’s accounting estimates, including impairment of fixed assets and the recoverability of deferred tax assets, were based on the assumption, taking into account the IATA outlook updated on 4 October 2021 and other information, that the impact of reduced domestic and international air travel demand due to the spread of COVID-19 would continue throughout the fiscal year ending March 2022, followed by a gradual recovery in demand through the fiscal year ending March 2025.」
The Company continues to use the accounting assumption that reduced air travel demand will continue throughout the fiscal year ending March 2022 and recover gradually through the fiscal year ending March 2025. - FY2022-Q2RestatedAnnual report
「For the cumulative second quarter of the current consolidated fiscal year, the Company’s accounting estimates, including impairment of fixed assets and the recoverability of deferred tax assets, were based on the assumption, taking into account the IATA outlook updated on 4 October 2021 and other information, that the impact of reduced domestic and international air travel demand due to the spread of COVID-19 would continue throughout the fiscal year ending March 2022, followed by a gradual recovery in demand through the fiscal year ending March 2025.」
Taking into account IATA’s updated outlook, the Company continues to use the accounting assumption that reduced air travel demand will continue throughout the fiscal year ending March 2022 and recover gradually through the fiscal year ending March 2025. - FY2022-Q1RestatedAnnual report
「For the current first quarter of the consolidated fiscal year, the Company’s accounting estimates, including impairment of fixed assets and the recoverability of deferred tax assets, were based on the same assumptions as in the previous consolidated fiscal year: the impact of reduced domestic and international air travel demand due to the spread of COVID-19 would continue throughout the fiscal year ending March 2022, followed by a gradual recovery in demand through the fiscal year ending March 2025.」
The Company continues, without change from the previous fiscal year, to use accounting estimates based on the assumption that reduced air travel demand will continue throughout the fiscal year ending March 2022 and recover gradually through the fiscal year ending March 2025. - FY2021-Q3RestatedAnnual report
「For the cumulative third quarter of the current consolidated fiscal year, the Company changed its assumptions for accounting estimates, including impairment of fixed assets and the recoverability of deferred tax assets, based on IATA (International Air Transport Association) outlooks updated on 28 July, 29 September and 24 November 2020 and 3 February 2021, and other information. It now assumes that these conditions will continue throughout the fiscal year ending March 2021, followed by a gradual recovery in demand through the fiscal year ending March 2025.」
The Company continues to use accounting estimates based on the assumption that weak air travel demand will continue throughout the fiscal year ending March 2021 and recover gradually through the fiscal year ending March 2025. - FY2021-Q2RestatedAnnual report
「For the cumulative second quarter of the current consolidated fiscal year, the Company changed its assumptions for accounting estimates, including impairment of fixed assets and the recoverability of deferred tax assets, based on the outlooks published by IATA (International Air Transport Association) on 28 July and 29 September 2020 and other information. It now assumes that these conditions will continue throughout the fiscal year ending March 2021, followed by a gradual recovery in demand through the fiscal year ending March 2025.」
The Company continues to use accounting estimates based on the assumption that weak air travel demand will continue throughout the fiscal year ending March 2021 and recover gradually through the fiscal year ending March 2025. - FY2021-Q1WorsenedAnnual report
「For the current first quarter of the consolidated fiscal year, the Company changed its assumptions for accounting estimates, including impairment of fixed assets and the recoverability of deferred tax assets, based on the outlook published by IATA (International Air Transport Association) on 28 July 2020 and other information. It now assumes that these conditions will continue throughout the fiscal year ending March 2021, followed by a gradual recovery in demand through the fiscal year ending March 2025.」
The Company changed its assumption to one under which the period of sharply reduced air travel demand would continue through the fiscal year ending March 2021, with demand expected to recover through the fiscal year ending March 2025. The recovery period is longer than indicated in the previous fiscal year. - FY2020MaterialisedAnnual report
「The global COVID-19 pandemic, which became apparent in January 2020, is expected to prolong its impact on the economy. Domestic and international air travel demand has declined sharply due to entry restrictions imposed by countries worldwide and requests for people to refrain from going out in Japan. As a result, the Group’s operating results and financial position may be significantly affected, particularly in the airport-related field of its comprehensive solutions business.」
The COVID-19 pandemic became apparent in January 2020, and the sharp decline in air travel demand and reduced airport-related business had already appeared in the results. For accounting purposes, the Company assumed that the impact would continue throughout the fiscal year ending March 2021 and that demand would recover gradually through the fiscal year ending March 2024.