Risk of Fluctuations in Economic Conditions, Overseas Developments and Travel Trends
First written in FY2016. 10 of 31 entries say "Worsened", first in FY2020-Q1. Latest entry: 2026-08-05.
The Royal Hotel,Limited moved to the "Worse" side of this theme in 2016, 4 years before the typical company in this theme (2020).
The whole theme swung hardest in 2020: 10 of 17 companies on the "Worse" side.
4 other companies' latest entry also says "Restated".
- 2026-08-05RestatedResults
「We continue to face a challenging business environment due to the Chinese government’s request that its citizens refrain from traveling to Japan, instability in the Middle East, and rising costs including raw materials, utilities and labor.」
Continued to describe external-environment risks relating to overseas developments, travel demand and rising costs that had been disclosed previously. - FY2026WorsenedAnnual report
「The Group primarily operates businesses including accommodation, banqueting, weddings and restaurants. In addition to consumption trends among general consumers and the business performance of companies, deterioration in relations between countries, terrorism, natural disasters and epidemic diseases may affect the Group's performance.」
For risks related to economic conditions, overseas affairs and travel trends, the Chinese government's request that its citizens refrain from traveling to Japan and the destabilization of the situation in the Middle East were added to the description of the operating environment, broadening the scope of external factors. - 2026-05-14WorsenedResults
「Looking ahead, demand from Japan and overseas is expected to increase as socioeconomic activity picks up with improvements in employment and income conditions and inbound tourism grows. At the same time, the uncertain environment is expected to persist due to unstable international conditions, higher prices resulting from the weaker yen, and soaring raw material and energy costs.」
In addition to the previously cited unstable international conditions, weaker yen and higher prices, raw material and energy costs, described the Chinese government’s travel advisory and instability in the Middle East. - FY2026-H1U.S. tariff policy added as an uncertainty factorAnnual report
「During the interim consolidated accounting period under review, the Japanese economy was on a gradual recovery trend due to improvements in employment and income conditions and increased inbound consumption. However, the outlook remains uncertain due to rising prices of goods and raw materials, developments in U.S. tariff policy, and the unstable international situation, including the protracted situation in Ukraine.」
In addition to the previously identified factors, including prices of goods and raw materials and the situation in Ukraine, developments in U.S. tariff policy were explicitly identified as a source of uncertainty over the outlook. - FY2025-H1RestatedAnnual report
「During the interim consolidated accounting period under review, the Japanese economy was on a gradual recovery trend as consumption increased with the normalization of economic activity and improvements in employment and income conditions. However, the outlook remains uncertain due to rising prices caused by the unstable international situation and yen depreciation, as well as soaring raw material and energy prices.」
The disclosure presents both factors supporting the economic recovery and uncertainty over the outlook arising from the unstable international situation, yen depreciation, and rising prices of goods, raw materials and energy. - FY2024-Q3RestatedAnnual report
「Meanwhile, the outlook remains uncertain due to the protracted situation in Ukraine and soaring raw material and energy prices resulting from yen depreciation.」
The uncertainty surrounding the outlook due to the situation in Ukraine, yen depreciation, and soaring raw material and energy prices continues to be disclosed as an external-environment risk coexisting with factors supporting demand recovery. - FY2024-Q2Clearer demand-recovery factors and continuing external-environment risksAnnual report
「Meanwhile, the outlook remains uncertain due to the protracted situation in Ukraine and soaring raw material and energy prices resulting from yen depreciation.」
While recovery in people flows is indicated on the demand side, downside risks to the economy and uncertainty over the outlook due to the situation in Ukraine, yen depreciation, and soaring raw material and energy prices continue. - FY2024-Q1RestatedAnnual report
「Meanwhile, the outlook remains uncertain due to the protracted situation in Ukraine and soaring raw material and energy prices resulting from yen depreciation.」
The uncertainty surrounding the outlook due to the situation in Ukraine, yen depreciation, and soaring raw material and energy prices continues to be disclosed as an external-environment risk coexisting with signs of demand recovery. - FY2023Demand recovery coexisting with infectious disease and external-environment risksAnnual report
「During the consolidated fiscal year under review, sales of banqueting and restaurants increased as restrictions on movement imposed in response to COVID-19 were eased and the government announced a review of its classification under the Infectious Diseases Act. However, uncertainty remains high, and if the situation becomes prolonged or more serious, the performance of the Group may be significantly affected.」
While recording increased banqueting and restaurant sales following the easing of restrictions on movement, the disclosure continues to indicate the possibility of an impact on performance if the infectious disease situation becomes prolonged or more serious. - FY2023-Q2WorsenedAnnual report
「Meanwhile, downside risks to the economy remain, including the protracted situation in Ukraine, rising prices driven by the rapid depreciation of the yen, and soaring raw material and energy prices, and the outlook remains uncertain.」
The risks previously identified, including the situation in Ukraine, yen depreciation and rising prices, continue as downside risks to the economy, particularly the rapid depreciation of the yen and soaring raw material and energy prices. - FY2023-Q1WorsenedAnnual report
「Meanwhile, downside risks to the economy remained, including higher prices and soaring raw material prices resulting from the prolonged situation in Ukraine and the weaker yen, and uncertainty persisted.」
In addition to the previously identified demand fluctuation risks from infectious diseases and economic conditions, explicitly identifies downside risks from the prolonged situation in Ukraine, the weaker yen, higher prices, and soaring raw material prices. - FY2022MaterialisedAnnual report
「In the current fiscal year, domestic and international travel demand fell sharply due to COVID-19, and the group was significantly affected by a decrease in banquet, wedding, and restaurant users resulting from requests to refrain from going out, restrictions on serving alcoholic beverages and holding events, requests to shorten business hours, and other measures. If the situation becomes even more prolonged and severe, the group's operating performance may be affected even more severely.」
Regarding demand fluctuation risks arising from economic conditions, overseas affairs, and infectious diseases, states that the sharp decline in travel demand and the decrease in users across the various businesses actually occurred over the full fiscal year. - FY2022-Q3WorsenedAnnual report
「In the hotel industry, the operating environment remained extremely challenging as government requests to refrain from going out, restrictions on serving alcoholic beverages and holding events, requests to shorten business hours, and other measures continued intermittently.」
Government requests to refrain from going out, restrictions on serving alcoholic beverages and holding events, requests to shorten business hours, and other measures continued intermittently, and the extremely challenging environment in the hotel industry persisted. - FY2022-Q2RestatedAnnual report
「The hotel industry continued to face an extremely challenging operating environment due to government requests to refrain from going out, restrictions on the provision of alcoholic beverages and events, and requests to shorten operating hours.」
Reiterates the challenging operating environment in the hotel industry as restrictions on travel and consumer behavior resulting from government requests related to COVID-19 continued. - FY2022-Q1WorsenedAnnual report
「The hotel industry continued to face an extremely challenging operating environment due to government requests to refrain from going out and restrictions on the provision of alcoholic beverages and events.」
The risk of demand fluctuations related to restrictions on travel and consumer behavior continued to materialize as an extremely challenging industry environment due to requests to refrain from going out and restrictions on serving alcoholic beverages and holding events. - FY2021RestatedAnnual report
「In the current fiscal year, domestic and international travel demand fell sharply due to COVID-19, and the group was significantly affected by a decrease in users of banquets, weddings, and restaurants resulting from requests to refrain from going out. If the situation becomes even more prolonged and severe, the group's operating performance may be affected even more severely.」
Continues to describe the actual full-year occurrence of a sharp decline in travel demand and fewer banquet, wedding, and restaurant users caused by COVID-19, as well as the potential for additional impacts if the situation becomes prolonged and more severe. - FY2021-Q3WorsenedAnnual report
「In the hotel industry, domestic and international travel demand declined sharply after governments around the world began implementing comprehensive COVID-19 countermeasures, while the decrease in banquet and restaurant users resulting from requests for voluntary restraint and other factors had a serious impact on the industry environment. Although a gradual recovery trend had emerged with support from policies to revitalize tourism, including the launch of the Go To Travel campaign in July 2020, the industry environment became severe again after the announcement in December that the campaign would be temporarily suspended due to the resurgence of infections.」
In addition to the severe decline in travel, banquet, and restaurant demand caused by COVID-19, the recovery trend that had temporarily emerged deteriorated again following the renewed spread of infections and the suspension of policy measures. - FY2021-Q2Recovery trend noted alongside a severe decline in demandAnnual report
「In the hotel industry, domestic and international travel demand declined sharply after governments around the world began implementing comprehensive COVID-19 countermeasures, while the decrease in banquet and restaurant users resulting from requests for voluntary restraint and other factors had a serious impact on the industry environment. However, supported by policies to revitalize tourism, including the launch of the Go To Travel campaign in July 2020, a gradual recovery trend has emerged.」
Although the demand fluctuation risk from COVID-19 continued to have a serious impact, signs of a recovery in demand supported by government measures were also reported. - FY2021-Q1WorsenedAnnual report
「In the hotel industry, domestic and international travel demand declined sharply after governments around the world began implementing comprehensive COVID-19 countermeasures, while the decrease in banquet and restaurant users resulting from requests for voluntary restraint and other factors had a serious impact on the industry environment.」
Regarding demand fluctuation risks arising from economic conditions, overseas affairs, and infectious diseases, the sharp decline in domestic and international travel demand and the decrease in banquet and restaurant demand caused by the spread of COVID-19 continued and intensified as serious impacts during the quarter. - FY2020MaterialisedAnnual report
「In the current fiscal year, after governments worldwide began implementing full-scale measures in response to COVID-19, inbound demand fell sharply and restrictions on domestic personal and corporate activities had a broad impact. As a result, operations in accommodation, banquets, weddings, restaurants, and other businesses were significantly affected.」
States that the previously identified risk of demand fluctuations from economic conditions, overseas affairs, and infectious diseases materialized as a sharp decline in demand caused by COVID-19 and an actual impact on operations across the various businesses. - FY2020-Q3RestatedAnnual report
「During the first 9 months of the current third quarter, Japan's economy remained uncertain due to growing uncertainty in the international economy, including the prolonged US-China trade friction and Japan-South Korea relations, although corporate earnings and employment conditions remained firm.」
Continues to describe uncertainty in the international economy and an uncertain outlook due to the prolonged US-China trade friction, Japan-South Korea relations, and other factors. - FY2020-Q2WorsenedAnnual report
「Meanwhile, uncertainty persisted due to growing uncertainty in the international economy, including the prolonged US-China trade friction and Japan-South Korea relations.」
In addition to the previously cited US-China trade friction, continues to indicate uncertainty in the international economy and an uncertain outlook by citing its prolongation and Japan-South Korea relations. - FY2020-Q1WorsenedAnnual report
「Meanwhile, uncertainty persisted due to growing uncertainty in the overseas economy, including concerns over US-China trade friction.」
In connection with the previously identified risk of fluctuations in economic conditions and overseas affairs, describes growing uncertainty in the overseas economy, including US-China trade friction, and an uncertain outlook. - FY2019-Q3RestatedAnnual report
「Although the number of visitors to Japan exceeded the previous year’s level, the industry environment was affected by the intensifying competitive environment resulting from new hotel openings and other factors, as well as cancellations of trips to Japan caused by a series of natural disasters since June last year.」
Continues to state that cancellations of trips to Japan due to natural disasters actually occurred and that the risk of fluctuations in tourist trends affected the industry environment. - FY2019-Q2MaterialisedAnnual report
「Although the number of visitors to Japan exceeded the previous year’s level, the industry environment was affected by the intensifying competitive environment resulting from new hotel openings and other factors, as well as cancellations of trips to Japan caused by a series of natural disasters from June onward.」
Cancellations of trips to Japan due to natural disasters actually occurred, and the risk of fluctuations in tourist trends materialized as an impact on the industry environment. - FY2018RestatedAnnual report
「The Group’s operating results are susceptible to trends in consumer spending in food service and weddings, and to corporate performance in banquets. Accommodation demand may also be affected by travel trends resulting from terrorism, international conflicts and epidemics.」
Continues to describe demand fluctuation risks arising from consumer spending trends, corporate performance, overseas affairs, and infectious diseases. - FY2017MaterialisedAnnual report
「Although we undertook various initiatives to improve earnings capacity and strengthen our internal infrastructure, revenue for the current fiscal year was ¥41,125 million, down ¥399 million, or 1.0%, from the previous fiscal year, due primarily to a decrease in management contract fees accompanying the closure of RIHGA Royal Hotel Kyoto for renovation and a decline in demand at RIHGA Royal Hotel Kokura following the Kumamoto Earthquake.」
The closure of RIHGA Royal Hotel Kyoto for renovation and the decline in demand at Kokura following the Kumamoto Earthquake were reflected as factors behind the ¥399 million decline in full-year revenue. - FY2017-Q3MaterialisedAnnual report
「Although we undertook various initiatives to expand revenue, consolidated revenue for the first 9 months of the current third quarter was ¥30,599 million, down ¥225 million year on year, due primarily to a decrease in management contract fees accompanying the closure of RIHGA Royal Hotel Kyoto for renovation and a decline in demand following the Kumamoto Earthquake.」
The closure of RIHGA Royal Hotel Kyoto for renovation and the decline in demand following the Kumamoto Earthquake continued to be reflected as factors behind the ¥225 million year-on-year decrease in cumulative revenue. - FY2017-Q2MaterialisedAnnual report
「Although we undertook various initiatives to expand revenue, consolidated revenue for the first 6 months of the current second quarter was ¥19,245 million, down ¥48 million year on year, due primarily to a decrease in management contract fees accompanying the closure of RIHGA Royal Hotel Kyoto for renovation and a decline in demand following the Kumamoto Earthquake.」
The closure of RIHGA Royal Hotel Kyoto for renovation and the decline in demand following the Kumamoto Earthquake were again cited as factors behind the decline in revenue for the first 6 months of the second quarter. - FY2017-Q1MaterialisedAnnual report
「リーガロイヤルホテル京都の改装休業に伴う運営受託料の減少や、熊本地震発生に伴う需要の落ち込み等により、当第１四半期連結累計期間の売上高は9,755百万円と前年同期比175百万円の減収となりました。」
A decline in demand following the Kumamoto Earthquake actually occurred and was cited as a factor behind a ¥175 million year-on-year decrease in revenue. - FY2016First statedAnnual report
「The Group’s operating results are susceptible to trends in consumer spending in food service and weddings, and to corporate performance in banquets. Accommodation demand may also be affected by travel trends resulting from terrorism, international conflicts and epidemics.」
Indicates that consumer spending, corporate performance, overseas developments and infectious diseases may affect demand in the hotel’s various businesses.