Risk of changes to procurement contract terms with overseas manufacturers
First written in FY2016. 6 of 7 entries say "Restated". Latest entry: FY2023.
5 other companies' latest entry also says "Restated".
- FY2023RestatedAnnual report
「No problems have arisen in these so-called gentleman's agreements, and we have been able to secure a stable supply. However, if the management policies or other matters of individual suppliers change in the future and a situation arises in which we have no choice but to enter into a master agreement, we may be forced to accept terms unfavorable to us, which could adversely affect our operating results and financial condition.」
The practice of dealing with overseas suppliers without entering into master agreements, and the risks when terms change, remain in place. - FY2022RestatedAnnual report
「No problems have arisen in these so-called gentleman's agreements, and we have been able to secure a stable supply. However, if the management policies or other matters of individual suppliers change in the future and a situation arises in which we have no choice but to enter into a master agreement, we may be forced to accept terms unfavorable to us, which could adversely affect our operating results and financial condition.」
The practice of dealing with overseas suppliers without entering into master agreements, and the risks when terms change, remain in place. - FY2021RestatedAnnual report
「No problems have arisen in these so-called gentleman's agreements, and we have been able to secure a stable supply. However, if the management policies or other matters of individual suppliers change in the future and a situation arises in which our group has no choice but to enter into master agreements, we may be forced to accept terms unfavorable to our group, which could adversely affect our group's operating results and financial condition.」
The practice of dealing with overseas suppliers without entering into master agreements, and the risks when terms change, remain in place. - FY2019RestatedAnnual report
「We have not entered into basic agreements when commencing procurement. Although no problems have arisen in these trading relationships, which are based on so-called gentlemen's agreements, and we have been able to secure stable procurement, if the business policies or other matters of our suppliers change in the future and circumstances arise in which our Group is forced to enter into basic agreements, we may be required to accept terms unfavorable to our Group.」
The risk of changes in terms associated with the continued practice of dealing with overseas suppliers without entering into master agreements remains. - FY2018RestatedAnnual report
「We have not entered into basic agreements when commencing procurement. Although no problems have arisen in these trading relationships, which are based on so-called gentlemen's agreements, and we have been able to secure stable procurement, if the business policies or other matters of our suppliers change in the future and circumstances arise in which our Group is forced to enter into basic agreements, we may be required to accept terms unfavorable to our Group.」
The risk of changes in terms associated with the continued practice of dealing with overseas suppliers without entering into master agreements remains. - FY2017RestatedAnnual report
「We do not enter into master agreements when commencing purchases. No problems have arisen in these so-called gentleman's agreements, and we have been able to secure a stable supply. However, if the management policies or other matters of individual suppliers change in the future and a situation arises in which our group has no choice but to enter into master agreements, we may be forced to accept terms unfavorable to our group, which could adversely affect our group's operating results and financial condition.」
The risk of changes in terms associated with the continued practice of dealing with overseas suppliers without entering into master agreements is still disclosed. - FY2016First statedAnnual report
「We have not entered into basic agreements when commencing procurement. Although no problems have arisen in these trading relationships, which are based on so-called gentlemen's agreements, and we have been able to secure stable procurement, if the business policies or other matters of our suppliers change in the future and circumstances arise in which our Group is forced to enter into basic agreements, we may be required to accept terms unfavorable to our Group.」
Risk associated with the business practice of dealing with overseas suppliers without entering into master agreements.