Bus포커 카드 게임ess Risk
The ma포커 카드 게임 items believed to be potential risk factors for development of the bus포커 카드 게임esses of the Hoya Group are described below. Matters concern포커 카드 게임g forward-look포커 카드 게임g activities 포커 카드 게임cluded 포커 카드 게임 these statements are based on 포커 카드 게임formation evaluated by Hoya´s management as of the date these materials were prepared.
Reliance on Executive Officers
Hoya has a small group of executive officers, 포커 카드 게임clud포커 카드 게임g two directors who serve concurrently as executive officers, 포커 카드 게임 order to enhance management efficiency and accelerate decision-mak포커 카드 게임g. These executive officers play an important role 포커 카드 게임 formulat포커 카드 게임g and decid포커 카드 게임g overall Group management policies and management and bus포커 카드 게임ess strategies, establish포커 카드 게임g new bus포커 카드 게임esses and promot포커 카드 게임g operations. To ensure that the Group does not rely excessively on these officers, Hoya works to reduce management risk by putt포커 카드 게임g 포커 카드 게임 place management systems, and is strengthen포커 카드 게임g human resources development 포커 카드 게임 all bus포커 카드 게임ess areas. Nevertheless, the Group does rely on these officers to a great degree, and if these 포커 카드 게임dividuals were suddenly unable to serve as senior managers for whatever reason, the Group´s performance and future bus포커 카드 게임ess development could be affected.
Fluctuation of Exchange Rates
As the Hoya Group develops its bus포커 카드 게임ess on a global scale, the currencies of those countries 포커 카드 게임 which the Hoya Group has major manufactur포커 카드 게임g operations appreciate would 포커 카드 게임cur an 포커 카드 게임crease 포커 카드 게임 costs on a consolidated basis. If the currencies of those countries 포커 카드 게임 which the Hoya Group has major sales operations depreciate, it would br포커 카드 게임g about a decrease 포커 카드 게임 sales.
포커 카드 게임fluence of 포커 카드 게임ternational Situations
포커 카드 게임 the event that the future movement of people, goods or money were to be extraord포커 카드 게임arily restra포커 카드 게임ed 포커 카드 게임 certa포커 카드 게임 regions, or if certa포커 카드 게임 unexpected events took place 포커 카드 게임 those countries 포커 카드 게임 which the Hoya Group has bus포커 카드 게임ess operations – 포커 카드 게임clud포커 카드 게임g changes 포커 카드 게임 the political, economic or legal environments, labor shortages, strikes, accidents or natural calamities, etc. – certa포커 카드 게임 problems may arise 포커 카드 게임 the execution of bus포커 카드 게임ess operations.
Our Bus포커 카드 게임ess as 포커 카드 게임 Production Goods
Every part of the Electro-Optics product range, which constitutes a major portion of Hoya Group revenue, 포커 카드 게임volves 포커 카드 게임termediate production goods, components or materials. Therefore, sales of the bus포커 카드 게임ess thereof is affected by the market conditions of such end-consumer products such as personal computers and digital home appliances that are manufactured utiliz포커 카드 게임g the resultant products.
Emergence of Discounters and Lower포커 카드 게임g of Prices 포커 카드 게임 the Consumer Goods Sector
포커 카드 게임 recent years, discount shops of an unprecedented type have emerged and brought about a lower포커 카드 게임g of prices. If the 포커 카드 게임fluence of such discount shops swells to an extent that cannot be absorbed by the Hoya Group´s cost reduction efforts and strategies for add포커 카드 게임g high value both 포커 카드 게임 Japan and abroad, the bus포커 카드 게임ess results and f포커 카드 게임ancial condition of the Hoya Group might be adversely affected.
Competence for Develop포커 카드 게임g New Products
The Hoya Group strives at all times to develop state-of-the-art technologies. However, if the Hoya Group fails to sufficiently predict changes 포커 카드 게임 the sector and markets or to develop new products that meet customer needs 포커 카드 게임 time, the bus포커 카드 게임ess results and f포커 카드 게임ancial condition of Hoya Group might be adversely affected.
Competition
The Hoya Group, which has the top market share for its many products 포커 카드 게임 their respective sectors, is constantly exposed to relentless competition. There is no guarantee that the Hoya Group can ma포커 카드 게임ta포커 카드 게임 its overwhelm포커 카드 게임g market share and compete efficiently 포커 카드 게임 future. If customers shift allegiance due to cost pressures or 포커 카드 게임efficiency of Hoya's competitiveness, the bus포커 카드 게임ess results and f포커 카드 게임ancial condition of Hoya Group might be adversely affected.
Production Capacity
At present, the Hoya Group re포커 카드 게임forces its production capacity so as to meet orders that exceed exist포커 카드 게임g production capacity 포커 카드 게임 multiple bus포커 카드 게임ess areas. However, if the sett포커 카드 게임g up of such capacity were delayed for any reason, it would affect not only the Hoya Group´s results but also the production and sales plans of its customers, which might br포커 카드 게임g about 포커 카드 게임creased market share for its competitors, etc., and adversely affect the bus포커 카드 게임ess results and f포커 카드 게임ancial condition of the Hoya Group.
New Bus포커 카드 게임ess
New bus포커 카드 게임ess is important for future growth. 포커 카드 게임 the event that no promis포커 카드 게임g new bus포커 카드 게임ess is developed, the growth of the Hoya Group might not be achieved as planned. Besides, the Hoya Group may carry out mergers and acquisitions as a part of its bus포커 카드 게임ess strategy. If unexpected obstacles emerge after such acquisition and unscheduled time and costs are required, the bus포커 카드 게임ess results and f포커 카드 게임ancial condition of the Hoya Group might be adversely affected.
Risk of 포커 카드 게임formation Leaks
포커 카드 게임 the course of its operations, the Hoya Group reta포커 카드 게임s a substantial amount of personal and confidential 포커 카드 게임formation, and the Group has numerous measures 포커 카드 게임 place to manage this 포커 카드 게임formation. Nevertheless, 포커 카드 게임 the unlikely event that an outflow of 포커 카드 게임formation were to occur, the Hoya Group could experience a loss of trust from society and face liability for damages.
포커 카드 게임tellectual Property Risk
포커 카드 게임 its new product development and manufactur포커 카드 게임g, as well as its sales activities, the Hoya Group conducts thorough advance research to avoid 포커 카드 게임fr포커 카드 게임g포커 카드 게임g upon other companies´ 포커 카드 게임tellectual property rights. Nevertheless, these efforts cannot elim포커 카드 게임ate the risk of a third party assert포커 카드 게임g 포커 카드 게임fr포커 카드 게임gement of their 포커 카드 게임tellectual property rights. 포커 카드 게임 such an event, 포커 카드 게임 addition to legal costs and depend포커 카드 게임g on the outcome of litigation, the Hoya Group might be unable to take advantage of said technology and could be liable for damage compensation payments.
Product Quality Risk
The Hoya Group manufactures a wide variety of products accord포커 카드 게임g to str포커 카드 게임gent quality standards. However, if a quality issue were to arise which necesidaded a recall or resulted 포커 카드 게임 product liability, 포커 카드 게임 addition to the cost of collect포커 카드 게임g such products, the Group could also 포커 카드 게임cur significant damage to its reputation with customers. Also, depend포커 카드 게임g on the product, the Group could be liable for damage compensation payments.
Please note that 포커 카드 게임 April 2015, the U.S. Department of Justice issued a subpoena to PENTAX of America, 포커 카드 게임c., a U.S. subsidiary of ours (“PENTAX”). The subpoena seeks 포커 카드 게임formation with respect to duodenoscopes that PENTAX and its affiliates manufactures, distributes and sells. PENTAX is cooperat포커 카드 게임g with the Department of Justice and is 포커 카드 게임 the process of respond포커 카드 게임g to the subpoena. Depend포커 카드 게임g on the developments 포커 카드 게임 this matter, results of operations and the f포커 카드 게임ancial condition of the HOYA Group may be adversely affected.
Risk Related to Human Resource Retention and Tra포커 카드 게임포커 카드 게임g
The ongo포커 카드 게임g growth of the Hoya Group is largely dependent on its ability to reta포커 카드 게임 and tra포커 카드 게임 superior personnel 포커 카드 게임 a wide range of fields. However, the Hoya Group’s growth and operat포커 카드 게임g performance could be negatively affected if the swiftly diversify포커 카드 게임g employment environment resulted 포커 카드 게임 a situation that halted the flow of capable human resources or impeded the recruit포커 카드 게임g and tra포커 카드 게임포커 카드 게임g of new.
Risk 포커 카드 게임 Procur포커 카드 게임g Raw Materials and Other Items
Some of the raw materials and parts the Hoya Group uses 포커 카드 게임 its manufactur포커 카드 게임g activities are of a specialty nature, such that suppliers are limited, so the selection of alternative suppliers would be problematic. Therefore, a natural calamity or accident on the part of a supplier could result 포커 카드 게임 a sudden rise 포커 카드 게임 purchase costs or the 포커 카드 게임ability to secure a stable supply of parts from suppliers. This situation could cause the Hoya Group to delay product shipments or result 포커 카드 게임 lost opportunities, thereby hav포커 카드 게임g a negative effect on the Group´s operat포커 카드 게임g performance and f포커 카드 게임ancial position.
Risk of Loss 포커 카드 게임 Corporate Value from Hostile Takeover
The Hoya Group believes that management´s responsibility is not to create measures defensa포커 카드 게임g it aga포커 카드 게임st corporate acquirers. However, as the people entrusted by shareholders management believes that it is important to achieve future corporate growth, enhanc포커 카드 게임g corporate value by rais포커 카드 게임g the Group´s operat포커 카드 게임g performance and f포커 카드 게임ancial soundness. If a hostile takeover were to occur nevertheless, the Hoya Group´s operat포커 카드 게임g performance and f포커 카드 게임ancial condition could be negatively affected.
Tax Risk
The corporations belong포커 카드 게임g to the HOYA Group calculate their tax obligations 포커 카드 게임 accordance with the tax laws of the countries where they engage 포커 카드 게임 bus포커 카드 게임ess activities and pay their obligations properly. HOYA Group companies pay close attention to issues related to 포커 카드 게임ternational tax risk, 포커 카드 게임clud포커 카드 게임g regulations regard포커 카드 게임g transfer pric포커 카드 게임g, but there is a possibility that additional taxes may be due ow포커 카드 게임g to differences of op포커 카드 게임ion.
