Impact of cuts in public works spending on earnings
First written in FY2016. 5 of 7 entries say "Restated". Latest entry: FY2023.
The whole theme swung hardest in 2024: 7 of 31 companies on the "Worse" side.
26 other companies' latest entry also says "Restated".
- FY2023RestatedAnnual report
「The Group’s civil engineering business is highly dependent on public works, and cuts in public works spending beyond expectations could affect the Group’s earnings.」
It continues to disclose the civil engineering business’s dependence on public works and the risk of an earnings impact from a decline in orders. - FY2022RestatedAnnual report
「The Group’s civil engineering business is highly dependent on public works, and cuts in public works spending beyond expectations could affect the Group’s earnings.」
It continues to disclose the civil engineering business’s dependence on public works and the risk of an earnings impact from reductions in orders. - FY2018RestatedAnnual report
「Because the Group is highly dependent on public works in its civil engineering business, cuts in public works spending beyond expectations could affect its earnings.」
It continues to disclose the risk of an earnings impact from dependence on public works and cuts exceeding expectations. - FY2018-Q2RestatedAnnual report
「Although public investment in the construction industry to which the Company belongs has peaked, that situation remains unchanged, while investment continues at a high level and demand remains solid.」
While recognizing that public investment has peaked, it states that investment remains at a high level and demand is solid. There has been no material change in the risk related to dependence on public works. - FY2017RestatedAnnual report
「Because the Group is highly dependent on public works in its civil engineering business, cuts in public works spending beyond expectations could affect its earnings.」
It continues to describe the Group’s dependence on public works and the risk of an earnings impact from cuts exceeding expectations. - FY2017-Q1WorsenedAnnual report
「Although signs that public investment has reached a ceiling are becoming more pronounced in the construction industry, demand remains high for earthquake reconstruction and revitalization, disaster prevention and mitigation measures in line with national resilience policies, and large-scale highway repair and renewal projects nationwide, and a certain volume of orders is expected.」
Regarding public investment, it describes the current deterioration in conditions as “increasingly showing signs of having reached a ceiling,” in addition to the possibility of cuts identified previously. At the same time, it states that demand for repair and renewal remains high. - FY2016First statedAnnual report
「Because the Group is highly dependent on public works in its civil engineering business, cuts in public works spending beyond expectations could affect its earnings.」
It explicitly identifies the civil engineering business’s dependence on public works and regards cuts exceeding expectations as an earnings risk.