Foreign exchange, political and economic, and legal and regulatory risks in overseas operations

「If foreign exchange rate movements exceed expectations or significant changes occur in the political, economic, or legal and regulatory environments of countries where the Group conducts overseas construction, these developments may affect its performance.」

「The outlook for the economy has become uncertain due to the increasingly tense situation in the Middle East and continued price increases.」

「Meanwhile, the outlook for the economy remains uncertain due to the impact of US trade policy and continued price inflation.」

「Meanwhile, the global economy remains uncertain due to persistently high raw material prices worldwide and concerns about an economic slowdown resulting from monetary tightening and other factors.」

「Meanwhile, resource and energy prices have continued to rise, and the global economy remains uncertain regarding its outlook.」

「Meanwhile, the prolonged situation involving Russia and Ukraine has kept resource and energy prices elevated, and the global economy remains in a situation with an uncertain outlook.」

「The prolonged situation involving Russia and Ukraine has kept resource and energy prices elevated, and the global economy remains in a severe situation with an uncertain outlook.」

「However, global monetary tightening and exchange-rate conditions characterized by continued yen depreciation have created a challenging business environment, including downside risks to the economy due to rising raw material prices and supply constraints. Accordingly, the outlook remains unpredictable.」

「Meanwhile, at the local US subsidiary, construction of ground improvements for an LNG terminal was postponed due in part to the impact of carbon-neutral policies. In addition, construction commencement was substantially delayed for some projects due to ecological and environmental issues involving protected plants, resulting in performance well below plan.」

「Meanwhile, at the U.S. subsidiary, earnings fell significantly below expectations as construction delays caused by the impact of the coronavirus disease led to higher construction overhead costs.」

「The economic impact of the novel coronavirus infection has also become greater for the local US subsidiary than in Japan, and the situation is considered challenging.」

「Going forward, attention needs to be paid to concerns over China's economic outlook due to the impact of US-China trade issues and the novel coronavirus, overseas economic trends associated with Brexit, and trends in domestic consumer sentiment following the consumption tax rate increase.」

「Attention needs to be paid to tensions surrounding trade issues, China's economic outlook, overseas economic developments including the UK's withdrawal from the EU, and trends in consumer sentiment following the consumption tax rate increase.」

「However, in addition to paying closer attention to the impact of developments in trade issues on the global economy, attention needs to be paid to China's economic outlook, uncertainty regarding trends in overseas economies and policy, and the impact of fluctuations in financial and capital markets.」

「However, attention needs to be paid to the fact that the impact of trade issues on economic conditions is likely to emerge as a risk going forward.」

「However, attention needs to be paid to the impact of trade issues on economic conditions, the outlook for the economies of emerging Asian countries, including China, and the impact on markets of policy-related uncertainty.」

「However, attention needs to be paid to the impact of developments in trade issues on the global economy, uncertainty in overseas economies, and fluctuations in financial and capital markets.」

「However, attention needs to be paid to the impact of developments in trade issues on the global economy.」

「The Group has established a US subsidiary as a base for its planned entry into overseas construction markets. If foreign exchange rate movements exceed expectations or significant changes occur in the political, economic, or legal and regulatory environments of countries where the Group conducts overseas construction, these developments may affect its performance.」

「Overseas economies are also recovering moderately, although attention needs to be paid to the impact of uncertainty in overseas economies and fluctuations in financial and capital markets.」

「Overseas economies are also recovering moderately, although attention needs to be paid to the impact of economic uncertainty in emerging Asian economies and elsewhere and fluctuations in financial and capital markets.」

「Overseas economies are also recovering moderately, although attention needs to be paid to the impact of fluctuations in financial and capital markets.」

「If foreign exchange rate movements exceed expectations or significant changes occur in the political, economic, or legal and regulatory environments of countries where the Group conducts overseas construction, these developments may affect its performance.」

「During the cumulative second quarter of the current consolidated fiscal year, Japan's economy continued to recover moderately, supported by a rebound in capital investment and improving employment conditions. However, the situation remained uncertain due to the impact of overseas economies, including the economic slowdown in China and other emerging Asian economies and issues such as the UK's withdrawal from the EU.」

「The situation has become uncertain as the domestic economy has shown increasing signs of stagnation, compounded by the impact of issues such as the UK's withdrawal from the EU.」

「If foreign exchange rate movements exceed expectations or significant changes occur in the political, economic, or legal and regulatory environments of countries where the Group conducts overseas construction, these developments may affect its performance.」