Credit Risk in Subcontracted Construction and Ordering General Contractors
First written in FY2016. 5 of 11 entries say "Worsened", first in FY2017. Latest entry: FY2026.
Japan Foundation Engineering moved to the "Worse" side of this theme in 2019, 5 years before the typical company in this theme (2024).
The whole theme swung hardest in 2026: 5 of 19 companies on the "Worse" side.
6 other companies' latest entry also says "Mitigated".
- FY2026MitigatedAnnual report
「Approximately 90% of the Group's revenue consists of subcontracted work (95.2% for the fiscal year ending March 2026). As a result, the Group faces the risk of bad debts arising from the failure of general contractors awarding contracts, including local general contractors, that have been affected by intensified competition accompanying a contraction in public works and pressure from financial institutions to dispose of non-performing loans.」
The proportion of subcontracted work fell to 95.2% from 96.5% in the previous fiscal year, but the company continues to disclose the still-high level of dependence and the risk of bad debts resulting from the failure of general contractors awarding contracts. - FY2024WorsenedAnnual report
「Approximately 90% of the Group's revenue consists of subcontracted work (96.5% for the fiscal year ended March 2024). As a result, the Group faces the risk of bad debts arising from the failure of general contractors awarding contracts, including local general contractors, that have been affected by intensified competition accompanying a contraction in public works and pressure from financial institutions to dispose of non-performing loans.」
The proportion of subcontracted work rose to 96.5% from 93.0% in the previous fiscal year, and the company continues to disclose the risk of bad debts resulting from the failure of general contractors awarding contracts. - FY2024-Q2RestatedAnnual report
「During the six-month period ended [current second quarter], no new business or other risks arose. There were also no significant changes to the business and other risks described in the annual securities report for the previous fiscal year.」
The company states that there have been no new or material changes in its existing business or other risks, including credit risk relating to subcontracted work and general contractors awarding contracts. - FY2024-Q1RestatedAnnual report
「During the three-month period ended [current first quarter], no new business or other risks arose. There were also no significant changes to the business and other risks described in the annual securities report for the previous fiscal year.」
The company states that there have been no new or material changes in business or other risks, including credit risk relating to subcontracted work and general contractors awarding contracts. - FY2023WorsenedAnnual report
「Approximately 90% of the Group's revenue consists of subcontracted work (93.0% for the fiscal year ended March 2023). As a result, the Group faces the risk of bad debts arising from the failure of general contractors awarding contracts, including local general contractors, that have been affected by intensified competition accompanying a contraction in public works and pressure from financial institutions to dispose of non-performing loans.」
The proportion of subcontracted work rose to 93.0% from 92.5% in the previous fiscal year. The company continues to disclose the risk of bad debts resulting from the failure of general contractors awarding contracts. - FY2022MitigatedAnnual report
「Approximately 90% of the Group's revenue consists of subcontracted work (92.5% for the fiscal year ended March 2022),」
The proportion of subcontracted work fell to 92.5% from 95.0% in the previous fiscal year, but the company continues to disclose the still-high level of dependence and the risk of bad debts resulting from the failure of general contractors awarding contracts. - FY2020WorsenedAnnual report
「Approximately 90% of the Group's revenue consists of subcontracted work (95.0% for the fiscal year ended March 2020). As a result, the Group faces the risk of bad debts arising from the failure of general contractors awarding contracts, including local general contractors, that have been affected by intensified competition accompanying a contraction in public works and pressure from financial institutions to dispose of non-performing loans.」
The proportion of subcontracted work rose to 95.0% from 92.1% in the previous fiscal year. The company continues to disclose the risks of intensified competition when public works contract and bad debts resulting from the failure of general contractors awarding contracts. - FY2019WorsenedAnnual report
「Approximately 90% of the Group's revenue consists of subcontracted work (92.1% for the fiscal year ended March 2019). As a result, the Group faces the risk of bad debts arising from the failure of general contractors awarding contracts, including local general contractors, that have been affected by intensified competition accompanying a contraction in public works and pressure from financial institutions to dispose of non-performing loans.」
The proportion of subcontracted work rose to 92.1% from 91.2% for the fiscal year ended March 2018, quantifying the high level of dependence again. - FY2018MitigatedAnnual report
「Approximately 90% of the Group's revenue consists of subcontracted work (91.2% for the fiscal year ended March 2018). As a result, the Group faces the risk of bad debts arising from the failure of general contractors awarding contracts, including local general contractors, that have been affected by intensified competition accompanying a contraction in public works and pressure from financial institutions to dispose of non-performing loans.」
The proportion of subcontracted work fell to 91.2% from 95.1% for the fiscal year ended March 2017, but the company continues to disclose the still-high level of dependence and the risk of bad debts resulting from the failure of general contractors awarding contracts. - FY2017WorsenedAnnual report
「Approximately 90% of the Group's revenue consists of subcontracted work (95.1% for the fiscal year ended March 2017). As a result, the Group faces the risk of bad debts arising from the failure of general contractors awarding contracts, including local general contractors, that have been affected by intensified competition accompanying a contraction in public works and pressure from financial institutions to dispose of non-performing loans.」
The proportion of subcontracted work rose to 95.1% from 91.4% in the previous disclosure. - FY2016First statedAnnual report
「Approximately 90% of the Group's revenue consists of subcontracted work (91.4% for the fiscal year ended March 2016). As a result, the Group faces the risk of bad debts arising from the failure of general contractors awarding contracts, including local general contractors, that have been affected by intensified competition accompanying a contraction in public works and pressure from financial institutions to dispose of non-performing loans.」
The company reports that 91.4% of its work is subcontracted and identifies bad debts resulting from a contraction in public works and the failure of general contractors awarding contracts as risks.