Cash Management Risk from Second-Half Concentration
First written in FY2025-H1. 3 of 4 entries say "Restated". Latest entry: FY2026.
The whole theme swung hardest in 2020: 10 of 32 companies on the "Worse" side.
20 other companies' latest entry also says "Restated".
- FY2026RestatedAnnual report
「The Group tends to deliver completed products between the end of March and the end of June, when many customers close their fiscal years. Because this period also corresponds to the completion of relatively large projects, the Group’s revenue tends to be weighted more heavily toward the second half than the first half.」
The annual report reaffirmed as a risk the possibility that second-half concentration could worsen cash flow in the first half. - FY2026-H1RestatedAnnual report
「During the interim consolidated accounting period, there were no new business or other risks, nor any material changes to the business or other risks described in the securities report for the previous fiscal year.」
The Group disclosed in aggregate that there had been no material change from the previous fiscal year in the cash flow risk from second-half concentration. - FY2025RestatedAnnual report
「The Group tends to deliver completed products between the end of March and the end of June, when many customers close their fiscal years. Because this period also corresponds to the completion of relatively large projects, the Group’s revenue and billings tend to be weighted more heavily toward the second half than the first half.」
The annual report describes the same second-half concentration and the resulting cash flow risk in the first half. - FY2025-H1First statedAnnual report
「The Group tends to deliver completed products between the end of March and the end of June, when many customers close their fiscal years. Because this period also corresponds to the completion of relatively large projects, the Group’s revenue and profit tend to be weighted more heavily toward the second half than the first half.」
The concentration of deliveries and large-project completions between the end of March and the end of June creates a structure in which revenue and profit are weighted toward the second half, posing a cash flow risk.