Quarterly Performance Volatility Due to Concentrated Family Condominium Handover Timing
First written in FY2017. 17 of 19 entries say "Materialised", first in FY2018-Q1. Latest entry: FY2026.
Kose R.E. moved to the "Worse" side of this theme in 2017, 8 years before the typical company in this theme (2025).
The whole theme swung hardest in 2025: 6 of 20 companies on the "Worse" side.
3 other companies' latest entry also says "Materialised".
- FY2026MaterialisedAnnual report
「Fiscal year ended January 2026 (consolidated) 436,086 1,402,649 528,290 3,919,975 6,287,001」
Quarterly revenue from the family condominium sales business for the fiscal year ended January 2026 fluctuated from ¥436.086 million in the first quarter to ¥3,919.975 million in the fourth quarter, with the actual results confirming that performance was concentrated in particular periods because of the timing of property completion and delivery. - 2026-03-12MaterialisedRevision of earnings forecasts
「2026 年１月期において当社の販売する物件の完成が第 4 四半期に集中しており、第 4 四半期において多くの引渡しを行いました。」
物件の完成・引渡し時期の集中による業績変動リスクが、2026年1月期の第4四半期への完成・引渡し集中として実績に表れた。 - FY2025MaterialisedAnnual report
「[Quarterly revenue trends for the family condominium sales business (Unit: ¥ thousand)] First quarter Second quarter Third quarter Fourth quarter Total Fiscal year ended January 2025 (consolidated) 70,045 1,494,115 177,417 1,911,090 3,652,668」
Quarterly revenue from the family condominium sales business for the fiscal year ended January 2025 fluctuated from ¥70.05 million to ¥1,911.09 million, with the actual results confirming that performance was concentrated in particular periods because of the timing of property completion and delivery. - FY2025-Q1MaterialisedAnnual report
「The segment loss was attributable to a timing mismatch between revenue recognition and the use of selling expenses, as sales of properties scheduled for completion in the future commenced.」
The timing mismatch between property completion and delivery and the use of selling expenses actually emerged as a segment loss in the family condominium sales business in the first quarter of the current fiscal year. - FY2024MaterialisedAnnual report
「[Quarterly revenue trends for the family condominium sales business (Unit: ¥ thousand)] First quarter Second quarter Third quarter Fourth quarter Total Fiscal year ended January 2024 (consolidated) 964,953 138,384 86,716 1,894,202 3,084,258」
Quarterly revenue from the family condominium sales business for the fiscal year ended January 2024 was ¥964.953 million in the first quarter, ¥86.716 million in the third quarter and ¥1,894.202 million in the fourth quarter, confirming in the actual results the performance fluctuations during the year associated with the timing of property completion and delivery. - FY2023MaterialisedAnnual report
「[Quarterly revenue trends for the family condominium sales business (Unit: ¥ thousand)] First quarter Second quarter Third quarter Fourth quarter Total Fiscal year ended January 2023 (consolidated) 526,905 221,085 344,525 5,065,497 6,158,014」
Revenue from the family condominium sales business for the fiscal year ended January 2023 fluctuated from around ¥200 million in the first quarter to more than ¥5 billion in the fourth quarter, again demonstrating in the actual results the performance fluctuations during the year caused by the concentration of property completion and delivery periods. - FY2022MaterialisedAnnual report
「[Quarterly revenue trends for the family condominium sales business (Unit: ¥ thousand)] First quarter Second quarter Third quarter Fourth quarter Total Fiscal year ended January 2022 (consolidated) 505,861 461,616 630,966 910,207 2,508,651」
Quarterly revenue from the family condominium sales business for the fiscal year ended January 2022 fluctuated from ¥505.86 million to ¥910.21 million, confirming in the full-year data as well that quarterly performance fluctuated because deliveries were concentrated in certain periods. - FY2022-Q1MaterialisedAnnual report
「As no properties were completed during the first quarter of the current fiscal year, the Company proceeded with deliveries from inventories carried over from the previous period and delivered 15 units, including previously owned properties, compared with 28 units in the same period of the previous year. As a result, revenue was ¥505.861 million, down 50.9% year on year, and the segment recorded a loss of ¥34.550 million, compared with segment profit of ¥27.063 million in the same period of the previous year.」
No properties were completed in the first quarter, and deliveries in the family condominium sales business were limited to 15 units, resulting in lower revenue year on year and a segment loss. The quarterly performance fluctuations caused by the concentration of property completion and delivery periods have materialized. - FY2021MaterialisedAnnual report
「Fiscal year ended January 2021 (consolidated) 1,029,631 398,809 839,593 1,884,552 4,152,586」
Quarterly revenue from the family condominium sales business for the fiscal year ended January 2021 fluctuated from ¥1,029.631 million to ¥1,884.552 million. Quarterly performance fluctuations caused by the concentration of property completion and delivery periods were also confirmed in the full-year data. - FY2020MaterialisedAnnual report
「[Quarterly revenue trends for the family condominium sales business (Unit: ¥ thousand)] First quarter Second quarter Third quarter Fourth quarter Total Fiscal year ended January 2020 (consolidated) 742,308 435,807 745,193 853,795 2,777,104」
Quarterly revenue for the fiscal year ended January 2020 fluctuated from ¥435.807 million to ¥853.795 million, confirming in the full-year data as well that performance fluctuated because deliveries were concentrated in certain periods. - FY2020-Q3MaterialisedAnnual report
「The segment loss was attributable to a timing mismatch between revenue recognition and the use of selling expenses, as sales of properties scheduled for completion in the fourth quarter commenced.」
The timing mismatch between property completion and delivery and the use of selling expenses actually emerged as a segment loss in the family condominium sales business in the third quarter. - FY2020-Q1MaterialisedAnnual report
「The year-on-year change was because there was little completed inventory available for handover in the cumulative first quarter of the previous fiscal year, resulting in low revenue.」
The year-on-year performance for the first quarter fluctuated significantly because the previous-year period had unusually low inventories of completed properties available for delivery. - FY2019MaterialisedAnnual report
「Fiscal year ended January 2019 (consolidated) 126,839 902,767 739,061 3,338,171 5,106,840」
Revenue from the family condominium sales business fluctuated from ¥126.84 million in the first quarter to ¥3,338.17 million in the fourth quarter, confirming in the full-year data the quarterly earnings volatility caused by the concentration of property completion and handover timings. - FY2019-Q3MaterialisedAnnual report
「The year-on-year change was due to the concentration of property completions and handovers in the cumulative third quarter of the previous fiscal year.」
The rebound from the concentration of property completions and handovers in the same quarter of the previous fiscal year actually emerged as a factor behind the declines in revenue and profit for the cumulative third quarter of the current fiscal year. - FY2019-Q2MaterialisedAnnual report
「The year-on-year change was due to the concentration of property completions and handovers in the cumulative second quarter of the previous fiscal year. Property completions and handovers in the cumulative second quarter of the current fiscal year were in line with the plan.」
The year-on-year change in results for the current quarter was significant due to the rebound from the concentration of property completions and handovers in the same quarter of the previous fiscal year. The Company explained that completions and handovers in the current quarter were in line with the plan. - FY2019-Q1MaterialisedAnnual report
「The year-on-year change was due to the concentration of property completions and handovers in the cumulative first quarter of the previous fiscal year. Property completions and handovers in the cumulative first quarter of the current fiscal year were in line with the plan.」
The year-on-year change in results for the current quarter was significant due to the rebound from the concentration of property completions and handovers in the same quarter of the previous fiscal year. The Company explained that property completions and handovers themselves were in line with the plan. - FY2018RestatedAnnual report
「In the family condominium sales business, the timing of property handovers to customers, which determines when sales are recognized, is concentrated around the completion of properties. Accordingly, quarterly results may fluctuate significantly, and this seasonal concentration in results should be taken into account when assessing the Group's performance.」
The Company is reaffirming the concentration of revenue around property completion and handover and the risk of quarterly earnings volatility, together with quarterly revenue trends for the past 3 fiscal years. - FY2018-Q1MaterialisedAnnual report
「The year-on-year change was due to the concentration of property completions and handovers in the cumulative first quarter of the current fiscal year.」
The concentration of property completions and handovers actually occurred and was identified as a factor behind the year-on-year change in results. Revenue increased 188.0% year on year, and operating income increased 378.1%. - FY2017First statedAnnual report
「In the family condominium sales business, the timing of property handovers to customers, which determines when sales are recognized, is concentrated around the completion of properties. Accordingly, quarterly results may fluctuate significantly, and this seasonal concentration in results should be taken into account when assessing the Group's performance.」
The disclosure explicitly identifies the risk of significant quarterly earnings volatility because revenue recognition is concentrated around property completion and handover.