Decline in demand due to recession, rising interest rates, and declining real estate market conditions
First written in FY2016. 9 of 19 entries say "Restated". Latest entry: 2026-10-13.
Phil Company moved to the "Worse" side of this theme in 2020, 3 years before the typical company in this theme (2023).
The whole theme swung hardest in 2020: 30 of 70 companies on the "Worse" side.
46 other companies' latest entry also says "Restated".
- FY2026-H1MaterialisedAnnual report
「Revenue declined year on year because the number of new orders under contract orders fell below the same period of the previous year as customers adopted a more cautious investment stance amid rising interest rates, and because sales and handover schedules were revised in response to more sophisticated sales methods for development and sales projects.」
The previously disclosed risks of rising interest rates and customers adopting a more cautious investment stance materialized in the form of fewer contract orders and lower revenue. - FY2025RestatedAnnual report
「While Japan's economy is expected to continue a gradual recovery, supported by improvements in employment and income conditions and the effects of various policies, the outlook remains uncertain due to downside risks from the impact of the trade policies of various countries and volatility in financial and capital markets.」
In addition to the previously disclosed external-environment risks such as an economic downturn, the Company continues to identify downside risks from the trade policies of various countries and volatility in financial and capital markets as factors making the business environment uncertain. - FY2025-H1RestatedAnnual report
「The economic outlook remains uncertain due to continued price increases, unstable international conditions, volatility in financial and capital markets and other factors.」
The Company continues to identify uncertainty regarding the economic outlook due to rising prices, international conditions, and volatility in financial and capital markets as a business-environment risk. - FY2024-Q2RestatedAnnual report
「At the same time, the economic outlook remains uncertain due to unstable international conditions, higher raw material and energy prices, the depreciation of the yen and other factors.」
The Company continues to disclose the risk of an uncertain economic outlook due to international conditions, raw material and energy prices, yen depreciation and other factors. - FY2023RestatedAnnual report
「The economic outlook remains uncertain due to higher resource, energy and raw material prices resulting from the prolonged Russia-Ukraine situation, global monetary tightening aimed at containing inflation, the depreciation of the yen and other factors.」
The Company continues to disclose the risk of an uncertain economic outlook due to higher resource and energy prices, monetary tightening, yen depreciation and other factors. - FY2023-Q3RestatedAnnual report
「During the third-quarter consolidated cumulative period, Japan's economy saw economic activity normalize following the reclassification of COVID-19 as a Class 5 disease, with signs of a recovery in inbound tourism and personal consumption. At the same time, the prolonged situation in Ukraine and the depreciation of the yen resulting from global monetary tightening and other factors led to higher energy and raw material prices, while prices also rose due to wage increases. The economic outlook therefore remains uncertain.」
While acknowledging the normalization of economic activity and the recovery in inbound tourism and personal consumption, the Company continues to disclose uncertainty regarding the economic outlook due to the situation in Ukraine, monetary tightening, yen depreciation, higher energy and raw material prices, and rising prices. - FY2023-Q2WorsenedAnnual report
「The economic outlook remains uncertain due to the effects of higher global resource and energy prices resulting from the prolonged situation in Ukraine, monetary tightening and other factors.」
While social and economic activity moved toward recovery and normalization, the Company identified higher resource and energy prices and the effects of monetary tightening as factors making the economic outlook uncertain. - FY2022-Q3WorsenedAnnual report
「During the third-quarter consolidated cumulative period, from 1 December 2021 through 31 August 2022, Japan's economy showed signs of a return to normal economic activity with COVID-19 becoming endemic. However, the economic outlook remained uncertain amid rising prices driven by globally elevated material and energy prices and a rapid depreciation of the yen.」
In addition to the previously disclosed risks such as an economic downturn, the Company identifies the rapid depreciation of the yen and rising prices as factors making the economic outlook uncertain. - FY2022-Q2WorsenedAnnual report
「At the same time, the outlook for the economy remains uncertain due to persistently high global material and energy prices and the worsening situation in Ukraine, among other factors.」
In addition to the previously disclosed risks such as an economic downturn, the Company identifies globally elevated material and energy prices and the worsening situation in Ukraine as current factors making the economic outlook uncertain. - FY2021RestatedAnnual report
「The Group's business performance and financial condition may be affected by an economic downturn, rising interest rates, changes in tax policy such as an increase in the consumption tax rate, and other factors.」
The Company continues to disclose the risk of declining demand through economic conditions, interest rates, changes in tax policy and real estate market conditions. - FY2020-Q2MaterialisedAnnual report
「Economic conditions have deteriorated rapidly and become extremely severe as domestic and overseas economic activity has stagnated and contracted due to the spread of COVID-19.」
The risk of an economic downturn, previously described as a possibility, was presented as an actual situation, with domestic and overseas economic activity stagnating and the economy deteriorating rapidly as a result of COVID-19. - FY2019RestatedAnnual report
「The Group's business performance and financial condition may be affected by an economic downturn, rising interest rates, changes in tax policy such as an increase in the consumption tax rate, and other factors.」
The Company continues to disclose the risk of declining demand due to an economic downturn, rising interest rates, changes in tax policy and weaker real estate market conditions. - FY2018RestatedAnnual report
「The Group's Fill Park aerial-store business may be affected in terms of business performance and financial condition by an economic downturn, rising interest rates, changes in tax policy such as an increase in the consumption tax rate, and other factors.」
The Company continues to disclose the risk of declining demand due to an economic downturn, rising interest rates, changes in tax policy and weaker real estate market conditions. - FY2017WorsenedAnnual report
「The main tenants of the Group's proposed aerial-store concept, Fill Park, are companies that operate commercial facilities or use properties as offices, and demand therefore tends to be susceptible to economic trends. Accordingly, if real estate market conditions deteriorate due to an economic downturn or excess supply of commercial facilities and office buildings, landowners may refrain from constructing leased buildings, which may affect the Group's business performance and financial condition.」
In addition to the previously disclosed risks related to economic conditions, interest rates and tax policy, the Company has added demand from major tenants, excess supply of commercial facilities and office buildings, and declining real estate market conditions as specific channels of impact. - FY2016First statedAnnual report
「The Group's business performance and financial condition may be affected by an economic downturn, rising interest rates, changes in tax policy such as an increase in the consumption tax rate, and other factors.」
The Company identifies changes in economic conditions, interest rates, tax policy and real estate market conditions as factors that may affect business performance and financial condition.