Performance fluctuations due to project scale and handover timing
First written in FY2016. 9 of 20 entries say "Restated". Latest entry: 2026-10-13.
Phil Company moved to the "Worse" side of this theme in 2021, 1 year before the typical company in this theme (2022).
The whole theme swung hardest in 2026: 11 of 27 companies on the "Worse" side.
4 other companies' latest entry also says "Mitigated".
- FY2026-H1MaterialisedAnnual report
「They decreased year on year because the sale and delivery schedule was revised as a result of upgrading the sales methods for development-and-sale projects.」
After upgrading the sales methods for development-and-sale projects, the company revised the sale and delivery schedule, and revenue from development-and-sale activities for the interim consolidated accounting period decreased from ¥1,036,857 thousand in the same period of the previous year to ¥584,096 thousand. - FY2025RestatedAnnual report
「The Group's main revenue under the “development and sales scheme” is recognized upon the transfer of ownership through a sale. Because revenue from each project accounts for a high proportion of the Group's total revenue, fluctuations in sales prices depending on project size and uneven sales timing may result in significant differences in performance between periods when results are compared by quarter or consolidated fiscal year.」
The company continues to disclose the risk of fluctuations in period performance due to project size and sales timing, while indicating that it is steadily building up land acquisitions and sales each quarter. - FY2024-Q2MaterialisedAnnual report
「Revenue and gross profit both decreased from the same period of the previous year, as revenue under the contracting scheme declined because fewer projects reached completion during the cumulative second quarter, in addition to the impact of there being no sales deliveries under the development-and-sale scheme.」
The decline in completed projects and zero sales deliveries under the development-and-sale scheme caused fluctuations arising from delivery timing and project mix to appear as actual declines in revenue and profit. - FY2022-Q2MaterialisedAnnual report
「During the cumulative second quarter, 7 properties were completed and handed over under the “contract-ordering scheme.” There were no sales handovers under the “development-and-sale scheme.”」
There were no sales deliveries under the development-and-sale scheme during the cumulative second quarter, and the concentration of deliveries in certain periods is reflected in revenue recognized for the period. - FY2021ReframedAnnual report
「The Group's main revenue under the “development and sales scheme” is recognized upon the transfer of ownership through a sale. Because revenue from each project accounts for a high proportion of the Group's total revenue, fluctuations in sales prices depending on project size and uneven sales timing may result in significant differences in performance between periods when results are compared by quarter or consolidated fiscal year.」
The explanation of the performance fluctuation risk was reorganized around sales timing and sales prices under the development and sales scheme, with stabilizing land acquisitions and sales each quarter presented as a response. - FY2021-Q1MaterialisedAnnual report
「During the cumulative first quarter, there were no properties completed and handed over under the “contract-ordering scheme” and no properties sold and handed over under the “development-and-sale scheme.”」
With no completion-and-handover or sales handovers, revenue declined 48.8% year on year, demonstrating that the risk of period-to-period performance fluctuations due to project handover timing had materialized in quarterly results. - FY2020MaterialisedAnnual report
「Under the “development and sales scheme,” the Group determined that the timing was not appropriate because real estate investors had become more cautious about investing due to the impact of COVID-19, and deferred sales activities during the second- and third-quarter consolidated accounting periods.」
Due to weaker investment appetite among investors, sales activities were deferred in the second and third quarters, and real estate held for sale increased by ¥873,650 thousand from the end of the previous fiscal year. One handover was completed in the fourth quarter. - FY2020-Q3RestatedAnnual report
「Under the “development and sales scheme (services for real estate investors),” investors continued to show subdued investment appetite in the third quarter, following the second quarter. As the Company determined that the timing was not appropriate, it did not make any sales during the third-quarter consolidated accounting period.」
The uneven sales timing caused by weaker investment appetite among investors continued into the third quarter, and no sales were made under the development and sales scheme. - FY2020-Q2MaterialisedAnnual report
「Under the “development and sales scheme (services for real estate investors),” the Group had planned to sell real estate held for sale during the second-quarter consolidated accounting period. However, because real estate investors had become more cautious about investing, it determined that the timing was not appropriate and decided not to make the sale during the second-quarter consolidated accounting period.」
In response to weaker investment appetite among real estate investors, the planned sale of real estate held for sale was deferred in the second quarter. The risk of period-to-period performance fluctuations due to sales timing materialized in the sales plan. - FY2020-Q1RestatedAnnual report
「Under the “contract order scheme,” the Group recognizes revenue upon completion and handover of a property because it applies the completion-and-handover basis. Under the “development and sales scheme,” revenue is recognized upon the transfer of ownership through a sale. Accordingly, if completion or sales dates are concentrated in particular periods, consolidated performance will fluctuate from quarter to quarter.」
The Company continues to explain that uneven completion and sales timing leads to quarterly performance fluctuations because revenue is recognized upon completion and handover or transfer of ownership. - FY2019RestatedAnnual report
「Because revenue from each project accounts for a high proportion of the Group's total revenue, fluctuations in sales prices depending on project size and uneven completion or sales timing may result in significant differences in performance between periods when results are compared by quarter or consolidated fiscal year.」
The Company continues to disclose the risk of period-to-period performance fluctuations due to project size and uneven completion and sales timing. - FY2019-Q3RestatedAnnual report
「Under the “contract order scheme,” the Group recognizes revenue upon completion and handover of a property because it applies the completion-and-handover basis. Under the “development and sales scheme,” revenue is recognized upon the transfer of ownership through a sale. Accordingly, if completion or sales dates are concentrated in particular periods, consolidated performance will differ from quarter to quarter.」
The Company continues to explain the risk of quarterly performance fluctuations due to uneven completion and sales timing, as revenue is recognized upon completion and handover or transfer of ownership. - FY2019-Q2RestatedAnnual report
「Under the “contract order scheme,” the Group recognizes revenue upon completion and handover of a property because it applies the completion-and-handover basis. Under the “development and sales scheme,” revenue is recognized upon the transfer of ownership through a sale. Accordingly, if completion or sales dates are concentrated in particular periods, consolidated performance will differ from quarter to quarter.」
The Company continues to explain that quarterly performance may fluctuate due to uneven completion and sales timing, as revenue is recognized upon completion and handover or transfer of ownership. - FY2019-Q1RestatedAnnual report
「The Group recognizes revenue upon completion and handover under the “contract order scheme” and upon transfer of ownership under the “development and sales scheme.” Accordingly, if completion dates are concentrated in particular periods, consolidated performance will fluctuate when viewed on a quarterly basis.」
The Company continues to explain the risk of quarterly performance fluctuations due to uneven completion timing, as revenue is recognized upon completion and handover or transfer of ownership. - FY2018RestatedAnnual report
「Because revenue from each project accounts for a high proportion of the Group's total revenue, fluctuations in contract prices depending on project size and changes in completion and handover timing may cause significant fluctuations in performance for each period when results are compared by quarter or consolidated fiscal year.」
The Company maintains its disclosure of the risk of period-to-period performance fluctuations due to project size and completion and handover timing, and also discloses the number of handovers, orders received, sales handovers and land acquisition contracts by quarter. - FY2018-Q3WorsenedAnnual report
「As stated in the “Materials for the Briefing on Financial Results for the Second Quarter of the Fiscal Year Ending November 2018 (p. 12)” released on the Group's website on 19 July 2018, the Group expects revenue and other items to be concentrated in the second half of the fiscal year. Although the bias toward the second half has increased, performance through the third-quarter consolidated cumulative period has progressed steadily in line with the plan.」
The Company explained that revenue and other items are concentrated in the second half and that the bias toward the second half has increased, indicating that the risk of period-to-period performance fluctuations due to handover timing has intensified compared with the past. At the same time, it stated that performance through the cumulative period was progressing steadily in line with the plan. - FY2017RestatedAnnual report
「Because revenue from each project accounts for a high proportion of the Group's total revenue, fluctuations in contract prices depending on project size and uneven completion and handover timing may cause significant fluctuations in performance for each period when results are compared by quarter or consolidated fiscal year.」
The Company maintains its disclosure of the risk of period-to-period performance fluctuations due to dependence on individual projects and uneven completion and handover timing, and also discloses the number of projects completed and orders received each quarter. - FY2016First statedAnnual report
「As the Group is currently in a growth phase, its business scale is small and revenue from each project accounts for a high proportion of the Group's total revenue, fluctuations in contract prices depending on project size and uneven handover timing may cause significant fluctuations in performance for each period when results are viewed by quarter or consolidated fiscal year.」
Dependence on revenue from individual projects and uneven handover timing may cause period-to-period fluctuations in performance.