Quarterly performance fluctuations due to the timing of investment sales
First written in FY2016-Q2. 23 of 35 entries say "Restated". Latest entry: 2026-10-09.
First Brothers moved to the "Worse" side of this theme in 2019, 1 year after the typical company in this theme (2018).
2 other companies' latest entry also says "Materialised".
- 2026-10-09MaterialisedEarnings
「なお、当期は物件売却が第２四半期までに集中したことから第３四半期連結会計期間の利益水準は相対的に低くなっておりますが、当社グループの四半期業績は、物件の売却時期等により大きく変動するため、事業計画を年間で作成・管理しております。」
物件売却が第2四半期までに集中し、第3四半期の利益水準が相対的に低くなったことにより、売却時期による四半期業績変動が実績として示された。 - FY2026-H1RestatedAnnual report
「The quarterly results of our group fluctuate significantly depending on the timing of property sales and other factors, so we prepare and manage our business plan on an annual basis.」
The risk of performance fluctuations due to the timing of property sales, along with the policy of managing performance through an annual plan, has been reconfirmed. - FY2025RestatedAnnual report
「Given the nature of its business, the Group's performance is affected by various external factors, including macroeconomic trends such as real estate market conditions and the decision-making of transaction counterparties. In particular, because individual real estate investment transactions are relatively large, the success or failure of specific purchase and sale transactions and the timing of their completion affect profit or loss for the period, meaning that the Group's performance tends to fluctuate significantly over the short term.」
The risk that profit or loss for the period may fluctuate significantly over the short term depending on the success or failure and timing of individual real estate transactions has been reconfirmed in the explanation of the dividend policy. - FY2025-H1RestatedAnnual report
「The quarterly results of our group fluctuate significantly depending on the timing of property sales and other factors, so we prepare and manage our business plan on an annual basis.」
The fluctuation in quarterly performance due to the timing of property sales, along with the policy of managing performance through an annual plan, has been reconfirmed. - FY2024-Q2MaterialisedAnnual report
「During the second quarter of the current consolidated cumulative period, measures to improve the profitability of the rental properties held by the Group were implemented, and rental income increased. However, because there was no large, high-margin property sale like that in the same period of the previous year, net sales came to ¥3,455 million, down 68.8% year on year, and operating profit came to ¥1,073 million, down 65.6%.」
Because there was no large, high-margin property sale like that in the same period of the previous year, net sales and operating profit in the investment banking business declined significantly, and the risk of performance fluctuations due to the timing of property sales was reflected in actual performance. - FY2024-Q1RestatedAnnual report
「The quarterly results of our group fluctuate significantly depending on the timing of property sales and other factors, so we prepare and manage our business plan on an annual basis.」
The risk of quarterly earnings volatility caused by the timing of property sales and other factors, together with the policy of managing it through an annual plan, was reaffirmed. - FY2023-Q3RestatedAnnual report
「The quarterly results of our group fluctuate significantly depending on the timing of property sales and other factors, so we prepare and manage our business plan on an annual basis.」
The risk of quarterly performance fluctuations due to the timing of property sales, along with the policy of managing performance through an annual plan, has been reconfirmed. - FY2023-Q2RestatedAnnual report
「The quarterly results of our group fluctuate significantly depending on the timing of property sales and other factors, so we prepare and manage our business plan on an annual basis.」
The risk of quarterly performance fluctuations due to the timing of property sales, along with the policy of managing performance through an annual plan, has been reconfirmed. - FY2023-Q1MaterialisedAnnual report
「In the investment banking business, rental income increased as the rental real estate portfolio was built up, but because there were few property sales, revenue was ¥1,354 million, down 77.0% from the same quarter of the previous fiscal year, and operating profit was ¥325 million, down 77.6%.」
The factor of having few property sales, relating to fluctuations in the timing and number of sales, was reflected in quarterly performance as a 77.0% decline in investment banking net sales and a 77.6% decline in operating profit. - FY2022-Q2RestatedAnnual report
「The quarterly results of our group fluctuate significantly depending on the timing of property sales and other factors, so we prepare and manage our business plan on an annual basis.」
The risk of quarterly performance fluctuations due to the timing of property sales, along with the policy of managing performance through an annual plan, has been reconfirmed. - FY2022-Q1RestatedAnnual report
「The quarterly results of our group fluctuate significantly depending on the timing of property sales and other factors, so we prepare and manage our business plan on an annual basis.」
The risk of quarterly performance fluctuations due to the timing of property sales, along with the policy of managing performance through an annual plan, has been reconfirmed. - FY2021-Q3RestatedAnnual report
「Because the Group's quarterly performance fluctuates significantly depending on the timing of property sales, the business plan is prepared and managed on an annual basis. Sales activities are progressing broadly as planned against the annual business plan, and there has been no change to the full-year forecast at present. However, if the real estate transaction market or other markets fluctuate as a result of the impact of COVID-19, the Group's performance may also be affected.」
The risk of quarterly performance fluctuations due to the timing of property sales was reconfirmed. Sales activities are progressing broadly as planned against the annual business plan, and the full-year forecast has been maintained. - FY2021-Q2RestatedAnnual report
「The Group's quarterly performance fluctuates significantly depending on the timing of property sales,」
The risk that quarterly performance may fluctuate significantly depending on the timing of property sales has been reconfirmed. Although the sale amount and gains on sales exceeded those of the same period of the previous year in the current cumulative period, there was no material change to the risk disclosure itself. - FY2021-Q1MaterialisedAnnual report
「Performance for the first quarter of the current consolidated cumulative period is progressing at a low rate against the full-year forecast for the fiscal year ending November 2021. This is because the Group's quarterly performance tends to fluctuate significantly depending on the timing of property sales, while there were few property sales during the first quarter cumulative period.」
Because there were few property sales, the progress rate for the first quarter against the full-year forecast was lower. The risk of quarterly performance fluctuations due to the timing of sales continues to be reflected in the explanation of actual performance. - FY2020MaterialisedAnnual report
「Because the period required to complete transactions in the sales process was longer than before, both the sale amount and gains on sales fell below the previous fiscal year's levels.」
The risk of performance fluctuations due to changes in the timing of investment-asset sales was reflected in full-year performance as a longer transaction execution period and declines in the sale amount and gains on sales. The risk itself is described as a concentration of acquisition and sale timing. - FY2020-Q3RestatedAnnual report
「Because the Group's quarterly performance fluctuates significantly depending on the timing of property sales, the business plan is prepared and managed on an annual basis.」
The risk of quarterly performance fluctuations due to the timing of property sales, along with the policy of managing performance through an annual plan, has been reconfirmed. - FY2020-Q2MaterialisedAnnual report
「Performance for the second quarter of the current consolidated cumulative period is progressing at a low rate against the full-year forecast for the fiscal year ending November 2020. This is because the Group's quarterly performance tends to fluctuate significantly depending on the timing of property sales, and there were few property sales during the second quarter cumulative period.」
Because there were few property sales, the progress rate for the second quarter cumulative period against the full-year forecast was lower, and the risk of performance fluctuations due to the timing of sales was reflected in the explanation of actual performance. - FY2020-Q1MaterialisedAnnual report
「Performance for the first quarter of the current consolidated cumulative period is progressing at a low rate against the full-year forecast for the fiscal year ending November 2020. This is because the Group's quarterly performance tends to fluctuate significantly depending on the timing of property sales, while no property sales were made in the first quarter.」
Because there were no property sales in the first quarter, the progress rate against the full-year forecast was lower, and the risk of quarterly performance fluctuations due to the timing of property sales was reflected in the explanation of actual performance. - FY2019RestatedAnnual report
「When the Group acquires or sells investment assets through funds managed by the Group or through proprietary investments, substantial profit or loss may be recorded from fees associated with the acquisitions or sales, including acquisition fees, disposition fees and incentive fees, as well as gains or losses on sales. In addition, because investment-asset acquisitions and sales are conducted after taking market conditions into account, their timing may become concentrated in particular periods.」
The risk that the concentration of investment-asset acquisition and sale timing may cause quarterly and full-year performance to fluctuate continues to be included in the full-year risk disclosures. - FY2019-Q3MaterialisedAnnual report
「As stated above, performance for the third quarter of the current consolidated cumulative period is progressing at a low rate against the full-year forecast for the fiscal year ending November 2019, because the Group's quarterly performance fluctuates significantly depending on the timing of investment-asset sales.」
Because property sales were expected to be concentrated in the fourth quarter, the progress rate for the third quarter cumulative period against the full-year forecast was lower. The risk of performance fluctuations due to the timing of sales was reflected in the explanation of actual performance. - FY2019-Q2MaterialisedAnnual report
「As stated above, performance for the second quarter of the current consolidated cumulative period is progressing at a low rate against the full-year forecast for the fiscal year ending November 2019. This is because the Group's quarterly performance fluctuates significantly depending on the timing of investment-asset sales, and there has been no change to the full-year forecast.」
Because property sales were pushed back, the progress rate for the second quarter cumulative period against the full-year forecast was lower, and the risk of quarterly performance fluctuations due to the timing of sales was reflected in the actual performance explanation. - FY2019-Q1RestatedAnnual report
「Performance for the first quarter of the current consolidated cumulative period is progressing at a low rate against the full-year forecast for the fiscal year ending November 2019. This is because the Group's quarterly performance fluctuates significantly depending on the timing of sales of investment assets handled by the Group.」
The fluctuation in performance due to the timing of investment-asset sales has been reconfirmed as the reason for the low progress rate in the first quarter against the full-year forecast. - FY2018-Q3RestatedAnnual report
「Because the Group's quarterly performance fluctuates significantly depending on the timing of sales of investment assets handled by the Group, the Group prepares and manages its business plan on an annual basis.」
The risk of quarterly performance fluctuations due to the timing of investment-asset sales has been reconfirmed alongside the policy of preparing and managing the business plan annually. - FY2018-Q2RestatedAnnual report
「The Group's quarterly performance fluctuates significantly depending on the timing of sales of investment assets handled by the Group,」
The risk of quarterly performance fluctuations due to the timing of investment-asset sales has been reconfirmed. - FY2018-Q1RestatedAnnual report
「Performance for the first quarter of the current consolidated cumulative period is progressing at a low rate against the full-year forecast for the fiscal year ending November 2018. This is because the Group's quarterly performance fluctuates significantly depending on the timing of sales of investment assets handled by the Group.」
The risk that quarterly performance may fluctuate significantly depending on the timing of investment-asset sales has been reconfirmed as the explanation for the low progress rate against the full-year forecast. - FY2017ReframedAnnual report
「When the Group acquires or sells investment assets through funds managed by the Group or through proprietary investments, substantial profit or loss may be recorded from fees associated with the acquisitions or sales, including acquisition fees, disposition fees and incentive fees, as well as gains or losses on sales. In addition, because investment-asset acquisitions and sales are conducted after taking market conditions into account, their timing may become concentrated in particular periods.」
The risk of quarterly and full-year performance fluctuations has been framed as arising from the timing of acquisitions as well as sales, and it has also been made clear that the timing cannot be controlled because it depends on the counterparty's intentions. - FY2017-Q2RestatedAnnual report
「The Group's quarterly performance fluctuates significantly depending on the timing of sales of investment assets handled by the Group,」
The risk that quarterly performance may fluctuate significantly depending on the timing of investment-asset sales has been reconfirmed. - FY2017-Q1RestatedAnnual report
「This is because the Group's quarterly performance fluctuates significantly depending on the timing of sales of investment assets handled by the Group.」
The risk that quarterly performance may fluctuate significantly depending on the timing of investment-asset sales has been reconfirmed in the same terms as in the previous year. - FY2016WorsenedAnnual report
「As a result, the Group's quarterly and full-year performance may fluctuate significantly.」
In addition to fluctuations in quarterly performance, the risk that full-year performance may fluctuate significantly depending on the timing of investment-asset acquisitions and sales has been explicitly identified. - FY2016-Q3RestatedAnnual report
「The Group's quarterly performance fluctuates significantly depending on the timing of investment-asset sales by funds managed by the Group in its investment management business or of proprietary investments in its investment banking business.」
The variability of quarterly performance due to the timing of investment-asset sales has been restated with the same content as in the previous quarter. - FY2016-Q2First statedAnnual report
「The Group's quarterly performance fluctuates significantly depending on the timing of investment-asset sales by funds managed by the Group in its investment management business or of proprietary investments in its investment banking business.」
The variability in performance due to the timing of sales of fund investments or proprietary investments is explicitly identified as a business characteristic and risk.