High Dependence on the Construction Machinery Industry and Risk of Performance Volatility
First written in FY2016. 15 of 40 entries say "Restated". Latest entry: 2026-09-10.
Kyowakogyosyo moved to the "Worse" side of this theme in 2019, 4 years before the typical company in this theme (2023).
The whole theme swung hardest in 2025: 22 of 57 companies on the "Worse" side.
47 other companies' latest entry also says "Restated".
- 2026-09-10RestatedEarnings
「In the construction machinery industry, our group’s main customer market, the business environment remained uncertain due to the slowdown in the Chinese economy, the effects of trends in U.S. trade policy, and other factors.」
The structure in which the construction machinery industry is the group’s main customer market, and its demand environment affects performance, continues. - FY2026WorsenedAnnual report
「Our group has traditionally had a high proportion of sales from products for construction machinery and is susceptible to trends in construction machinery demand in Japan and overseas. Earnings may continue to fluctuate significantly as a result. Demand for products for construction machinery has been high in recent years. Construction machinery 10,373 95.8」
The Construction Machinery segment's share of revenue rose to 95.8%, from 95.6% in the previous fiscal year. Although revenue increased, dependence on construction machinery demand through sales has increased further on a numerical basis. - FY2026-H1RestatedAnnual report
「Revenue from the Construction Machinery segment was ¥5,152 million, up 5.1% year on year, an increase of ¥250 million.」
Although revenue from the Construction Machinery segment increased year on year, there is no indication of any material change in the high-dependence structure, with the segment accounting for most of consolidated revenue for the interim period. - FY2025MaterialisedAnnual report
「In the construction machinery industry, our group's major sales market, production and sales volumes have declined compared with the previous fiscal year due to lower demand. Revenue from the Construction Machinery segment was ¥10,002 million, down 4.5% year on year, a decrease of ¥473 million.」
Production and sales volumes declined due to lower construction machinery demand, and revenue from the Construction Machinery segment also declined. The segment accounted for 95.6% of the revenue mix, and the impact of earnings volatility is appearing in actual results under the high dependence on the construction machinery industry. - FY2025-H1MaterialisedAnnual report
「In the construction machinery industry, our group's major sales market, production and sales volumes have declined compared with the same period of the previous year due to lower demand.」
Production and sales volumes declined due to lower construction machinery demand, and revenue from the Construction Machinery segment was ¥4,902 million, down 12.6% year on year. The segment accounted for approximately 95.8% of consolidated revenue for the interim period, and the impact of demand fluctuations is appearing in actual results under the high-dependence structure. - FY2024MaterialisedAnnual report
「In the construction machinery industry, our group's major sales market, production and sales volumes have declined due to lower demand. Under these circumstances, we worked to strengthen our sales activities, but orders remained weak compared with the previous consolidated fiscal year.」
The decline in construction machinery demand, the decline in production and sales volumes and weak orders all occurred in practice. Revenue from the Construction Machinery segment was ¥10,476 million, accounting for 95.5% of consolidated revenue. - FY2024-Q3MaterialisedAnnual report
「In the construction machinery industry, one of our major customers, the number of units sold has declined due to lower demand. Under these circumstances, we worked to strengthen our sales activities, but orders remained weak in the third quarter. Revenue from the Construction Machinery segment was ¥8,075 million, down 14.7% year on year, a decrease of ¥1,396 million.」
The decline in construction machinery demand, the decline in units sold and weak orders all occurred in practice, and revenue from the Construction Machinery segment also fell 14.7% year on year. The impact of demand fluctuations is appearing in actual results under the high-dependence structure. - FY2024-Q2Lower revenue and high dependence in the Construction Machinery segmentAnnual report
「Revenue from the Construction Machinery segment was ¥5,608 million, down 8.3% year on year, a decrease of ¥506 million.」
Although revenue from the Construction Machinery segment fell 8.3% year on year, it accounted for approximately 95.5% of consolidated revenue, so the structure of high dependence on construction machinery demand continues. - FY2024-Q1WorsenedAnnual report
「Consolidated revenue for the cumulative first-quarter period was ¥3,027 million, down 5.5% year on year, a decrease of ¥177 million. Revenue from the Construction Machinery segment was ¥2,898 million, down 4.7% year on year, a decrease of ¥141 million.」
Revenue from the Construction Machinery segment accounted for approximately 95.7% of consolidated revenue, up from approximately 94.9% in the same period of the previous year. Although construction machinery demand is considered firm, the high concentration in the revenue mix has increased further. - FY2023WorsenedAnnual report
「Our group has traditionally had a high proportion of sales from products for construction machinery and is susceptible to trends in construction machinery demand in Japan and overseas. Earnings may continue to fluctuate significantly as a result. Demand for products for construction machinery has been high in recent years, and the Non-Construction Machinery segment accounted for 4.5% in the fiscal year ended April 2023.」
The Construction Machinery segment's share of revenue rose to 95.5%, from 94.4% in the previous fiscal year. Dependence on construction machinery demand through sales has increased further on a numerical basis. - FY2023-Q3WorsenedAnnual report
「Revenue from the Construction Machinery segment was ¥9,472 million, up 20.0% year on year, an increase of ¥1,575 million. Consolidated revenue for the nine months ended the third quarter was ¥9,911 million, up 18.3% year on year, an increase of ¥1,533 million.」
Revenue from the Construction Machinery segment accounted for approximately 95.6% of consolidated revenue, up from approximately 95% in the previous quarter, indicating a further increase in dependence. Construction machinery demand is firm, but the high concentration in the revenue mix continues. - FY2023-Q2RestatedAnnual report
「Revenue from the Construction Machinery segment was ¥6,115 million, up 20.1% year on year, an increase of ¥1,024 million.」
Revenue from the Construction Machinery segment accounted for approximately 95% of consolidated revenue of ¥6,425 million, and the structure of high dependence on construction machinery demand continues. Demand is firm, and there is no indication that dependence risk worsened during the current quarter. - FY2023-Q1RestatedAnnual report
「During the cumulative first-quarter consolidated period, there were no new business risks or material changes to the business risks described in the securities report for the previous fiscal year. Revenue from the Construction Machinery segment was ¥3,039 million, up 18.4% year on year, an increase of ¥471 million.」
The company stated that there were no material changes to its business risks, while the structure of high dependence continued, with the Construction Machinery segment accounting for most of consolidated revenue. quantified is true, while materialized is false because there is no statement that demand weakened during the current quarter. - FY2022WorsenedAnnual report
「Our group has traditionally had a high proportion of sales from products for construction machinery and is susceptible to trends in construction machinery demand in Japan and overseas. Earnings may continue to fluctuate significantly as a result. Demand for products for construction machinery has been high in recent years, and the Non-Construction Machinery segment accounted for 5.6% in the fiscal year ended April 2022. Going forward, we will make vigorous efforts to expand sales by leveraging our large-scale hot- and cold-working equipment and technology.」
The Construction Machinery segment's share of revenue rose to 94.4%, from 93.2% in the previous fiscal year. Dependence on construction machinery demand has increased further on a numerical basis. - FY2022-Q3RestatedAnnual report
「Demand in the construction machinery industry, our major customer, remained firm as the impact of the infection in the same period of the previous year diminished. Revenue from the Construction Machinery segment was ¥7,896 million, up 56.5% year on year, an increase of ¥2,851 million.」
Construction machinery demand remained firm as the impact of the infection diminished, and the Construction Machinery segment reported higher revenue. Revenue from the segment accounted for approximately 94% of consolidated revenue, so the structure of high dependence on the segment also remains in place. - FY2022-Q2Demand recovery coexists with high dependence on the Construction Machinery segmentAnnual report
「Demand in the construction machinery industry, one of our major customers, remained firm as the impact of COVID-19 diminished. Revenue from the Construction Machinery segment was ¥5,091 million, up 66.6% year on year, an increase of ¥2,035 million.」
Construction machinery demand remained firm as the impact of the infection diminished, and the Construction Machinery segment reported higher revenue. However, the segment accounted for most of consolidated revenue of ¥5,407 million, so the dependence structure remains in place. - FY2022-Q1Construction machinery demand is recovering, but dependence remains highAnnual report
「The construction machinery industry, one of our major customers, has been steadily recovering as the impact of COVID-19 has diminished, but the current infection situation remains unpredictable. Revenue from the Construction Machinery segment was ¥2,568 million, up 68.1% year on year, an increase of ¥1,040 million.」
The construction machinery industry is considered to be steadily recovering as the impact of the infection has diminished, and the Construction Machinery segment also reported a 68.1% year-on-year increase in revenue. However, the segment accounted for approximately 94% of consolidated revenue in the first quarter, so dependence remains high and uncertainty over the infection situation persists. - FY2021WorsenedAnnual report
「Our group has traditionally had a high proportion of sales from products for construction machinery and is susceptible to trends in construction machinery demand in Japan and overseas. Earnings may continue to fluctuate significantly as a result. Demand for products for construction machinery has been high in recent years, and the Non-Construction Machinery segment accounted for 6.8% in the fiscal year ended April 2021.」
The Construction Machinery segment's share of revenue rose to 93.2%, from 90.8% in the previous fiscal year. Dependence on construction machinery demand has increased further on a numerical basis. Revenue from the Construction Machinery segment itself increased 2.2% year on year, and there is no indication that demand weakened during the current period. - FY2021-Q3WorsenedAnnual report
「The construction machinery industry, one of our major customers, has been recovering after being affected by the sharp drop in demand, but the current infection situation remains unpredictable. Revenue from the Construction Machinery segment was ¥5,045 million, down 11.1% year on year, a decrease of ¥627 million.」
Although construction machinery demand is considered to be recovering, revenue from the Construction Machinery segment fell 11.1% year on year. Revenue from the segment accounted for approximately 92.5% of consolidated revenue for the nine months ended the third quarter, up from approximately 90.6% in the same period of the previous year, indicating a numerical increase in exposure to earnings volatility risk. - FY2021-Q2MaterialisedAnnual report
「Under these circumstances, orders from customers declined due to the impact of production cuts and other factors in the construction machinery industry, one of our major customers. Revenue from the Construction Machinery segment was ¥3,056 million, down 23.9% year on year, a decrease of ¥960 million.」
Orders declined due to production cuts and other factors in the construction machinery industry, and revenue from the Construction Machinery segment also fell 23.9% year on year. The risk of earnings volatility associated with dependence on construction machinery demand materialized in the current quarter. - FY2021-Q1WorsenedAnnual report
「In the construction equipment industry, demand declined sharply in regions other than China and Japan as economic activity stagnated due to the spread of COVID-19. Sales in the construction equipment segment totaled ¥1,527 million, down 31.1% year on year, or ¥688 million.」
The decline in construction machinery demand spread to regions other than China and Japan, and revenue from the Construction Machinery segment fell 31.1% year on year. The decline in revenue also widened from the 9.2% decline in the same period of the previous year, indicating an even stronger impact on earnings volatility from the company's dependence on construction machinery demand. - FY2020MaterialisedAnnual report
「The Group has traditionally had a high proportion of sales from products for construction equipment and is susceptible to trends in domestic and overseas construction equipment demand. Business performance may continue to fluctuate significantly as a result. Sales in the construction equipment segment totaled ¥7,365 million, down 21.4% year on year, or ¥2,009 million.」
The construction equipment segment still accounted for a high 90.8% of sales, and the risk associated with dependence on demand fluctuations materialized in a 21.4% decline in segment sales. - FY2020-Q3MaterialisedAnnual report
「In the construction equipment industry, demand in Japan and North America remained firm. In China, demand fell below the previous year amid increasing uncertainty about the domestic economy and a rise in the share of domestic manufacturers. In Asia and Oceania, demand for mining equipment in Indonesia, the largest market, declined as thermal coal prices remained weak, while demand for general construction equipment remained weak across the region. Sales in the construction equipment segment totaled ¥5,672 million, down 20.3% year on year, or ¥1,442 million.」
While dependence on the construction equipment segment continues, weak demand emerged in China, Indonesia, and elsewhere, and segment sales declined 20.3% year on year. Construction equipment segment sales accounted for approximately 90.6% of consolidated sales in the cumulative third quarter, and the impact of demand fluctuations continues to be reflected in results. - FY2020-Q2MaterialisedAnnual report
「In China, uncertainty about the domestic economy is increasing as the US-China trade friction continues. Against this backdrop, domestic manufacturers have gained share of unit sales, and sales were below the year-earlier level. In Asia, demand for mining equipment in Indonesia declined as thermal coal prices remained weak. Sales in the construction equipment segment totaled ¥4,016 million, down 15.0% year on year, or ¥706 million.」
While dependence on the construction equipment segment continues, lower sales in China, weaker demand for mining equipment in Indonesia, and a 15.0% decline in construction equipment segment sales are reported, showing that the impact of demand fluctuations materialized in the quarter. - FY2020-Q1WorsenedAnnual report
「In the construction equipment industry, demand for both general and mining construction equipment in North America remained firm, but demand for general construction equipment in China declined as uncertainty about the domestic economy increased due to the prolonged US-China trade friction. Sales in the construction equipment segment totaled ¥2,215 million, down 9.2% year on year, or ¥225 million.」
Demand for general construction equipment in China declined, and construction equipment segment sales also fell 9.2% year on year. The risk of performance fluctuations associated with dependence on construction equipment demand materialized as lower sales during the quarter. - FY2019WorsenedAnnual report
「Demand for products for construction equipment has been high in recent years, and the non-construction equipment segment accounted for 8.9% in the fiscal year ended April 2019.」
The construction equipment segment accounted for 91.1% of sales, up from 89.5% in the previous year. Dependence on construction equipment demand has increased further on a numerical basis. Although the risk has been quantified, this does not state that weak demand occurred during the period. - FY2019-Q3RestatedAnnual report
「Sales in the construction equipment segment comprised domestic sales of ¥5,674 million, up 12.1% year on year, or ¥612 million, and overseas sales of ¥1,441 million, up 21.8% year on year, or ¥257 million.」
Construction equipment segment sales totaled ¥7,115 million in Japan and overseas, accounting for most of consolidated sales of ¥7,796 million, and this structure continues. The company states that there have been no material changes in business and other risks. - FY2019-Q2RestatedAnnual report
「Sales in the construction equipment segment comprised domestic sales of ¥3,797 million, up 13.6% year on year, or ¥454 million, and overseas sales of ¥925 million, up 24.6% year on year, or ¥182 million.」
The structure in which the construction equipment segment accounts for most of sales during the cumulative second-quarter period continues. The company states that there have been no material changes in business and other risks. - FY2019-Q1RestatedAnnual report
「Sales in the construction equipment segment comprised domestic sales of ¥1,902 million, up 13.7% year on year, or ¥229 million, and overseas sales of ¥538 million, up 43.9% year on year, or ¥164 million.」
The structure in which the construction equipment segment is the main source of domestic and overseas sales continues. Although sales increased year on year, the company states that there have been no material changes in business and other risks. - FY2018WorsenedAnnual report
「Demand for products for construction equipment has been high in recent years, and the non-construction equipment segment accounted for 10.5% in the fiscal year ended April 2018.」
The construction equipment segment accounted for 89.5% of sales, up from 87.3% in the previous year. Dependence on construction equipment demand has increased further on a numerical basis. - FY2018-Q3RestatedAnnual report
「Sales in the construction equipment segment comprised domestic sales of ¥5,061 million, up 35.7% year on year, or ¥1,330 million, and overseas sales of ¥1,183 million, up 67.7% year on year, or ¥477 million.」
Construction equipment segment sales accounted for approximately 89% of consolidated sales during the cumulative third-quarter period, and the dependence structure continues. The company states that there have been no material changes in business and other risks. - FY2018-Q2RestatedAnnual report
「Sales in the construction equipment segment comprised domestic sales of ¥3,343 million, up 44.0% year on year, or ¥1,020 million, and overseas sales of ¥742 million, up 88.1% year on year, or ¥347 million.」
The structure in which the construction equipment segment accounts for most of sales during the cumulative second-quarter period continues. The company states that there have been no material changes in business and other risks. - FY2018-Q1RestatedAnnual report
「Sales in the construction equipment segment comprised domestic sales of ¥1,673 million, up 46.9% year on year, or ¥534 million, and overseas sales of ¥374 million, up 92.0% year on year, or ¥179 million.」
The construction equipment segment remained the main source of domestic and overseas sales in the first quarter, with no material change indicated in the business structure under which construction equipment demand affects performance. - FY2017WorsenedAnnual report
「The Group has traditionally had a high proportion of sales from products for construction equipment and is susceptible to trends in domestic and overseas construction equipment demand. Business performance may continue to fluctuate significantly as a result. Under these circumstances, to stabilize business performance, we will continue to expand our earnings base by developing demand sectors outside the construction equipment segment. Demand for products for construction equipment has been high in recent years, and the non-construction equipment segment accounted for 12.7% in the fiscal year ended April 2017.」
The construction equipment segment accounted for 87.3% of sales, up from 84.9% in the previous year. Dependence on construction equipment demand has increased on a numerical basis. - FY2017-Q3RestatedAnnual report
「Sales in the construction equipment segment comprised domestic sales of ¥3,730 million, up 8.2% year on year, or ¥281 million, and overseas sales of ¥705 million, up 79.3% year on year, or ¥312 million.」
Construction equipment segment sales totaled ¥4,435 million, accounting for most of consolidated sales of ¥5,121 million. No material change is indicated in the business structure under which construction equipment demand affects performance. The company also states that there have been no material changes in business and other risks. - FY2017-Q2RestatedAnnual report
「Sales in the construction equipment segment comprised domestic sales of ¥2,322 million, down 1.4% year on year, or ¥32 million, and overseas sales of ¥394 million, up 59.3% year on year, or ¥147 million.」
While dependence on the construction equipment segment continues, domestic sales declined year on year and overseas sales increased. Although results varied by region, no material change is indicated in the business structure under which construction equipment demand affects performance. - FY2017-Q1MaterialisedAnnual report
「In the construction equipment industry, domestic demand was affected by the end of the cycle of demand from the rental industry. Overseas, demand from general users in the United States remained firm, while demand for construction and mining equipment remained weak in Central and South America, including Brazil, and demand for mining equipment in Indonesia remained weak due to reduced coal production.」
Regional weakness in construction equipment demand actually emerged during the quarter: domestic sales in the construction equipment segment declined 9.8% year on year, while overseas sales increased 34.8%, demonstrating regional differences in demand trends. - FY2016First statedAnnual report
「The Group has traditionally had a high proportion of sales from products for construction equipment and is susceptible to trends in domestic and overseas construction equipment demand. Business performance may continue to fluctuate significantly as a result.」
The construction equipment segment accounted for 84.9% of sales in the fiscal year ended April 2016, and the segment's sales actually declined 21.8% year on year, confirming that the risk has materialized.