Demand Risk from Fluctuations in Construction Investment and Private Capital Investment

「While shipments of domestic construction equipment and to overseas regions outside North America remained sluggish, shipments to the North American market continued at levels substantially above the initial assumptions.」

「In Japan, engine generator sales increased as negotiations to expand sales to nationwide rental companies progressed smoothly, but engine compressor shipments remained sluggish against a backdrop of construction plans stalled by labour shortages and higher raw material costs.」

「Looking ahead, Japan's economic outlook is expected to remain challenging, with construction demand lacking strength because of persistently high raw-material prices and labor shortages.」

「In terms of sales, in Japan, demand continued for construction of hotels, warehouses and semiconductor manufacturing plants, as well as civil engineering projects under the national resilience plan. However, shipments of major products generally remained sluggish as construction plans stalled due to labour shortages and higher material costs. In North America, shipments of some engine generator products remained sluggish due to inventory adjustments at local rental companies, while engine compressor sales increased significantly.」

「In Japan, projects for new construction and renovation of hotels and other facilities remained firm as inbound demand recovered, while sales of aerial work platforms and engine compressors reached record highs against a backdrop of strong building construction demand, including redevelopment in major metropolitan areas and semiconductor-related investment.」

「In terms of sales, in Japan, projects for new construction and renovation of hotels and other facilities remained firm as inbound demand recovered, while shipments of aerial work platforms increased significantly against a backdrop of strong building construction demand, including redevelopment in major metropolitan areas. Overseas, shipments of engine generators for North America remained sluggish due to inventory adjustments by local rental companies, but this was offset by increased sales of engine compressors for North America and products for Southeast Asia and the Middle East, resulting in a year-on-year increase in revenue for the Construction Equipment business segment as a whole.」

「In Japan, shipments of aerial work platforms remained firm, supported by new construction and renovation of hotels, factories and warehouses driven by inbound demand and demand for building construction. Revenue from engine compressors and engine generators also increased year on year as private investment recovered. Overseas, revenue increased year on year, supported by strong demand for infrastructure investment in North America and increased demand for resource development in Oceania and the Middle East.」

「In terms of sales, in Japan, shipments of aerial work platforms remained firm, supported by new construction and renovation of hotels, factories and warehouses driven by inbound demand and demand for building construction. Revenue from engine compressors and engine generators also increased year on year as private investment recovered. Overseas, revenue increased year on year, supported by strong demand for infrastructure investment in North America and increased demand for resource development in Oceania and the Middle East.」

「In terms of sales, in Japan, shipments of aerial work platforms remained firm against a backdrop of strong building construction demand, while shipments of engine compressors and engine generators also increased as private investment recovered. Overseas, shipments remained firm, supported by strong demand for infrastructure investment in North America and increased demand for resource development in Oceania and the Middle East, resulting overall in a year-on-year increase in revenue.」

「In Japan, projects for hotel renovations and new construction remained firm as inbound demand recovered, while redevelopment projects in major cities continued. Against this backdrop of strong building construction demand, shipments of aerial work platforms increased.」

「In terms of sales, in Japan, projects for hotel renovations and new construction targeting inbound visitors and supported by the nationwide travel assistance programme returned, while redevelopment projects in major cities continued. Against this backdrop of strong construction demand, shipments of aerial work platforms increased substantially.」

「In terms of sales, in Japan, projects for hotel renovations and new construction targeting inbound visitors and supported by the nationwide travel assistance programme returned, while redevelopment projects in major cities continued. Against this backdrop of strong construction demand, shipments of aerial work platforms increased significantly. Overseas, there were factors reducing revenue, including the continued suspension of shipments to Russia and the resurgence of COVID-19 infections in various parts of China. However, revenue increased significantly, supported by a substantial increase in orders for North America, which had continued from the previous fiscal year, and an economic recovery in Southeast Asia triggered by the easing of COVID-19-related restrictions.」

「In terms of sales, in Japan, shipments of aerial work platforms increased significantly against a backdrop of recovering demand for new private-sector construction projects. Overseas, there were factors reducing revenue, including the continued suspension of shipments to Russia and lockdowns in various parts of China. However, revenue increased significantly, supported by a substantial increase in orders for North America, which had continued from the previous fiscal year, and an economic recovery in Southeast Asia triggered by the easing of COVID-19-related restrictions.」

「In terms of sales, in Japan, shipments of aerial work platforms increased significantly against a backdrop of recovering demand for new private-sector construction projects. Overseas, there were factors reducing revenue, including the continued suspension of shipments to Russia and the lockdown in Shanghai. However, revenue increased significantly, supported by a substantial increase in orders for North America, which had continued from the previous fiscal year, and an economic recovery in Southeast Asia triggered by the easing of COVID-19-related restrictions.」

「Overseas, orders for North America grew significantly as demand rebounded from the previous year's downturn, and sales also benefited substantially from the weaker yen against the U.S. dollar. All other regions also returned to growth, resulting in strong overall overseas performance and higher revenue year on year.」

「In terms of sales, public works in Japan aligned with disaster prevention and mitigation and national resilience initiatives remained at a high and solid level, but new construction projects involving private investment stalled due to the impact of COVID-19, leaving shipments sluggish. Overseas, orders for North America increased significantly due to a rebound from the previous year's weak demand, and orders also turned upward in all other regions, resulting in a year-on-year increase in revenue.」

「In terms of sales, in Japan, new construction projects involving private investment stalled due to a planned decline in construction ahead of the Olympics and the impact of COVID-19, leaving shipments sluggish, particularly for aerial work platforms. Overseas, China, which was quick to contain the spread of infection, remained firm, while orders and production for North America increased significantly due to a rebound from the previous year's weak demand. Overall, however, revenue declined year on year.」

「In Japan, public works aligned with disaster prevention and mitigation and national resilience initiatives remained firm, but new construction projects involving private investment stalled due to the impact of COVID-19, leaving demand sluggish.」

「In terms of sales, public works in Japan aligned with disaster prevention and mitigation and national resilience initiatives remained firm, but new construction projects involving private investment stalled due to the impact of COVID-19, leaving demand sluggish. Overseas, revenue declined year on year as the spread of infection remained unchecked.」

「In terms of sales, public works in Japan related to disaster recovery remained firm, but demand was sluggish as new construction projects stalled due to the impact of COVID-19. Overseas, China, which had effectively declared the end of the pandemic, showed signs of an economic recovery, but the impact of measures to contain the spread of infection persisted in other countries, resulting in a year-on-year decline in revenue.」

「Existing construction work continued on a solid footing, but product shipments remained sluggish as new projects were deferred.」

「In Japan, shipments remained firm, supported by increased construction investment from redevelopment in the Tokyo metropolitan area ahead of the Tokyo Olympics and the inbound tourism boom, as well as public works, mainly disaster recovery projects. Overseas, shipments to North America remained firm, while weakness was seen in Southeast Asia and other regions.」

「In Japan, shipments remained firm, supported by increased construction investment from redevelopment in the Tokyo metropolitan area ahead of the Tokyo Olympics and an inbound tourism-led economic recovery, as well as public works focused on disaster recovery. Overseas, shipments to North America remained solid, while weakness was seen in Southeast Asia and other markets.」

「In Japan, shipments of construction machinery remained firm, supported by redevelopment around railway stations in major cities and an inbound tourism-led economic recovery. Overseas, sales remained solid as the Company expanded its lineup of North America-bound products compliant with the latest emissions regulations.」

「In Japan, shipments of construction machinery remained firm, supported mainly by redevelopment in the Tokyo metropolitan area and an inbound tourism-led economic recovery. In North America, where the Company sells products under its own brand and supplies OEM products, sales remained strong, including through the release of products compliant with the latest emissions regulations.」

「In Japan, shipments of construction machinery remained firm, supported mainly by redevelopment in the Tokyo metropolitan area and an inbound tourism-led economic recovery. In North America, where the Company sells products under its own brand and supplies OEM products, sales remained strong, including through the release of products compliant with the latest emissions regulations.」

「In Japan, shipments of construction machinery remained firm, supported mainly by redevelopment in the Tokyo metropolitan area and an inbound tourism-led economic recovery. Overseas, shipments to North America grew, aided by efforts by local subsidiaries to develop sales channels, while demand in Southeast Asia began to recover alongside energy resource prices.」

「In Japan, shipments of construction machinery remained firm, supported by the full-scale launch of Olympic-related construction, redevelopment around railway stations, and an inbound tourism-led economic recovery. Overseas, demand in Southeast Asia and other markets began to recover alongside energy resource prices.」

「Domestic sales started slowly at the beginning of the fiscal year, but construction demand increased as the fiscal year progressed. Shipments of engine compressors, engine generators and aerial work platforms continued to recover. Overseas sales grew in line with the U.S. subsidiary's full-scale operations, while other regions remained firm.」

「Domestic sales started slowly at the beginning of the fiscal year but recovered fully in the third quarter against a backdrop of firm construction demand. Shipments of engine compressors, engine generators and aerial work platforms all remained solid. Overseas, markets including China, the Middle East and Russia also recovered, while the U.S. subsidiary began full-scale operations, allowing performance to remain strong.」

「Engine compressors and engine generators performed well, with particularly strong recoveries in Russia, China and the Middle East, while the U.S. subsidiary began full-scale operations. These overseas factors drove sales growth. In Japan, sales were sluggish in the first quarter but began to trend upward in the second quarter against a backdrop of firm domestic construction demand.」

「In the construction machinery business, shipments of vehicle-mounted construction machinery in Japan remained sluggish due to delays in starting Olympic-related construction, and both sales and profit fell below the same period of the previous year. Overseas sales were substantially higher year on year, supported by the launch of OEM sales in North America, a recovery in demand related to energy resource development in Russia, and an economic recovery driven by China's economic policies.」

「In the construction machinery business, demand in Japan increased for redevelopment projects in the Tokyo metropolitan area and condominium and hotel construction supported by low interest rates and inbound tourism, while demand related to public works in regional areas remained at the same level as the previous year due to a shortage of skilled workers and delays in budget execution. Overseas, demand in North America remained sluggish as shale-related investment declined amid lower crude oil prices, while demand in Asia and emerging markets remained weak due to exchange-rate fluctuations and slower economic growth.」

「In the construction machinery business, demand in Japan increased for redevelopment projects in the Tokyo metropolitan area and for condominium and hotel construction in anticipation of lower interest rates and an inbound tourism-led economic recovery, while demand related to public works in regional areas remained at the same level as the previous year due to a shortage of skilled workers and delays in budget execution. Overseas, demand in North America remained sluggish as investment related to shale declined amid lower crude oil prices, while demand in Asia and emerging markets remained weak due to exchange-rate fluctuations and slower economic growth.」

「In the construction machinery business, demand in Japan's major metropolitan areas remained firm, supported by construction demand ahead of the Tokyo Olympics and the opening of the Chuo Shinkansen maglev line, but growth was limited by weakness in public works in regional areas. Overseas shipments to North America and Asia remained weak due to the prolonged slowdown in the Chinese economy and lower resource prices, while a stronger yen also weighed on results, leaving them below the same period of the previous year.」

「In the construction machinery business, demand in Japan's major metropolitan areas remained firm, supported by construction demand ahead of the Tokyo Olympics and the opening of the Chuo Shinkansen maglev line, while demand related to public works in regional areas remained sluggish. Overseas, North America, Southeast Asia and other markets remained weak due to the prolonged slowdown in the Chinese economy and lower resource prices, and total overseas performance was below the same period of the previous year.」

「The Group's performance may be affected if it is unable to respond in time to changes in construction investment, private-sector capital investment and related demand trends resulting from sudden economic changes beyond expectations.」