Business Performance Dependence on Economic and Capital Investment Cycles
First written in FY2016. 14 of 34 entries say "Materialised", first in FY2017-Q1. Latest entry: FY2026.
Sanyo Denki moved to the "Worse" side of this theme in 2016, 3 years before the typical company in this theme (2019).
The whole theme swung hardest in 2019: 41 of 56 companies on the "Worse" side.
7 other companies' latest entry also says "Other".
- FY2026Demand recovering and AI-related markets remaining firm amid tariff policiesAnnual report
「During the fiscal year, although the United States implemented wide-ranging and extreme tariff policies and China introduced retaliatory measures, signs of recovery emerged in the second half.」
While an unstable external environment continued due to tariff policies and China's retaliatory measures, signs of economic recovery and a recovery in demand in major markets were described in the second half. - FY2026-H1Instability caused by tariff policies while demand remains on the road to recoveryAnnual report
「During the six-month cumulative consolidated period, the global economy remained unstable as a result of the implementation of wide-ranging and extreme tariff policies by the United States and retaliatory measures by China.」
While the risk of dependence on the economic and capital investment cycle remained, the filing described instability in the global economy caused by US tariff policies and China's retaliatory measures. It also noted that demand in major markets was in the process of recovering. - FY2025MaterialisedAnnual report
「As a result, consolidated revenue for the fiscal year was ¥97,847 million, down 13.3% year on year, consolidated operating profit was ¥7,936 million, down 32.8% year on year, consolidated profit before income taxes was ¥8,003 million, down 39.9% year on year, and profit attributable to owners of the parent was ¥5,637 million, down 46.2% year on year.」
Dependence on the economic and capital investment cycle was reflected in the results as subdued demand in major markets and lower revenue and earnings for the full year. - FY2025-H1MaterialisedAnnual report
「Although the Japanese economy showed signs of a gradual recovery, led by capital investment, economic activity remained sluggish as exports declined amid the global economic recession. Consolidated revenue was ¥46,526 million, down 23.3% year on year, and consolidated operating profit was ¥3,046 million, down 56.0% year on year.」
Dependence on the economic and capital investment cycle was reflected in the six-month results as a global economic recession, declining exports, and lower revenue and earnings. - FY2024MaterialisedAnnual report
「Orders received were ¥75,318 million, down 41.2% year on year, and the order backlog was ¥44,339 million, down 45.9% year on year.」
Dependence on the economic and capital investment cycle was reflected in the full-year results as weaker demand in major markets and substantial declines in orders received and the order backlog. - FY2024-Q3WorsenedAnnual report
「During the nine-month cumulative consolidated period, although signs of an economic recovery were seen in the United States and Europe, economic activity slowed overall due to concerns about the outlook for the Chinese economy.」
While signs of recovery emerged in the United States and Europe, the global economy as a whole slowed against a backdrop of concerns about the outlook for the Chinese economy, resulting in weaker demand in major markets and a decline in orders. - FY2024-Q2Demand weakened while earnings improvedAnnual report
「Although demand declined in the factory automation markets for communications equipment, robots, machine tools, semiconductor manufacturing equipment and other products, which are the Group’s major sales markets, the order backlog was steadily worked down.」
While dependence on the economic and capital investment cycle remained, weakening demand in major markets was noted alongside higher revenue and earnings resulting from the reduction of the order backlog. - FY2024-Q1WorsenedAnnual report
「During the three-month cumulative consolidated period, economic activity stagnated as the economies of China and Europe remained sluggish. Although the Japanese economy was gradually recovering, led by domestic demand, economic activity weakened as exports declined amid the stagnation of the global economy.」
Sluggish economies in China and Europe, stagnation in the global economy, and declining exports were described, indicating a deterioration in the external environment related to the economic and capital investment cycle. - FY2023RestatedAnnual report
「During the fiscal year, the global economy stagnated due to the rapid rise in resource prices and the impact of lockdowns in China, among other factors, but economic activity gradually picked up and showed signs of recovery. However, toward the end of the fiscal year, concerns about an economic recession emerged under the impact of monetary tightening.」
While the risk of dependence on the economic and capital investment cycle remained, the recovery in economic activity was noted alongside concerns about an economic recession caused by rising resource prices and monetary tightening. - FY2023-Q3WorsenedAnnual report
「During the nine-month cumulative consolidated period, the economy stagnated under the impact of monetary tightening by countries seeking to curb the rapid rise in resource prices. In Europe and the United States, signs of an economic slowdown were seen, particularly in industrial production, while in China the economy stagnated as infections spread following the easing of its zero-COVID policy.」
Monetary tightening in response to soaring resource prices, an economic slowdown in Europe and the United States, and economic stagnation in China were described, indicating a deterioration in the external environment related to the economic and capital investment cycle. - FY2023-Q2Recovery trend amid rising resource prices and energy concernsAnnual report
「During the six-month cumulative consolidated period, amid soaring resource prices and concerns about securing stable energy sources, economic activity remained firm in Europe and the United States, particularly in industrial production. In China, signs of a gradual economic recovery emerged after lockdown restrictions were lifted.」
While soaring resource prices and concerns about securing energy sources continued, firm activity in Europe and the United States and a gradual recovery in China were noted. - FY2023-Q1Recovery continues, but concerns including rising resource prices persistAnnual report
「During the three-month cumulative consolidated period, the global economy faced growing concerns about a slowdown as the sharp rise in resource prices caused by the situation in Russia and Ukraine was compounded by the impact of lockdowns in China. However, economic activity gradually picked up from mid-May onward, showing signs of recovery.」
While dependence on the economic and capital investment cycle remained, concerns about a slowdown due to rising resource prices and China's lockdowns were noted alongside the recovery in economic activity from mid-May onward. - FY2022-Q3Recovery slowed due to firm demand and supply constraintsAnnual report
「During the nine-month cumulative consolidated period, the global economy was on a recovery trend, but the pace of recovery slowed due to supply constraints for semiconductors and other products and disruptions to logistics networks.」
The risk of dependence on the economic and capital investment cycle remained, while supply constraints for semiconductors and disruptions to logistics networks were cited as factors slowing the global economic recovery. Meanwhile, demand in major sales markets was described as firm. - FY2022-Q2Demand recovery and continued performance improvementAnnual report
「During the six months ended the second quarter, the global economy continued to recover, led by Europe, the United States and China. The Japanese economy also showed signs of recovery, particularly in manufacturing, as capital investment became more active alongside the increase in corporate earnings.」
Although the risk of dependence on the economic and capital investment cycles remains, the global economies of Europe, the United States and China and capital investment in Japan continued to recover. - FY2022-Q1Demand recovery and continued performance improvementAnnual report
「As a result, consolidated revenue for the three months ended the first quarter was ¥24,686 million, up 77.3% year on year, consolidated operating profit was ¥2,475 million, compared with a consolidated operating loss of ¥632 million in the same period of the previous year, consolidated profit before tax for the quarter was ¥2,612 million, compared with a consolidated loss before tax for the quarter of ¥635 million, and profit for the quarter attributable to owners of the parent was ¥1,909 million, compared with a loss for the quarter attributable to owners of the parent of ¥662 million.」
Although the risk of dependence on the economic and capital investment cycles remains, revenue increased 77.3%, and operating profit and other measures turned from losses to profits. - FY2021Demand recovery and continued performance improvementAnnual report
「During the consolidated fiscal year, the global economy continued to be affected by the spread of the novel coronavirus, although recovery was seen mainly in the United States and China. Order intake was ¥86,325 million, up 19.9% year on year, and the order backlog was ¥25,727 million, up 52.2%.」
Although the risk of dependence on the economic and capital investment cycles remains, recovery led mainly by the United States and China and an increase in orders were reported in the full-year results. - FY2021-Q3Demand recovery and performance improvementAnnual report
「Against this backdrop, demand was recovering in the factory automation markets for robots, semiconductor manufacturing equipment, electronic component placement machines, injection molding machines and other products, which are the Group’s major sales markets. As a result, consolidated revenue for the nine months ended the third quarter was ¥54,419 million, up 4.2% year on year, while consolidated operating profit was ¥2,186 million, up 475.9%.」
Although the risk of dependence on the economic and capital investment cycles remains, the recovery in demand in the major FA markets and increases in revenue and profit were reported in the results. - FY2021-Q2MaterialisedAnnual report
「Due to the impact of the global recession caused by the novel coronavirus, the decline in demand from the FA and OA markets in which the Company specializes lasted longer than expected, and both orders and revenue remained sluggish.」
The risk of dependence on the economic and capital investment cycles actually emerged as a recession caused by the novel coronavirus, sluggish demand in the FA and OA markets, and weak orders and revenue. - FY2021-Q1WorsenedAnnual report
「As a result, consolidated revenue for the three months ended the first quarter was ¥13,926 million, down 18.3% year on year, consolidated operating loss was ¥632 million, compared with consolidated operating profit of ¥40 million in the same period of the previous year, consolidated loss before tax for the quarter was ¥635 million, compared with a consolidated loss before tax for the quarter of ¥30 million, and the loss for the quarter attributable to owners of the parent was ¥662 million, compared with a loss for the quarter attributable to owners of the parent of ¥169 million.」
Dependence on the economic and capital investment cycles emerged even more strongly as weak demand and lower revenue caused by the novel coronavirus disease, along with an operating loss. - FY2020MaterialisedAnnual report
「Capital investment remained sluggish and continued to slow due to the prolonged US-China trade friction. Consolidated revenue was ¥70,706 million, down 16.5% year on year, while consolidated operating profit was ¥1,043 million, down 84.2%.」
Dependence on the economic and capital investment cycles emerged as sluggish capital investment, declining demand, and a substantial full-year decline in revenue and profit. - FY2020-Q3MaterialisedAnnual report
「The global economy remained stagnant, although the US-China trade negotiations reached a partial agreement, with China recording its lowest economic growth rate since 1992. Order intake was ¥52,206 million, down 13.2% year on year, and the order backlog was ¥15,586 million, down 11.2%.」
Demand fluctuations associated with the economic and capital investment cycles emerged in the results as stagnation in the global economy and declines in order intake and the order backlog. - FY2020-Q2MaterialisedAnnual report
「During the six months ended the second quarter, the global economy remained sluggish due to the prolonged US-China trade friction and a downturn in global IT-related demand. Order intake was ¥34,083 million, down 18.4% year on year, and the order backlog was ¥15,347 million, down 22.8%.」
Demand fluctuations associated with the economic and capital investment cycles emerged as a sluggish global economy, declines in order intake and the order backlog, and an operating loss. - FY2020-Q1MaterialisedAnnual report
「The economy remained stagnant throughout the period due to factors including a decline in global trade volumes and the prolonged US-China trade friction. Consolidated loss before tax for the quarter was ¥30 million, compared with consolidated profit before tax of ¥2,918 million in the same period of the previous year, while the loss for the quarter attributable to owners of the parent was ¥169 million.」
Demand fluctuations associated with the economic and capital investment cycles actually emerged as stagnation in the global economy, a substantial decline in demand, and losses before tax and attributable to owners of the parent. - FY2019-Q3MaterialisedAnnual report
「Exports related to capital investment slowed due to the impact of US-China trade friction. Order intake was ¥60,160 million, down 16.9% year on year, and the order backlog was ¥17,556 million, down 19.6%.」
The slowdown in exports related to capital investment and the decline in demand in the major sales markets emerged as decreases in order intake and the order backlog during the nine months ended the third quarter. - FY2019-Q2MaterialisedAnnual report
「In addition to production adjustments by semiconductor manufacturing equipment manufacturers, capital investment overall in China began to contract amid US-China trade friction, resulting in sluggish orders. Order intake was ¥41,776 million, down 14.0% year on year, and the order backlog was ¥19,886 million, down 5.3%.」
Demand fluctuations driven by the economic and capital investment cycles emerged in the results as declines in order intake and the order backlog, through production adjustments by semiconductor manufacturing equipment manufacturers and reduced capital investment in China. - FY2019-Q1RestatedAnnual report
「During the three months ended the first quarter, the Japanese economy continued on a moderate recovery track, with exports remaining firm and capital investment remaining solid as corporate earnings improved.」
The risk of performance fluctuations from the economic and capital investment cycles remains, but exports and capital investment were firm during the first quarter, and the economic environment was described as being on a moderate recovery track. - FY2018-Q3RestatedAnnual report
「During the nine months ended the third quarter, the Japanese economy recovered steadily, with exports remaining strong and domestic demand, including capital investment, remaining firm as corporate performance improved.」
The risk of performance fluctuations from the economic and capital investment cycles remains, but during the nine months ended the third quarter, exports, domestic demand and capital investment continued to recover. - FY2018-Q2RestatedAnnual report
「During the six months ended the second quarter, the Japanese economy recovered steadily, with exports recovering and domestic demand remaining firm. Order intake was ¥48,598 million, up 33.3% year on year, and the order backlog was ¥20,994 million, up 67.4%.」
The risk of performance fluctuations from the economic and capital investment cycles remains, but during the second quarter the recovery in exports and domestic demand and the strengthening of demand from capital goods industries continued. - FY2018-Q1Economic recovery and robust demandAnnual report
「During the six months ended the first quarter, the Japanese economy continued on a moderate recovery track, as the pause in yen appreciation and the recovery in overseas economies led to improvements in corporate earnings. Consolidated revenue was ¥20,480 million, up 14.4% year on year, while consolidated operating profit was ¥1,793 million, up 70.8%.」
Despite the risk of performance fluctuations associated with the economic and capital investment cycles, revenue and profit increased in the first quarter against a backdrop of improving economic conditions and stronger demand from capital goods industries. The risk itself had not disappeared, but its manifestation in the current period differed from the previous period. - FY2017MaterialisedAnnual report
「Consolidated revenue was ¥74,798 million, down 6.8% year on year, and consolidated operating profit was ¥5,414 million, down 0.3%, while consolidated profit before tax was ¥5,332 million, up 1.2%, and profit for the year attributable to owners of the parent was ¥4,031 million, up 7.8%.」
Fluctuations in performance resulting from changes in the major markets and economic conditions emerged as a full-year decline in revenue and a slight decrease in operating profit, while profit before tax and profit attributable to owners of the parent increased. - FY2017-Q3MaterialisedAnnual report
「As a result, consolidated revenue for the nine months ended the third quarter was ¥54,093 million, down 10.0% year on year, consolidated operating profit was ¥3,127 million, down 22.8%, consolidated ordinary profit was ¥3,423 million, down 19.1%, and profit for the quarter attributable to owners of the parent was ¥2,503 million, down 8.7%.」
The decline in performance resulting from fluctuations in demand conditions in the major markets and capital investment continued to emerge in the results for the nine months ended the third quarter. - FY2017-Q2MaterialisedAnnual report
「The Japanese economy remained stagnant as exports struggled to grow and capital investment slowed, due to factors including the appreciation of the yen and the slowdown in emerging-market economies. Consolidated revenue was ¥35,818 million, down 11.4% year on year, while consolidated operating profit was ¥2,329 million, down 23.4%.」
The deterioration in the demand environment, affected by the economic and capital investment cycles, continued to emerge in the first half as lower revenue and profit. - FY2017-Q1MaterialisedAnnual report
「Demand declined in the capital goods industries, including machine tools, robots and semiconductor manufacturing equipment, which are the major sales markets. Consolidated revenue was ¥17,895 million, down 13.1% year on year, while consolidated operating profit was ¥1,043 million, down 32.3%.」
A decline in demand driven by the economic and capital investment cycles occurred again in the quarter, emerging as a decline in performance. - FY2016First statedAnnual report
「As described above, the Group’s operating results have fluctuated, and it is necessary to note that the Group’s operating results in prior years do not necessarily indicate its future performance.」
Past fluctuations in performance were explicitly identified as a risk, and in the current period they actually emerged as declines in revenue and profit.