Revenue Fluctuations Driven by Second-Half Concentration and Customer Procurement Policies

「Because the completion and handover of communications equipment and construction and maintenance work are concentrated at the end of the fiscal year, there is a significant difference between sales in the first and second halves of the consolidated fiscal year, resulting in seasonal fluctuations between the two periods.」

「Because the completion and handover of communications equipment and construction and maintenance work are concentrated at the end of the fiscal year, there is a significant difference between sales in the first and second halves of the consolidated fiscal year, resulting in seasonal fluctuations between the two periods.」

「Because deliveries upon completion of information and communications equipment and construction and maintenance projects are concentrated in the fourth quarter, our group experiences seasonal fluctuations in which sales in the fourth quarter are higher than sales in each of the first through third quarters.」

「Because the completion and handover of communications equipment and construction and maintenance work are concentrated in the fourth quarter, the Group's sales are subject to seasonal fluctuations, with fourth-quarter sales significantly higher than sales in the first through third quarters.」

「Because deliveries upon completion of information and communications equipment and construction and maintenance projects are concentrated in the fourth quarter, our group experiences seasonal fluctuations in which sales in the fourth quarter are higher than sales in each of the first through third quarters.」

「Because deliveries upon completion of information and communications equipment and construction and maintenance projects are concentrated in the fourth quarter, our group experiences seasonal fluctuations in which sales in the fourth quarter are higher than sales in each of the first through third quarters.」

「Because deliveries upon completion of information and communications equipment and construction and maintenance projects are concentrated in the fourth quarter, our group experiences seasonal fluctuations in which sales in the fourth quarter are higher than sales in each of the first through third quarters.」

「Because deliveries upon completion of information and communications equipment and construction and maintenance projects are concentrated in the fourth quarter, our group experiences seasonal fluctuations in which sales in the fourth quarter are higher than sales in each of the first through third quarters.」

「Because deliveries upon completion of information and communications equipment and construction and maintenance projects are concentrated in the fourth quarter, our group experiences seasonal fluctuations in which sales in the fourth quarter are higher than sales in each of the first through third quarters.」

「Because the Group's business with utilities, government agencies and other customers results in sales being concentrated in the second half, and because changes in customers' procurement policies and other factors have a significant impact on performance, the Group will maintain a management structure capable of responding flexibly to fluctuations in revenue scale.」

「Because deliveries upon completion of information and communications equipment and construction and maintenance projects are concentrated in the fourth quarter, our group experiences seasonal fluctuations in which sales in the fourth quarter are higher than sales in each of the first through third quarters.」

「Because deliveries upon completion of information and communications equipment and construction and maintenance projects are concentrated in the fourth quarter, our group experiences seasonal fluctuations in which sales in the fourth quarter are higher than sales in each of the first through third quarters.」

「Because deliveries upon completion of information and communications equipment and construction and maintenance projects are concentrated in the fourth quarter, our group experiences seasonal fluctuations in which sales in the fourth quarter are higher than sales in each of the first through third quarters.」

「Because the completion and handover of information and communications equipment and construction and maintenance work are concentrated in the fourth quarter, the Group's sales are seasonally weighted toward the fourth quarter compared with the first through third quarters. However, this seasonal variation is tending to ease because sales of smart meter and smart grid-related equipment have become more evenly distributed throughout the year.」

「Because the completion and handover of information and communications equipment and construction and maintenance work are concentrated in the fourth quarter, the Group's sales are seasonally weighted toward the fourth quarter compared with the first through third quarters. However, this seasonal variation is tending to ease because sales of smart meter and smart grid-related equipment have become more evenly distributed throughout the year.」

「Because the completion and handover of information and communications equipment and construction and maintenance work are concentrated in the fourth quarter, the Group's sales are seasonally weighted toward the fourth quarter compared with the first through third quarters. However, this seasonal variation is tending to ease because sales of smart meter and smart grid-related equipment have become more evenly distributed throughout the year.」

「Because the Group's business with utilities, government agencies and other customers results in sales being concentrated in the second half, and because changes in customers' procurement policies and other factors have a significant impact on performance, the Group will maintain a management structure capable of responding flexibly to fluctuations in revenue scale by promoting productivity improvements and carefully assessing capital investment based on business viability.」

「Because the completion and handover of information and communications equipment and construction and maintenance work are concentrated in the fourth quarter, the Group's sales are seasonally weighted toward the fourth quarter compared with the first through third quarters. However, this seasonal variation is tending to ease because sales of smart meter and smart grid-related equipment have become more evenly distributed throughout the year.」

「Regarding market trends surrounding the Group, the impact of higher power-generation costs, resulting from the prolonged shutdown of nuclear power plants and other factors in the electric power industry, its main customer base, has continued for an extended period. Although the increase in demand for smart meter and smart grid-related equipment associated with the liberalization of the electricity market has run its course, moves toward multi-vendor adoption, particularly for smart meter-related equipment, are emerging to achieve further cost reductions, creating potential opportunities for the Group to enter the market.」

「Regarding market trends surrounding the Group, the impact of higher power-generation costs, resulting from the prolonged shutdown of nuclear power plants and other factors in the electric power industry, its main customer base, has continued for an extended period. Although the increase in demand for smart meter and smart grid-related equipment associated with the liberalization of the electricity market has run its course, moves toward multi-vendor adoption, particularly for smart meter-related equipment, are emerging to achieve further cost reductions, creating potential opportunities for the Group to enter the market.」

「Because the completion and handover of information and communications equipment and construction and maintenance work are concentrated in the fourth quarter, the Group's sales are seasonally weighted toward the fourth quarter compared with the first through third quarters. However, this seasonal variation is tending to ease because sales of smart meter and smart grid-related equipment have become more evenly distributed throughout the year. Regarding market trends surrounding the Group, the impact of higher power-generation costs, resulting from the prolonged shutdown of nuclear power plants and other factors in the electric power industry, its main customer base, has continued for an extended period. In addition, investment in smart meter and smart grid-related equipment associated with the liberalization of the electricity market, which had continued for several years, has run its course.」

「Because the completion and handover of information and communications equipment and construction and maintenance work are concentrated in the fourth quarter, the Group's sales are seasonally weighted toward the fourth quarter compared with the first through third quarters. However, this seasonal variation is tending to ease because sales of smart meter and smart grid-related equipment have become more evenly distributed throughout the year. Regarding market trends surrounding the Group, the impact of higher power-generation costs, resulting from the prolonged shutdown of nuclear power plants and other factors in the electric power industry, its main customer base, has continued for an extended period. In addition, investment in smart meter and smart grid-related equipment associated with the liberalization of the electricity market, which had continued for several years, has run its course.」

「Regarding market trends surrounding the Company, the impact of higher power generation costs resulting from nuclear power plant shutdowns and other factors in the electricity industry, its principal customer sector, continues, while investment in smart meter- and smart grid-related equipment associated with electricity deregulation, which had continued for several years, has run its course.」

「Because of the nature of the Group’s business, completion and delivery of information and communications equipment and construction and maintenance services are concentrated in the fourth-quarter consolidated accounting period, resulting in seasonal fluctuations in which fourth-quarter consolidated accounting period sales exceed sales in each consolidated accounting period from the first through third quarters. Recently, however, this fluctuation has tended to ease because sales of smart meter- and smart grid-related equipment have been more evenly distributed throughout the year. Regarding market trends surrounding the Company, although investment in smart meter- and smart grid-related equipment by the electricity industry, the Company’s principal customer sector, continues, the situation remains uncertain, as higher power generation costs resulting from nuclear power plant shutdowns and other factors have led to restraint in orders for new construction projects.」

「Because of the nature of the Group’s business, completion and delivery of information and communications equipment and construction and maintenance services are concentrated in the fourth-quarter consolidated accounting period, resulting in seasonal fluctuations in which fourth-quarter consolidated accounting period sales exceed sales in each consolidated accounting period from the first through third quarters. Recently, however, this fluctuation has tended to ease because sales of smart meter- and smart grid-related equipment have been more evenly distributed throughout the year. Regarding market trends surrounding the Company, although investment in smart meter- and smart grid-related equipment by the electricity industry, the Company’s principal customer sector, continues, the situation remains uncertain, as higher power generation costs resulting from nuclear power plant shutdowns and other factors have led to restraint in orders for new construction projects.」

「Because completion and delivery of information and communications equipment and construction and maintenance services are concentrated in the fourth-quarter consolidated accounting period, seasonal fluctuations cause fourth-quarter consolidated accounting period sales to exceed sales in each consolidated accounting period from the first through third quarters. Recently, however, this fluctuation has tended to ease because sales of smart meter- and smart grid-related equipment have been more evenly distributed throughout the year. Although investment in smart meter- and smart grid-related equipment by the electricity industry, the Company’s principal customer sector, continues, the situation remains uncertain, as higher power generation costs resulting from nuclear power plant shutdowns and other factors have led to restraint in orders for new construction projects.」

「Because of the nature of its business with electric utilities, government agencies and other customers, sales recognition is concentrated in the second half of the fiscal year. Changes in customers’ procurement policies and other factors also have a significant impact on business performance.」