Dependence on Public Works and Private Construction Investment
First written in FY2016. 22 of 32 entries say "Materialised", first in FY2017-Q1. Latest entry: 2026-10-19.
Nanyo moved to the "Worse" side of this theme in 2017, 3 years before the typical company in this theme (2020).
The whole theme swung hardest in 2020: 17 of 32 companies on the "Worse" side.
4 other companies' latest entry also says "Mitigated".
- FY2026Signs of a recovery in demand alongside a failure to achieve a full-scale recoveryAnnual report
「Although public- and private-sector construction demand began to show signs of recovery, it had not yet reached a full-scale recovery, and the business remained in a difficult environment as the impact of higher prices and resource costs continued.」
Regarding the risk associated with dependence on public and private construction investment, the disclosure cites signs of a recovery in demand, while noting that a full-scale recovery has not been achieved and that the impact of higher prices and resource costs continues. - 2026-05-12OtherEarnings
「Although public- and private-sector construction demand began to show signs of recovery, it had not yet reached a full-scale recovery, and the business remained in a difficult environment as the impact of higher prices and resource costs continued.」
The company describes both signs of recovery in public- and private-sector construction demand and the continued lack of a full recovery and high-cost environment. - FY2026-H1MaterialisedAnnual report
「Budgets were concentrated on public works unrelated to the business, while demand for private construction also remained sluggish. Difficult conditions continued, with projects in both the public and private sectors being predominantly small and medium-sized,」
The risk associated with dependence on public works and private construction investment has emerged in the crushed stone business's operating environment as budget concentration, weak private-sector demand, and a shift toward predominantly small- and medium-sized projects. - FY2025WorsenedAnnual report
「In the crushed stone business, demand is expected to decline in the regions where the business operates following the completion of large-scale public works, while higher transportation costs are a concern due to labor shortages and rising fuel costs.」
While demand for large-scale public works continued in FY2025 results, demand is expected to decline in the next fiscal year following the completion of large-scale public works, and the disclosure places greater emphasis on the risk associated with dependence on public works. - FY2025-H1MitigatedAnnual report
「In the regions where the business operates, demand for large-scale public works continued, while difficult conditions persisted due to the continued impact of higher prices and resource costs,」
The disclosure states that demand for large-scale public works continued in the crushed stone business, indicating a partial mitigating factor for the risk of insufficient public works demand. Meanwhile, the underlying dependence on public and private construction continues. - FY2024-Q3RestatedAnnual report
「In the regions where the business operates, difficult conditions continued, with small-scale projects accounting for the majority of both private and public construction,」
The risk associated with dependence on public works and private construction investment has continued to emerge in the operating environment as private and public construction shift toward predominantly small-scale projects. - FY2024-Q2MaterialisedAnnual report
「In the regions where the business operates, difficult conditions continued, with small-scale projects accounting for the majority of both private and public construction,」
The risk associated with dependence on public works and private construction investment has continued to emerge in the operating environment as private and public construction shift toward predominantly small-scale projects. - FY2024-Q1MaterialisedAnnual report
「In the crushed stone business, there were still no signs of a recovery in demand for public works in the regions where the business operates, while demand for private construction remained sluggish,」
The risk associated with dependence on public works and private construction investment has continued to emerge in the operating environment as a failure of public works demand to recover and weak demand for private construction. - FY2023-Q3MaterialisedAnnual report
「In the crushed stone business, construction starts were delayed in the regions where the business operates, and difficult conditions continued as the impact of COVID-19 persisted at some customers,」
The risk associated with dependence on public and private construction has emerged in the actual operating environment as delays in starting planned projects, the continued impact of COVID-19, and a decline in transaction volumes. - FY2023-Q2MaterialisedAnnual report
「In the crushed stone business, budgets continued to be prioritized for disaster recovery works outside the regions where the business operates, keeping demand for ordinary public works sluggish, while signs of a recovery began to emerge in demand for private construction.」
The prioritization of budgets for disaster recovery works outside the regions where the business operates kept demand for ordinary public works sluggish, and the risk of dependence on public works continued to emerge in the actual operating environment. Meanwhile, signs of a recovery appeared in demand for private construction. - FY2023-Q1MaterialisedAnnual report
「Budgets continued to be prioritized for disaster recovery works outside the regions where the business operates, reducing demand for ordinary public works, while demand for private construction remained sluggish due to the spread of COVID-19 and its variants,」
The priority allocation of public works budgets to disaster recovery projects outside the regions where the business operates and weak demand for private construction have emerged in the operating environment as risks associated with dependence on public works and private construction investment. - FY2022-Q3MaterialisedAnnual report
「In the crushed stone business, budgets were prioritized for disaster recovery works in the regions where the business operates. Some customers continued to take a cautious stance toward starting new construction projects due to deteriorating operating conditions caused by COVID-19, and difficult conditions continued,」
The prioritization of budgets for public works and the cautious stance of private-sector customers toward starting construction projects due to COVID-19 have emerged as a difficult operating environment for the crushed stone business. - FY2022-Q2MaterialisedAnnual report
「In the crushed stone business, budgets were prioritized for disaster recovery works in the regions where the business operates, and the deterioration in economic conditions caused by COVID-19 resulted in difficult conditions, with small-scale projects becoming the norm in both the public and private sectors,」
The risk associated with dependence on public and private construction has emerged as budget prioritization for disaster recovery works, a shift toward small-scale projects in both sectors, and a decline in transaction volumes. - FY2022-Q1MaterialisedAnnual report
「In the crushed stone business, recovery works in disaster-affected areas in Kyushu were prioritized, public works declined in the regions where the business operates, and demand for private construction remained sluggish due to the impact of the COVID-19 pandemic,」
The risk associated with dependence on public works and private construction investment has emerged in the operating environment as a decline in public works and weak demand for private construction. - FY2021-Q2MaterialisedAnnual report
「In the crushed stone business, the impact of COVID-19 gradually became apparent in the regions where the business operates, with construction start dates being delayed or projects being put on hold,」
In connection with dependence on public and private construction, delays and project suspensions caused by COVID-19 have emerged in the operating environment of the crushed stone business. - FY2020-Q3MaterialisedAnnual report
「In the construction equipment business, demand remained sluggish as disaster recovery works ran their course, while the business was also affected by a decline following the pull-forward in demand ahead of the consumption tax increase,」
The completion of disaster recovery demand and the decline following the pull-forward in demand ahead of the consumption tax increase emerged as actual demand weakness in the construction equipment business. - FY2020-Q2MaterialisedAnnual report
「As demand for disaster recovery works ran its course and the market began to stabilize, the sales division worked to uncover demand from existing customers, particularly in Okinawa, where conditions remained strong, and also worked to expand sales of products related to the repair of social infrastructure.」
While dependence on trends in demand for public works and disaster recovery works continued, the completion of disaster recovery demand emerged as a business environment involving a decline in profit in the construction equipment business. - FY2020-Q1MaterialisedAnnual report
「As demand for disaster recovery works ran its course, the market began to stabilize, while signs emerged of a recovery in demand for public works unrelated to disaster recovery and of front-loaded demand ahead of the consumption tax increase,」
In connection with dependence on public works demand, the completion of disaster recovery demand and the disappearance of disaster-related special demand have emerged as actual declines in revenue and profit in the construction equipment business. - FY2019RestatedAnnual report
「The construction equipment and crushed stone businesses of the Group are highly dependent on trends in public works and private construction investment because of the nature of the products they handle. A sharp decline in these areas could have a material impact on the Group's financial position and operating results.」
The Company continues to identify the construction equipment and crushed stone businesses' dependence on public works and private construction investment as a risk. - FY2019-Q2MaterialisedAnnual report
「In the crushed stone business, although some signs of recovery appeared in public works in the regions where the business operates, difficult conditions continued as recovery work in disaster-affected areas in Kyushu was prioritized. The Company continued working to secure orders for small- and medium-sized projects by strengthening its sales efforts to private-sector companies, while also negotiating sales prices to pass on manufacturing cost increases. However, due to declines in public works near the Company's operating bases and sales for ready-mixed concrete, for which stable demand was expected, revenue was ¥196 million, down 3.2% year on year, and segment profit was ¥2 million, down 84.0%.」
The concentration of public works on recovery projects in disaster-affected areas and declines in public works near the Company's operating bases and sales for ready-mixed concrete emerged as actual declines in revenue and a substantial decline in profit in the crushed stone business. - FY2019-Q1MaterialisedAnnual report
「In the regions where the business operates, difficult conditions continued as public works prioritized disaster recovery projects in affected areas. The Company worked to negotiate sales prices to pass on manufacturing cost increases, while also working to secure orders for small- and medium-sized projects by strengthening its sales efforts to private-sector companies. However, due to declines in public works near the Company's operating bases and sales for ready-mixed concrete, for which stable demand was expected, revenue was ¥106 million, down 5.8% year on year, and segment profit was ¥11 million, down 13.9%.」
The concentration of public works on disaster recovery projects in affected areas and declines in public works near the Company's operating bases and sales for ready-mixed concrete emerged as actual declines in revenue and profit in the crushed stone business. - FY2018MaterialisedAnnual report
「However, due to a decline in the overall volume of construction work in both the public and private sectors, revenue was ¥408 million, down 2.4% from the previous fiscal year.」
The prioritization of recovery work in disaster-affected areas under public works and the decline in construction volumes in both the public and private sectors emerged as an actual full-year decrease in revenue in the crushed stone business. - FY2018-Q3MaterialisedAnnual report
「Public-sector construction was prioritized for recovery work in disaster-affected areas in Kyushu, and conditions remained difficult in the regions where we operate. We continued working to win small and medium-sized construction orders by strengthening sales to private-sector companies, while also negotiating selling prices to pass higher manufacturing costs through to customers. However, as the overall volume of both public- and private-sector construction declined, revenue was ¥286 million, down 6.0% year on year, and segment profit was ¥9 million, down 9.0%.」
While public works prioritized recovery in disaster-affected areas, the decline in public- and private-sector construction volumes in the regions where the business operates emerged as declines in revenue and profit in the crushed stone business. - FY2018-Q2MaterialisedAnnual report
「In the regions where the business operates, difficult conditions continued as major private-sector projects and disaster recovery works ran their course. The Company continued working to secure orders for small- and medium-sized projects by strengthening its sales efforts to private-sector companies. However, as the overall volume of construction work declined in both the public and private sectors, revenue was ¥203 million, down 4.9% year on year, and segment profit was ¥15 million, down 9.9%.」
The completion of major private-sector projects and disaster recovery works, together with the decline in construction volumes in both the public and private sectors, also emerged in the first half as actual declines in revenue and profit in the crushed stone business. - FY2018-Q1MaterialisedAnnual report
「Although the effects of the supplementary budget for the previous fiscal year gradually became apparent, difficult conditions continued in the regions where the business operates as major private-sector projects and disaster recovery works ran their course. The Company continued working to secure orders for small- and medium-sized projects by strengthening its sales efforts to private-sector companies. However, as the overall volume of construction work declined in both the public and private sectors, revenue was ¥113 million, down 5.3% year on year, and segment profit was ¥13 million, down 30.2%.」
The completion of major private-sector projects and disaster recovery works, together with the decline in construction volumes in both the public and private sectors, has emerged in the crushed stone business as actual declines in revenue and profit. - FY2017MaterialisedAnnual report
「Although the capture of private-sector demand remained strong, demand in the regions where the business operates for public works declined. As a result, revenue was ¥418 million, down 5.1% from the previous fiscal year, and segment profit was ¥6 million, down 61.0%.」
The risk of dependence on public works and regional demand has emerged in full-year results as declines in revenue and profit in the crushed stone business. - FY2017-Q3MaterialisedAnnual report
「However, due to a decline in demand in the regions where the business operates, revenue was ¥304 million, down 1.6% year on year.」
The decline in regional demand has emerged as an actual decrease in revenue in the crushed stone business. - FY2017-Q2RestatedAnnual report
「Although conditions for reconstruction and recovery following the Kumamoto earthquake were gradually being put in place, demand did not achieve a full-scale recovery and remained flat,」
The delayed full-scale recovery in public- and private-sector demand in the construction equipment business is reconfirmed. - FY2017-Q1MaterialisedAnnual report
「However, due to the delayed recovery in both public- and private-sector demand, revenue was ¥119 million, down 10.1% year on year, and segment profit was ¥19 million, down 3.1%.」
The delayed recovery in public- and private-sector demand in the crushed stone business has emerged as an actual factor behind the declines in revenue and profit. - FY2016First statedAnnual report
「The construction equipment and crushed stone businesses of the Group are highly dependent on trends in public works and private construction investment because of the nature of the products they handle. A sharp decline in these areas could have a material impact on the Group's financial position and operating results.」
The decline in public works is also cited as a factor behind the decrease in revenue in the construction equipment and crushed stone businesses for the fiscal year.