Seasonality in Real Estate Sales and Concentration of Handovers in the Fourth Quarter
First written in FY2017-Q1. 25 of 27 entries say "Restated". Latest entry: FY2025-H1.
The whole theme swung hardest in 2025: 6 of 20 companies on the "Worse" side.
24 other companies' latest entry also says "Restated".
- FY2025-H1RestatedAnnual report
「In the real estate sales business, the Group recognizes revenue when properties are delivered to customers. Deliveries tend to be concentrated around February and March each year, and sales in the fourth-quarter consolidated accounting period therefore tend to be higher than in the other quarterly consolidated accounting periods.」
The disclosure continues to reflect revenue recognition upon delivery in the real estate sales business and the resulting weighting of sales toward the fourth quarter due to deliveries concentrated around February and March. - FY2024-Q3RestatedAnnual report
「While fixed costs such as selling, general and administrative expenses are incurred broadly evenly in each quarter, the real estate sales business recognizes revenue when properties are delivered, causing quarterly performance to tend to be weighted toward the timing of deliveries. As deliveries in the real estate sales business are expected to be concentrated in the fourth-quarter consolidated accounting period of the current consolidated fiscal year, sales and profit for the nine months ended December are relatively low.」
The seasonality whereby revenue from real estate sales is recognized upon delivery and deliveries, sales and profit are concentrated in the fourth quarter has also been confirmed in the third quarter. - FY2024-Q2RestatedAnnual report
「While fixed costs such as selling, general and administrative expenses are incurred broadly evenly in each quarter, the real estate sales business recognizes revenue when properties are delivered, causing quarterly performance to tend to be weighted toward the timing of deliveries. As deliveries in the real estate sales business are expected to be concentrated in the fourth-quarter consolidated accounting period of the current consolidated fiscal year, sales and profit for the six months ended September are relatively low.」
The seasonality whereby revenue from real estate sales is recognized upon delivery and deliveries, sales and profit are concentrated in the fourth quarter continues. - FY2024-Q1RestatedAnnual report
「In the real estate sales business, the Group recognizes sales when properties are delivered to customers. Deliveries tend to be concentrated around February and March each year, and sales in the fourth-quarter consolidated accounting period therefore tend to be higher than in the other quarterly consolidated accounting periods.」
The Group continues to disclose the seasonality whereby real estate sales deliveries are concentrated around February and March, resulting in higher fourth-quarter sales. - FY2023Expansion of the businesses subject to seasonal factorsAnnual report
「In the residential business, real estate sales are generally affected by the fact that the period coincides with employee transfers and the end of the academic year. In the solutions and hospitality businesses, real estate transactions by investment corporations and real estate companies increase toward the end of the fiscal year. As a result, deliveries tend to be concentrated around February and March, and sales in the fourth-quarter consolidated accounting period tend to be higher than in the other quarterly consolidated accounting periods.」
The disclosure explicitly indicates that, in addition to the traditional residential business, real estate sales in the solutions and hospitality businesses also have a structure in which deliveries are concentrated in the fourth quarter. - FY2023-Q2RestatedAnnual report
「In the real estate sales business, the Group recognizes sales when properties are delivered to customers. Deliveries tend to be concentrated around February and March each year, and sales in the fourth-quarter consolidated accounting period therefore tend to be higher than in the other quarterly consolidated accounting periods.」
The Group continues to disclose the seasonality whereby real estate sales are recognized upon delivery and deliveries concentrated around February and March result in higher fourth-quarter sales. - FY2023-Q1RestatedAnnual report
「In the real estate sales business, the Group recognizes sales when properties are delivered to customers. Deliveries tend to be concentrated around February and March each year, and sales in the fourth-quarter consolidated accounting period therefore tend to be higher than in the other quarterly consolidated accounting periods.」
The Group continues to disclose the seasonality whereby real estate sales deliveries are concentrated around February and March, resulting in higher fourth-quarter sales. - FY2022RestatedAnnual report
「Because deliveries tend to be concentrated around February and March, sales in the fourth-quarter consolidated accounting period tend to be higher than in the other quarterly consolidated accounting periods.」
The concentration of real estate sales deliveries in the fourth quarter and the resulting sales seasonality continue. - FY2022-Q3RestatedAnnual report
「In the real estate sales business, the Group recognizes sales when properties are delivered to customers. Deliveries tend to be concentrated around February and March each year, and sales in the fourth-quarter consolidated accounting period therefore tend to be higher than in the other quarterly consolidated accounting periods.」
The Group continues to disclose the seasonality whereby deliveries to customers are concentrated around February and March, resulting in higher fourth-quarter sales. - FY2022-Q2RestatedAnnual report
「In the real estate sales business, the Group recognizes sales when properties are delivered to customers. Deliveries tend to be concentrated around February and March each year, and sales in the fourth-quarter consolidated accounting period therefore tend to be higher than in the other quarterly consolidated accounting periods.」
The real estate sales business continues to reconfirm the seasonality whereby deliveries are concentrated around February and March, resulting in higher fourth-quarter sales. - FY2021-Q3RestatedAnnual report
「In the real estate sales business, the Group recognizes sales when properties are delivered to customers. Deliveries tend to be concentrated around February and March each year, and sales in the fourth-quarter consolidated accounting period therefore tend to be higher than in the other quarterly consolidated accounting periods.」
The Group continues to disclose the seasonality whereby deliveries are concentrated around February and March, resulting in higher fourth-quarter sales. - FY2021-Q2RestatedAnnual report
「In the real estate sales business, revenue is recognized when properties are delivered to customers. Deliveries tend to be concentrated around February and March each year, so revenue in the fourth quarter of the consolidated fiscal period tends to be higher than in the other quarters.」
The real estate sales business continues to disclose the seasonality whereby deliveries are concentrated around February and March, resulting in higher fourth-quarter sales. - FY2021-Q1RestatedAnnual report
「In the real estate sales business, revenue is recognized when properties are delivered to customers. Deliveries tend to be concentrated around February and March each year, so revenue in the fourth quarter of the consolidated fiscal period tends to be higher than in the other quarters.」
The Group continues to disclose the seasonality whereby deliveries are concentrated around February and March, resulting in higher fourth-quarter sales. - FY2020-Q3RestatedAnnual report
「In the real estate sales business, the Group recognizes sales when properties are delivered to customers. As a seasonal factor affecting sales of the Group, deliveries of newly built condominiums and investment properties in the fiscal year ending March 2020 are concentrated in the fourth-quarter consolidated accounting period, resulting in relatively low sales for the nine months ended December 2019.」
This reconfirms the seasonality whereby deliveries of newly built condominiums and investment properties are again concentrated in the fourth quarter, resulting in relatively low sales for the nine months ended December in the fiscal year ending March 2020. - FY2020-Q2RestatedAnnual report
「In the real estate sales business, the Group recognizes sales when properties are delivered to customers. As a seasonal factor affecting sales of the Group, deliveries of newly built condominiums and investment properties in the fiscal year ending March 2020 are concentrated in the fourth-quarter consolidated accounting period, resulting in relatively low sales for the six months ended September 2019.」
This reconfirms the seasonality whereby deliveries of newly built condominiums and investment properties are again concentrated in the fourth quarter, resulting in relatively low sales for the six months ended September in the fiscal year ending March 2020. - FY2019RestatedAnnual report
「Deliveries generally tend to be concentrated around February and March, partly because this is the period of employee transfers and the end of the academic year. Accordingly, sales in the fourth-quarter consolidated accounting period tend to be higher than in the other quarterly consolidated accounting periods.」
The concentration of deliveries in February and March and the resulting seasonality of higher fourth-quarter sales have also been confirmed in the full-year disclosure. - FY2019-Q3RestatedAnnual report
「As a seasonal factor affecting sales of the Group, the real estate sales business recognizes sales when properties are delivered to customers. Because deliveries of investment properties in the fiscal year ending March 2019 are concentrated in the fourth-quarter consolidated accounting period, sales for the nine months ended December 2018 are relatively low.」
This reconfirms the seasonality whereby deliveries of investment properties are again concentrated in the fourth quarter, resulting in relatively low sales for the nine months ended December in the fiscal year ending March 2019. - FY2019-Q2RestatedAnnual report
「As a seasonal factor affecting sales of the Group, the real estate sales business recognizes sales when properties are delivered to customers. Because deliveries of investment properties in the fiscal year ending March 2019 are concentrated in the fourth-quarter consolidated accounting period, sales for the six months ended September 2018 are relatively low.」
This reconfirms the seasonality whereby deliveries of investment properties are again concentrated in the fourth quarter, resulting in relatively low sales for the six months ended September in the fiscal year ending March 2019. - FY2019-Q1RestatedAnnual report
「As a seasonal factor affecting sales of the Group, the real estate sales business recognizes sales when properties are delivered to customers. Because deliveries of investment properties in the fiscal year ending March 2019 are concentrated in the fourth-quarter consolidated accounting period, sales for the three months ended June 2018 are relatively low.」
This reconfirms the seasonality whereby deliveries of investment properties are again concentrated in the fourth quarter, resulting in relatively low first-quarter sales in the fiscal year ending March 2019. - FY2018RestatedAnnual report
「Deliveries generally tend to be concentrated around February and March, partly because this is the period of employee transfers and the end of the academic year. Accordingly, sales in the fourth-quarter consolidated accounting period tend to be higher than in the other quarterly consolidated accounting periods.」
The seasonality of higher fourth-quarter sales resulting from the concentration of deliveries in February and March has also been confirmed in the full-year disclosure. - FY2018-Q3RestatedAnnual report
「Because deliveries of newly built condominiums, newly built detached houses and investment properties in the fiscal year ending March 2018 are concentrated in the fourth-quarter consolidated accounting period, sales for the nine months ended December 2017 are relatively low.」
This reconfirms the seasonality whereby deliveries are again concentrated in the fourth quarter, resulting in relatively low sales for the nine months ended December. - FY2018-Q2RestatedAnnual report
「Because deliveries of newly built condominiums, newly built detached houses and investment properties in the fiscal year ending March 2018 are concentrated in the fourth-quarter consolidated accounting period, sales for the six months ended September 2017 are relatively low.」
This reconfirms the seasonality whereby deliveries are again concentrated in the fourth quarter, resulting in relatively low sales for the six months ended September. - FY2018-Q1RestatedAnnual report
「Because deliveries of newly built condominiums, newly built detached houses and investment properties in the fiscal year ending March 2018 are concentrated in the fourth-quarter consolidated accounting period, sales for the three months ended June 2017 are relatively low.」
This explains the seasonality whereby deliveries are again concentrated in the fourth quarter, resulting in relatively low first-quarter sales in the fiscal year ending March 2018. - FY2017RestatedAnnual report
「Deliveries generally tend to be concentrated around February and March, partly because this is the period of employee transfers and the end of the academic year. Accordingly, sales in the fourth-quarter consolidated accounting period tend to be higher than in the other quarterly consolidated accounting periods.」
The concentration of deliveries in February and March and the resulting seasonality of higher fourth-quarter sales have also been confirmed in the annual disclosure. - FY2017-Q3RestatedAnnual report
「Because deliveries of newly built condominiums, newly built detached houses and investment properties in the fiscal year ending March 2017 are concentrated in the fourth-quarter consolidated accounting period, sales for the nine months ended December 2016 are relatively low.」
This explains the seasonality whereby deliveries are again concentrated in the fourth quarter, resulting in relatively low sales for the nine months ended December. - FY2017-Q2RestatedAnnual report
「Because deliveries of newly built condominiums, newly built detached houses and investment properties in the fiscal year ended March 2017 were concentrated in the fourth quarter of the consolidated fiscal period, revenue for the six-month period ended the second quarter of the current fiscal year was relatively low.」
The same seasonality is explained this period: deliveries are concentrated in the fourth quarter, making second-quarter revenue relatively low. - FY2017-Q1First statedAnnual report
「In the real estate sales business, revenue is recognized when properties are delivered to customers. Deliveries tend to be concentrated around February and March each year, so revenue in the fourth quarter of the consolidated fiscal period tends to be higher than in the other quarters.」
Because revenue is recognized when properties are delivered to customers, deliveries are concentrated around February and March each year, resulting in the structural seasonality of higher fourth-quarter revenue.