Failure to Achieve the Medium-Term Plan Due to Changes in the Economic Environment
First written in FY2016. 1 of 3 entries say "Materialised", first in FY2021. Latest entry: FY2026.
The whole theme swung hardest in 2025: 11 of 19 companies on the "Worse" side.
13 other companies' latest entry also says "Restated".
- FY2026RestatedAnnual report
「The Group is implementing various measures under its Three-Year Medium-Term Management Plan, but these plans may fail to progress as scheduled, or may fail to generate the projected earnings or expected effects, due to divergence from demand forecasts, changes in economic conditions and other factors, which could adversely affect the Group's operating results and financial condition.」
The company continues to explicitly identify the risk of failing to achieve the medium-term plan, including divergence from demand forecasts and changes in economic conditions. - FY2021MaterialisedAnnual report
「Meanwhile, the Group's major businesses, including transportation businesses such as railways and buses, as well as its hotel and department-store businesses, were affected by a decline in the movement and interaction of people due to the spread of COVID-19 and changes in working and lifestyles, resulting in a substantial shortfall against the numerical targets.」
The company states as an actual result that the numerical targets of the previous medium-term plan fell substantially short due to the effects of the spread of infectious diseases and other factors. - FY2016First statedAnnual report
「These plans may fail to progress as scheduled, or may fail to generate the projected earnings or expected effects, due to changes in economic conditions or other factors, which could adversely affect the Group's operating results and financial condition.」
The company explicitly identifies progress in and realization of the effects of the three-year medium-term management plan itself as a risk.