Seasonality of performance due to second-half weighting
First written in FY2016. 4 of 5 entries say "Restated". Latest entry: FY2022.
The whole theme swung hardest in 2017: 2 of 8 companies on the "Worse" side.
5 other companies' latest entry also says "Restated".
- FY2022RestatedAnnual report
「Because the timing of budget execution for government-related projects and private-sector facilities tends to be concentrated in the second half of the fiscal year, the Group's sales are also normally concentrated in the second half.」
Continues to disclose the seasonality of sales and profit being concentrated in the second half. - FY2020RestatedAnnual report
「Because the timing of budget execution for government-related projects and private-sector facilities tends to be concentrated in the second half of the fiscal year, the Group's sales are also normally concentrated in the second half. In contrast, because most selling, general and administrative expenses are fixed costs, ordinary profit and net income attributable to owners of the parent are also concentrated in the second half, which could affect investors' decisions.」
Continues to disclose the seasonality of sales and profit being concentrated in the second half. - FY2018RestatedAnnual report
「Because the timing of budget execution for government-related projects and private-sector facilities tends to be concentrated in the second half of the fiscal year, the Group's sales are also normally concentrated in the second half. In contrast, because most selling, general and administrative expenses are fixed costs, ordinary profit and net income attributable to owners of the parent are also concentrated in the second half, which could affect investors' decisions.」
Continues to disclose the seasonality arising from the second-half concentration of sales and profit and the burden of fixed costs. - FY2017RestatedAnnual report
「Because the timing of budget execution for government-related projects and private-sector facilities tends to be concentrated in the second half of the fiscal year, the Group's sales are also normally concentrated in the second half. In contrast, because most selling, general and administrative expenses are fixed costs, ordinary profit and net income attributable to owners of the parent are also concentrated in the second half, which could affect investors' decisions.」
Continues to disclose the seasonality arising from the second-half concentration of sales and profit and the burden of fixed costs. - FY2016First statedAnnual report
「Because the timing of budget execution for government-related projects and private-sector facilities tends to be concentrated in the second half of the fiscal year, the Group's sales are also normally concentrated in the second half.」
Identifies the seasonal concentration of sales and profit in the second half as an investment risk.