Longer Pre-Financing Periods and Changes in Funding Conditions
First written in FY2016. 22 of 28 entries say "Worsened", first in FY2020-Q2. Latest entry: 2026-10-15.
First-corporation moved to the "Worse" side of this theme in 2023.
0 other companies' latest entry also says "Worsened".
- 2026-10-15WorsenedEarnings presentation
「政策金利上昇に伴う資金調達コストの増加リスク」
資金調達環境の変化について、政策金利上昇に伴う調達コスト増加という具体的なリスク要因を明示している。 - FY2026WorsenedAnnual report
「Cash used in operating activities during the fiscal year amounted to ¥9,905.853 million, compared with cash provided of ¥2,094.972 million in the previous fiscal year. This was mainly due to an increase of ¥8,747.573 million in inventories, a decrease of ¥1,540.079 million in accounts payable for construction contracts, and a decrease of ¥1,426.512 million in trade payables.」
Cash flow from operating activities swung from an inflow in the previous fiscal year to an outflow of ¥9,905.85 million, increasing liquidity exposure. - FY2026-H1WorsenedAnnual report
「Cash used in operating activities amounted to ¥13,294.509 million. This was mainly due to interim net income before income taxes of ¥912.210 million, an increase of ¥5,399.506 million in accounts receivable from completed construction contracts, an increase of ¥5,333.429 million in inventories, a decrease of ¥1,469.831 million in trade payables, and a decrease of ¥1,017.924 million in accounts payable for construction contracts.」
Cash outflow from operating activities increased to ¥13,294.509 million, compared with ¥4,189.282 million in the same period of the previous year. The increase in accounts receivable from completed construction contracts and inventories indicates greater liquidity exposure. - FY2025-H1WorsenedAnnual report
「Cash and cash equivalents at the end of the interim consolidated accounting period, hereinafter referred to as funds, decreased by ¥1,133.771 million from the end of the previous consolidated fiscal year to ¥2,983.832 million.」
Cash and cash equivalents decreased by ¥1,133.771 million, while operating activities also used ¥4,189.282 million in cash. Cash-management exposure has deteriorated. - FY2024WorsenedAnnual report
「Cash and cash equivalents at the end of the consolidated fiscal year decreased by ¥944.903 million from the end of the previous consolidated fiscal year to ¥4,117.604 million, down 18.7% year on year.」
Cash and cash equivalents decreased by ¥944.903 million, while operating activities also used ¥1,573.804 million in cash. - FY2024-Q3WorsenedAnnual report
「Total assets at the end of the third quarter of the consolidated accounting period increased by ¥1,603.181 million from the end of the previous consolidated fiscal year to ¥23,070.148 million. This was mainly attributable to a ¥1,691.068 million decrease in cash and deposits, while electronically recorded monetary claims increased by ¥1,145.837 million, work in progress for sale by ¥1,815.316 million and real estate for sale by ¥154.107 million.」
Cash and deposits decreased by ¥1,691.068 million while trade receivables, inventories and other items increased, indicating deterioration associated with longer funding-advance periods and cash-management exposure. - FY2024-Q2WorsenedAnnual report
「Cash and cash equivalents at the end of the second quarter of the consolidated accounting period, hereinafter referred to as funds, decreased by ¥2,656.714 million from the end of the previous consolidated fiscal year to ¥2,405.794 million. Cash used in operating activities was ¥2,697.041 million.」
Cash and cash equivalents decreased by ¥2,657.14 million from the end of the previous consolidated fiscal year, while operating activities also used ¥2,697.041 million in cash. Cash-management exposure has deteriorated. - FY2024-Q1WorsenedAnnual report
「Total assets at the end of the first quarter of the consolidated accounting period increased by ¥1,873.375 million from the end of the previous consolidated fiscal year to ¥23,340.343 million. This was mainly attributable to a ¥367.450 million decrease in notes and accounts receivable—trade, accrued revenue from completed construction contracts and other items, while work in progress for sale increased by ¥1,717.324 million and electronically recorded monetary claims increased by ¥674.905 million.」
Work in progress for sale and electronically recorded monetary claims increased, expanding funding-advance and cash-management exposure. Short-term borrowings also increased by ¥2,100 million. - FY2023WorsenedAnnual report
「Cash used in operating activities was ¥302.149 million. This was mainly attributable to profit before income taxes and other adjustments of ¥1,979.336 million, a ¥2,326.625 million increase in inventories and a ¥1,579.210 million increase in accrued revenue from completed construction contracts.」
Cash flow from operating activities was an outflow of ¥302.14 million, accompanied by increases in inventories and accrued revenue from completed construction contracts. Cash flow changed from cash provided by operating activities in the previous fiscal year to cash used. - FY2023-Q3WorsenedAnnual report
「Total assets at the end of the third quarter accounting period increased by ¥3,869.362 million from the end of the previous fiscal year to ¥21,680.712 million. This was mainly attributable to a ¥2,761.308 million decrease in cash and deposits, while notes and accounts receivable—trade, accrued revenue from completed construction contracts and other items increased by ¥4,426.699 million and real estate for sale increased by ¥1,547.088 million.」
Cash and deposits decreased by ¥2,761.308 million from the end of the previous fiscal year while trade receivables and other items increased, expanding exposure associated with longer funding-advance periods and cash-management pressures. - FY2023-Q2WorsenedAnnual report
「Cash and cash equivalents at the end of the second quarter accounting period, hereinafter referred to as funds, decreased by ¥2,306.399 million from the end of the previous fiscal year to ¥2,616.020 million.」
Cash and cash equivalents decreased by ¥2,306.399 million from the end of the previous fiscal year, while operating activities also used ¥3,937.468 million in cash. Cash-management exposure has expanded. - FY2023-Q1WorsenedAnnual report
「This was mainly attributable to a ¥425.240 million decrease in cash and deposits, while work in progress for sale increased by ¥1,706.699 million and notes and accounts receivable—trade, accrued revenue from completed construction contracts and other items increased by ¥239.958 million.」
Cash and deposits decreased while work in progress for sale and trade receivables increased, disclosing a change in funding-advance and cash-management exposure. - FY2022MitigatedAnnual report
「Cash provided by operating activities was ¥3,014.173 million, compared with ¥2,814.959 million provided in the same period of the previous year.」
Cash flow from operating activities remained positive, while cash and cash equivalents increased by ¥646.003 million from the end of the previous fiscal year to ¥4,922.419 million. - FY2022-Q3Updated asset and borrowing compositionAnnual report
「Total assets at the end of the third quarter accounting period increased by ¥1,414.214 million from the end of the previous fiscal year to ¥18,842.197 million. This was mainly attributable to increases of ¥875.273 million in real estate for sale, ¥193.220 million in work in progress for sale and ¥185.453 million in costs on uncompleted construction contracts.」
Total assets increased, as did real estate for sale, work in progress for sale and costs on uncompleted construction contracts. Liabilities included increases of ¥1,000 million in short-term borrowings and ¥331 million in long-term borrowings. - FY2022-Q2MitigatedAnnual report
「Cash provided by operating activities was ¥1,173.279 million, compared with ¥3,095.135 million used in the same quarter of the previous year.」
Cash flow from operating activities changed from an outflow of ¥3,095.135 million in the same period of the previous year to an inflow of ¥1,173.279 million, while cash and cash equivalents also increased to ¥5,316.247 million. - FY2022-Q1MitigatedAnnual report
「This was mainly attributable to a ¥758.438 million increase in cash and deposits, while notes and accounts receivable—trade, accrued revenue from completed construction contracts and other items decreased by ¥1,540.827 million and real estate for sale decreased by ¥975.734 million.」
Cash and deposits increased while trade receivables and real estate for sale decreased, indicating an improvement in funding-advance and cash-management exposure compared with the end of the previous fiscal year. - FY2021MitigatedAnnual report
「Cash provided by operating activities was ¥2,814.959 million, compared with ¥5,469.284 million used in the same period of the previous year.」
Cash flow from operating activities changed from an outflow of ¥5,469.284 million in the previous fiscal year to an inflow of ¥2,814.959 million, while cash and cash equivalents also increased to ¥4,276.416 million. Indicators relating to cash-management exposure improved. - FY2021-Q3WorsenedAnnual report
「This was mainly attributable to a ¥2,018.831 million decrease in cash and deposits, while notes and accounts receivable—trade, accrued revenue from completed construction contracts and other items increased by ¥2,199.302 million, work in progress for sale increased by ¥2,250.895 million, and real estate for sale increased by ¥463.589 million.」
Cash and deposits decreased by ¥2,018.831 million from the end of the previous fiscal year while trade receivables and other items increased, disclosing longer funding-advance periods and increased cash-management exposure. - FY2021-Q2WorsenedAnnual report
「Cash and cash equivalents at the end of the second quarter accounting period, hereinafter referred to as funds, decreased by ¥1,809.919 million from the end of the previous fiscal year to ¥2,281.233 million.」
Cash and cash equivalents decreased by ¥1,809.919 million from the end of the previous fiscal year, while operating activities also used ¥3,095.135 million in cash. Cash-management exposure remains. - FY2021-Q1WorsenedAnnual report
「Total assets at the end of the first quarter accounting period decreased by ¥799.550 million from the end of the previous fiscal year to ¥17,141.755 million. This was mainly attributable to a ¥243.515 million increase in notes and accounts receivable—trade, accrued revenue from completed construction contracts and other items, while cash and deposits decreased by ¥880.772 million.」
Cash and deposits decreased by ¥880.772 million from the end of the previous fiscal year while trade receivables increased, disclosing a change in cash-management exposure. - FY2020WorsenedAnnual report
「Cash used in operating activities was ¥5,469.284 million, compared with ¥1,588.552 million used in the same period of the previous year. This was mainly attributable to profit before income taxes of ¥1,297.037 million, a ¥5,585.463 million increase in inventories, a ¥493.396 million increase in trade receivables and ¥591.004 million in income taxes paid.」
Cash outflows from operating activities increased to ¥5,469 million, with cash-management exposure expanding alongside the increase in inventories. - FY2020-Q3WorsenedAnnual report
「This was mainly attributable to a ¥1,351.769 million decrease in cash and deposits, while notes and accounts receivable—trade, accrued revenue from completed construction contracts and other items increased by ¥4,077.997 million, work in progress for sale increased by ¥1,065.076 million, and real estate for sale increased by ¥3,233.713 million.」
Cash and deposits decreased by ¥1,351 million, while real estate for sale and other items increased. Short-term borrowings increased by ¥6,200 million and long-term borrowings by ¥1,540 million, expanding exposure to cash-management pressures and reliance on borrowing. - FY2020-Q2WorsenedAnnual report
「Cash and cash equivalents at the end of the second quarter accounting period, hereinafter referred to as funds, decreased by ¥1,703.108 million from the end of the previous fiscal year to ¥2,287.414 million.」
Cash and cash equivalents decreased by ¥1,703 million from the end of the previous fiscal year, while operating activities also used ¥3,555 million in cash, indicating a numerical increase in cash-management exposure. - FY2016First statedAnnual report
「Because substantial payments are often made when the completed property is handed over, the Company may have to pre-finance substantial amounts for an extended period, temporarily resulting in a funding shortfall.」
The Company identifies the pre-financing required until construction is completed and handed over, as well as deterioration in cash management due to reduced bank credit limits or higher funding rates, as risks.