Risk of changes in investment payback and cash flow due to major capital investment
First written in FY2026. 2 of 3 entries say "Materialised", first in 2026-09-11. Latest entry: FY2027-H1.
Morozoff Limited moved to the "Worse" side of this theme in 2026, 5 years after the typical company in this theme (2021).
The whole theme swung hardest in 2024: 10 of 25 companies on the "Worse" side.
5 other companies' latest entry also says "Materialised".
- FY2027-H1MaterialisedAnnual report
「Depreciation and equipment relocation costs associated with the renovation of the Seishin No. 2 Plant and the start-up of the Shin-Funabashi Plant had a significant impact, and operating profit was ¥50 million, down 88.0% year on year.」
Depreciation and equipment relocation costs associated with major capital investments were incurred, significantly reducing operating profit. - 2026-09-11MaterialisedEarnings presentation
「西神第２工場の改修および新船橋工場の稼働による減価償却費や設備の移設費が大きく影響し、減益となりました。」
大型設備投資に伴う減価償却費・設備移設費の負担が実際に発生し、中間期の利益を押し下げた。 - FY2026First statedAnnual report
「The group is investing in its factories to expand production capacity in order to implement its baked-goods expansion strategy, which has had a significant impact on investing cash flow. If the group is unable to achieve the investment returns initially planned due to unexpected changes in market conditions or a decline in demand, or if the investment recovery period is extended due to further increases in construction costs, this could affect the group's operating performance and cash flow.」
Capital investments in factories to expand the baked-goods business have caused significant volatility in investing cash flow, and the company has identified declining demand, failure to achieve planned investment returns, rising construction costs, and an extended investment recovery period as new key risks.