Short-term funding pressure and liquidity risk from front-loaded capital investment
First written in FY2022. 8 of 14 entries say "Worsened", first in FY2023-Q1. Latest entry: 2026-10-14.
S-Pool moved to the "Worse" side of this theme in 2024, the same year as the typical company in this theme.
The whole theme swung hardest in 2025: 16 of 29 companies on the "Worse" side.
15 other companies' latest entry also says "Worsened".
- FY2026-H1Lower cash alongside investment, debt repayment and dividend burdensAnnual report
「Cash and cash equivalents during the interim consolidated accounting period decreased by ¥1,120 million from the end of the previous consolidated fiscal year to ¥2,463 million. ... Cash flows from financing activities amounted to an outflow of ¥2,770 million, an increase of ¥1,509 million year on year, compared with an outflow of ¥1,261 million in the same period of the previous year. This resulted from cash outflows of ¥707 million for repayment of long-term borrowings, ¥1,283 million for repayment of lease liabilities, and dividend payments of ¥779 million.」
While securing cash flows from operating activities, cash outflows from financing activities expanded due to investing activities, repayment of long-term borrowings and lease liabilities, and dividend payments, resulting in a ¥1,120 million decrease in cash and cash equivalents. - 2026-04-14WorsenedEarnings
「Cash and cash equivalents at the end of the first quarter of the current fiscal year decreased by ¥2,065 million from the end of the previous consolidated fiscal year to ¥1,517 million.」
Cash and cash equivalents declined due to dividend and tax payments, among other factors, while cash flow from financing activities was also an outflow of ¥1,727 million. - FY2025Operating cash generation alongside higher interest-bearing debtAnnual report
「Cash inflows from operating activities during the consolidated fiscal year increased by ¥548 million year on year to ¥5,620 million ... At the end of the consolidated fiscal year, interest-bearing debt, including borrowings and lease liabilities, totaled ¥24,468 million.」
Cash flows from operating activities increased to ¥5,620 million, while interest-bearing debt totaled ¥24,468 million, indicating the coexistence of operating cash generation and a debt burden. - FY2025-H1Operating cash generation and higher cash alongside increased borrowing burdenAnnual report
「Cash and cash equivalents at the end of the interim consolidated accounting period increased by ¥1,362 million from the end of the previous consolidated fiscal year to ¥5,176 million.」
Cash flows from operating activities amounted to ¥3,678 million and cash and cash equivalents increased by ¥1,362 million, while borrowings and lease liabilities also rose, indicating both improved funding capacity and a higher debt burden. - FY2024WorsenedAnnual report
「At the end of the consolidated fiscal year, interest-bearing debt, including borrowings and lease liabilities, totaled ¥24,004 million.」
Interest-bearing debt increased from ¥19,826 million in the previous fiscal year to ¥24,004 million, and the interest-bearing debt-to-equity ratio rose from 233.1% to 244.0%. The company explained that the necessary liquidity had nevertheless been secured. - FY2024-Q2WorsenedAnnual report
「Cash flows from financing activities during the six months ended the second quarter amounted to an outflow of ¥233 million, compared with an inflow of ¥1,498 million in the same period of the previous year. This resulted from cash inflows of ¥1,500 million from long-term borrowings, cash outflows of ¥432 million for repayment of long-term borrowings, cash outflows of ¥1,013 million for repayment of lease liabilities, and dividend payments of ¥787 million.」
Cash flows from financing activities shifted from an inflow in the same period of the previous year to an outflow of ¥233 million. While the company raised ¥1,500 million through long-term borrowings, it also incurred repayments of borrowings and lease liabilities and dividend payments. - FY2024-Q1WorsenedAnnual report
「Borrowings increased by ¥1,021 million to prepare for cash outflows from investing activities and other expenditures.」
Borrowings increased by ¥1,021 million to fund investment in farms and other areas, and the funding burden from capital investment and interest-bearing debt continued to rise. - FY2023WorsenedAnnual report
「As a result, interest-bearing debt increased by ¥6,901 million from the end of the previous consolidated fiscal year to ¥19,826 million.」
Interest-bearing debt increased by ¥6,901 million as investment in farms and other areas expanded, and the interest-bearing debt-to-equity ratio rose from 173.8% to 233.1%. - FY2023-Q3Securing investment funds through long-term borrowingsAnnual report
「At the end of the third quarter of the fiscal year, non-current liabilities had increased by ¥2,499 million from the end of the previous consolidated fiscal year to ¥4,923 million. Long-term borrowings increased by ¥2,221 million due to additional borrowing and repayments.」
As fixed assets continued to increase with investment in farms and other areas, non-current liabilities rose by ¥2,499 million and long-term borrowings by ¥2,221 million, mainly due to additional long-term borrowings. - FY2023-Q2Securing investment funds through long-term borrowingsAnnual report
「Net cash provided by financing activities during the six months ended the second quarter was ¥2,188 million, compared with ¥163 million used in the same period of the previous year. The main sources and uses of funds were a ¥50 million decrease in short-term borrowings, ¥3,000 million in proceeds from additional long-term borrowings, ¥114 million used to repay long-term borrowings, and ¥631 million in dividend payments.」
As cash outflows from investing activities, including investment in farms, expanded to ¥2,321 million, financing activities generated cash inflows of ¥2,188 million through ¥3,000 million in long-term borrowings. Cash and deposits also increased by ¥1,280 million from the end of the previous fiscal year. - FY2023-Q1WorsenedAnnual report
「We increased short-term borrowings by ¥1,450 million to prepare for tax payments, investment outlays and other expenses.」
The company increased short-term borrowings by ¥1,450 million to fund investment in farms and other areas and tax payments, while the undrawn portion of the committed credit line also fell to ¥500 million, indicating a deterioration in short-term funding conditions and available liquidity. - FY2022First statedAnnual report
「Over the medium term, if the current profit margin can be maintained, we expect cash inflows from operating activities to cover cash outflows from investing activities. In the short term, however, cash inflows from operating activities may fall below cash outflows from investing activities. Nevertheless, as of the date of submission of this report, we believe that sufficient liquidity has been secured to conduct the business, including these investing activities, taking into account the undrawn portion of the committed credit line.」
The company newly stated that, due to active investment in farms and other areas, cash outflows from investing activities may exceed cash inflows from operating activities in the short term, while explaining that the necessary liquidity, including committed credit lines, has been secured.