Deteriorating cash flow due to reliance on borrowings, higher interest rates and delays in asset sales
First written in FY2022. 17 of 20 entries say "Worsened", first in FY2023-Q1. Latest entry: 2026-09-14.
No other company in this theme has enough history to compare yet.
- 2026-09-14WorsenedEarnings
「当中間会計期間末における流動負債は、前事業年度末に比べて882,419千円増加し、2,692,438千円となりました。これは、開発中の物件に関わる短期借入金が前事業年度末から989,720千円増加したこと等によるものです。営業活動の結果、使用した資金は1,101,225千円（前年同期は778,573千円の支出）となりました。」
開発中物件に伴う短期借入金の増加と、営業活動による資金流出の拡大を記載しており、開発在庫と借入を通じた資金繰りへのエクスポージャーがさらに拡大した。 - FY2027-H1WorsenedAnnual report
「This was mainly due to a ¥989.720 million increase in short-term borrowings related to properties under development from the end of the previous fiscal year. Non-current liabilities increased by ¥147.569 million from the end of the previous fiscal year to ¥1,805.689 million. This was due mainly to a ¥159.687 million increase in long-term borrowings and a ¥24.258 million decrease in long-term accounts payable from the end of the previous fiscal year.」
Short-term borrowings related to properties under development increased by ¥989.720 million and long-term borrowings by ¥159.687 million, expanding exposure to funding through borrowings and development inventory. - 2026-06-12WorsenedEarnings
「This was mainly due to a ¥421.100 million increase from the end of the previous fiscal year in short-term borrowings related to properties under development, among other factors.」
Property held for sale increased by ¥395.940 million and short-term borrowings related to properties under development increased by ¥421.100 million, indicating greater exposure to funding needs through development inventory and borrowings. - FY2026WorsenedAnnual report
「Current liabilities increased by ¥584.593 million from the end of the previous fiscal year to ¥1,810.019 million. This was mainly due to a ¥519.824 million increase in short-term borrowings related to properties under development. Non-current liabilities increased by ¥371.268 million to ¥1,658.119 million. This was primarily because long-term borrowings increased by ¥391.249 million from the end of the previous fiscal year, while the provision for losses on subleases decreased by ¥51.815 million, among other factors.」
Short-term borrowings increased by ¥519.824 million and long-term borrowings by ¥391.249 million as development inventory increased, expanding exposure to funding through borrowings. - FY2026-H1WorsenedAnnual report
「At the end of the interim accounting period, current liabilities increased by ¥838.516 million from the end of the previous fiscal year to ¥2,063.942 million. This was mainly due to short-term borrowings associated with 5 development properties and other projects increasing by ¥795.360 million from the end of the previous fiscal year.」
Short-term borrowings increased by ¥795.360 million in connection with 5 development properties and other projects, expanding current liabilities. Property held for sale also increased by ¥815.645 million, and cash flows from operating activities amounted to an outflow of ¥781.710 million, indicating greater exposure to funding through development inventory and borrowings. - FY2025WorsenedAnnual report
「This was mainly due to cash and deposits declining by ¥414.568 million from the end of the previous fiscal year to ¥532.857 million, while real estate held for sale in the development and subdivision business increased by ¥845.121 million to ¥1,983.325 million, among other factors.」
While cash and deposits declined, real estate held for sale increased, and cash flow from operating activities was an outflow of ¥632.718 million. Short-term borrowings also increased by ¥376.000 million, increasing exposure to liquidity risk through development inventory and borrowings. - FY2025-H1WorsenedAnnual report
「Current liabilities increased by ¥1,662.237 million from the end of the previous fiscal year to ¥2,291.469 million. This was mainly due to short-term borrowings associated with 7 development properties and other projects increasing by ¥1,468.055 million.」
Short-term borrowings associated with 7 development properties and other projects increased by ¥1,468.055 million, while real estate held for sale also increased by ¥1,841.453 million. Cash flow from operating activities was an outflow of ¥2,044.852 million, further expanding exposure to liquidity risk through development inventory and borrowings. - FY2025-Q1WorsenedAnnual report
「Current liabilities increased by ¥1,268.165 million from the end of the previous fiscal year to ¥1,897.398 million. This was mainly due to short-term borrowings associated with 7 development properties and other projects increasing by ¥1,101.500 million.」
Short-term borrowings associated with 7 development properties and other projects increased by ¥1,101.500 million, and current liabilities also rose substantially from the end of the previous fiscal year. Real estate held for sale increased by ¥1,361.829 million, expanding exposure to liquidity risk through development inventory and borrowings. - FY2024WorsenedAnnual report
「Current liabilities increased by ¥422.336 million from the end of the previous fiscal year to ¥629.232 million. This was mainly due to short-term borrowings increasing by ¥263.000 million and increases in accounts payable associated with the recognition of real estate held for sale for development properties to be sold in the next fiscal year. Non-current liabilities increased by ¥488.644 million to ¥1,183.025 million, mainly because long-term borrowings increased by ¥446.531 million to ¥1,059.542 million.」
Both short- and long-term borrowings increased as development properties were acquired and inventory increased, while cash flow from operating activities was an outflow of ¥459.479 million. - FY2024-Q3WorsenedAnnual report
「Current liabilities increased by ¥1,359.256 million from the end of the previous fiscal year to ¥1,566.152 million. This was mainly due to the recognition of ¥1,359.417 million in short-term borrowings associated with the purchase of 3 development properties and other projects. Non-current liabilities increased by ¥494.405 million to ¥1,188.786 million, mainly because long-term borrowings increased by ¥480.050 million to ¥1,093.061 million.」
Short-term borrowings of ¥1,359.417 million were recognized in connection with the purchase of 3 development properties and other projects, while long-term borrowings also increased by ¥480.050 million. Exposure to liquidity risk through borrowings and development inventory expanded further from the previous quarter. - FY2024-Q2WorsenedAnnual report
「Current liabilities increased by ¥1,158.314 million from the end of the previous fiscal year to ¥1,365.210 million. This was mainly due to short-term borrowings associated with 3 development properties and other projects increasing by ¥1,182.103 million. Non-current liabilities increased by ¥257.491 million to ¥951.872 million, mainly because long-term borrowings increased by ¥252.622 million to ¥865.633 million.」
Short-term borrowings associated with 3 development properties and other projects increased by ¥1,182.103 million, while long-term borrowings also increased by ¥252.622 million. Real estate held for sale was ¥2,186.990 million, and cash flow from operating activities was an outflow of ¥1,956.338 million, further expanding exposure to liquidity risk through borrowings and inventory. - FY2024-Q1WorsenedAnnual report
「Current liabilities increased 484.8% from the end of the previous fiscal year to ¥1,209.916 million. This was mainly due to short-term borrowings associated with 3 development properties and other projects increasing by ¥1,044.000 million from the end of the previous fiscal year.」
Short-term borrowings associated with 3 development properties and other projects increased by ¥1,044.000 million, and current liabilities also increased 484.8% from the end of the previous fiscal year. The company also reports an increase in real estate held for sale and a decrease in cash and deposits, expanding exposure to liquidity risk through borrowings and inventory. - FY2023Shift from short-term debt repayment to increased long-term borrowingsAnnual report
「This was mainly due to the repayment in full of short-term borrowings following the completion and sale of development properties. Non-current liabilities increased 56.2% from the end of the previous fiscal year, mainly because long-term borrowings increased 75.5% to ¥613.011 million.」
The company repaid short-term borrowings in full following the completion and sale of development properties, while long-term borrowings increased, describing a change in the composition of borrowings. - FY2023-Q3WorsenedAnnual report
「This was mainly due to short-term borrowings associated with the opening of 7 new stores increasing by ¥1,165.350 million from the end of the previous fiscal year, among other factors.」
The increase in short-term borrowings associated with new store openings expanded, while current liabilities increased 261.4% from the end of the previous fiscal year and total liabilities increased 136.5%. Real estate held for sale also increased to ¥1,744.846 million, further expanding exposure to liquidity risk through borrowings and inventory. - FY2023-Q2WorsenedAnnual report
「This was mainly due to short-term borrowings associated with the opening of 7 new stores increasing by ¥1,047.801 million from the end of the previous fiscal year, among other factors.」
The increase in short-term borrowings associated with new store openings expanded from ¥856.000 million in the previous quarterly report to ¥1,047.801 million, while operating cash flow was an outflow of ¥1,032.339 million due to an increase in real estate held for sale. - FY2023-Q1WorsenedAnnual report
「This was mainly due to short-term borrowings associated with the opening of 6 new stores increasing by ¥856.000 million from the end of the previous fiscal year, among other factors.」
Short-term borrowings increased by ¥856.000 million in connection with new store openings, expanding exposure to borrowing dependence and liquidity risk. - FY2022First statedAnnual report
「Because some building-integrated storage-unit projects are approximately ¥500 million per property, if 2 properties cannot be sold at the same time and borrowings cannot be continued, the possibility of becoming insolvent cannot be ruled out.」
Because borrowings are obtained for each project and repaid from property sale proceeds, delays or price declines in sales and an inability to continue borrowing may affect liquidity.