Deterioration in operating cash flow due to higher inventories
First written in FY2017-Q1. 11 of 31 entries say "Mitigated", first in FY2017-Q2. Latest entry: FY2026.
Macnica Holdings moved to the "Worse" side of this theme in 2026, 4 years after the typical company in this theme (2022).
The whole theme swung hardest in 2022: 38 of 140 companies on the "Worse" side.
70 other companies' latest entry also says "Other".
- FY2026Continued growth in operating cash flow alongside increases in trade receivables and inventoriesAnnual report
「Cash flow from operating activities increased by ¥18,774 million (compared with an increase of ¥24,232 million in the previous fiscal year). This was mainly because, although trade receivables and inventories increased, profit before income taxes and other adjustments of ¥38,641 million was recorded and accounts payable increased.」
Operating cash flow continued to increase, but the increase narrowed from the previous year, as trade receivables of ¥67,844 million and inventories of ¥22,060 million reduced cash flow. - 2026-05-11WorsenedEarnings
「This was mainly due to the recognition of profit before income taxes of ¥38,641 million and an increase in accounts payable, despite increases in trade receivables and inventories.」
The increase in inventories was explicitly identified as a factor reducing operating cash flow, replacing the contribution from a decrease in inventories in the previous interim period. - FY2026-H1Growth in operating cash flow alongside higher trade receivablesAnnual report
「Cash flow from operating activities increased by ¥23,614 million (compared with an increase of ¥18,548 million in the same quarter of the previous year). This was mainly because, although trade receivables increased, profit before income taxes and other adjustments of ¥14,762 million was recorded, inventories decreased, accounts payable increased, and cash flow from other operating activities increased.」
The increase in operating cash flow widened from the same period of the previous year, and lower inventories also contributed, while trade receivables reduced cash flow by ¥38,757 million. - FY2025MitigatedAnnual report
「Cash flow from operating activities increased by ¥24,232 million (compared with an increase of ¥39,949 million in the previous fiscal year).」
Operating cash flow continued to increase, and the change in inventories also contributed ¥788 million to the increase in cash flow, mitigating the deterioration caused by higher inventories on a full-year basis. - FY2025-H1Continued growth in operating cash flow alongside higher inventoriesAnnual report
「Cash flow from operating activities increased by ¥18,548 million (compared with an increase of ¥22,729 million in the same quarter of the previous year). This was mainly because, although inventories increased and income tax payments were made, profit before income taxes and other adjustments of ¥21,843 million was recorded and accounts payable increased.」
Although operating cash flow continued to increase, higher inventories again emerged as a factor reducing cash flow. - FY2024-Q3MitigatedAnnual report
「Cash flow from operating activities increased by ¥37,007 million (compared with an increase of ¥14,695 million in the same quarter of the previous year). This was mainly because, although income tax payments were made, profit before income taxes and other adjustments of ¥50,178 million was recorded and trade receivables decreased.」
The increase in operating cash flow widened from ¥14,695 million in the same period of the previous year to ¥37,007 million, while lower inventories also contributed ¥3,967 million to the increase in cash flow. - FY2024-Q2Growth in operating cash flow alongside higher merchandise balancesAnnual report
「Cash flow from operating activities increased by ¥22,729 million (compared with an increase of ¥45,491 million in the same quarter of the previous year).」
Operating cash flow continued to increase, but the increase narrowed year on year. Although higher trade receivables reduced cash flow, merchandise increased by ¥4,953 million on the balance sheet. - FY2024-Q1Improved operating cash flow alongside higher merchandise balancesAnnual report
「Cash flow from operating activities increased by ¥13,213 million (compared with an increase of ¥4,211 million in the same quarter of the previous year). This was mainly because, although trade receivables increased, accounts payable decreased, and income tax payments were made, profit before income taxes and other adjustments of ¥19,479 million was recorded and other current liabilities increased.」
The increase in operating cash flow widened from the same period of the previous year, and higher inventories did not emerge as a primary factor reducing cash flow. Meanwhile, merchandise increased by ¥5,952 million on the balance sheet, indicating that cash generation coexisted with higher merchandise balances. - FY2023-Q3WorsenedAnnual report
「Cash flow from operating activities increased by ¥14,695 million (compared with an increase of ¥3,915 million in the same quarter of the previous year). This was mainly because, although trade receivables and inventories increased and income tax payments were made, profit before income taxes and other adjustments of ¥42,178 million was recorded and accounts payable increased.」
Operating cash flow continued to increase, but the increase narrowed from ¥45,491 million in the previous quarter to ¥14,695 million, while the ¥50,826 million increase in inventories continued to reduce cash flow. - FY2023-Q2Substantial growth in operating cash flow alongside higher inventoriesAnnual report
「Cash flow from operating activities increased by ¥45,491 million (compared with a decrease of ¥2,605 million in the same quarter of the previous year). This was mainly because, although trade receivables and inventories increased, profit before income taxes and other adjustments of ¥24,922 million was recorded and accounts payable increased.」
Operating cash flow turned from a decrease in the same period of the previous year to an increase of ¥45,491 million, while inventories increased and reduced cash flow by ¥30,937 million, indicating that the inventory burden coexisted with cash generation. - FY2023-Q1Continued growth in operating cash flow alongside a substantial increase in inventoriesAnnual report
「Cash flow from operating activities increased by ¥4,211 million (compared with an increase of ¥4,604 million in the same quarter of the previous year). This was mainly because, although trade receivables and inventories increased, profit before income taxes and other adjustments of ¥11,718 million was recorded, and accounts payable and other current liabilities increased.」
Although operating cash flow continued to increase, increases in trade receivables and inventories again emerged as factors reducing cash flow, and the burden of higher inventories continued alongside cash generation. - FY2022-Q3WorsenedAnnual report
「Cash flow from operating activities increased by ¥3,915 million (compared with an increase of ¥35,017 million in the same quarter of the previous year). This was mainly because, although trade receivables and inventories increased and a gain on a step acquisition was recorded, profit before income taxes and other adjustments of ¥26,168 million was recorded and accounts payable increased.」
Operating cash flow continued to increase, but the increase narrowed from ¥35,017 million in the same period of the previous year to ¥3,915 million, with increases in trade receivables and inventories again becoming evident as factors reducing cash flow. - FY2022-Q2WorsenedAnnual report
「Cash flow from operating activities decreased by ¥2,605 million (compared with an increase of ¥24,208 million in the same quarter of the previous year). This was mainly because, although profit before income taxes and other adjustments of ¥17,252 million was recorded, trade receivables and inventories increased, income tax payments were made, and a gain on a step acquisition was recorded.」
Operating cash flow turned from an increase of ¥24,208 million in the same period of the previous year to a decrease of ¥2,605 million, with deterioration due to increases in trade receivables and inventories becoming evident again. - FY2022-Q1MitigatedAnnual report
「Cash flow from operating activities increased by ¥4,604 million (compared with an increase of ¥9,040 million in the same quarter of the previous year). This was mainly because, although trade receivables increased, income tax payments were made, a gain on a step acquisition was recorded, and accounts payable decreased, profit before income taxes and other adjustments of ¥8,842 million was recorded and inventories decreased.」
Operating cash flow continued to increase, and inventories also declined, continuing to mitigate the deterioration in cash flow caused by higher inventories. - FY2021-Q3MitigatedAnnual report
「Cash flow from operating activities increased by ¥35,017 million (compared with an increase of ¥32,292 million in the same quarter of the previous year). This was mainly because profit before income taxes and other adjustments of ¥11,911 million was recorded, inventories decreased, accounts payable increased, and other current assets decreased.」
Operating cash flow continued to increase, and inventories also declined, further mitigating the deterioration in cash flow caused by higher inventories. - FY2021-Q2MitigatedAnnual report
「Cash flow from operating activities increased by ¥24,208 million (compared with an increase of ¥23,964 million in the same quarter of the previous year). This was mainly because, although accounts payable decreased, profit before income taxes and other adjustments of ¥7,589 million was recorded, and trade receivables, inventories, and other current assets decreased.」
Operating cash flow continued to increase, and inventories also declined, further mitigating the previous deterioration in cash flow caused by higher inventories. - FY2021-Q1Continued growth in operating cash flow alongside higher merchandise balancesAnnual report
「Cash flow from operating activities increased by ¥9,040 million (compared with an increase of ¥14,607 million in the same quarter of the previous year). This was mainly because, although inventories increased, profit before income taxes and other adjustments of ¥3,862 million was recorded, and trade receivables and other current assets decreased.」
Operating cash flow continued to increase, but higher inventories continued to be disclosed, with the increase narrowing from the same period of the previous year. - FY2020-Q3MitigatedAnnual report
「Cash flow from operating activities increased by ¥32,292 million (compared with a decrease of ¥50,934 million in the same quarter of the previous year). This was mainly because, although trade receivables increased and accounts payable decreased, profit before income taxes and other adjustments increased by ¥7,407 million, inventories decreased, and other current assets decreased.」
Operating cash flow turned from a decrease of ¥50,934 million in the same period of the previous year to an increase of ¥32,292 million, with lower inventories also contributing. - FY2020-Q2MitigatedAnnual report
「Cash flow from operating activities increased by ¥23,964 million (compared with a decrease of ¥34,474 million in the same quarter of the previous year). This was mainly because, although accounts payable decreased, profit before income taxes and other adjustments increased by ¥4,791 million, inventories decreased, and other assets decreased.」
Operating cash flow turned from a decrease of ¥34,474 million in the same period of the previous year to an increase of ¥23,964 million, with lower inventories also contributing. - FY2020-Q1MitigatedAnnual report
「Cash flow from operating activities increased by ¥14,607 million (compared with a decrease of ¥13,330 million in the same quarter of the previous year). This was mainly because, although accounts payable decreased, profit before income taxes and other adjustments increased by ¥2,045 million and trade receivables and inventories decreased.」
Operating cash flow turned from a decrease of ¥13,330 million in the same period of the previous year to an increase of ¥14,607 million, with decreases in trade receivables and inventories also contributing. - FY2019WorsenedAnnual report
「Cash flow from operating activities decreased by ¥30,173 million (compared with a decrease of ¥28,595 million in the previous fiscal year). This was mainly because, although profit before income taxes and other adjustments increased by ¥12,781 million, other receivables and inventories increased and accounts payable decreased.」
The decrease in operating cash flow widened from ¥28,595 million in the previous year to ¥30,173 million, with an increase in other receivables, in addition to inventories, contributing to the deterioration. - FY2019-Q3WorsenedAnnual report
「Cash flow from operating activities decreased by ¥50,934 million (compared with a decrease of ¥22,161 million in the same quarter of the previous year). This was mainly because, although profit before income taxes and other adjustments increased by ¥10,632 million, trade receivables and inventories increased and accounts payable decreased.」
The decrease in operating cash flow widened from ¥22,161 million in the same period of the previous year to ¥50,934 million, with increases in trade receivables and inventories and a decrease in accounts payable contributing to the deterioration. - FY2019-Q2WorsenedAnnual report
「Cash flow from operating activities decreased by ¥34,474 million (compared with a decrease of ¥11,872 million in the same quarter of the previous year). This was mainly because, although profit before income taxes and other adjustments was ¥7,532 million, trade receivables and inventories increased and accounts payable decreased.」
The decrease in operating cash flow widened from ¥11,872 million in the same period of the previous year to ¥34,474 million, with increases in trade receivables and inventories and a decrease in accounts payable contributing to the deterioration. - FY2019-Q1WorsenedAnnual report
「Cash flow from operating activities decreased by ¥13,330 million (compared with a decrease of ¥2,208 million in the same quarter of the previous year). This was mainly because, although profit before income taxes and other adjustments was ¥3,895 million, trade receivables and inventories increased and accounts payable decreased.」
The decrease in operating cash flow widened from ¥2,208 million in the same period of the previous year to ¥13,330 million, with increases in trade receivables and inventories and a decrease in accounts payable identified as factors behind the deterioration. - FY2018WorsenedAnnual report
「Cash flow from operating activities decreased by ¥28,595 million (compared with an increase of ¥3,169 million in the previous fiscal year). This was mainly because, although profit before income taxes and other adjustments increased by ¥15,009 million, trade receivables and inventories increased and accounts payable decreased.」
Operating cash flow turned from an increase of ¥3,169 million in the previous year to a decrease of ¥28,595 million, with deterioration due to increases in trade receivables and inventories becoming evident on a full-year basis. - FY2018-Q3WorsenedAnnual report
「Cash flow from operating activities decreased by ¥22,161 million (compared with a decrease of ¥966 million in the same quarter of the previous year). This was mainly because, although profit before income taxes and other adjustments increased by ¥11,978 million, trade receivables and inventories increased and accounts payable decreased.」
The decrease in operating cash flow widened substantially from ¥966 million in the same period of the previous year to ¥22,161 million, with increases in trade receivables and inventories identified as factors behind the deterioration. The risk has materialized as an actual deterioration in cash flow. - FY2018-Q2WorsenedAnnual report
「Cash flow from operating activities decreased by ¥11,872 million (compared with a decrease of ¥4,252 million in the same quarter of the previous year). This was mainly because, although profit before income taxes and other adjustments was ¥7,219 million and accounts payable increased, trade receivables and inventories increased.」
The decrease in operating cash flow widened from ¥4,252 million in the same period of the previous year to ¥11,872 million, with increases in trade receivables and inventories identified as factors behind the deterioration. - FY2018-Q1MitigatedAnnual report
「Cash flow from operating activities decreased by ¥2,208 million (compared with a decrease of ¥8,150 million in the same quarter of the previous year). This was mainly because, although profit before income taxes and other adjustments was ¥3,046 million, trade receivables and inventories increased, income tax payments increased, and accounts payable decreased.」
Operating cash flow remained negative, but the decrease narrowed from ¥8,150 million in the same period of the previous year to ¥2,208 million. Higher inventories remained one of the contributing factors. - FY2017-Q3MitigatedAnnual report
「Cash flow from operating activities decreased by ¥966 million (compared with a decrease of ¥11,609 million in the same quarter of the previous year). This was mainly because, although profit before income taxes and other adjustments of ¥5,432 million and an increase in other current liabilities, including deposits received, were positive factors, increases in inventories and a decrease in accounts payable were negative factors.」
Higher inventories continued to reduce operating cash flow, but the decrease narrowed to ¥966 million from ¥11,609 million previously. - FY2017-Q2MitigatedAnnual report
「Cash flow from operating activities decreased by ¥4,252 million (compared with a decrease of ¥1,287 million in the same quarter of the previous year). This was mainly because, although profit before income taxes and other adjustments of ¥3,984 million and a decrease in trade receivables were positive factors, decreases in accounts payable and income tax payments were negative factors.」
Operating cash flow remained negative, but the increase in inventories was not identified as a primary factor, indicating a change in the drivers from the deterioration caused by higher inventories previously. - FY2017-Q1First statedAnnual report
「Cash flow from operating activities decreased by ¥8,150 million (compared with an increase of ¥1,880 million in the same quarter of the previous year). This was because, although profit before income taxes and other adjustments of ¥1,874 million and a decrease in trade receivables were positive factors, increases in inventories, a decrease in accounts payable, and higher income tax payments were negative factors.」
Operating cash flow turned from an increase in the previous year to a decrease of ¥8,150 million in the current quarter, mainly due to higher inventories.