Building a Stable Earnings Structure through a Flexible Capital Strategy and a Stronger Financial Position
First written in FY2016. 12 of 28 entries say "Worsened", first in FY2021-Q2. Latest entry: 2026-10-14.
Merf moved to the "Worse" side of this theme in 2021, 1 year after the typical company in this theme (2020).
The whole theme swung hardest in 2020: 10 of 45 companies on the "Worse" side.
2 other companies' latest entry also says "Mitigated".
- FY2026-H1MitigatedAnnual report
「As a result, the equity ratio was 37.3%.」
The equity ratio rose from 35.9% at the end of the previous consolidated fiscal year to 37.3%, indicating an improvement in the financial position metric as of the interim period. - FY2025Equity ratio edged up, while ROE deteriorated and the interest-bearing debt ratio roseAnnual report
「Ordinary profit margin 1.3% △0.3% △1.5% Equity ratio 35.6% 35.9% 0.2% Return on equity 5.6% △2.2% △7.8% Interest-bearing debt ratio 134.9% 142.9% 8.1%」
Although the equity ratio rose slightly from 35.6% to 35.9%, the ordinary profit margin and ROE turned negative, while the interest-bearing debt ratio rose to 142.9%. - FY2025-H1WorsenedAnnual report
「As a result, the equity ratio was 34.5%.」
The equity ratio fell from 35.6% at the end of the previous consolidated fiscal year to 34.5%, indicating that the metric related to strengthening the financial position deteriorated during the interim period. - FY2024Mixed movements in financial metricsAnnual report
「Equity ratio 36.3% 35.6% △0.7% Return on equity 1.9% 5.6% 3.7% Interest-bearing debt ratio 139.4% 134.9% △4.6%」
Although return on equity improved from 1.9% to 5.6% and the interest-bearing debt ratio also fell, the equity ratio declined from 36.3% to 35.6%. The financial position metrics showed both improvement and deterioration. - FY2024-Q3WorsenedAnnual report
「As a result, the equity ratio was 32.5%.」
The equity ratio fell from 36.3% at the end of the previous consolidated fiscal year to 32.5%, indicating a deterioration in the metric related to strengthening the financial position. - FY2024-Q2MitigatedAnnual report
「As a result, the equity ratio was 39.9%.」
The equity ratio rose from 36.3% at the end of the previous consolidated fiscal year to 39.9%, indicating an improvement in the metric related to strengthening the financial position. - FY2024-Q1WorsenedAnnual report
「As a result, the equity ratio was 36.0%.」
The equity ratio fell slightly from 36.3% at the end of the previous consolidated fiscal year to 36.0%. - FY2023Mixed movements in financial metricsAnnual report
「Equity ratio 35.8% 36.3% 0.5% Return on equity 6.1% 1.9% △4.2% Interest-bearing debt ratio 147.8% 139.4% △8.4%」
Although the equity ratio and interest-bearing debt ratio improved, return on equity fell from 6.1% to 1.9%, and the metrics related to strengthening the financial position moved in mixed directions. - FY2023-Q3WorsenedAnnual report
「As a result, the equity ratio was 35.5%.」
The equity ratio fell slightly from 35.8% at both the end of the previous consolidated fiscal year and the previous quarter to 35.5%, indicating a slight deterioration in the metric related to strengthening the financial position. - FY2023-Q2MitigatedAnnual report
「As a result, the equity ratio was .35.8%.」
The equity ratio rose from 33.6% in the first quarter to 35.8%, indicating an improvement in the financial position metric on a quarterly basis. However, at 35.8%, it was unchanged from the end of the previous consolidated fiscal year. - FY2023-Q1WorsenedAnnual report
「As a result, the equity ratio was 33.6%.」
The equity ratio fell from 35.8% at the end of the previous consolidated fiscal year to 33.6%, indicating a deterioration in the metric related to strengthening the financial position. - FY2022WorsenedAnnual report
「Equity ratio 36.7% 35.8% △0.9% Return on equity 16.7% 6.1% △10.6% Interest-bearing debt ratio 132.3% 147.8% 15.5%」
The equity ratio fell from 36.7% to 35.8% and return on equity fell from 16.7% to 6.1%, while the interest-bearing debt ratio rose from 132.3% to 147.8%. The key metrics related to strengthening the financial position had deteriorated. - FY2022-Q3WorsenedAnnual report
「As a result, the equity ratio was 32.7%.」
The equity ratio fell from 36.7% at the end of the previous consolidated fiscal year to 32.7%, indicating a further deterioration in the metric related to strengthening the financial position. - FY2022-Q2Equity ratio up from the previous fiscal year-end but down year on yearAnnual report
「As a result, the equity ratio was 37.2%.」
The equity ratio rose from 36.7% at the end of the previous consolidated fiscal year to 37.2%, but remained below the 39.5% recorded in the same quarter of the prior year. The metrics related to strengthening the financial position moved in mixed directions. - FY2022-Q1WorsenedAnnual report
「As a result, the equity ratio was 35.2%.」
The equity ratio fell from 36.7% at the end of the previous consolidated fiscal year to 35.2%, indicating a further deterioration in the metric related to strengthening the financial position. - FY2021WorsenedAnnual report
「Performance for the current period was as shown below. Management metrics Previous consolidated fiscal year (31 August 2020) Current consolidated fiscal year (31 August 2021) Year-on-year Equity ratio 45.1% 36.7% △8.4% Return on equity 5.1% 16.7% 11.6% Interest-bearing debt ratio 98.1% 132.3% 34.2%」
Although return on equity improved, the equity ratio fell from 45.1% to 36.7%, while the interest-bearing debt ratio rose from 98.1% to 132.3%. The metrics related to strengthening the financial position moved in mixed directions. - FY2021-Q3WorsenedAnnual report
「As a result, the equity ratio was 36.4%.」
The equity ratio fell from 45.1% at the end of the previous consolidated fiscal year and 39.5% in the previous quarter to 36.4%, indicating a further deterioration in the metric related to strengthening the financial position. - FY2021-Q2WorsenedAnnual report
「As a result, the equity ratio was 39.5%.」
The equity ratio fell from 45.1% at the end of the previous consolidated fiscal year to 39.5%. The metric related to strengthening the financial position had deteriorated as of the quarter-end. - FY2021-Q1Decline in the Equity RatioAnnual report
「As a result, the equity ratio was 42.9%.」
The equity ratio fell from 45.1% at the end of the previous consolidated fiscal year to 42.9%. The metric related to strengthening the financial position had deteriorated as of the quarter-end. - FY2020AdvancedAnnual report
「As shown in the table below, performance for the current period improved across all targets due to the external environment.」
The equity ratio rose from 41.2% to 45.1%, return on equity was 5.1%, and the interest-bearing debt ratio fell from 116.1% to 98.1%, indicating improvements in the key financial metrics. - FY2020-Q3AdvancedAnnual report
「As a result, the equity ratio was 43.9%.」
The equity ratio rose to 43.9% from 41.2% at the end of the previous consolidated fiscal year. This indicates an improvement in the metric related to strengthening the financial position. - FY2020-Q2AdvancedAnnual report
「As a result, the equity ratio was 43.7%.」
The equity ratio rose to 43.7% from 41.2% at the end of the previous consolidated fiscal year. This indicates an improvement in the metric related to the goal of strengthening the financial position. - FY2019-Q3Treasury share repurchases continued, while net assets declinedAnnual report
「Total net assets were ¥7,553 million, a decrease of ¥423 million from the end of the previous consolidated fiscal year. This was mainly due to the recognition of a quarterly net loss attributable to owners of the parent of ¥44 million, dividends from retained earnings of ¥213 million, an ¥88 million increase in treasury shares and an ¥86 million decrease in the valuation difference on other securities.」
While the implementation of flexible capital strategies continued, including an ¥88 million increase in treasury shares, net assets decreased by ¥423 million from the end of the previous consolidated fiscal year due to the quarterly net loss, dividends and the decrease in the valuation difference on securities, among other items. - FY2019-Q2AdvancedAnnual report
「Cash provided by financing activities during the six months ended the second quarter was ¥378 million. This mainly reflected inflows from a net increase of ¥700 million in short-term borrowings and ¥500 million in long-term borrowings, offset by repayments of long-term borrowings of ¥619 million, dividend payments of ¥107 million and ¥94 million used for the purchase of treasury shares, among other items.」
As a specific flexible capital strategy, the Company carried out a treasury share repurchase and recorded ¥94 million in cash outflows during the six months ended the second quarter. - FY2018AdvancedAnnual report
「Resolution status at the Board of Directors meeting (12 October 2018) (purchase period: 15 October 2018 to 31 January 2019) 200,000 120,000,000」
As a specific flexible capital strategy, the Company resolved to repurchase up to 200,000 treasury shares for a total acquisition price of ¥120 million. By the filing date, 45,000 shares had been repurchased. - FY2016First statedAnnual report
「The Company also aims to establish a structure capable of securing stable earnings through the implementation of flexible capital strategies and the strengthening of its financial position.」
The Company has stated its goal of establishing a stable earnings structure through flexible capital strategies and a stronger financial position.