Maintaining and improving inventory turnover and curbing interest-bearing debt
First written in FY2016. 11 of 35 entries say "Worsened", first in FY2020. Latest entry: 2026-10-13.
Toubujyuhan moved to the "Worse" side of this theme in 2023, 3 years before the typical company in this theme (2026).
The whole theme swung hardest in 2023: 3 of 15 companies on the "Worse" side.
5 other companies' latest entry also says "Advanced".
- 2026-10-13AdvancedM&A and Subsidiary Changes
「公開買付者グループがこれまでの事業運営を通じて蓄積してきた販売用不動産の在庫管理に関するノウハウ、顧客基盤を活用することにより、当社が課題として認識している滞留在庫の抑制及び在庫回転率の向上を図ることが可能になり、評価損発生リスクの低減及び資産効率の改善を通じて、収益力の強化につながるものと考えております。」
公開買付者グループの在庫管理ノウハウ等を用い、滞留在庫の抑制・在庫回転率の向上を図る対応策が具体化した。効果の実現は未了である。 - FY2026WorsenedAnnual report
「We will continue to actively purchase used homes and other properties, while also enhancing inventory management for used homes and other properties and strengthening our sales capabilities. By shortening the time required until delivery, we will seek to improve inventory turnover while taking supply and demand into account. At the end of the fiscal year, real estate held for sale and real estate under development for sale and other assets accounted for 69.3% of total assets.」
While the Company aims to enhance inventory management and strengthen sales capabilities, real estate held for sale and real estate under development for sale and other assets rose from 64.3% of total assets in the previous fiscal year to 69.3%, expanding the inventory burden related to the challenges of improving inventory turnover and containing interest-bearing debt. - FY2026-H1WorsenedAnnual report
「This was mainly due to a ¥56.606 million decrease in real estate held for sale and a ¥365.523 million increase in real estate under development for sale and other assets resulting from transactions involving the Company's own properties, as well as a ¥72.979 million increase in cash and deposits.」
Although real estate held for sale decreased, real estate under development for sale and other assets increased by ¥365.523 million, resulting in an overall increase in inventories. The inventory burden expanded relative to the targets of improving inventory turnover and containing interest-bearing debt. - FY2025MitigatedAnnual report
「We will continue to actively purchase used homes and other properties, while also enhancing inventory management for used homes and other properties and strengthening our sales capabilities. By shortening the time required until delivery, we will seek to improve inventory turnover while taking supply and demand into account. At the end of the fiscal year, real estate held for sale and real estate under development for sale and other assets accounted for 64.3% of total assets.」
The inventory ratio fell from 69.9% at the end of the previous fiscal year to 64.3%. Under the policy of strengthening sales capabilities, enhancing inventory management and shortening delivery times, the inventory burden decreased. - FY2025-H1Decrease in inventory held for sale and increase in inventory under development, alongside changes in the borrowing mixAnnual report
「This was mainly due to a ¥332.046 million decrease in real estate held for sale and a ¥156.768 million increase in real estate under development for sale and other assets resulting from transactions involving the Company's own properties, as well as a ¥284.076 million increase in cash and deposits.」
Real estate held for sale decreased by ¥332.046 million, while real estate under development for sale and other assets increased by ¥156.768 million. Cash increased, short-term borrowings increased by ¥46.415 million, and long-term borrowings decreased by ¥107.569 million, indicating divergent movements in inventory and borrowings. - FY2024WorsenedAnnual report
「At the end of the fiscal year, real estate held for sale and real estate under development for sale and other assets accounted for 69.9% of total assets.」
Inventory and related assets rose from 68.2% to 69.9% of total assets from the previous fiscal year. Real estate held for sale and borrowings also increased, worsening performance relative to the targets of maintaining and improving inventory turnover and containing interest-bearing debt. - FY2024-Q3WorsenedAnnual report
「This was mainly due to a ¥190.480 million decrease in real estate under development for sale and other assets, while real estate held for sale and other assets increased by ¥1,089.564 million because the number of the Company's own properties sold was below expectations.」
The number of properties sold was below expectations, and real estate held for sale and other assets increased by ¥1,089.564 million. Although inventory under development decreased, the overall inventory burden expanded. - FY2024-Q2WorsenedAnnual report
「This was mainly due to a ¥258.256 million decrease in real estate under development for sale and other assets and a ¥72.865 million decrease in cash and deposits as renovation work progressed, while real estate held for sale increased by ¥1,022.152 million because the number of the Company's own properties sold was below expectations.」
Because the number of properties sold was below expectations, real estate held for sale increased by ¥1,022.152 million. Although inventory under development decreased, inventory held for sale and short-term borrowings increased, worsening performance relative to the targets of improving inventory turnover and containing interest-bearing debt. - FY2024-Q1WorsenedAnnual report
「This was mainly due to a ¥176.487 million decrease in real estate under development for sale and other assets and a ¥561.935 million increase in real estate held for sale as a result of active purchases of the Company's own properties and progress on renovation work, while cash and deposits decreased by ¥173.958 million.」
Purchasing and progress on renovation work reduced inventory under development, while real estate held for sale increased by ¥561.935 million and cash and deposits also decreased. Inventory and funding burdens expanded relative to the targets of improving inventory turnover and containing interest-bearing debt. - FY2023WorsenedAnnual report
「At the end of the fiscal year, real estate held for sale and real estate under development for sale and other assets accounted for 68.2% of total assets.」
Inventory and related assets rose from 65.2% to 68.2% of total assets from the previous fiscal year. Although inventory management through the core operating system and prompt sales were being pursued, inventory exposure expanded. - FY2023-Q3WorsenedAnnual report
「This was mainly due to a ¥527.353 million increase in real estate held for sale and other assets and a ¥164.708 million increase in real estate under development for sale and other assets, while cash and deposits decreased by ¥144.408 million as a result of active purchases of the Company's own properties.」
Active purchasing increased both real estate held for sale and other assets and real estate under development for sale and other assets, expanding inventory exposure despite the policy of maintaining and improving inventory turnover and containing interest-bearing debt. - FY2023-Q2Increase in inventory under development alongside an increase in borrowingsAnnual report
「This was mainly due to a ¥370.277 million increase in real estate under development for sale and other assets resulting from active purchases of the Company's own properties, as well as a ¥66.828 million increase in cash and deposits resulting from an increase in short-term borrowings.」
Active purchasing increased real estate under development for sale and other assets by ¥370.277 million and also led to an increase in short-term borrowings. Inventory and borrowings increased simultaneously, contrary to the policy of improving inventory turnover and containing interest-bearing debt. - FY2023-Q1Increase in inventory held for sale alongside a decrease in inventory under developmentAnnual report
「This was mainly due to a ¥123.156 million decrease in real estate under development for sale and other assets as the Company actively purchased its own properties and proceeded with renovation work, while real estate held for sale increased by ¥317.059 million.」
Active purchasing and progress on renovation work reduced real estate under development for sale and other assets, while real estate held for sale increased by ¥317.059 million, changing the inventory composition. - FY2022Increase in inventory alongside improvement in financial indicatorsAnnual report
「This was mainly due to a ¥158.189 million increase in real estate held for sale and a ¥311.897 million increase in real estate under development for sale and other assets resulting from active purchases of the Company's own properties, while cash and deposits decreased by ¥254.751 million. As a result, the equity ratio rose from 67.0% at the end of the previous fiscal year to 70.2%.」
Purchases increased real estate held for sale and inventory under development, while the equity ratio rose from 67.0% to 70.2% due to a decrease in borrowings and other factors. - FY2022-Q3Increase in inventory and short-term borrowings accompanying increased purchasingAnnual report
「This was mainly due to a ¥200.089 million increase in real estate held for sale and a ¥436.643 million increase in real estate under development for sale, despite a ¥306.248 million decrease in cash and deposits resulting from active purchases of the Company's own properties. This was mainly due to a ¥373.981 million increase in short-term borrowings, despite a ¥146.628 million decrease in income taxes payable. This was mainly due to a ¥56.452 million decrease in long-term borrowings.」
Active purchasing increased real estate held for sale and real estate under development for sale and other assets, while short-term borrowings also increased by ¥373.981 million. Long-term borrowings decreased by ¥56.452 million, so inventory and borrowings did not move in the same direction. - FY2022-Q2Increase in inventory under development alongside decreases in inventory held for sale and borrowingsAnnual report
「This was mainly due to a ¥199.460 million increase in real estate under development for sale and other assets resulting from active purchases of the Company's own properties, despite a ¥193.142 million decrease in cash and deposits and a ¥169.425 million decrease in real estate held for sale. Current liabilities amounted to ¥901.524 million, a decrease of ¥195.609 million from the end of the previous fiscal year. This was mainly due to a ¥74.210 million decrease in short-term borrowings and a ¥43.077 million decrease in income taxes payable. Non-current liabilities amounted to ¥514.947 million, a decrease of ¥92.752 million from the end of the previous fiscal year. This was mainly due to a ¥94.284 million decrease in long-term borrowings.」
Active purchasing increased real estate under development for sale and other assets by ¥199.460 million, while real estate held for sale decreased by ¥169.425 million. Short- and long-term borrowings also decreased, resulting in simultaneous changes in inventory composition and a reduction in interest-bearing debt. - FY2022-Q1Changes in inventory composition alongside a decrease in borrowingsAnnual report
「This was mainly due to a ¥111.306 million decrease in income taxes payable and a ¥85.937 million decrease in short-term borrowings, despite a ¥21.744 million increase in the provision for bonuses. This was mainly due to a ¥50.486 million decrease in long-term borrowings. As a result, the equity ratio rose from 67.0% at the end of the previous fiscal year to 71.0%.」
Short- and long-term borrowings decreased, and the equity ratio rose from 67.0% to 71.0%. Meanwhile, active purchasing increased real estate under development for sale and other assets by ¥184.987 million, while sales reduced real estate held for sale by ¥172.104 million. - FY2021MitigatedAnnual report
「This was mainly due to a ¥287.661 million decrease in real estate held for sale and a ¥605.930 million decrease in real estate under development for sale and other assets, while cash and deposits increased by ¥429.191 million as a result of active sales of the Company's own properties.」
Active sales reduced real estate held for sale and real estate under development for sale and other assets. The equity ratio also rose from 57.4% to 67.0%, improving indicators related to inventory turnover and the financial burden. - FY2021-Q3MitigatedAnnual report
「This was mainly due to a ¥160.122 million decrease in real estate held for sale and a ¥547.885 million decrease in real estate under development for sale, while cash and deposits increased by ¥624.622 million as a result of active sales of the Company's own properties.」
Active sales reduced real estate held for sale and real estate under development for sale, improving the figures for inventory turnover and capital efficiency. - FY2021-Q2MitigatedAnnual report
「This was mainly due to a ¥345.234 million decrease in real estate held for sale and a ¥252.077 million decrease in real estate under development for sale and other assets resulting from active sales of the Company's own properties, while cash and deposits increased by ¥430.053 million.」
Active sales reduced real estate held for sale and real estate under development for sale and other assets, leading to improvement in inventory turnover and capital efficiency. - FY2021-Q1MitigatedAnnual report
「This was due to a ¥448.758 million decrease in real estate under development for sale and other assets resulting from restrictions on the number of the Company's own properties purchased.」
Real estate under development for sale and other assets decreased as a result of restricting purchases and making sales. In addition, short-term borrowings decreased by ¥20.310 million and long-term borrowings by ¥69.290 million, improving the figures for inventory turnover and the containment of interest-bearing debt. - FY2020WorsenedAnnual report
「We aimed to maintain an equity ratio in the 60% range through these measures. However, the equity ratio fell below 60% as of the end of May 2020 after we increased purchases of used homes and inventories held for sale rose substantially as a result.」
Although we continued to introduce inventory management systems and sell long-outstanding inventory promptly, inventories held for sale increased as a result of increased purchasing, and the equity ratio fell below the target level. - FY2020-Q3Further increase in inventory and short-term borrowingsAnnual report
「Current assets amounted to ¥4,732.793 million, an increase of ¥873.409 million from the end of the previous fiscal year. This was mainly due to a ¥940.755 million increase in real estate held for sale and a ¥240.051 million increase in real estate under development for sale, among other factors, resulting from active purchases of the Company's own properties, despite a ¥364.893 million decrease in cash and deposits.」
Active purchasing increased real estate held for sale by ¥940.755 million and real estate under development for sale by ¥240.051 million. Short-term borrowings also increased by ¥970.159 million, and the figures continued to move in the opposite direction to the targets of improving inventory turnover and containing interest-bearing debt. - FY2020-Q2Significant increase in inventory and short-term borrowingsAnnual report
「This was mainly due to a ¥715.161 million increase in real estate held for sale and an ¥86.570 million increase in real estate under development for sale and other assets resulting from active purchases of the Company's own properties, despite a ¥190.352 million decrease in cash and deposits. Current liabilities amounted to ¥1,459.326 million, an increase of ¥679.038 million from the end of the previous fiscal year. This was mainly due to a ¥658.121 million increase in short-term borrowings and a ¥68.956 million increase in accounts payable.」
Active purchasing increased real estate held for sale and real estate under development for sale and other assets, while short-term borrowings also increased by ¥658.121 million. Financial figures moved in the opposite direction to the policy of improving inventory turnover and containing interest-bearing debt. - FY2020-Q1Increase in inventory and short-term borrowingsAnnual report
「This was mainly due to a ¥416.398 million increase in real estate held for sale following the active purchase of used homes and other properties and the completion of construction work.」
Active purchasing increased real estate held for sale by ¥416.398 million, while short-term borrowings also increased by ¥398.541 million. The figures moved in the opposite direction to progress in inventory turnover and the containment of interest-bearing debt. - FY2019AdvancedAnnual report
「To overcome this issue, we will seek to contain interest-bearing debt by identifying used homes held for extended periods, encouraging each store to sell them promptly, and managing the real estate sales cycle. In June 2019, we introduced a core operating system to strengthen inventory management for the Company's own properties.」
具体策として、長期滞留在庫の早期売却と販売サイクル管理に加え、 the introduction of a core operating system in June 2019 to strengthen inventory management functions. - FY2019-Q3AdvancedAnnual report
「This was mainly due to a ¥309.127 million decrease in real estate held for sale and a ¥238.020 million decrease in real estate under development for sale, while cash and deposits increased by ¥643.790 million, primarily as a result of active sales of the Company's own properties.」
Active sales of the Company's own properties reduced real estate held for sale and real estate under development for sale and other assets, demonstrating concrete progress in inventory turnover and capital efficiency. - FY2019-Q2AdvancedAnnual report
「This was mainly due to a ¥244.091 million decrease in real estate held for sale and a ¥140.575 million decrease in real estate under development for sale and other assets, resulting from active sales of the Company's own properties, while cash and deposits increased by ¥559.079 million.」
Active sales reduced real estate held for sale and real estate under development for sale and other assets from the end of the previous fiscal year, demonstrating concrete progress in inventory turnover. - FY2019-Q1AdvancedAnnual report
「This was mainly due to a ¥170.008 million decrease in real estate under development for sale and other assets following the completion of construction in progress, and a ¥33.865 million decrease in real estate held for sale due to sales. This was mainly due to a ¥72.160 million decrease in income taxes payable and a ¥77.607 million decrease in short-term borrowings. This was mainly due to a ¥37.011 million decrease in long-term borrowings.」
Real estate under development for sale and other assets and real estate held for sale decreased, while short- and long-term borrowings also declined from the end of the previous fiscal year. Concrete progress was shown in inventory turnover and the containment of interest-bearing debt. - FY2018RestatedAnnual report
「We will seek to contain interest-bearing debt by identifying used homes held for extended periods, encouraging each location to sell them promptly, and managing the real estate sales cycle.」
We will continue our policy of managing inventory turnover and interest-bearing debt by promptly selling long-outstanding inventory and managing the sales cycle. - FY2017RestatedAnnual report
「To overcome this issue, we will seek to contain interest-bearing debt by identifying used homes held for extended periods, encouraging each location to sell them promptly, and managing the real estate sales cycle.」
We will continue our policy of maintaining and improving inventory turnover by promptly selling long-outstanding inventory and managing the sales cycle, thereby containing interest-bearing debt. - FY2016First statedAnnual report
「To overcome this challenge, we will list used homes held for extended periods, urge each location to sell them promptly and manage the real estate sales cycle, thereby working to limit interest-bearing debt.」
The policy is to manage inventory turnover and borrowing costs through the early sale of long-held inventory and sales-cycle management.