Accelerating Invested Capital Recovery Through Inventory and Financial Management
First written in FY2016. 6 of 36 entries say "Restated". Latest entry: 2026-08-13.
The whole theme swung hardest in 2018: 2 of 21 companies on the "Worse" side.
12 other companies' latest entry also says "Other".
- 2026-08-13OtherFinancial results presentation
「Inventories increased by ¥38.13 billion from the previous fiscal year. Total contracted inventory of land for subdivision homes exceeded 12,000 homes and is increasing steadily toward expanding market share. We will also continue actively acquiring used homes, apartment land, and other properties.」
The company disclosed increased inventories and active acquisition of subdivision-home land, used homes, and apartment land, indicating a continuing invested-capital burden. - FY2026Increase in inventories and greater use of operating cash flowAnnual report
「Cash used in operating activities during the consolidated fiscal year was ¥27,480 million. This was mainly due to changes in inventories of ¥48,541 million, despite the recognition of ¥24,900 million in profit before income taxes.」
Changes in inventories of ¥48,541 million resulted in cash used in operating activities of ¥27,480 million. - FY2026-H1Increase in inventories and greater use of operating cash flowAnnual report
「Total assets at the end of the interim consolidated accounting period were ¥313,737 million, an increase of ¥19,184 million from the end of the previous consolidated fiscal year. This was mainly due to a ¥30,054 million increase in inventories and an ¥11,903 million decrease in cash and deposits.」
Inventories increased by ¥30,054 million from the end of the previous consolidated fiscal year, while cash and deposits declined by ¥11,903 million. Cash used in operating activities was also ¥25,368 million, indicating a continued burden on invested capital from inventory investment. - FY2025-H1Higher inventories, lower cash and operating cash usageAnnual report
「Total assets at the end of the interim consolidated accounting period were ¥272,330 million, an increase of ¥26,392 million from the end of the previous consolidated fiscal year. This was mainly due to a ¥31,162 million increase in real estate for sale and real estate under development for sale, and a ¥9,017 million decrease in cash and deposits. Cash used in operating activities during the interim consolidated accounting period was ¥22,389 million.」
Real estate for sale and real estate under development for sale increased by ¥31,162 million, while cash and deposits declined by ¥9,017 million and cash used in operating activities was ¥22,389 million. - FY2024-Q3Continued sharp inventory growth and lower cashAnnual report
「Assets at the end of the third quarter of the current consolidated fiscal year increased by ¥46,143.599 million from the end of the previous consolidated fiscal year, including a ¥12,098.842 million increase from the newly consolidated El Housing, to ¥245,604.883 million. By account, the main factors were a ¥54,358.985 million increase in inventories, comprising real estate for sale, real estate under development for sale and costs on uncompleted construction contracts, and an ¥11,535.867 million decrease in cash and deposits due to tax payments and other factors.」
While pursuing a high-turnover business model aimed at improving inventory turnover, the increase in inventories expanded to ¥54,358.985 million, and cash and deposits declined by ¥11,535.867 million. - FY2024-Q2Sharp inventory growth and widening negative operating cash flowAnnual report
「By account, the main factor was a ¥47,577.970 million increase in inventories, comprising real estate for sale, real estate under development for sale and costs on uncompleted construction contracts.」
Inventories increased by ¥47,577.970 million from the end of the previous consolidated fiscal year, and cash flow from operating activities was also an outflow of ¥32,701.031 million. The scale of inventory investment and the burden on invested capital continued from the previous quarter. - FY2024-Q1Higher inventories and lower cashAnnual report
「By account, the main factors were a ¥33,874.887 million increase in inventories, comprising real estate for sale, real estate under development for sale and costs on uncompleted construction contracts, and a ¥14,426.821 million decrease in cash and deposits due to tax payments and other factors.」
Including the consolidation of El Housing, inventories increased by ¥33,874.887 million from the end of the previous consolidated fiscal year, while cash and deposits declined by ¥14,426.821 million. - FY2023Higher inventories and reduced operating cash usageAnnual report
「The main factors were a ¥29,083.777 million increase in inventories, comprising real estate for sale, real estate under development for sale and costs on uncompleted construction contracts, and a ¥4,812.187 million increase in cash and deposits.」
Inventories increased by ¥29,083.777 million, and cash flow from operating activities was an outflow of ¥16,394.501 million. Meanwhile, cash used due to inventories declined by ¥15,527.952 million from the previous period, and cash and deposits increased. - FY2023-Q3Sharp inventory growth and lower cashAnnual report
「Assets at the end of the third quarter of the current consolidated fiscal year increased by ¥39,325.111 million from the end of the previous consolidated fiscal year to ¥202,565.872 million. The main factors were a ¥51,721.370 million increase in inventories, comprising real estate for sale, real estate under development for sale and costs on uncompleted construction contracts, and a ¥13,400.908 million decrease in cash and deposits due to tax payments and other factors.」
Inventories increased by ¥51,721.370 million from the end of the previous consolidated fiscal year, while cash and deposits declined by ¥13,400.908 million, further increasing the burden on invested capital. - FY2023-Q2Sharp inventory growth and widening negative operating cash flowAnnual report
「Assets at the end of the second quarter of the current consolidated fiscal year increased by ¥27,837.733 million from the end of the previous consolidated fiscal year to ¥191,078.494 million. The main factors were a ¥35,254.346 million increase in inventories, comprising real estate for sale, real estate under development for sale and costs on uncompleted construction contracts, and a ¥7,498.099 million decrease in cash and deposits due to tax payments and other factors.」
Inventories increased by ¥35,254.346 million from the end of the previous consolidated fiscal year, while cash and deposits declined by ¥7,498.099 million. Cash flow from operating activities was also an outflow of ¥28,087.903 million, with cash usage increasing from ¥5,566.404 million in the same period of the previous year. - FY2023-Q1Higher inventories and lower cashAnnual report
「Assets at the end of the first quarter of the current consolidated fiscal year increased by ¥9,668.411 million from the end of the previous consolidated fiscal year to ¥172,909.172 million. The main factors were a ¥15,593.894 million increase in inventories, comprising real estate for sale, real estate under development for sale and costs on uncompleted construction contracts, and a ¥6,459.784 million decrease in cash and deposits due to tax payments and other factors.」
At the end of the first quarter, inventories increased by ¥15,593.894 million while cash and deposits declined by ¥6,459.784 million. The figures show an expanding burden on invested capital and a decline in cash on hand. - FY2022Higher inventories and negative operating cash flowAnnual report
「The main factors were a ¥39,510.183 million increase in inventories, comprising real estate for sale, real estate under development for sale and costs on uncompleted construction contracts, and a ¥12,743.786 million increase in cash and deposits due to a capital increase and other factors.」
Inventories increased by ¥39,510.183 million from the end of the previous consolidated fiscal year, and cash flow from operating activities was an outflow of ¥20,706.190 million. The substantial burden on invested capital accompanying growth investment is clearly reflected. - FY2022-Q3Sharp acceleration in inventory growthAnnual report
「Assets at the end of the third quarter of the current consolidated fiscal year increased by ¥39,649.450 million from the end of the previous consolidated fiscal year to ¥149,776.524 million. The main factors were a ¥31,131.494 million increase in inventories, comprising real estate for sale, real estate under development for sale and costs on uncompleted construction contracts, and an ¥8,481.886 million increase in cash and deposits due to a capital increase and other factors.」
Inventories increased by ¥31,131.494 million from the end of the previous consolidated fiscal year, indicating an expanding investment in inventory and burden on invested capital. - FY2022-Q2Higher inventories and increased operating cash usageAnnual report
「The main factors were an ¥11,967.211 million increase in inventories, comprising real estate for sale, real estate under development for sale and costs on uncompleted construction contracts, and a ¥17,276.592 million increase in cash and deposits due to a capital increase and other factors.」
Inventories increased by ¥11,967.211 million from the end of the previous fiscal year. In addition, cash flow from operating activities was an outflow of ¥5,566.404 million due to the increase in inventories. - FY2022-Q1AdvancedAnnual report
「In managing its finances, the Company places importance on the inventory turnover period, defined as the period from land acquisition to revenue. Through the introduction of the “KEIAI Platform,” which optimizes the process from land acquisition to sales, it is working to shorten the inventory turnover period further.」
The company introduced the “KEIAI Platform” to optimize the process from land acquisition to sales, with the aim of improving inventory turnover and accelerating invested capital recovery. - FY2021-Q3Continued inventory growthAnnual report
「Assets at the end of the third quarter of the current consolidated fiscal year increased by ¥17,008.661 million from the end of the previous consolidated fiscal year to ¥106,944.709 million. The main factors were increases of ¥4,215.331 million in inventories, comprising real estate for sale, real estate under development for sale and costs on uncompleted construction contracts, and ¥11,849.181 million in cash and deposits.」
Inventories increased by ¥4,215.331 million from the end of the previous consolidated fiscal year, indicating continued investment in inventory. Cash and deposits also increased by ¥11,849.181 million. - FY2021-Q2Higher inventories and increased operating cash usageAnnual report
「Assets at the end of the second quarter of the current consolidated fiscal year increased by ¥7,416.381 million from the end of the previous consolidated fiscal year to ¥97,352.430 million. The main factors were increases of ¥3,940.043 million in inventories, comprising real estate for sale, real estate under development for sale and costs on uncompleted construction contracts, and ¥2,631.809 million in cash and deposits.」
Inventories increased by ¥3,940.043 million from the end of the previous fiscal year, and cash flow from operating activities was an outflow of ¥1,656.163 million. The continued investment in inventory and burden on invested capital are reflected in the figures. - FY2021-Q1Continued inventory expansionAnnual report
「Assets at the end of the first quarter of the current consolidated fiscal year increased by ¥6,452.733 million from the end of the previous consolidated fiscal year to ¥96,388.782 million. The main factors were a ¥6,847.110 million increase in inventories, comprising real estate for sale, real estate under development for sale and costs on uncompleted construction contracts, partly offset by a ¥783.456 million decrease in cash and deposits.」
At the quarter-end, inventories increased by ¥6,847.110 million from the end of the previous fiscal year, while cash and deposits declined by ¥783.456 million. The burden of inventory expansion and invested capital recovery continued. - FY2020Inventory expansion and negative operating cash flowAnnual report
「The main factor was a ¥7,891.852 million increase in inventories, comprising real estate for sale and real estate under development for sale.」
Inventories increased by ¥7,891.852 million in line with the growth strategy, and cash flow from operating activities was an outflow of ¥2,411.982 million. - FY2020-Q3Change in inventory compositionAnnual report
「The main factors were a ¥6,850.169 million decrease in real estate for sale and a ¥13,750.623 million increase in real estate under development for sale.」
Total assets increased by ¥4,366.460 million from the end of the previous consolidated fiscal year, with real estate for sale declining while real estate under development for sale increased by ¥13,750.623 million. - FY2020-Q2AdvancedAnnual report
「In managing our finances, we place importance on the inventory turnover period, defined as the period from land acquisition to sales, and have worked to shorten it by accelerating property sales and shortening construction periods.」
Measures to shorten turnover periods continued, and cash used in operating activities during the cumulative second quarter was ¥292.582 million. Cash used in operating activities, including changes in inventories, declined from ¥9,046.714 million in the cumulative second quarter of the previous fiscal year. - FY2020-Q1RestatedAnnual report
「In managing our finances, we place importance on the inventory turnover period, defined as the period from land acquisition to sales, and have worked to shorten it by accelerating property sales and shortening construction periods.」
The company continues to prioritize shorter turnover periods and accelerate invested capital recovery through early property sales and shorter construction periods. - FY2019AdvancedAnnual report
「As sales efforts were strengthened, the increase in inventories was lower than in the previous consolidated fiscal year, reducing the cash outflow from changes in inventories by ¥17,285.821 million.」
Sales of inventories with extended turnover periods were strengthened, reducing the operating cash outflow attributable to inventories by ¥17,285.821 million year on year. - FY2019-Q3RestatedAnnual report
「In managing our finances, we also place importance on the inventory turnover period, defined as the period from land acquisition to sales. As of the end of the first quarter, we strengthened sales during the cumulative third quarter of the current consolidated fiscal year for inventories whose turnover period had lengthened during the previous consolidated fiscal year due to shortages of skilled workers and other factors, with the aim of improving our financial position.」
The company continued to strengthen sales of inventories with extended turnover periods through the cumulative third quarter, placing importance on the period from land acquisition to sales. - FY2019-Q2AdvancedAnnual report
「In managing inventories, we also place importance on the inventory turnover period, defined as the period from land acquisition to delivery of subdivision housing. As of the end of the first quarter of the current consolidated fiscal year, we strengthened sales during the second quarter of the current consolidated fiscal year for inventories whose turnover period had lengthened during the previous consolidated fiscal year due to shortages of skilled workers and other factors, with the aim of improving our financial position.」
Sales of inventories whose turnover periods had lengthened due to shortages of skilled workers and other factors were accelerated to improve the company’s financial position. - FY2019-Q1Continued inventory expansion accompanying the growth strategyAnnual report
「Assets at the end of the first quarter of the current consolidated fiscal year increased by ¥4,034.128 million from the end of the previous consolidated fiscal year to ¥64,093.075 million. The main factors were increases of ¥4,907.971 million in real estate for sale and ¥1,719.440 million in real estate under development for sale, primarily due to increased land purchases accompanying the growth strategy for the subdivision housing business.」
Expansion of real estate for sale and real estate under development for sale continued in the first quarter due to increased land purchases accompanying the growth strategy for subdivision housing. - FY2018Expansion of inventory and working capital requirements through growth investmentAnnual report
「The main reason for the decrease was an increase in cash used for changes in inventories of ¥17,537.545 million, resulting from increased inventories to increase net sales in the subdivision housing business in the following consolidated fiscal year, despite a ¥1,115.533 million increase in profit before income taxes compared with the previous consolidated fiscal year.」
Investment in inventory to increase sales in the following fiscal year expanded, resulting in an operating cash outflow of ¥15,779.366 million. - FY2018-Q3Continued and accelerated inventory expansion through growth investmentAnnual report
「Assets at the end of the third quarter of the current consolidated fiscal year increased by ¥16,002.836 million from the end of the previous consolidated fiscal year to ¥53,087.293 million. The main factors were increases of ¥7,381.816 million in real estate for sale and ¥12,164.464 million in real estate under development for sale, primarily due to increased purchases of land for subdivision with the aim of increasing net sales.」
Real estate for sale and real estate for sale under development expanded further from the end of the previous consolidated fiscal year as acquisitions of land for subdivision housing increased to raise sales. - FY2018-Q2Accelerating inventory expansion through growth investmentAnnual report
「Assets at the end of the current second quarter increased by ¥9,561 million from the end of the previous consolidated fiscal year to ¥46,645 million. The main factors were increases of ¥3,669 million in real estate for sale and ¥7,980 million in real estate for sale under development, primarily because we increased acquisitions of land for subdivision housing to raise sales.」
Real estate for sale and real estate for sale under development expanded further from the end of the previous consolidated fiscal year as acquisitions of land for subdivision housing increased to raise sales. - FY2018-Q1Inventory expansion accompanying growth investmentAnnual report
「Assets at the end of the current first quarter increased by ¥2,904 million from the end of the previous consolidated fiscal year to ¥39,989 million. The main factors were increases of ¥3,694 million in real estate for sale and ¥1,746 million in real estate for sale under development, primarily because we strengthened land acquisitions to support business growth.」
Real estate for sale and real estate for sale under development increased substantially as land acquisitions were strengthened to support business growth. - FY2017-Q3RestatedAnnual report
「The Company has pursued management focused on inventory turnover by shortening the period from land acquisition to sales, while also promoting cost reductions through shorter construction periods and process improvements.」
Continued accelerating inventory turnover and the recovery of invested capital by shortening the period from acquisition to sales and improving processes. - FY2017-Q2RestatedAnnual report
「The change in inventories was ¥2,375 million, as inventories increased mainly to drive higher sales in the subdivision housing business from the third quarter onward.」
The increase in inventory in anticipation of higher sales from the third quarter onward was specifically identified as a factor reducing operating cash flow. - FY2017-Q1RestatedAnnual report
「The Company has pursued management focused on inventory turnover by shortening the period from land acquisition to sales, while also promoting cost reductions through shorter construction periods and process improvements.」
Continued shortening the period from acquisition to sales and improving processes, with a focus on inventory turnover. - FY2016First statedAnnual report
「We will seek to strengthen earnings power by optimizing the balance between acquisitions, construction starts and sales, improving inventory management, and accelerating the recovery of invested capital through rigorous financial management.」
Focused on the balance between site acquisition, construction starts and sales, inventory turnover and capital recovery through financial management.