Higher fixed-cost burden when sales decline
First written in FY2023. 2 of 4 entries say "Restated". Latest entry: FY2026.
Kyoritsu moved to the "Worse" side of this theme in 2026, 3 years after the typical company in this theme (2023).
The whole theme swung hardest in 2020: 9 of 22 companies on the "Worse" side.
5 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「The balance of the Group’s property, plant and equipment was ¥16.867 billion at the end of March 2025, representing 39.9% of total assets, and ¥16.623 billion at the end of March 2026, representing 40.5% of total assets.」
Although the amount of property, plant and equipment declined, its ratio of total assets rose from 39.9% to 40.5%, and the Company continues to disclose the risk of a higher fixed-cost burden. - FY2025RestatedAnnual report
「The balance of the Group’s property, plant and equipment was ¥17.018 billion at the end of March 2024, representing 39.8% of total assets, and ¥16.867 billion at the end of March 2025, representing 39.9% of total assets.」
Although the amount of property, plant and equipment declined, its ratio of total assets rose from 39.8% to 39.9%, and the Company continues to disclose the risk of a higher fixed-cost burden when sales decline and the operating rate falls. - FY2024RestatedAnnual report
「Because the printing, BPO and environmental businesses are capital-intensive, the balance of the Group’s property, plant and equipment was ¥16.949 billion at the end of March 2023, representing 39.5% of total assets, and ¥17.018 billion at the end of March 2024, representing 39.8% of total assets.」
The fixed-asset ratio rose from 39.5% to 39.8%, and the Company continues to disclose the risk of a higher fixed-cost burden when sales decline and the operating rate falls. - FY2023First statedAnnual report
「Because the printing industry is capital-intensive, the balance of the Group’s property, plant and equipment was ¥16.839 billion at the end of March 2022, representing 39.2% of total assets, and ¥16.949 billion at the end of March 2023, representing 39.5% of total assets. Accordingly, if a sharp decline in sales reduces the operating rate, the resulting higher burden of fixed costs, including labor costs, depreciation and lease payments, could affect the Group’s performance.」
Against the backdrop of a high fixed-asset ratio, the Company quantifies the risk of a higher fixed-cost burden when sales decline and the operating rate falls.