Working capital requirements arising from the timing gap between trade receivables and trade payables
First written in FY2016. 10 of 26 entries say "Worsened", first in FY2021-Q1. Latest entry: 2026-08-05.
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- 2026-08-05MitigatedEarnings
「This was mainly attributable to a decrease of ¥3,807 million in trade receivables and a decrease of ¥3,066 million in consumption taxes receivable, among other factors,」
Trade receivables decreased by ¥3,807 million from the end of the previous consolidated fiscal year, reducing balances associated with working capital requirements. - FY2026MitigatedAnnual report
「Cash flows from operating activities for the fiscal year were an inflow of ¥5,705 million, as inflows from profit before income taxes and increases in trade payables exceeded outflows from increases in trade receivables and other factors. Inflows increased by ¥1,725 million from the previous fiscal year.」
Although trade receivables increased, cash flows from operating activities were an inflow of ¥5,705 million due to inflows from increases in trade payables and other factors. Short-term borrowings also decreased from ¥24,121 million at the end of the previous fiscal year to ¥19,752 million, reducing the working capital burden and the scale of external financing. - 2026-05-14MitigatedFinancial Results Presentation
「Operating cash flow amounted to ¥5.7 billion, reflecting a decrease in working capital associated with an increase in accounts payable and higher operating profit」
Trade receivables increased by ¥3.99 billion and inventories by ¥1.21 billion from the end of the previous fiscal year, while accounts payable increased by ¥4.38 billion. Cash flows from operating activities amounted to ¥5.71 billion. Although working capital requirements remain, cash generation has improved. - FY2025-H1Continued working capital burden and reduced outflowsAnnual report
「Cash flows from operating activities for the six-month period were an outflow of ¥4,190 million, as outflows mainly from increases in trade receivables exceeded inflows mainly from increases in trade payables and decreases in consumption tax receivables. Outflows decreased by ¥858 million from the previous six-month period.」
Cash flows from operating activities improved from an outflow of ¥5,049 million in the same period of the previous year to ¥4,190 million, but outflows due to increases in trade receivables and other factors continued. - FY2024MitigatedAnnual report
「Cash flows from operating activities for the fiscal year were an inflow of ¥5,740 million, as inflows mainly from decreases in trade receivables and inventories exceeded outflows mainly from an increase in consumption tax receivables.」
Cash flows from operating activities improved from an outflow of ¥780 million in the previous fiscal year to an inflow of ¥5,740 million. Trade receivables decreased by ¥2,780 million, merchandise by ¥2,075 million and short-term borrowings by ¥2,869 million, reducing the scale of working capital needs and external financing. - FY2024-Q3Coexistence of decreased trade receivables and increased short-term borrowingsAnnual report
「Total assets at the end of the nine-month period increased by ¥1,204 million from the end of the previous fiscal year to ¥79,806 million. This was mainly due to an increase of ¥3,774 million in consumption tax receivables, decreases of ¥1,132 million in trade receivables and ¥1,054 million in cash and deposits. Liabilities at the end of the nine-month period decreased by ¥139 million from the end of the previous fiscal year to ¥44,209 million. This was mainly due to decreases of ¥3,194 million in trade payables and ¥779 million in accrued corporate taxes, and an increase of ¥3,543 million in short-term borrowings.」
While trade receivables decreased by ¥1,132 million, short-term borrowings increased by ¥3,543 million, indicating that working capital needs and external financing were moving in opposite directions. - FY2024-Q2WorsenedAnnual report
「Total assets at the end of the six-month period increased by ¥11,341 million from the end of the previous fiscal year to ¥89,943 million. This was mainly due to increases of ¥8,216 million in trade receivables and ¥2,510 million in merchandise.」
Trade receivables increased by ¥8,216 million and merchandise by ¥2,510 million, expanding assets that reflect working capital needs. Short-term borrowings also increased by ¥5,771 million, and external financing continued to expand. - FY2024-Q1WorsenedAnnual report
「Total assets at the end of the first quarter increased by ¥4,518 million from the end of the previous fiscal year to ¥83,120 million. This was mainly due to increases of ¥2,146 million in trade receivables and ¥2,757 million in merchandise. Liabilities increased by ¥3,917 million from the end of the previous fiscal year to ¥48,265 million. This was mainly due to increases of ¥1,343 million in trade payables and ¥2,381 million in short-term borrowings.」
Trade receivables, merchandise and short-term borrowings increased, and the expansion of working capital needs and external financing arising from the timing gap between trade receivables and trade payables continued. - FY2023-Q3WorsenedAnnual report
「Total assets at the end of the nine-month period increased by ¥20,085 million from the end of the previous fiscal year to ¥92,894 million. This was mainly due to increases of ¥9,731 million in trade receivables, ¥7,046 million in merchandise and ¥4,523 million in consumption tax receivables. Liabilities increased by ¥17,356 million from the end of the previous fiscal year to ¥59,481 million. This was mainly due to an increase of ¥17,986 million in short-term borrowings.」
Trade receivables increased by ¥9,731 million, merchandise by ¥7,046 million and short-term borrowings by ¥17,986 million, further expanding the scale of working capital needs and external financing. - FY2023-Q2WorsenedAnnual report
「Total assets at the end of the six-month period increased by ¥23,408 million from the end of the previous fiscal year to ¥96,217 million. This was mainly due to increases of ¥12,868 million in trade receivables and ¥9,382 million in merchandise.」
Trade receivables increased by ¥12,868 million and merchandise by ¥9,382 million, increasing total assets by ¥23,408 million. Among liabilities, short-term borrowings increased by ¥13,362 million and trade payables by ¥5,681 million, and working capital needs and external financing continued to expand. - FY2023-Q1WorsenedAnnual report
「Total assets at the end of the first quarter increased by ¥11,440 million from the end of the previous fiscal year to ¥84,249 million. This was mainly due to increases of ¥4,961 million in trade receivables and ¥6,165 million in merchandise. Liabilities at the end of the first quarter increased by ¥9,932 million from the end of the previous fiscal year to ¥52,057 million. This was mainly due to increases of ¥2,301 million in trade payables and ¥7,482 million in short-term borrowings.」
Trade receivables increased by ¥4,961 million, merchandise by ¥6,165 million and short-term borrowings by ¥7,482 million, with the expansion of working capital needs and external financing reflected in quarter-end balances. - FY2022-Q3WorsenedAnnual report
「Total assets at the end of the nine-month period decreased by ¥12,543 million from the end of the previous fiscal year to ¥72,059 million. This was mainly due to a decrease of ¥16,120 million in cash and deposits and an increase of ¥4,184 million in merchandise.」
Cash and deposits decreased by ¥16,120 million, while merchandise increased by ¥4,184 million, indicating continued changes in the asset mix reflecting the working capital burden. - FY2022-Q2WorsenedAnnual report
「Cash flows from operating activities for the six-month period were an outflow of ¥1,628 million, as outflows mainly from increases in trade receivables and inventories exceeded inflows mainly from a decrease in consumption tax receivables. Outflows decreased by ¥2,343 million from the six-month period of the previous fiscal year.」
Cash flows from operating activities were an outflow of ¥1,628 million due to increases in trade receivables and inventories. Short-term borrowings also increased by ¥1,709 million, indicating continued working capital needs and external financing. - FY2022-Q1Coexistence of increased inventories and decreased receivables and borrowingsAnnual report
「This was mainly due to a decrease of ¥2,961 million in consumption tax receivables, a decrease of ¥1,727 million in trade receivables, an increase of ¥2,214 million in merchandise and an increase of ¥952 million in cash and deposits. Liabilities at the end of the first quarter decreased by ¥917 million from the end of the previous fiscal year to ¥40,474 million. This was mainly due to decreases of ¥512 million in short-term borrowings and ¥170 million in trade payables.」
While trade receivables and short-term borrowings decreased, merchandise increased by ¥2,214 million. Items related to working capital needs moved in both contracting and expanding directions. - FY2021-Q3WorsenedAnnual report
「Total assets at the end of the nine-month period increased by ¥3,326 million from the end of the previous fiscal year to ¥76,985 million. This was mainly due to an increase of ¥9,150 million in trade receivables, a decrease of ¥3,216 million in merchandise and a decrease of ¥2,191 million in cash and deposits. Liabilities increased by ¥4,100 million from the end of the previous fiscal year to ¥35,730 million. This was mainly due to an increase of ¥4,373 million in short-term borrowings.」
Trade receivables increased by ¥9,150 million and short-term borrowings by ¥4,373 million, while cash and deposits decreased by ¥2,191 million. Working capital needs and external financing continued to expand. - FY2021-Q2WorsenedAnnual report
「Cash flows from operating activities for the six-month period were an outflow of ¥3,971 million, as outflows mainly from increases in trade receivables and decreases in trade payables exceeded inflows mainly from a decrease in consumption tax receivables.」
Trade receivables increased by ¥5,526 million from the end of the previous fiscal year, and short-term borrowings also increased by ¥4,840 million. Cash flows from operating activities turned from an inflow of ¥4,136 million in the same period of the previous fiscal year into an outflow of ¥3,971 million, and working capital needs and external financing expanded again. - FY2021-Q1Increase in inventories and short-term borrowingsAnnual report
「This was mainly due to a decrease of ¥3,048 million in consumption tax receivables, a decrease of ¥2,679 million in trade receivables, an increase of ¥2,013 million in merchandise, and an increase of ¥706 million in cash and deposits.」
While trade receivables decreased, merchandise increased by ¥2,013 million. Among liabilities, short-term borrowings increased by ¥700 million and trade payables decreased by ¥2,366 million. Items related to working capital needs moved in mixed directions, but the funding burden from inventory holdings and borrowings re-emerged. - FY2020MitigatedAnnual report
「Cash flows from operating activities for the fiscal year were an inflow of ¥12,069 million, as cash inflows mainly from a decrease in trade receivables exceeded outflows mainly from an increase in inventories, a decrease in trade payables and an increase in consumption tax receivables. Inflows increased by ¥3,007 million from the previous fiscal year.」
Trade receivables decreased by ¥18,994 million and short-term borrowings by ¥9,113 million, while cash flows from operating activities were an inflow of ¥12,069 million. The scale of working capital needs and external financing contracted from the end of the previous fiscal year. - FY2020-Q3MitigatedAnnual report
「Total assets at the end of the nine-month period decreased by ¥8,947 million from the end of the previous fiscal year to ¥79,314 million. This was mainly due to decreases of ¥7,266 million in trade receivables and ¥2,482 million in cash and deposits, and an increase of ¥667 million in consumption tax receivables. Liabilities at the end of the nine-month period decreased by ¥8,282 million from the end of the previous fiscal year to ¥37,267 million. This was mainly due to decreases of ¥5,666 million in trade payables, ¥2,298 million in short-term borrowings and ¥385 million in accrued corporate taxes.」
Trade receivables, trade payables and short-term borrowings decreased from the end of the previous fiscal year, reducing the scale of working capital needs and external financing. Cash and deposits also decreased by ¥2,482 million, however, so the disclosure does not indicate that the risk has disappeared. - FY2020-Q2MitigatedAnnual report
「This was mainly due to a decrease of ¥3,535 million in trade receivables, a decrease of ¥1,374 million in cash and deposits, a decrease of ¥712 million in merchandise, and a decrease of ¥688 million in consumption tax receivables. This was mainly due to a decrease of ¥4,658 million in short-term borrowings and a decrease of ¥536 million in trade payables.」
Trade receivables decreased by ¥3,535 million, merchandise by ¥712 million and short-term borrowings by ¥4,658 million. Cash flows from operating activities were an inflow of ¥4,136 million, and the scale of working capital needs and external financing contracted from the end of the previous fiscal year. - FY2020-Q1MitigatedAnnual report
「This was mainly due to a decrease of ¥10,497 million in trade receivables, a decrease of ¥1,806 million in consumption tax receivables, an increase of ¥1,135 million in cash and deposits, and an increase of ¥74 million in merchandise.」
Trade receivables decreased by ¥10,497 million, while short-term borrowings also decreased by ¥4,108 million. The scale of working capital needs arising from the timing gap between trade receivables and trade payables, and of external financing, has contracted from the end of the previous fiscal year. - FY2019MaterialisedAnnual report
「Cash flows from operating activities for the fiscal year were an inflow of ¥9,061 million, due to decreases in trade receivables and inventories and an increase in trade payables. Liabilities at the end of the fiscal year increased by ¥13,713 million from the end of the previous fiscal year to ¥45,549 million. This was mainly due to an increase of ¥10,256 million in short-term borrowings and an increase of ¥2,829 million in trade payables.」
Changes in trade receivables, inventories and trade payables, together with an increase in short-term borrowings, were reflected in the results. Cash flows from operating activities improved to an inflow of ¥9,061 million, but the financial structure of externally financing working capital needs continued. - FY2019-Q3MaterialisedAnnual report
「This was mainly due to an increase of ¥7,452 million in trade receivables, a decrease of ¥3,502 million in cash and deposits, a decrease of ¥950 million in consumption tax receivables, a decrease of ¥610 million in merchandise, and a decrease of ¥476 million in work in progress. This was mainly due to an increase of ¥16,512 million in short-term borrowings and an increase of ¥4,445 million in trade payables.」
Trade receivables increased by ¥7,452 million, while short-term borrowings also increased by ¥16,512 million. Working capital needs arising from the timing gap between trade receivables and trade payables, and external financing, continued to be reflected in the results. - FY2019-Q1MaterialisedAnnual report
「This was mainly due to an increase of ¥14,236 million in cash and deposits, an increase of ¥3,995 million in merchandise, a decrease of ¥8,181 million in trade receivables, and a decrease of ¥2,438 million in consumption tax receivables.」
Merchandise increased by ¥3,995 million in the first quarter. Short-term borrowings also increased by ¥7,154 million, indicating that working capital needs arising from the timing gap between trade receivables and trade payables continued. - FY2018MaterialisedAnnual report
「Cash flows from operating activities for the fiscal year were an outflow of ¥1,996 million, as expenditures mainly due to an increase in inventories exceeded cash inflows mainly due to a decrease in trade receivables.」
Cash flows from operating activities turned from an inflow of ¥5,068 million in the previous fiscal year into an outflow of ¥1,996 million, mainly due to an increase in inventories, demonstrating the actual working capital needs and cash outflows. - FY2016First statedAnnual report
「The Group’s payment period for trade payables is shorter than its collection period for trade receivables. As a result, increases in sales generate working capital needs, and the Group’s financial structure requires it to procure this working capital externally from financial institutions and other sources.」
The Group identifies as a risk its financial structure of covering working capital needs arising from business expansion through external financing.