Deterioration in operating cash flow due to increased inventory of real estate held for sale and increased borrowings
First written in FY2017-Q2. 19 of 31 entries say "Worsened", first in FY2017. Latest entry: 2026-11-12.
Grandy House moved to the "Worse" side of this theme in 2022, 1 year before the typical company in this theme (2023).
The whole theme swung hardest in 2022: 8 of 15 companies on the "Worse" side.
8 other companies' latest entry also says "Worsened".
- 2026-11-12WorsenedResults
「Cash used in operating activities was ¥494 million (compared with cash provided of ¥75 million in the same period of the previous year). Although interim profit before income taxes was generated, this was mainly due to cash outflows resulting from an increase in inventory associated with the acquisition of development sites and other factors.」
分譲用地取得等による棚卸資産増加を主因に、営業キャッシュ・フローが前年同期の増加から減少へ転じた。 - FY2027-H1WorsenedAnnual report
「Cash used in operating activities was ¥494 million (compared with cash provided of ¥75 million in the same period of the previous year). Although interim profit before income taxes was generated, this was mainly due to cash outflows resulting from an increase in inventory associated with the acquisition of development sites and other factors.」
The increase in inventory from the acquisition of development sites and other factors caused operating cash flow to deteriorate from cash provided of ¥75 million in the same period of the previous year to cash used of ¥494 million. - 2026-08-10WorsenedResults
「主な要因は、不動産販売セグメントにおいて棚卸資産が増加したことによるものです。」
棚卸資産が増加し、総資産が前期末比14億5百万円増加した。 - FY2026MitigatedAnnual report
「Cash provided by operating activities was ¥1,812 million (compared with ¥8,637 million in the previous fiscal year). This was mainly due to the recognition of profit before income taxes and a decrease in inventory as inventory sales progressed.」
Inventory declined as inventory sales progressed, and operating cash flow remained positive at ¥1,812 million. The improvement in the inventory burden continued, although the increase was smaller than in the previous fiscal year. - FY2025MitigatedAnnual report
「Cash provided by operating activities was ¥8,637 million (compared with cash used of ¥2,223 million in the previous fiscal year). This was mainly due to a decrease in inventory as inventory sales progressed.」
Inventory declined as inventory sales progressed, improving operating cash flow from cash used of ¥2,223 million in the previous fiscal year to cash provided of ¥8,637 million. - FY2025-H1MitigatedAnnual report
「Cash provided by operating activities was ¥3,983 million (compared with cash used of ¥3,425 million in the same period of the previous year), a substantial improvement. This was mainly due to a decrease in inventory as inventory sales progressed.」
Inventory declined as inventory sales progressed, improving operating cash flow from cash used in the same period of the previous year to cash provided of ¥3,983 million. The funding risk associated with the inventory burden eased during the current interim period. - FY2024-Q2WorsenedAnnual report
「Cash used in operating activities was ¥3,425 million (compared with ¥1,697 million used in the same period of the previous year). This was mainly because the generation of profit before income taxes was offset by an increase in inventory resulting from the acquisition of development sites and other factors.」
The increase in inventory from the acquisition of development sites and other factors expanded cash used in operating activities from ¥1,697 million in the same period of the previous year to ¥3,425 million. - FY2024-Q1WorsenedAnnual report
「At the end of the first quarter of the current consolidated fiscal year, consolidated total assets increased by ¥3,227 million from the end of the previous consolidated fiscal year to ¥75,873 million. The main factor was an increase in inventory due to the acquisition of development sites and other factors accompanying the expansion of the geographical scope of the real estate sales business. Liabilities increased by ¥4,048 million to ¥50,497 million, mainly due to an increase in interest-bearing liabilities associated with the acquisition of development sites and other factors.」
The acquisition of development sites increased inventory, while total assets increased by ¥3,227 million and liabilities by ¥4,048 million. The funding burden associated with inventory acquisitions is expanding through higher interest-bearing liabilities. - FY2023WorsenedAnnual report
「Cash used in operating activities was ¥8,845 million (compared with ¥444 million used in the previous fiscal year). Although profit before income taxes was generated, the main factor was the use of cash resulting from an increase in inventory due to the acquisition of development sites and other factors.」
The amount of cash used in operating activities increased to ¥8,845 million, mainly due to the increase in inventory from the acquisition of development sites and other factors. - FY2023-Q3WorsenedAnnual report
「At the end of the third quarter of the current consolidated fiscal year, consolidated total assets increased by ¥8,380 million from the end of the previous consolidated fiscal year to ¥69,282 million. The main factor was an increase in inventory and property, plant and equipment resulting from the acquisition of development sites accompanying the expansion of the geographical scope of the real estate sales business and the acquisition of rental properties with potential future conversion into development sites in mind.」
The acquisition of development sites and rental properties considered for future conversion increased inventory and property, plant and equipment, and total assets increased by ¥8,380 million from the end of the previous fiscal year. - FY2023-Q2WorsenedAnnual report
「Cash used in operating activities was ¥1,697 million (compared with cash provided of ¥791 million in the same period of the previous year). This was mainly because the generation of profit before income taxes was offset by an increase in inventory resulting from the acquisition of development sites and other factors.」
Operating cash flow was negative ¥1,697 million, mainly due to the increase in inventory from the acquisition of development sites and other factors, deteriorating from the increase recorded in the same period of the previous year. - FY2023-Q1WorsenedAnnual report
「At the end of the first quarter of the current consolidated fiscal year, consolidated total assets increased by ¥1,409 million from the end of the previous consolidated fiscal year to ¥62,311 million. The main factor was an increase in inventory due to the acquisition of development sites accompanying the expansion of the geographical scope of the real estate sales business and other factors. Liabilities increased by ¥1,546 million from the end of the previous consolidated fiscal year to ¥37,788 million. The main factor was an increase in borrowings associated with the acquisition of the aforementioned development sites and other factors.」
Inventory increased due to the acquisition of development sites, and liabilities also increased by ¥1,546 million through higher borrowings. The funding burden associated with inventory acquisitions is increasing again. - FY2022WorsenedAnnual report
「Cash used in operating activities was ¥444 million (compared with cash provided of ¥3,481 million in the previous fiscal year). This was mainly because the generation of profit before income taxes was offset by an increase in inventory and the payment of corporate income taxes.」
The increase in inventory caused operating cash flow to turn from cash provided of ¥3,481 million in the previous fiscal year to cash used of ¥444 million, bringing the inventory burden into the reported results. - FY2022-Q3Inventory growth and debt repayment occurring concurrentlyAnnual report
「At the end of the third quarter of the current consolidated fiscal year, consolidated total assets increased by ¥1,938 million from the end of the previous consolidated fiscal year to ¥60,008 million. The main factor was an increase in inventory due to the acquisition of development sites accompanying the expansion of the geographical scope of the real estate sales business, despite a decrease in cash and deposits resulting from the repayment of borrowings and other items.」
While inventory continued to increase due to the acquisition of development sites, repayment of borrowings also progressed. Liabilities increased only slightly, by ¥557 million from the end of the previous fiscal year. - FY2022-Q2MitigatedAnnual report
「At the end of the second quarter of the current consolidated fiscal year, consolidated total assets decreased by ¥445 million from the end of the previous consolidated fiscal year to ¥57,625 million. Although inventory increased due to the acquisition of development sites accompanying the expansion of the geographical scope of the real estate sales business, the main factor was a decrease in cash and deposits resulting from the repayment of borrowings and other items. Liabilities decreased by ¥1,149 million to ¥33,760 million, mainly due to the repayment of borrowings and other items.」
Although inventory increased due to the acquisition of development sites, liabilities decreased by ¥1,149 million as borrowings were repaid, reducing the funding burden associated with expanding inventory. - FY2022-Q1MitigatedAnnual report
「At the end of the first quarter of the current consolidated fiscal year, consolidated total assets decreased by ¥886 million from the end of the previous consolidated fiscal year to ¥57,184 million. Although inventory increased due to the acquisition of development sites accompanying the expansion of the geographical scope of the real estate sales business, the main factor was a decrease in cash and deposits resulting from the repayment of borrowings and other items. Liabilities decreased by ¥804 million to ¥34,106 million, mainly due to the repayment of borrowings and other items.」
Although inventory increased due to the acquisition of development sites, liabilities decreased by ¥804 million as borrowings were repaid. The borrowing burden associated with the inventory increase has declined from the end of the previous fiscal year. - FY2021-Q3WorsenedAnnual report
「At the end of the third quarter of the current consolidated fiscal year, consolidated total assets increased by ¥2,520 million from the end of the previous consolidated fiscal year to ¥58,506 million. The main factors were the acquisition of development sites accompanying the expansion of the geographical scope of the real estate sales business and an increase in cash and deposits to secure liquidity on hand against future uncertainty arising from the spread of COVID-19 and other factors. Liabilities increased by ¥2,429 million to ¥36,272 million. The main factor was an increase in borrowings associated with the acquisition of development sites and the securing of liquidity on hand.」
The acquisition of development sites and the securing of liquidity on hand increased assets by ¥2,520 million and liabilities by ¥2,429 million, and the funding burden from borrowings continued. - FY2021-Q2WorsenedAnnual report
「At the end of the second quarter of the current consolidated fiscal year, consolidated total assets increased by ¥2,854 million from the end of the previous consolidated fiscal year to ¥58,840 million. The main factors were the acquisition of development sites accompanying the expansion of the geographical scope of the real estate sales business and an increase in cash and deposits to secure liquidity on hand. Liabilities increased by ¥3,190 million to ¥37,033 million. The main factors were increases in short-term borrowings associated with the acquisition of development sites and the securing of liquidity on hand.」
The acquisition of development sites and the securing of liquidity on hand increased assets by ¥2,854 million and liabilities by ¥3,190 million, while short-term borrowings also increased. - FY2021-Q1WorsenedAnnual report
「At the end of the first quarter of the current consolidated fiscal year, consolidated total assets increased by ¥4,401 million from the end of the previous consolidated fiscal year to ¥60,387 million. The main factors were the acquisition of development sites accompanying the expansion of the geographical scope of the real estate sales business and an increase in deposits to secure liquidity on hand. Liabilities increased by ¥5,162 million to ¥39,005 million. The main factors were increases in short-term borrowings associated with the acquisition of development sites and the securing of liquidity on hand.」
The acquisition of development sites and the securing of liquidity on hand increased assets by ¥4,401 million, while liabilities increased by ¥5,162 million due mainly to higher short-term borrowings. The funding burden associated with inventory and liquidity reserves increased. - FY2020WorsenedAnnual report
「Cash used in operating activities was ¥2,546 million (compared with cash provided of ¥3,042 million in the previous fiscal year). This was mainly due to an increase in inventory resulting from the acquisition of large development sites and other factors.」
Inventory increased due to the acquisition of large development sites and other factors, resulting in cash used in operating activities of ¥2,546 million. - FY2020-Q3WorsenedAnnual report
「At the end of the third quarter of the current consolidated fiscal year, consolidated total assets increased by ¥9,345 million from the end of the previous consolidated fiscal year to ¥56,210 million. This included an increase from the transfer of the assets of 2 companies that became subsidiaries, an increase in current assets from the acquisition of large development sites as the company worked to expand its real estate sales business, and an increase in non-current assets, including goodwill arising from the acquisition of shares in the 2 companies. Liabilities increased by ¥8,768 million to ¥34,508 million, reflecting the transfer of liabilities from the 2 companies that became subsidiaries and financing through borrowings for the acquisition of the aforementioned development sites and shares in the 2 companies.」
The acquisition of large development sites and the conversion of 2 companies into subsidiaries increased assets by ¥9,345 million and liabilities by ¥8,768 million, further increasing the funding burden associated with expanding inventory and acquisitions. - FY2020-Q2WorsenedAnnual report
「At the end of the second quarter of the current consolidated fiscal year, consolidated total assets increased by ¥7,776 million from the end of the previous consolidated fiscal year to ¥54,641 million. This reflected an increase in current assets from the acquisition of large development sites and an increase in non-current assets, including goodwill arising from the acquisition of shares in 2 companies that became subsidiaries. Liabilities increased by ¥7,411 million to ¥33,152 million, mainly because the acquisition of the aforementioned development sites and the shares in the 2 companies that became subsidiaries was financed through borrowings.」
The acquisition of large development sites and shares in 2 companies that became subsidiaries increased assets by ¥7,776 million and liabilities by ¥7,411 million. The funding burden associated with expanding inventory and acquisitions increased substantially. - FY2020-Q1WorsenedAnnual report
「At the end of the first quarter of the current consolidated fiscal year, consolidated total assets increased by ¥2,088 million from the end of the previous consolidated fiscal year to ¥48,953 million, as current assets increased mainly due to the acquisition of large development sites while the company worked to expand its real estate sales business. Liabilities increased by ¥2,188 million to ¥27,928 million, mainly because the acquisition of the aforementioned development sites was financed through short-term borrowings.」
The acquisition of large development sites increased current assets by ¥2,088 million, while liabilities increased by ¥2,188 million due to financing through short-term borrowings and other means. - FY2019-Q3MitigatedAnnual report
「In new-home sales, inventory decreased by ¥1,000 million from the end of the previous consolidated fiscal year to ¥46,280 million, mainly because sales of units scheduled for sale during the current period at large-scale residential developments progressed. Liabilities decreased by ¥1,932 million to ¥25,791 million, partly because the decline in inventory contained borrowing.」
Inventory declined as sales at large-scale residential developments progressed, and liabilities also decreased by ¥1,932 million from the end of the previous fiscal year as borrowing was contained. - FY2019-Q2MitigatedAnnual report
「While sales of units scheduled for sale during the current period at large-scale residential developments progressed, the company carefully selected acquisitions based on inventory levels thereafter. As a result, inventory decreased by ¥387 million from the previous consolidated fiscal year to ¥46,893 million. Liabilities decreased by ¥750 million from the end of the previous consolidated fiscal year to ¥26,974 million, partly because the decline in inventory contained borrowing.」
Careful selection of acquisitions reduced inventory by ¥387 million and also contained borrowing. Liabilities decreased by ¥750 million from the end of the previous fiscal year, further reducing the funding burden associated with expanding inventory. - FY2019-Q1MitigatedAnnual report
「In new-home sales, the company carefully selected acquisitions based on inventory levels, including units scheduled for sale during the current period at large-scale residential developments. As a result, the increase in inventory was contained, and inventory rose slightly by ¥318 million from the end of the previous consolidated fiscal year to ¥47,599 million. Liabilities also rose slightly, increasing by ¥498 million from the end of the previous consolidated fiscal year to ¥28,223 million, as the limited increase in inventory helped contain additional borrowing.」
Careful selection of acquisitions contained the increase in inventory, and borrowing was also restrained. The disclosure states that the funding burden associated with the inventory increase that had become apparent in the previous period was contained in the current quarter. - FY2018-Q2RestatedAnnual report
「Liabilities increased by ¥465 million from the end of the previous consolidated fiscal year to ¥28,026 million. The main factors were an increase in current liabilities resulting from the acquisition of property for sale financed through short-term borrowings and an increase in unpaid amounts for land and building construction work.」
The company continued to acquire property for sale using short-term borrowings, and liabilities increased by ¥465 million from the end of the previous fiscal year. - FY2018-Q1WorsenedAnnual report
「This was mainly due to an increase in current assets resulting from the acquisition of property for sale as the company worked to strengthen and expand its real estate sales business. Liabilities increased by ¥1,528 million from the end of the previous consolidated fiscal year to ¥29,089 million. The main factor was the financing of the acquisition of property for sale through short-term borrowings.」
The acquisition of property for sale increased current assets by ¥1,487 million and liabilities by ¥1,528 million, and financing through short-term borrowings also increased. - FY2017WorsenedAnnual report
「Cash used in operating activities was ¥2,885 million (compared with cash provided of ¥101 million in the previous fiscal year). The main factors were the generation of profit before income taxes and the increase in depreciation, offset by a ¥5,694 million increase in inventory and the payment of corporate income taxes. Cash provided by financing activities was ¥4,140 million (compared with ¥1,575 million in the previous fiscal year). The main factors were the payment of dividends to shareholders, offset by an increase in short-term borrowings as a source of financing in connection with the increase in inventory.」
Inventory increased by ¥5,694 million, resulting in cash used in operating activities of ¥2,885 million. Cash provided by financing activities was also ¥4,140 million, due to increased short-term borrowings associated with the increase in inventory. - FY2017-Q3RestatedAnnual report
「This was mainly due to an increase in cash and deposits and an increase in inventory resulting from the acquisition of property for sale and development, construction work and other activities. Liabilities increased by ¥4,286 million to ¥27,208 million. This was mainly due to an increase in short-term borrowings as inventory increased and other factors.」
The disclosure continues to cite increases in inventory from the acquisition, development and construction of property for sale, together with the resulting increase in short-term borrowings. - FY2017-Q2First statedAnnual report
「Inventory increased significantly (by ¥2,596 million) as the company worked to enhance its property-for-sale inventory both qualitatively and quantitatively, and it also paid corporate income taxes. Cash used in operating activities was ¥1,293 million (compared with ¥161 million in the same period of the previous year). The main factors were an increase in short-term borrowings due to higher inventory and other items.」
The disclosure states that increased inventory associated with expanding stock led to a decrease in cash flows from operating activities and an increase in short-term borrowings.