Passenger shipping business and subsidiary facing tight working capital
First written in FY2020. 3 of 4 entries say "Worsened", first in FY2021-Q2. Latest entry: FY2022.
No other company in this theme has enough history to compare yet.
- FY2022WorsenedAnnual report
「In the passenger shipping business, repeated requests for people to refrain from activities in response to the spread of COVID-19 disrupted cash flow. The company sold investment securities and shares in affiliates that it held and also obtained a ¥200 million loan from Japan Finance Corporation.」
The cash flow squeeze in the passenger shipping business required the sale of securities and other assets and a ¥200 million loan. The funding shortfall that continued from the previous fiscal year was not resolved and emerged as additional financing. - FY2021WorsenedAnnual report
「During the current fiscal year, the sightseeing boat operations at Yokohama Port within the passenger shipping business were forced to suffer a substantial decline in revenue as the business environment deteriorated due to the spread of COVID-19, resulting in a working capital shortfall. As its responsibility as the parent company to support recovery from the COVID-19 crisis, which could be described as an infectious disease disaster, the company purchased investment securities held by the business, assumed ¥300 million in emergency financing debt, and provided a total capital injection of ¥644 million. The car ferry operations also experienced a funding shortfall, as did the sightseeing boat operations described above, and the company purchased investment securities held by the business and provided ¥108 million in financial support.」
The cash flow squeeze in the passenger shipping-related business continued, and the Company provided ¥644 million in financial support to the sightseeing cruise division and an additional ¥108 million to the car ferry division. - FY2021-Q2WorsenedAnnual report
「Under current liabilities, notes and accounts payable decreased by ¥192 million. Working capital became insufficient due to a substantial decline in revenue in the passenger shipping business, and the company newly borrowed ¥300 million from a bank.」
Working capital became insufficient due to a substantial decline in revenue in the passenger shipping business, and the Company newly borrowed ¥300 million from a bank. The cash flow squeeze in the passenger shipping-related business disclosed in the previous fiscal year continued and emerged as additional financing. - FY2020MaterialisedAnnual report
「In the current fiscal year, the sightseeing cruise division at Yokohama Port, part of the passenger shipping business, was forced to absorb a substantial decline in revenue as the operating environment deteriorated due to typhoon damage and the spread of COVID-19, impairing working capital and creating an expected tightening of future cash flows. In the car ferry division, as a subsidiary faced a working capital squeeze at the fiscal year-end, the Company provided an emergency ¥200 million long-term loan.」
The disclosure describes an impairment of working capital in the passenger shipping business and a ¥200 million emergency loan to a car ferry subsidiary, indicating that cash flow risk in the passenger shipping-related business has materialized.