Operating cash flow pressured by concentrated spending on aircraft returns and engine maintenance
First written in FY2024-Q2. 2 of 6 entries say "Mitigated", first in FY2025-H1. Latest entry: FY2026.
No other company in this theme has enough history to compare yet.
- FY2026WorsenedAnnual report
「As a result of this change, operating income, ordinary income, and income before income taxes for the fiscal year under review each decreased by ¥358 million.」
The method for estimating the provision for periodic maintenance was changed to reflect the latest contractual rates and the condition of each engine. As a result, operating income and other items decreased by ¥358 million. The balance of the provision for periodic maintenance also increased from ¥10,234 million to ¥12,509 million. - 2026-04-30OtherEarnings
「Cash flow from operating activities was a cash inflow of ¥1,559 million, compared with a cash inflow of ¥5,272 million in the previous fiscal year.」
Cash flow from operating activities remained positive but declined from the previous fiscal year. The company cites factors including an increase in the provision for periodic maintenance. - FY2026-H1Increase in Provision for Periodic Maintenance and Decline in Operating Cash FlowAnnual report
「Cash flow from operating activities was a cash inflow of ¥584 million, compared with a cash inflow of ¥3,269 million in the same period of the previous year. This was mainly attributable to an increase of ¥1,136 million in the provision for periodic maintenance, compared with a decrease of ¥355 million in the same period of the previous year, …」
The provision for periodic maintenance increased by ¥1,136 million, and cash flow from operating activities declined from ¥3,269 million in the same period of the previous year to ¥584 million. - FY2025MitigatedAnnual report
「As a result of regularly reviewing the provision for periodic maintenance, it was determined that part of the provision could be reversed, reducing the provision for periodic maintenance … Cash flow from operating activities was a cash inflow of ¥5,272 million, compared with a cash inflow of ¥529 million in the previous fiscal year.」
Regarding the impact of concentrated maintenance expenses, the provision for periodic maintenance decreased, and cash flow from operating activities improved from an inflow of ¥529 million to an inflow of ¥5,272 million. - FY2025-H1MitigatedAnnual report
「Although personnel expenses and aircraft-related costs increased, maintenance expenses and other costs decreased, resulting in operating expenses, comprising business expenses and selling, general and administrative expenses, of ¥20,561 million, down 0.7% year on year. Cash flow from operating activities was a cash inflow of ¥3,269 million, compared with a cash outflow of ¥2,577 million in the same period of the previous year.」
Maintenance expenses and other costs decreased, resulting in a 0.7% year-on-year decline in operating expenses. In addition, the ¥2,577 million cash outflow from operating activities recorded in the same period of the previous year turned into an inflow of ¥3,269 million. - FY2024-Q2First statedAnnual report
「Operating cash flow was a cash outflow of ¥2,577 million, compared with a cash inflow of ¥62 million in the same period of the previous year, mainly because return maintenance for aircraft approaching the end of their leases and maintenance on multiple engines were concentrated in the period.」
This is the first explicit disclosure that concentrated return maintenance following lease expiries and multiple engine overhauls resulted in a significant operating cash outflow.