キャッシュ・フローにおいては極力投資を抑制してきたが2023年3月期〜2024年3月期にかけては有益固定資産の取得などの先行投資を実行し、投資キャッシュ・フローは貸付金回収などで補えず増加した。一方で収益が厳しいため営業キャッシュ・フローが増えず、前期末からのキャッシュの流出は2,074百万円となった。また有利子負債残高は27,315百万円で前期末比1,586百万円増加し、D/Eレシオも1.88と悪化、バランスシート改善には時間を要すると見られる。Performance trend of Toda Kogyo <4100>
4. Financial Condition
Recorded 6 net losses in the past 10 periods until the year ending March 2022, and the self-capital ratio decreased from 46.5% at the end of the year ending March 2015 to 19.5% at the end of the year ending March 2021. However, the company achieved its highest net profit for the year ended March 2022, and the self-capital ratio improved to 24.2% at the end of the year ended March 2022 and 30.5% at the end of the year ended March 2023, but it dropped again to 25.8% for the year ending March 2024 due to the net loss attributable to parent company shareholders of 3,581 million yen.
Although investment has been suppressed as much as possible in cash flow, forward investment such as the acquisition of useful fixed assets was implemented from the year ending March 2023 to the year ending March 2024, and investment cash flow increased without being compensated by loan collection, etc. On the other hand, due to the difficult profitability, operating cash flow did not increase, and the outflow of cash from the previous period was 2,074 million yen. In addition, the balance of interest-bearing debt was 273.15 billion yen, an increase of 158.6 billion yen from the previous period-end, and the D/E ratio also deteriorated to 1.88, indicating that it will take time to improve the balance sheet.
(Written by FISCO Guest Analyst Hiroshi Okamoto)
