負債合計は前期末比325百万円増加の3,023百万円となった。有利子負債が4百万円減少した一方で、未払法人税等が320百万円増加した。純資産は同300百万円増加の26,236百万円となった。配当金支出1,382百万円と自己株式取得1,000百万円（減少要因）があったものの、当期純利益2,508百万円の計上が増加要因となった。■Performance Trends for Step ＜9795＞
2. Financial Status and Management Indicators
Looking at the financial situation at the end of the 2024/9 fiscal year, total assets were 29260 million yen, an increase of 626 million yen from the end of the previous fiscal year. Looking at the main factors of change, cash and deposits decreased by 51 million yen in current assets, and prepaid expenses increased by 62 million yen. Also, in terms of fixed assets, tangible fixed assets decreased by 241 million yen, intangible fixed assets increased by 51 million yen, and investment securities increased by 601 million yen. Tangible fixed assets have continued to decline moderately, peaking at 16989 million yen at the end of the 2020/9 fiscal year. Previously, when land with a good location came out, there were cases where in-house properties were acquired and so capital investment amounts also increased, but the reason is that in Yokohama/Kawasaki city, which is the focus area for the past few years, land prices etc. are high and they are being developed as rental properties, and the capital investment amount has remained within the range of depreciation and amortization expenses.
Total liabilities were 3023 million yen, an increase of 325 million yen from the end of the previous fiscal year. While interest-bearing debt decreased by 4 million yen, unpaid corporate taxes, etc. increased by 320 million yen. Net assets increased by 300 million yen to 26236 million yen. Although there were dividend expenses of 1382 million yen and share repurchases of 1000 million yen (decreasing factors), the recording of net income of 2508 million yen was a factor of increase.
Looking at management indicators, the equity ratio continues to be at a high level of 89.7%, the interest-bearing debt ratio is 0.9%, virtually debt-free management, and net cash (cash and deposits - interest-bearing debt) is also abundant at 9433 million yen, so the financial details are judged to be good. Although net cash decreased by 46 million yen compared to the end of the previous fiscal year due to implementing dividend expenses and share acquisitions, there is a high possibility that capital investment amounts will be reduced since school buildings will continue to be developed mainly in the Yokohama/Kawasaki area, and the policy is to continue to redirect the accumulated cash to investing in human capital, improving educational environments, and strengthening shareholder returns.
(Author: FISCO Visiting Analyst Joe Sato)