| 指標 | 当期 | 前年同期 | YoY |
|---|---|---|---|
| 売上高 | ¥1965.2億 | ¥1897.6億 | +3.6% |
| 営業利益 | ¥-2.4億 | ¥-100.7億 | +97.6% |
| 税引前利益 | ¥347.0億 | ¥-101.2億 | +442.8% |
| 純利益 | ¥-9.0億 | ¥-64.5億 | +86.0% |
| ROE | -0.2% | -1.7% | - |
In 2026 FY Q1 results, Revenue was ¥1965.2億 (YoY +¥67.6億 +3.6%), Operating Loss was ¥2.4億 (YoY improvement +¥98.3億), Ordinary Loss was ¥3.8億 (YoY improvement +¥101.2億), and Quarterly Net Loss attributable to owners of the parent was ¥9.2億 (YoY improvement +¥55.3億 +86.0%). Revenue increased for the second consecutive period, driven by the OTC Business (+6.5%) and Foodservice Business (+14.7%). The operating loss narrowed substantially from ▲¥100.7億 in the prior year to ▲¥2.4億, almost eliminating the deficit. Gross margin was 44.5% (prior year 43.8%, +0.7pt) with successful price pass-through and mix improvement, while SG&A ratio improved to 45.9% (prior year 47.1%, ▲1.2pt) reflecting efficiency gains. A gain on sale of tangible fixed assets of ¥48.1億 (prior year ¥4.4億) temporarily boosted results, but aggregate segment profit improved to ▲¥26.8億 (prior year ▲¥65.0億), indicating improvement in underlying earnings. Final profit was a net loss after tax expense of ¥5.2億, but still a significant improvement from ▲¥64.5億 a year earlier.
[Revenue] Revenue of ¥1965.2億 (YoY +3.6%) represented a second consecutive period of top‑line growth. By segment, the OTC Business at ¥902.2億 (+6.5%) was the largest, accounting for 45.9% of the total, with price revisions and stronger promotions in sell‑through channels such as supermarkets, drugstores, and convenience stores contributing. Foodservice Business at ¥107.6億 (+14.7%) showed strong growth amid a recovery in dining out demand. Core Vending Business at ¥886.7億 (▲0.8%) remained roughly flat, with room to improve per‑machine profitability. Other revenue of ¥68.7億 (+9.3%) rose due to increased transactions with other bottlers. Gross profit was ¥874.0億 (prior year ¥831.0億, +5.2%), and gross margin improved to 44.5% (prior year 43.8%, +0.7pt), lifting profitability through price and mix improvements.
[Profitability] Operating loss of ¥2.4億 (prior year ▲¥100.7億, improvement of ¥98.3億) nearly closed the deficit. SG&A was ¥901.2億 (prior year ¥893.7億, +0.8%), growing less than revenue, and SG&A ratio improved to 45.9% (prior year 47.1%, ▲1.2pt) as efficiency progressed. Aggregate segment profit was ▲¥26.8億 (prior year ▲¥65.0億), with the OTC Business at ¥82.7億 (+25.6%), Vending Business at ¥16.1億 (significant improvement from ¥0.6億 in the prior year), and Foodservice Business at ¥9.4億 (▲11.5%) each improving/turning profitable, while Other (corporate expenses, etc.) remained a drag at ▲¥135.0億 (prior year ▲¥111.9億). A gain on sale of tangible fixed assets of ¥48.1億 (prior year ¥4.4億) materially reduced the operating loss but should be regarded as a one‑off. Ordinary loss was ¥3.8億 (prior year ▲¥101.2億); non‑operating items were small with financial income ¥0.9億 and financial expenses ¥2.3億. Profit before tax was a loss of ¥3.8億, yet income taxes of ¥5.2億 were recorded, producing an anomalous effective tax rate of ~103%. Ultimately, Quarterly Net Loss attributable to owners of the parent was ¥9.2億 (prior year ▲¥64.5億, improvement +86.0%). In conclusion, revenue growth and a narrowed operating loss mean the company is effectively in a revenue‑up, profit‑improvement phase (reduced deficit).
Vending Business: Revenue ¥886.7億 (▲0.8%), Operating Income ¥16.1億 (+154.5%), margin 1.8%. Significant improvement from ¥0.6億 in the prior year, returning to profitability. Slight revenue decline offset by cost efficiencies and per‑machine profit improvements. OTC Business: Revenue ¥902.2億 (+6.5%), Operating Income ¥82.7億 (+25.6%), margin 9.2%. Largest contributor to profits, driven by successful price pass‑through and stronger promotions in supermarkets, drugstores, and convenience stores. Foodservice Business: Revenue ¥107.6億 (+14.7%), Operating Income ¥9.4億 (▲11.5%), margin 8.8%. High revenue growth, but profit declined due to increased promotional costs. Other: Revenue ¥68.7億 (+9.3%), Operating Loss ▲¥135.0億 (expanded from ▲¥111.9億 prior year). Corporate and other expenses continue to weigh on profits and are the primary cause of the overall operating loss.
[Profitability] Operating margin ▲0.1% (prior year ▲5.3%, improvement +5.2pt), Net margin ▲0.5% (prior year ▲3.4%, improvement +2.9pt) — deficits narrowed substantially. Gross margin 44.5% (prior year 43.8%, +0.7pt) contributed by price pass‑through and mix improvement; SG&A ratio 45.9% (prior year 47.1%, ▲1.2pt) shows cost efficiency progress. Excluding the one‑time gain on sale of tangible fixed assets of ¥48.1億 (prior year ¥4.4億), aggregate segment profit is ▲¥26.8億 (prior year ▲¥65.0億), indicating improvement in underlying earnings. ROE ▲0.2% (prior year estimated around ▲2.4%) improved markedly as losses narrowed. [Cash Quality] Operating Cash Flow (OCF) ¥87.6億, a large increase from ¥3.4億 a year earlier. Depreciation of ¥80.9億 and decrease in trade receivables of ¥111.6億 were the main drivers, with an increase in trade payables of ¥27.3億 also contributing. OCF/Sales improved to 4.5%. [Investment Efficiency] Total asset turnover 0.288x (annualized 1.15x) roughly flat year‑on‑year. Days sales outstanding (DSO) is about 192 days (¥1032.9億 ÷ ¥1965.2億 × 365), and inventory days are about 248 days (¥739.5億 ÷ ¥1091.2億 × 365), both still high with room for efficiency gains. [Financial Soundness] Equity Ratio 54.1% (prior year 54.4%, ▲0.3pt) remains solid. Interest‑bearing debt (bonds and borrowings) was ¥1134.2億 (current ¥634.9億 + non‑current ¥499.3億); including lease liabilities of ¥202.1億, gross interest‑bearing debt was ¥1336.3億. Cash on hand was ¥707.2億, producing net debt of ¥629.1億; with shareholders’ equity of ¥3689.1億, net D/E ratio was 0.17x, indicating a healthy balance sheet. Current ratio was 122.1% (current assets ¥2605.0億 ÷ current liabilities ¥2134.1億), indicating no short‑term liquidity issues.
OCF was ¥87.6億 (prior year ¥3.4億), a substantial improvement. From a pre‑tax loss of ¥3.8億, adjustments included depreciation and amortization of ¥80.9億, gain on sale of tangible fixed assets ▲¥48.1億, decrease in trade receivables ¥111.6億, increase in inventories ▲¥23.3億, increase in trade payables ¥27.3億, increase in retirement benefit liabilities ¥5.5億, etc. Improved collection of receivables and increased payables bolstered working capital, partially offset by inventory build‑up. Investing Cash Flow was ▲¥9.6億 (prior year ▲¥94.8億); property, plant and equipment and intangible asset acquisitions were ¥101.9億, offset by proceeds from disposals of ¥92.0億, resulting in a small net outflow. Free Cash Flow was about ¥78億 positive. Financing Cash Flow was ▲¥134.1億 (prior year ▲¥150.4億), driven by repayment of borrowings ¥5.0億, lease liabilities repayment ¥17.0億, dividend payments ¥53.4億, and share buybacks ¥69.9億 (partially offset by disposal proceeds of ¥10.9億). Cash and cash equivalents were ¥707.2億 (year‑end prior year ¥763.3億, decrease ¥56.1億); dividends ¥53.4億 and share repurchases ¥69.9億 totaling ¥123.3億 exceeded FCF of ~¥78億, so part of returns were funded from cash on hand. OCF improvement has restored cash‑generating ability, but confirming sustainable cash generation excluding proceeds from asset disposals is the next focus.
This period included a gain on sale of tangible fixed assets of ¥48.1億 (prior year ¥4.4億), which materially contributed to narrowing the operating loss but should be treated as temporary. Non‑operating income ¥0.9億 (financial income) and non‑operating expenses ¥2.3億 (financial expenses) are minor relative to revenue, and equity‑method loss ▲¥0.1億 is limited. Against a pre‑tax loss of ¥3.8億, income taxes of ¥5.2億 were booked, yielding an anomalous effective tax rate of ~103%. With deferred tax assets of ¥403.7億 recorded, the tax burden coefficient is negative and depends on recoverability against future taxable income. OCF of ¥87.6億 far exceeded the net loss of ¥9.0億, indicating improved cash generation on an accrual basis. However, improvements were driven by a decrease in trade receivables of ¥111.6億 and an increase in trade payables of ¥27.3億; whether working capital improvements persist will affect the assessment of earnings quality. For assessing underlying earning power, focus should be on the trend in aggregate segment profit excluding asset sale gains: ▲¥26.8億 (prior year ▲¥65.0億).
Full Year plan: Revenue ¥9027.0億, Operating Income ¥360.0億, Net Income ¥226.0億. Q1 results: Revenue ¥1965.2億 (progress 21.8%), Operating Loss ¥2.4億 — revenue is slightly below a typical Q1 progress of 25%, and operating income is behind target. The plan assumes seasonality with back‑loaded demand for beverages, and relies on price and promotion measures from Q2 onward, compression of corporate expenses, and improved vending profitability. Full‑year dividend forecast is ¥35 per share; based on EPS forecast of ¥139.93, the payout ratio is approximately 25%, which is reasonable. No revisions to Q1 guidance. Achieving full‑year targets will require sustainable improvement in segment profits and working capital efficiency (inventory reduction), rather than reliance on one‑off gains from fixed asset sales.
Q1 dividend payments were ¥53.4億 (prior year ¥50.0億). As Q1 produced a net loss, payout ratio in Q1 is not meaningful on a per‑period basis, but on a full‑year basis, with EPS forecast ¥139.93 and dividend ¥35, the payout ratio is about 25% — a healthy range. Dividends of ¥53.4億 are covered by FCF of about ¥78億, but total shareholder returns including share buybacks of ¥69.9億 (with partial disposal proceeds ¥10.9億) resulted in total returns of approximately ¥123.3億, exceeding FCF and producing a Total Return Ratio of about 158%, which is relatively high. Cash on hand ¥707.2億 and Equity Ratio 54.1% indicate a solid financial base and limited near‑term concerns over dividend sustainability. However, to enhance the capacity for returns sustainably, the company should accumulate OCF without relying on fixed asset disposals and stabilize FCF through inventory reductions. Full‑year dividend forecast ¥35 (prior year ¥28, +25.0%) signals a dividend increase and a policy to strengthen shareholder returns alongside profit recovery.
Corporate and other fixed cost burden: Loss in Other segment of ¥135.0億 (expanded from ¥111.9億 prior year) is the main cause of the overall operating loss. Head office administrative and indirect costs remain heavy and offset improvement in operating segments. Profit sensitivity to demand fluctuations is high, so optimizing fixed costs is key to mid‑term earnings stability.
Weakness in inventory and receivables efficiency: Inventory days ~248 and receivables days ~192 are high and lock up working capital. Inventories of ¥739.5億 (prior year ¥716.2億, +3.3%) are on an increasing trend; delays in inventory optimization raise the risk of weaker capital efficiency and slower cash generation.
Instability of tax burden coefficient: Deferred tax assets of ¥403.7億 are recorded, and the effective tax rate is an anomalous ~103%. This structure depends on recoverability against future taxable income; delays in profit recognition or volatility in temporary differences could cause tax expenses to materially affect net income.
Profitability & Returns
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| 営業利益率 | -0.1% | – | – |
| 純利益率 | -0.5% | – | – |
Growth & Capital Efficiency
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| 売上高成長率（前年比） | 3.6% | – | – |
※Source: Company aggregation
Through price pass‑through and cost management, the operating deficit rapidly narrowed to ▲¥2.4億 and underlying earnings improved. The OTC Business led with ¥82.7億 of increased profits, and Vending turned profitable with ¥16.1億. The ¥48.1億 gain on sale of fixed assets is temporary; while caution is needed in interpreting sustained improvement, the trend in aggregate segment profit to ▲¥26.8億 (prior year ▲¥65.0億) suggests a structural recovery in earnings power.
OCF improved to ¥87.6億, aided by a decrease in trade receivables of ¥111.6億 and an increase in trade payables of ¥27.3億, improving working capital. Free Cash Flow of about ¥78億 covers dividends of ¥53.4億, but total returns of ¥123.3億 exceed FCF. Equity Ratio 54.1% and current ratio 122.1% show solid financial resilience, so dividend sustainability concerns are limited. The full‑year dividend forecast ¥35 (prior year ¥28, +25.0% increase) signals a policy to enhance shareholder returns.
Achieving full‑year operating income target of ¥360億 requires compression of corporate costs (Other segment loss of ¥135.0億), improvement in per‑machine profitability in Vending, and improvements in receivables and inventory efficiency. Q1 progress is 21.8% of revenue and operating income is behind plan, indicating back‑loaded expectations, but continued price/mix improvements and SG&A efficiency could restore ROE. There is significant scope to improve DSO of 192 days and inventory days of 248, and progress here will be central to stable future cash generation and enhancing return capacity.
This report is an earnings analysis automatically generated by AI based on XBRL financial statement data. It does not constitute a recommendation to invest in any specific security. Industry benchmarks are reference information compiled by the company based on public financial statements. Investment decisions are your responsibility; consult a professional advisor as needed.