Performance Trends of Miahera Holdings <7129>
2. Financial condition and performance indicators.
Looking at the financial situation at the end of March 2024, the total assets decreased by 326 million yen from the end of the previous period to 13,809 million yen. The main factors for increase and decrease were as follows: in current assets, trade receivables decreased by 294 million yen, while cash and deposits and notes receivable increased by 633 million yen and 84 million yen, respectively. In addition, in fixed assets, tangible fixed assets decreased by 566 million yen due to recognition of impairment losses, while goodwill decreased by 63 million yen and long-term prepaid expenses decreased by 29 million yen. On the other hand, the total liabilities decreased by 294 million yen from the end of the previous period to 10,503 million yen. Accounts payable increased by 242 million yen, trade payables increased by 125 million yen, and accrued expenses increased by 115 million yen, while interest-bearing liabilities decreased by 542 million yen. The total net assets decreased by 31 million yen to 3,306 million yen. Although net income for the current period of 5 million yen attributable to the parent company's shareholders was recorded, retained earnings decreased by 69 million yen due to the payment of 74 million yen in dividends.
On the other hand, the total liabilities decreased by 294 million yen from the end of the previous period to 10,503 million yen. Accounts payable increased by 242 million yen, trade payables increased by 125 million yen, and accrued expenses increased by 115 million yen, while interest-bearing liabilities decreased by 542 million yen. The total net assets decreased by 31 million yen to 3,306 million yen. Although net income for the current period of 5 million yen attributable to the parent company's shareholders was recorded, retained earnings decreased by 69 million yen due to the payment of 74 million yen in dividends.
Looking at the management indicators, the self-capital ratio increased from 23.6% at the end of the previous period to 23.9%, and the interest-bearing debt ratio decreased from 139.3% to 124.3%, indicating a slight improvement in financial structure. Due to the implementation of two M&A transactions until the fiscal year ending March 2022, interest-bearing debt, which had accumulated to 4,649 million yen, was reduced to 4,106 million yen. Going forward, we will continue to improve our financial structure through the enhancement of self-capital and the reduction of interest-bearing debt. On the other hand, although the operating profit margin of sales revenue increased for the first time in four periods to 1.7%, the level itself is low, and improving profitability is a management issue. Due to the deterioration in the profitability of the nursing care business due to the impact of COVID-19, unprofitable business offices were closed in the fiscal year ending March 2024. Going forward, we aim to improve profitability by developing the hospice business, improving operational efficiency through DX, and improving synergies through inter-business cooperation.
(Written by FISCO guest analyst, Jo Sato)