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ベルトラ Research Memo(5):営業CFは大幅に改善、第三者割当増資を受け自己資本比率も改善

Veru inc Research Memo (5): Operating cash flow has significantly improved, and the equity ratio has also improved due to third-party allocation of new shares.

Fisco Japan ·  Oct 17, 2024 04:35

Performance Trends of Veru Inc <7048>

2. Financial condition and performance indicators.

Cash flow from operating activities in the second quarter of the fiscal year ending December 2024 amounted to an income of 696 million yen. The main reasons for the increase were depreciation expenses of 79 million yen, an increase in trade payables of 127 million yen, and an increase in prepaid income of 995 million yen, while the main reasons for the decrease were an increase in accounts receivable of 410 million yen and an intermediate net loss before tax and adjustments of 285 million yen. Cash flow from investment activities resulted in an expenditure of 233 million yen, mainly due to spending of 217 million yen on acquisitions of fixed assets. Cash flow from financing activities amounted to an income of 1,881 million yen, mainly due to income of 1,372 million yen from non-controlling interests' contributions and an income of 508 million yen from issuing stocks. As a result, the cash and cash equivalents balance at the end of the interim period increased by 2,452 million yen compared to the previous period to 6,148 million yen. Despite the significant deterioration in cash flow since the fiscal year ending December 2020 due to the impact of the COVID-19 pandemic, cash has accumulated significantly, as operating cash flow has improved significantly amid the gradual recovery in travel demand, along with the execution of fundraising through third-party allocated capital increase.

Cash flow from operating activities in the second quarter of the fiscal year ending December 2024 amounted to an income of 696 million yen. The main reasons for the increase were depreciation expenses of 79 million yen, an increase in trade payables of 127 million yen, and an increase in prepaid income of 995 million yen, while the main reasons for the decrease were an increase in accounts receivable of 410 million yen and an intermediate net loss before tax of 285 million yen. Cash flow from investment activities resulted in an expenditure of 233 million yen, mainly due to spending of 217 million yen on acquisitions of fixed assets. Cash flow from financing activities amounted to an income of 1,881 million yen, mainly due to income of 1,372 million yen from non-controlling interests' contributions and an income of 508 million yen from issuing stocks. As a result, the cash and cash equivalents balance at the end of the interim period increased by 2,452 million yen compared to the previous period to 6,148 million yen. Despite the significant deterioration in cash flow since the fiscal year ending December 2020 due to the impact of the COVID-19 pandemic, cash has accumulated significantly, as operating cash flow has improved significantly amid the gradual recovery in travel demand, along with the execution of fundraising through third-party allocated capital increase.

(Written by FISCO Guest Analyst Yoichiro Shimizu)

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