COMO CO.,LTD.
2224・Standard Market・Foods
Long-life bread manufacturing and sales business (single segment)
A single-segment company engaged in the manufacture and sale of long-life bread using panettone starter
| Period | Current | Previous | Change |
|---|---|---|---|
| Cash flow from operating activities | ¥436 million | ¥30 million | ↑ |
| Cash flow from investing activities | △¥235 million | △¥307 million | ↑ |
| Cash flow from financing activities | △¥159 million | △¥109 million | ↓ |
| Cash and cash equivalents at end of period | ¥313 million | ¥271 million | ↑ |
| Interest-bearing debt to cash flow ratio | 3.6 years | 54.3 years | ↑ |
| Interest coverage ratio | 27.6x | 2.5x | ↑ |
| Equity ratio | 45.2% | 43.2% | ↑ |
| Market-value-based equity ratio | 263.2% | 227.9% | ↑ |
| Income before income taxes | ¥117 million | ¥66 million | ↑ |
| Depreciation and amortization | ¥325 million | ¥316 million | ↑ |
Business Details
Comprised of Como Co., Ltd. and its consolidated subsidiary Como Support Co., Ltd. The company manufactures and sells long-life bread products (Danish, croissants, waffles, etc.) with a shelf life of 60-90 days, made using panettone starter (natural yeast). Major sales channels include consumer cooperatives (14.0% of sales), vending machine operators (12.3% of sales), and mass merchandisers. Como Support Co., Ltd. handles product storage, sorting, and delivery arrangement services on behalf of the company. The company operates exclusively domestically and does not export.
Recent Overview
An omission of ¥58 million in syndicated loan fees was discovered in the statement of cash flows in the financial results summary, leading to a correction
Regarding the financial results summary for FY2026 (ending March 2026) announced on May 11, 2026, an internal review conducted during the preparation of the annual securities report revealed an error in the statement of cash flows. A syndicated loan fee of ¥58 million had been omitted from both the addition to operating cash flow (subtotal) and the corresponding outflow recognized in financing cash flow. Following correction, operating cash flow was revised from ¥378 million to ¥436 million, and financing cash flow was revised from △¥101 million to △¥159 million. There was no change to the cash and cash equivalents balance at period end of ¥313 million. As a result, the interest-bearing debt to cash flow ratio improved from 4.1 years to 3.6 years, and the interest coverage ratio improved from 24.0x to 27.6x.
Key Products
Growth Drivers
- Steady sales trends through consumer cooperatives, vending machine operators, and convenience store channels
- New product development leveraging panettone starter characteristics (launch of NB and PB products such as Crescent Chocolat and Crescent White)
- Improved profit margins through more efficient production processes and reduced selling, general and administrative expenses
- Growth of the mainstay Croissant series, which achieved a 108.2% year-on-year increase in sales
- Continued development of new sales channels such as mass merchandisers
- Strengthened financial base through substantial improvement in operating cash flow (from ¥30 million to ¥436 million)
Risks
- Cost pressure from persistently high raw material costs, energy prices, labor costs, and logistics costs
- Suppressed demand due to heightened consumer cost-consciousness
- Risk of decreased sales due to discontinuation of certain products (Danish and Waffle series recorded year-on-year sales declines)
- Rising prices of imported raw materials due to U.S. protectionist trade policy and yen depreciation
- Interest rate rise risk amid outstanding interest-bearing debt
- Internal control issues in the financial reporting process, including the omission of syndicated loan fees (¥58 million) from recognition
- Significant divergence of ROE from the medium-term target of 10.0% (FY2027, ending March 2027)
Last updated: June 24, 2026