Reliance on Interest-Bearing Debt and Rising Interest Rates
First written in FY2024. 3 of 6 entries say "Worsened", first in FY2026. Latest entry: 2026-09-14.
itamiarts moved to the "Worse" side of this theme in 2026, 5 years after the typical company in this theme (2021).
The whole theme swung hardest in 2020: 63 of 142 companies on the "Worse" side.
83 other companies' latest entry also says "Worsened".
- 2026-09-14WorsenedFinancial results presentation
「(Equity ratio) 26.2% 23.0%」
The consolidated balance sheet shows the equity ratio declining from 26.2% to 23.0%, updating exposure to reliance on liabilities, including borrowings. - FY2027-H1WorsenedAnnual report
「The main factors behind the increase in current liabilities were increases of ¥300.000 million in short-term borrowings, ¥120.116 million in accounts payable, and ¥109.464 million in other payables. The main factor behind the increase in non-current liabilities was an increase of ¥183.331 million in long-term borrowings.」
Short-term and long-term borrowings increased from the end of the previous consolidated fiscal year, increasing exposure to dependence on interest-bearing debt and interest costs. - FY2026WorsenedAnnual report
「As of the end of the consolidated fiscal year, interest-bearing debt, including lease obligations, was ¥2,941.996 million, and the interest-bearing debt dependency ratio was 58.1%.」
Following consolidation, interest-bearing debt was ¥2,941.996 million and the dependency ratio was 58.1%, with both the balance and dependency ratio up from ¥2,049 million and 56.2%, respectively, on the previous year's non-consolidated basis. - FY2026-H1Updated borrowings after consolidationAnnual report
「The main components of current liabilities were short-term borrowings of ¥420.000 million, current maturities of long-term borrowings of ¥564.959 million, and other current liabilities of ¥533.427 million. The main component of non-current liabilities was long-term borrowings of ¥2,066.510 million.」
The interim consolidated balance sheet discloses balances for short-term borrowings, current maturities of long-term borrowings, and long-term borrowings. No simple comparison was made with interest-bearing debt on a non-consolidated basis at the end of the previous fiscal year because the scope of consolidation differs. - FY2025Higher balance and lower dependencyAnnual report
「As of the end of the fiscal year, interest-bearing debt, including lease obligations, was ¥2,049 million, and the interest-bearing debt dependency ratio was 56.2%.」
Interest-bearing debt increased from ¥1,712 million to ¥2,049 million, while the interest-bearing debt dependency ratio declined from 67.8% to 56.2%, resulting in mixed directions of change. - FY2024First statedAnnual report
「As of the end of the fiscal year, interest-bearing debt, including lease obligations, was ¥1,712 million, and the interest-bearing debt dependency ratio was 67.8%.」
The interest-bearing debt ratio remains high due to borrowings and other liabilities related to the Nanaichi factory, and increased costs when interest rates rise are identified as a risk.