Reliance on Interest-Bearing Debt and Funding for the Real Estate Business
First written in FY2024. 8 of 10 entries say "Worsened", first in FY2026-H1. Latest entry: FY2026.
Cados 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".
- FY2026WorsenedAnnual report
「The main factors were increases of ¥194 million in current portion of long-term borrowings and ¥1,554 million in long-term borrowings, used to finance the acquisition of income-producing properties and the redemption at maturity of corporate bonds.」
In connection with the acquisition of income-producing properties, capital expenditures of ¥2,059 million, long-term borrowings of ¥1,900 million and short-term borrowings of ¥300 million were incurred. The equity ratio declined from 55.8% to 47.6%, further increasing reliance on interest-bearing debt. - FY2026-H1WorsenedAnnual report
「Short-term borrowings increased by ¥300 million due to borrowing for working capital, while bonds due for redemption within one year decreased by ¥500 million because of the maturity redemption of bonds. Long-term borrowings increased by ¥109 million mainly to finance the acquisition of income-producing properties and the maturity redemption of bonds.」
The Company redeemed ¥500 million in bonds, while short-term borrowings for working capital increased by ¥300 million and long-term borrowings related to the acquisition of income-producing properties and other purposes increased by ¥109 million. Borrowings increased from the end of the previous fiscal year, indicating renewed dependence on financing. - FY2025-H1MitigatedAnnual report
「While long-term borrowings decreased by ¥643 million, including early repayments, asset retirement obligations increased by ¥92 million due to the acquisition of income-producing properties.」
Interest-bearing debt declined as long-term borrowings were repaid. Cash used to repay long-term borrowings was ¥695 million, while cash and deposits decreased by ¥1,848 million due mainly to the acquisition of income-producing properties. - FY2024First statedAnnual report
「As of the end of the fiscal year, there were no short-term borrowings. Long-term borrowings were ¥2,091 million, including ¥500 million in bonds, representing 24.9% of total assets.」
The Company says it will secure financing capacity by diversifying financial institutions, soliciting financing for individual projects, and using direct financing through bonds.