Interest-Rate Risk on Borrowings
First written in FY2017. 3 of 5 entries say "Restated". Latest entry: FY2021.
The whole theme swung hardest in 2025: 31 of 96 companies on the "Worse" side.
80 other companies' latest entry also says "Restated".
- FY2021RestatedAnnual report
「Most of these borrowings carry variable interest rates and are exposed to the risk of interest rate fluctuations. However, in light of the current borrowing balance and interest rate market conditions, the Company has not implemented hedging through derivatives transactions, such as interest rate swaps.」
Continues to describe the risk of rising interest rates on variable-rate borrowings, the absence of interest rate hedging, concentration among lenders and insufficient diversity in financing methods. - FY2020RestatedAnnual report
「In addition, the Group's bank borrowings are concentrated among specific financial institutions, resulting in limited diversity in its sources of financing.」
Continues to describe the risk of rising interest rates on variable-rate borrowings, the absence of interest rate hedging, concentration among lenders and insufficient diversity in financing methods. - FY2019RestatedAnnual report
「In addition, the Group's bank borrowings are concentrated among specific financial institutions, resulting in limited diversity in its sources of financing.」
Continues to describe the risk of rising interest rates on variable-rate borrowings, the absence of interest rate hedging, concentration among lenders and insufficient diversity in financing methods. - FY2018WorsenedAnnual report
「In addition, the Group's bank borrowings are concentrated among specific financial institutions, resulting in limited diversity in its sources of financing.」
In addition to the risk of rising interest rates on variable-rate borrowings, the Company explicitly describes concentration among lenders and insufficient diversity in its financing methods. Interest-bearing debt also increased in connection with the acquisition of treasury shares. - FY2017First statedAnnual report
「Most of these borrowings carry variable interest rates and are exposed to the risk of interest rate fluctuations. However, in light of the current borrowing balance and interest rate market conditions, the Company has not implemented hedging through derivatives transactions, such as interest rate swaps.」
Describes the interest rate fluctuation risk associated with variable-rate borrowings and states that no hedging through interest rate swaps or similar instruments has been implemented.