High Dependence on Borrowings and Interest Rate Risk
First written in FY2016. 16 of 33 entries say "Worsened", first in FY2017. Latest entry: 2026-11-13.
Cedar. moved to the "Worse" side of this theme in 2020, 1 year before the typical company in this theme (2021).
The whole theme swung hardest in 2020: 66 of 142 companies on the "Worse" side.
94 other companies' latest entry also says "Worsened".
- FY2026MitigatedAnnual report
「Interest-bearing debt stood at ¥13,800 million as of the end of the fiscal year ended March 2026, with interest-bearing debt accounting for 70.0% of total assets, indicating a high level of reliance on borrowings.」
Interest-bearing debt declined from ¥14,472 million in the previous fiscal year to ¥13,800 million, while its ratio to total assets fell from 72.4% to 70.0%. Reliance on borrowings remained high, but declined further numerically. - 2026-05-14MitigatedResults
「負債につきましては、前連結会計年度末に比べて746百万円減少して17,760百万円となりました。これは主として、短期借入金が200百万円増加し、長期借入金（１年内返済予定の長期借入金を含む）が444百万円、長期リース債務が429百万円減少したことによるものであります。」
短期借入金は増加した一方、長期借入金・長期リース債務の減少により負債合計は減少し、借入金依存度に関する財務エクスポージャーの低減を示した。 - FY2026-H1MitigatedAnnual report
「Liabilities decreased by ¥70 million from the end of the previous consolidated fiscal year to ¥18,436 million. This was mainly attributable to increases of ¥100 million in short-term borrowings, ¥38 million in the provision for bonuses, ¥51 million in deposits received included in other liabilities, and ¥38 million in liabilities related to retirement benefits, partly offset by decreases of ¥214 million in long-term borrowings, including the current portion, and ¥114 million in lease liabilities.」
Short-term borrowings increased by ¥100 million, while long-term borrowings and lease liabilities declined, resulting in a ¥70 million decrease in total liabilities. The highly borrowing-dependent financial structure continued, but liability exposure declined during the interim period. - FY2025MitigatedAnnual report
「Interest-bearing debt stood at ¥14,472 million as of the end of the fiscal year ended March 2025, with interest-bearing debt accounting for 72.4% of total assets, indicating a high level of reliance on borrowings.」
Interest-bearing debt declined from ¥15,218 million at the end of the previous fiscal year to ¥14,472 million, while its ratio to total assets fell from 74.9% to 72.4%. Reliance on borrowings remained high, but declined numerically. - FY2025-H1MitigatedAnnual report
「Liabilities decreased by ¥726 million from the end of the previous consolidated fiscal year to ¥18,509 million. This was mainly attributable to increases of ¥30 million in the provision for bonuses and ¥33 million in liabilities related to retirement benefits, partly offset by decreases of ¥430 million in long-term borrowings, including the current portion, ¥30 million in income taxes payable, ¥79 million in accounts payable included in other current liabilities, and ¥107 million in lease liabilities.」
Long-term borrowings and lease liabilities declined from the end of the previous consolidated fiscal year, resulting in a ¥726 million decrease in total liabilities. The highly borrowing-dependent financial structure continued, but exposure declined during the interim period. - FY2024MitigatedAnnual report
「Interest-bearing debt stood at ¥15,218 million as of the end of the fiscal year ended March 2024, with interest-bearing debt accounting for 74.9% of total assets, indicating a high level of reliance on borrowings.」
Interest-bearing debt declined from ¥15,636 million at the end of the previous fiscal year to ¥15,218 million, while its ratio to total assets fell from 77.2% to 74.9%. Reliance on borrowings remained high, and the impact of a 0.1% increase in interest rates was estimated at approximately ¥10 million. - FY2024-Q3Higher short-term borrowings, lower long-term borrowings and lease liabilitiesAnnual report
「Liabilities increased by ¥24 million from the end of the previous consolidated fiscal year to ¥19,378 million. This was mainly attributable to increases of ¥153 million in short-term borrowings, ¥54 million in liabilities related to retirement benefits and ¥12 million in income taxes payable, partly offset by decreases of ¥180 million in the provision for bonuses, ¥160 million in long-term borrowings and ¥157 million in lease liabilities.」
Total liabilities increased by only ¥24 million from the end of the previous consolidated fiscal year. Short-term borrowings increased by ¥153 million, while long-term borrowings declined by ¥160 million and lease liabilities by ¥157 million, changing the borrowing and lease composition. - FY2024-Q2Higher long-term borrowings, lower lease liabilitiesAnnual report
「Liabilities increased by ¥177 million from the end of the previous consolidated fiscal year to ¥19,531 million. This was mainly attributable to increases of ¥38 million in long-term borrowings, ¥78 million in income taxes payable, ¥31 million in the provision for bonuses and ¥35 million in liabilities related to retirement benefits, partly offset by a ¥104 million decrease in lease liabilities.」
Total liabilities increased by ¥177 million. While long-term borrowings and related items increased, lease liabilities declined by ¥104 million, changing the borrowing and lease composition. - FY2024-Q1WorsenedAnnual report
「Liabilities increased by ¥698 million from the end of the previous consolidated fiscal year to ¥20,052 million. This was mainly attributable to increases of ¥340 million in short-term borrowings, ¥126 million in long-term borrowings and ¥71 million in income taxes payable, partly offset by decreases of ¥176 million in the provision for bonuses and ¥51 million in lease liabilities.」
Short-term borrowings increased by ¥340 million and long-term borrowings by ¥126 million from the end of the previous consolidated fiscal year, resulting in an increase in liabilities that exceeded the decrease in lease liabilities. This indicates expanded exposure within a highly borrowing-dependent financial structure. - FY2023Lower balance, continued high relianceAnnual report
「Interest-bearing debt stood at ¥15,636 million as of the end of the fiscal year ended March 2023, with interest-bearing debt accounting for 77.2% of total assets, indicating a high level of reliance on borrowings.」
Interest-bearing debt declined from ¥15,843 million at the end of the previous fiscal year to ¥15,636 million, but the ratio to total assets remained high at 77.2%, indicating continued reliance on borrowings. The impact of a 0.1% increase in interest rates was estimated at approximately ¥10 million. - FY2023-Q3WorsenedAnnual report
「Liabilities increased by ¥430 million from the end of the previous consolidated fiscal year to ¥19,734 million. This was mainly attributable to increases of ¥1,209 million in long-term borrowings and ¥40 million in liabilities related to retirement benefits, partly offset by decreases of ¥181 million in the provision for bonuses and ¥931 million in short-term borrowings.」
Short-term borrowings declined, while long-term borrowings increased by ¥1,209 million, resulting in a ¥430 million increase in total liabilities. Within a highly borrowing-dependent financial structure, exposure expanded mainly through long-term borrowings. - FY2023-Q2WorsenedAnnual report
「Liabilities increased by ¥275 million from the end of the previous consolidated fiscal year to ¥19,579 million. This was mainly attributable to increases of ¥924 million in long-term borrowings, ¥46 million in income taxes payable and ¥26 million in the provision for bonuses, partly offset by a ¥778 million decrease in short-term borrowings.」
Short-term borrowings declined by ¥778 million, while long-term borrowings increased by ¥924 million, resulting in a ¥275 million increase in total liabilities from the end of the previous consolidated fiscal year. Borrowing exposure expanded primarily on the long-term side. - FY2023-Q1WorsenedAnnual report
「This was mainly attributable to increases of ¥1,127 million in long-term borrowings and ¥78 million in income taxes payable, partly offset by decreases of ¥796 million in short-term borrowings and ¥177 million in the provision for bonuses.」
Short-term borrowings declined, while long-term borrowings increased by ¥1,127 million. Total interest-bearing debt increased from the end of the previous consolidated fiscal year, expanding borrowing exposure. - FY2022-Q3WorsenedAnnual report
「Short-term borrowings 4,129 4,430 Current portion of long-term borrowings 685 736 Long-term borrowings 4,268 5,004 Lease liabilities 5,475 5,349」
Short-term borrowings increased by ¥301 million and long-term borrowings by ¥736 million from the end of the previous consolidated fiscal year. Including the increase in the current portion of long-term borrowings, interest-bearing debt exposure has expanded. - FY2022-Q2WorsenedAnnual report
「Short-term borrowings 4,129 4,020 Current portion of long-term borrowings 685 700 Long-term borrowings 4,268 5,199 Lease liabilities 5,475 5,400」
Short-term borrowings declined from the end of the previous consolidated fiscal year, while long-term borrowings increased by ¥931 million. Total interest-bearing debt increased by approximately ¥762 million, expanding borrowing exposure. - FY2022-Q1WorsenedAnnual report
「Short-term borrowings 4,129 4,220 Current portion of long-term borrowings 685 676 Long-term borrowings 4,268 5,100 Lease liabilities 5,475 5,425」
Short-term borrowings increased by ¥91 million and long-term borrowings by ¥832 million from the end of the previous consolidated fiscal year. Total interest-bearing debt increased even after taking into account decreases in the current portion of long-term borrowings and lease liabilities. - FY2021Higher balance, lower relianceAnnual report
「Interest-bearing debt stood at ¥14,757 million as of the end of the fiscal year ended March 2021, with interest-bearing debt accounting for 75.5% of total assets, indicating a high level of reliance on borrowings.」
Interest-bearing debt increased from ¥14,376 million in the previous fiscal year, while its ratio to total assets declined from 78.5% to 75.5%. The company estimated the impact of a 0.1% increase in interest rates at approximately ¥9 million and also described measures to reduce reliance on borrowings by increasing equity capital. - FY2021-Q3WorsenedAnnual report
「Liabilities increased by ¥580 million from the end of the previous consolidated fiscal year to ¥17,494 million. This was mainly attributable to a ¥1,331 million increase in short-term borrowings, partly offset by decreases of ¥171 million in income taxes payable and ¥464 million in long-term borrowings.」
The company disclosed a ¥1,331 million increase in short-term borrowings from the end of the previous consolidated fiscal year, expanding borrowing exposure by more than the decrease in long-term borrowings. - FY2021-Q2WorsenedAnnual report
「Short-term borrowings 3,005 3,789 Current portion of long-term borrowings 737 681 Long-term borrowings 4,223 3,893 Lease obligations 5,650 5,553」
Compared with the end of the previous consolidated fiscal year, short-term borrowings increased from ¥3,005 million to ¥3,789 million, while long-term borrowings and lease obligations decreased. Including the portion due within 1 year, interest-bearing debt increased from ¥13,615 million to ¥13,916 million, expanding borrowing exposure. - FY2021-Q1WorsenedAnnual report
「Short-term borrowings 3,005 3,865 Long-term borrowings 4,223 4,055」
Short-term borrowings increased by ¥860 million from the end of the previous consolidated fiscal year, while long-term borrowings decreased by ¥168 million. Total interest-bearing debt, including the portion due within 1 year and lease obligations, also increased, strengthening reliance on short-term borrowings. - FY2020-Q3Increase in short-term borrowings and decrease in long-term borrowingsAnnual report
「The main factor was an increase of ¥385 million in short-term borrowings. The main factor was a decrease of ¥275 million in long-term borrowings.」
Compared with the end of the previous consolidated fiscal year, short-term borrowings increased by ¥385 million and long-term borrowings decreased by ¥275 million. The borrowing mix shifted toward short-term debt, while total interest-bearing debt was broadly flat. - FY2020-Q2MitigatedAnnual report
「The main factor was a decrease of ¥121 million in long-term borrowings.」
Short-term borrowings increased by ¥95 million, while long-term borrowings decreased by ¥121 million. Although interest-bearing debt, including short-term borrowings, long-term borrowings, and lease obligations, decreased from the end of the previous consolidated fiscal year, the highly borrowing-dependent financial structure continues. - FY2020-Q1WorsenedAnnual report
「The main factors were increases of ¥23 million in accounts payable and ¥465 million in short-term borrowings.」
At the end of the first quarter, short-term borrowings increased by ¥465 million and long-term borrowings also increased by ¥62 million. Borrowing exposure expanded from the end of the previous consolidated fiscal year. - FY2019WorsenedAnnual report
「Interest-bearing debt stood at ¥14,376.010 million as of the end of March 2019, and interest-bearing debt as a percentage of total assets was 78.5%, indicating a high level of reliance on borrowings.」
Interest-bearing debt increased from ¥14,142.428 million in the previous fiscal year, while its ratio to total assets rose from 78.3% to 78.5%. Interest expense was stated to equal 2.2% of sales. - FY2019-Q3Increase in short-term borrowings and decrease in long-term borrowingsAnnual report
「The main factor was an increase of ¥615 million in short-term borrowings.」
At the end of the third quarter, short-term borrowings increased by ¥615 million, while long-term borrowings decreased by ¥548.442 million. The borrowing mix shifted toward short-term debt, changing the company’s reliance on borrowings. - FY2019-Q2MitigatedAnnual report
「The main factor was a decrease of ¥394.368 million in long-term borrowings.」
At the end of the second quarter, long-term borrowings had decreased by ¥394.368 million from the end of the previous consolidated fiscal year. Although short-term borrowings increased by ¥45 million, total interest-bearing debt, including long-term borrowings and lease obligations, decreased from the end of the previous fiscal year. - FY2019-Q1WorsenedAnnual report
「The main factor was an increase of ¥715 million in short-term borrowings.」
The company disclosed that the increase in current liabilities at the end of the first quarter was attributable to a ¥715 million increase in short-term borrowings. Although long-term borrowings decreased by ¥182.814 million, borrowing exposure increased because of the rise in short-term borrowings. - FY2018MitigatedAnnual report
「Interest-bearing debt stood at ¥14,142.428 million as of the end of March 2018, and interest-bearing debt as a percentage of total assets was 78.3%, indicating a high level of reliance on borrowings.」
Interest-bearing debt decreased from ¥14,644.542 million in the previous fiscal year to ¥14,142.428 million, while the ratio to total assets declined from 81.2% to 78.3%. Reliance on borrowings was still described as high, but decreased on a numerical basis. - FY2017WorsenedAnnual report
「Interest-bearing debt stood at ¥14,644.542 million as of the end of March 2017, and interest-bearing debt as a percentage of total assets was 81.2%, indicating a high level of reliance on borrowings.」
Interest-bearing debt increased from ¥13,103.221 million in the previous fiscal year to ¥14,644.542 million, while the ratio to total assets rose from 80.5% to 81.2%. Reliance on borrowings increased further on a numerical basis. - FY2017-Q2RestatedAnnual report
「Cash used in financing activities amounted to ¥20.525 million. Major components included ¥1,400 million in repayments of short-term borrowings and ¥406.701 million in repayments of long-term borrowings as uses of cash, and ¥1,600 million in proceeds from short-term borrowings and ¥250 million in proceeds from long-term borrowings as sources of cash.」
The financing structure combining debt repayments with new borrowings continues. The company states that there were no material changes in its business and other risks. - FY2016First statedAnnual report
「Interest-bearing debt stood at ¥13,103.221 million as of the end of March 2016, and interest-bearing debt as a percentage of total assets was 80.5%, indicating a high level of reliance on borrowings.」
The company states that it finances the opening of new facilities through bank borrowings and other means, and that rising interest rates may put pressure on profit.