Risk of Financing Constraints and Higher Funding Costs
First written in FY2016. 9 of 16 entries say "Worsened", first in FY2022. Latest entry: FY2026.
S.Ishimitsu& moved to the "Worse" side of this theme in 2022, 3 years before the typical company in this theme (2025).
The whole theme swung hardest in 2025: 12 of 50 companies on the "Worse" side.
23 other companies' latest entry also says "Mitigated".
- FY2026MitigatedAnnual report
「Interest-bearing debt accounted for 28.5% of total assets in the fiscal year ended March 2026 (interest-bearing debt, including lease obligations: ¥11,339 million / total assets: ¥39,844 million). The policy is to reduce this level through efforts to improve earnings power and management focused on cash flow.」
The interest-bearing debt ratio declined from 31.5% in the previous fiscal year to 28.5%, while the balance of interest-bearing debt declined from ¥12,374 million to ¥11,339 million. - 2026-05-14MitigatedEarnings
「Total liabilities decreased by ¥762 million from the end of the previous consolidated fiscal year to ¥24,567 million. The main factor was an ¥886 million decrease in borrowings.」
For the full fiscal year, dependence on financing, which had increased through the previous interim period, declined as both borrowings and total liabilities decreased. - FY2026-H1WorsenedAnnual report
「Total liabilities increased by ¥2,441 million from the end of the previous consolidated fiscal year to ¥27,771 million. The main factors were a ¥2,883 million increase in borrowings and a ¥724 million decrease in trade payables.」
Borrowings increased by ¥2,883 million, and total liabilities also increased from ¥24,? million to ¥27,771 million. Reliance on financing expanded during the interim period. - FY2025-H1WorsenedAnnual report
「Total liabilities increased by ¥208 million from the end of the previous consolidated fiscal year to ¥23,651 million. The main factors were a ¥1,314 million decrease in trade payables as the prior fiscal year-end holiday effect fell away, offset by a ¥1,791 million increase in borrowings.」
Borrowings increased by ¥1,791 million, exceeding the decrease in trade payables, and total liabilities also increased. This indicates that reliance on financing expanded during the interim period. - FY2024MitigatedAnnual report
「Interest-bearing debt accounted for 30.0% of total assets in the fiscal year ended March 2024 (interest-bearing debt, including lease obligations: ¥11,020 million / total assets: ¥36,682 million). The policy is to reduce this level through efforts to improve earnings power and management focused on cash flow.」
The interest-bearing debt ratio declined from 33.5% in the previous fiscal year to 30.0%, while the balance of interest-bearing debt declined from ¥12,132 million to ¥11,020 million. Against a backdrop of improved operating cash flow and lower borrowings, the company is moving toward reducing its reliance on financing. - FY2024-Q3WorsenedAnnual report
「Total liabilities increased by ¥2,616 million from the end of the previous consolidated fiscal year to ¥25,483 million. The main factors were a ¥1,412 million increase in trade payables due to the effect of the fiscal year-end holiday, a ¥410 million increase in borrowings and an increase in accounts payable included in other current liabilities.」
Total liabilities increased by ¥2,616 million from the end of the previous consolidated fiscal year, and borrowings also increased by ¥410 million. - FY2024-Q2WorsenedAnnual report
「Total liabilities increased by ¥2,365 million from the end of the previous consolidated fiscal year to ¥25,232 million. The main factors were a ¥998 million increase in trade payables due to the effect of the fiscal year-end holiday and a ¥709 million increase in borrowings.」
Total liabilities increased by ¥2,365 million from the end of the previous consolidated fiscal year, and borrowings also increased by ¥709 million. The change in balances indicates continued reliance on financing. - FY2024-Q1WorsenedAnnual report
「Total liabilities increased by ¥2,074 million from the end of the previous consolidated fiscal year to ¥24,941 million. The main factors were a ¥1,652 million increase in borrowings and an increase in accounts payable included in other current liabilities.」
Borrowings increased by ¥1,652 million from the end of the previous consolidated fiscal year, and total liabilities also increased by ¥2,074 million. Reliance on financing continues. - FY2023WorsenedAnnual report
「Interest-bearing debt accounted for 33.5% of total assets in the fiscal year ended March 2023 (interest-bearing debt, including lease obligations: ¥12,132 million / total assets: ¥36,174 million).」
The interest-bearing debt ratio rose from 28.9% in the previous fiscal year to 33.5%, while the balance of interest-bearing debt increased to ¥12,132 million. This indicates that the increase in working capital resulting from the weaker yen was financed through borrowings. - FY2023-Q3WorsenedAnnual report
「Total liabilities increased by ¥7,072 million from the end of the previous consolidated fiscal year to ¥25,165 million. The main factors were a ¥4,106 million increase in borrowings and a ¥2,232 million increase in trade payables due to the effect of the fiscal year-end holiday.」
Borrowings increased by ¥4,106 million, and total liabilities also increased by ¥7,072 million. This records the increased reliance on financing. - FY2023-Q2WorsenedAnnual report
「Total liabilities increased by ¥2,932 million from the end of the previous consolidated fiscal year to ¥21,025 million. The main factors were a ¥3,128 million increase in borrowings and a ¥683 million decrease in trade payables.」
Borrowings increased by ¥3,128 million, and total liabilities also increased by ¥2,932 million. This records the increased reliance on financing. - FY2023-Q1Increase in BorrowingsAnnual report
「Total liabilities increased by ¥1,483 million from the end of the previous consolidated fiscal year to ¥19,576 million. The main factors were an increase of ¥1,094 million in borrowings and an increase of ¥229 million in trade payables.」
It states that the main reason for the increase in liabilities at the end of the first quarter was a ¥1,094 million increase in borrowings. - FY2022WorsenedAnnual report
「Interest-bearing debt accounted for 28.9% of total assets in the fiscal year ended March 2022 (interest-bearing debt, including lease obligations: ¥8,945 million / total assets: ¥30,846 million).」
The interest-bearing debt ratio rose from 28.2% in the previous fiscal year to 28.9%, while the balance of interest-bearing debt increased from ¥7,667 million to ¥8,945 million. - FY2021MitigatedAnnual report
「Interest-bearing debt accounted for 28.2% of total assets in the fiscal year ended March 2021 (interest-bearing debt, including lease obligations: ¥7,667 million / total assets: ¥27,142 million). The policy is to reduce this level through efforts to improve earnings power and management focused on cash flow.」
The interest-bearing debt ratio declined from 32.7% in the fiscal year ended March 2019 to 28.2%, and the company indicated a policy of reducing it further by improving earnings power and focusing on cash flow. - FY2019RestatedAnnual report
「Interest-bearing debt accounted for 32.7% of total assets in the fiscal year ended March 2019 (interest-bearing debt, including lease obligations: ¥7,158 million / total assets: ¥21,922 million).」
It describes the risks of financing, rising interest rates and deteriorating creditworthiness, together with a specific interest-bearing debt ratio of 32.7% of total assets. - FY2016First statedAnnual report
「If financial markets become disrupted or views of our creditworthiness deteriorate significantly, financing may be constrained and higher financing costs or other factors may affect our Group's performance.」
This indicates constraints on funding and higher funding costs resulting from deterioration in financial markets and creditworthiness against a backdrop of reliance on bank borrowings and other debt.