Dependence on Interest-Bearing Debt and Interest-Rate Fluctuations
First written in FY2024. 3 of 5 entries say "Worsened", first in FY2025-H1. Latest entry: FY2026-H1.
Eucalia moved to the "Worse" side of this theme in 2025, 4 years after the typical company in this theme (2021).
The whole theme swung hardest in 2020: 64 of 143 companies on the "Worse" side.
85 other companies' latest entry also says "Worsened".
- FY2026-H1WorsenedAnnual report
「Current liabilities at the end of the current interim consolidated accounting period increased by ¥2,331,120 thousand from the end of the previous consolidated fiscal year to ¥14,890,436 thousand. This was mainly because short-term borrowings increased by ¥2,749,912 thousand, while the provision for bonuses decreased by ¥118,723 thousand.」
Short-term borrowings increased by ¥2,749,912 thousand. On a basis excluding lease obligations, balance-sheet interest-bearing debt rose from ¥22,526 million at FY2025-end to approximately ¥24,688 million at the interim period-end. - FY2025WorsenedAnnual report
「The Group's consolidated interest-bearing debt, excluding lease obligations, stood at ¥22,526 million as of the end of December 2025, and interest-bearing debt accounted for 34.6% of total assets.」
Interest-bearing debt increased from ¥20,193 million at the end of 2024 to ¥22,526 million, while the ratio increased from 33.6% to 34.6%. - 2026-03-04RestatedGeneral Meetings of Shareholders
「Our Group raises funds from financial institutions and other sources to provide comprehensive support services to affiliated medical corporations and operate nursing care facilities, and therefore tends to have a high interest-bearing debt ratio.」
The report reiterated its recognition of reliance on interest-bearing debt and exposure to interest rate fluctuations, as well as its policy of monitoring the equity ratio and the ratio of interest-bearing debt to EBITDA. - FY2025-H1WorsenedAnnual report
「This was mainly because long-term borrowings due for repayment within 1 year decreased by ¥2,015,336 thousand, accounts payable decreased by ¥547,474 thousand and income taxes payable decreased by ¥522,952 thousand, while short-term borrowings raised for working capital increased by ¥1,645,749 thousand.」
Short-term borrowings for working capital increased by ¥1,645,749 thousand, while long-term borrowings also increased by ¥1,514,944 thousand. Interest-bearing debt exposure expanded through growth investments and business expansion funded by borrowings. - FY2024First statedAnnual report
「The Group's consolidated interest-bearing debt, excluding lease obligations, stood at ¥20,193 million as of the end of December 2024, and interest-bearing debt accounted for 33.6% of total assets.」
Borrowings fund hospital real estate acquisitions, operating loans and M&A, exposing the Group to interest-rate movements.