Liquidity Risk from Interest-Bearing Debt and Interest-Rate Movements
First written in FY2020. 11 of 23 entries say "Worsened", first in FY2021-Q1. Latest entry: 2026-10-30.
Tsukuruba moved to the "Worse" side of this theme in 2020, 2 years before the typical company in this theme (2022).
The whole theme swung hardest in 2017: 3 of 11 companies on the "Worse" side.
4 other companies' latest entry also says "Restated".
- 2026-10-30RestatedManagement planning
「不動産の仕入資金等、事業拡大に必要な資金を調達できなくなる、及び利息負担により利益率が悪化するリスク」
有利子負債への依存を主要リスクとして継続的に示し、仕入再販事業と仲介事業の組み合わせによる資金需要の調整を対応策としている。 - FY2026Decline in borrowings and explicit disclosure of financial covenantsAnnual report
「The Group primarily finances the purchase of real estate inventory and other needs through borrowings from financial institutions. If it is unable to secure sufficient financing in the future because of rapid changes in financial conditions, changes in the market environment or other factors, this could affect the Group’s business development and financial condition.」
Although total liabilities declined year on year due to repayments of long-term borrowings and other debt, the Company explicitly disclosed its reliance on borrowings to finance inventory purchases and the risk of loss of the benefit of time and lump-sum repayment if financial covenants are breached. - FY2026-H1WorsenedAnnual report
「Current liabilities increased by ¥817.659 million from the end of the previous consolidated fiscal year to ¥4,317.288 million. This was mainly due to increases of ¥867.390 million in short-term borrowings and ¥107.900 million in current maturities of long-term borrowings.」
Short-term borrowings increased by ¥867.390 million, and total liabilities also increased by ¥704.829 million from the end of the previous consolidated fiscal year. Exposure to interest-bearing debt and liquidity risk expanded again. In addition, a subsidiary entered into an overdraft facility subject to financial covenants. - FY2025-H1WorsenedAnnual report
「Current liabilities increased by ¥929.658 million from the end of the previous consolidated fiscal year to ¥2,637.091 million. This was mainly due to increases of ¥548.484 million in short-term borrowings and ¥374.829 million in current maturities of long-term borrowings. Non-current liabilities increased by ¥148.761 million from the end of the previous consolidated fiscal year to ¥862.675 million. This was mainly due to a ¥194.761 million increase in long-term borrowings, partly offset by a ¥46 million decrease in bonds.」
Due to increases in short-term borrowings, current maturities of long-term borrowings and long-term borrowings, total liabilities increased by ¥1,078.419 million from the end of the previous consolidated fiscal year. Exposure to interest-bearing debt and liquidity risk is expanding again. - FY2024WorsenedAnnual report
「The group finances its working capital through borrowings from financial institutions.」
The company recorded short-term borrowings of ¥927.916 million, current maturities of long-term borrowings of ¥340.068 million and long-term borrowings of ¥540.914 million, with financing through financing activities amounting to ¥954.278 million. It also disclosed risks relating to financial covenants, including overdraft facilities. - FY2024-Q3WorsenedAnnual report
「Current liabilities were ¥2,108.113 million, consisting mainly of short-term borrowings of ¥1,025.115 million, current maturities of bonds of ¥140 million and current maturities of long-term borrowings of ¥527.572 million.」
Short-term borrowings were ¥1,025.115 million and current maturities of long-term borrowings were ¥527.572 million, indicating an increase in interest-bearing debt from the previous disclosure. Non-current liabilities also included bonds of ¥173 million and long-term borrowings of ¥423.653 million, with exposure to liquidity and interest-rate fluctuation risk expanding again. - FY2024-Q2WorsenedAnnual report
「Cash provided by financing activities was ¥391.173 million. This was mainly due to a ¥372.688 million increase in short-term borrowings and ¥102.500 million in proceeds from long-term borrowings, among other factors.」
The company raised financing through a ¥372.688 million increase in short-term borrowings and ¥102.500 million in proceeds from long-term borrowings. The balance sheet also showed short-term borrowings of ¥445.688 million and long-term borrowings of ¥492.396 million, indicating that exposure to interest-bearing debt and liquidity risk is expanding again. - FY2023MitigatedAnnual report
「At the end of the fiscal year, non-current liabilities were ¥748.671 million, a decrease of ¥682.287 million from the end of the previous fiscal year. This was mainly due to a ¥700 million decrease in convertible bond-type bonds with share acquisition rights.」
Following the purchase and cancellation of ¥700 million in convertible bond-type bonds with share acquisition rights, non-current liabilities declined substantially. Exposure to interest-bearing debt and liquidity risk has been partially reduced. - FY2023-Q3MitigatedAnnual report
「At the end of the third quarter, total liabilities were ¥1,532.382 million, a decrease of ¥436.852 million from the end of the previous fiscal year. This was mainly due to a ¥700 million decrease in convertible bond-type bonds with share acquisition rights, partly offset by increases of ¥170.244 million in short-term borrowings and ¥79.598 million in provision for bonuses, among other factors.」
The ¥700 million balance of convertible bond-type bonds with share acquisition rights was eliminated, and total liabilities also declined by ¥436.852 million from the end of the previous fiscal year. Exposure to interest-bearing debt and liquidity risk has been partially reduced. - FY2023-Q2MitigatedAnnual report
「This was mainly due to a ¥217.244 million increase in short-term borrowings, offset by decreases of ¥44.900 million in accounts payable and ¥700 million in convertible bond-type bonds with share acquisition rights, among other factors.」
Following the purchase and cancellation of ¥700 million in convertible bond-type bonds with share acquisition rights, the balance on the balance sheet fell to zero. Total liabilities also declined by ¥550.725 million from the end of the previous fiscal year, reducing exposure to interest-bearing debt. - FY2023-Q1MitigatedAnnual report
「As the Class A shares described as a condition for this purchase and cancellation were issued, pursuant to the issuance of class shares through a third-party allotment and partial amendments to the Articles of Incorporation, the purchase and cancellation was carried out on 16 November 2022.」
The ¥700 million first series of unsecured convertible bond-type bonds with share acquisition rights was purchased and cancelled on 16 November 2022, subject to the issuance of Class A shares. Exposure to interest-bearing debt was partially reduced in practice. - FY2022-Q3MitigatedAnnual report
「At the end of the third quarter, total liabilities were ¥1,979.127 million, a decrease of ¥178.959 million from the end of the previous fiscal year. This was mainly due to a ¥295.283 million decrease in long-term borrowings, among other factors.」
Total liabilities and long-term borrowings declined from the end of the previous fiscal year, partially reducing exposure to interest-bearing debt. In addition, a resolution was passed after the filing to purchase and cancel all remaining convertible bond-type bonds with share acquisition rights, with the company aiming to establish a stronger financial base. However, the purchase and cancellation is planned subject to the issuance of Class A shares. - FY2021RestatedAnnual report
「We obtain working capital through borrowings from financial institutions.」
Continues to disclose liquidity and interest-rate fluctuation risks associated with financing through borrowings, bonds and convertible bond-type bonds with share acquisition rights. - FY2021-Q3RestatedAnnual report
「At the end of the third quarter, total liabilities were ¥2,156.990 million, an increase of ¥1,069.428 million from the end of the previous fiscal year. This was mainly due to a ¥8.654 million decrease in current maturities of long-term borrowings, offset by a ¥172.740 million increase in long-term borrowings; increases of ¥40 million and ¥100 million in current maturities of bonds and bonds, respectively; and a ¥700 million increase in convertible bond-type bonds with share acquisition rights, among other factors.」
Total liabilities increased by ¥1,069.428 million from the end of the previous fiscal year, leaving exposure to interest-bearing debt through long-term borrowings, bonds and convertible bond-type bonds with share acquisition rights at a persistently high level. - FY2021-Q2WorsenedAnnual report
「At the end of the second quarter, total liabilities were ¥2,212.522 million, an increase of ¥1,124.959 million from the end of the previous fiscal year. This was mainly due to increases of ¥3.718 million and ¥196.162 million in current maturities of long-term borrowings and long-term borrowings, respectively; increases of ¥40 million and ¥140 million in current maturities of bonds and bonds, respectively; and a ¥700 million increase in convertible bond-type bonds with share acquisition rights, among other factors.」
Due to increases in borrowings, bonds and convertible bond-type bonds with share acquisition rights, total liabilities increased by ¥1,124.959 million from the end of the previous fiscal year, further expanding the company's exposure to interest-bearing debt and liquidity risk. - FY2021-Q1WorsenedAnnual report
「At the end of the first quarter, total liabilities were ¥2,155.227 million, an increase of ¥1,067.665 million from the end of the previous fiscal year. This was mainly due to increases of ¥3.963 million and ¥127.399 million in current maturities of long-term borrowings and long-term borrowings, respectively; increases of ¥40 million and ¥140 million in current maturities of bonds and bonds, respectively; and a ¥700 million increase in convertible bond-type bonds with share acquisition rights, among other factors.」
Due to increases in borrowings, bonds and convertible bond-type bonds with share acquisition rights, total liabilities increased by ¥1,067.665 million from the end of the previous fiscal year, expanding the company's exposure to interest-bearing debt and liquidity risk. - FY2020First statedAnnual report
「We obtain working capital through borrowings from financial institutions.」
The company newly disclosed risks relating to financing conditions, liquidity and interest-rate movements as borrowings and bonds increased.