Risk of Higher Funding Costs from Floating-Rate Borrowings
First written in FY2017-Q1. 6 of 16 entries say "Restated". Latest entry: FY2027-H1.
Shirohato moved to the "Worse" side of this theme in 2024, 1 year after the typical company in this theme (2023).
The whole theme swung hardest in 2023: 9 of 38 companies on the "Worse" side.
33 other companies' latest entry also says "Restated".
- FY2027-H1RestatedAnnual report
「Borrowing rate Base rate + 0.50%」
The term of the special overdraft facility was extended by 1 year, and the base-rate-linked borrowing terms continue to apply. There has been no material change in the funding cost risk associated with floating rates. - FY2026-H1ReframedAnnual report
「Borrowing rate: reference rate + 0.50%」
Regarding the special overdraft facility after refinancing, the borrowing rate was presented as linked to the base rate, differing from the previous TIBOR-linked terms, and the funding cost risk associated with floating rates was restructured under the new contract terms. - FY2025ReframedAnnual report
「Contract amount ¥1,000 million; borrowing rate: base rate + 0.50% / Contract amount ¥681 million; borrowing rate: base rate + 0.85%」
Regarding the funding terms after refinancing, the base-rate-linked terms for the term loan were specified in addition to those for the special overdraft facility, clarifying the floating-rate risk under the new borrowing structure. - FY2025WorsenedAnnual report
「Contract amount: ¥1,000 million; borrowing rate: TIBOR + 0.525% / Contract amount: ¥2,112.500 million; borrowing rate: 3-month TIBOR + 1.05%」
For the previously disclosed TIBOR-linked borrowings, the rate terms for the commitment line and term loan were specified and were higher than the spreads disclosed previously. - FY2024ReframedAnnual report
「Contract amount: ¥1,000 million; borrowing rate: TIBOR + 0.35% / Contract amount: ¥2,112.500 million; borrowing rate: 3-month TIBOR + 0.7%」
Specific TIBOR-linked borrowing rates were specified for the commitment line and term loan after refinancing, making floating-rate risk a concrete feature of the new contractual terms. - FY2024-Q1ReframedAnnual report
「Borrowing rate: TIBOR + 0.35%」
The borrowing rate linked to TIBOR was specified for the commitment line after refinancing. Interest rate fluctuation risk from floating-rate borrowings continues under the new contractual terms. - FY2023RestatedAnnual report
「The acquisition of the headquarters logistics center has increased the proportion of borrowings to total assets. Long-term borrowings are raised from multiple financial institutions under a syndicated loan agreement, and the interest rates fluctuate in line with Tokyo interbank market rates. Significant changes in this interest rate market could affect the Company's operating performance and financial position.」
The risk that the syndicated loan interest rate fluctuates in line with Tokyo interbank market rates continues to be disclosed. - FY2022-Q1Add fixed-rate borrowingAnnual report
「Borrowing amount: ¥2,600 million; interest rate: 0.9% (fixed); maturity: 31 March 2022」
A ¥2,600 million facility was agreed with Odakyu Electric Railway at a fixed interest rate of 0.9%. In relation to the existing floating-rate borrowing risk, a new fixed-rate borrowing facility was disclosed. - FY2021RestatedAnnual report
「Short-term borrowings are raised mainly through the Odakyu Group CMS (cash management system), while long-term borrowings are raised from multiple financial institutions under a syndicated loan agreement. The interest rates on both types of borrowing fluctuate in line with Tokyo interbank market rates, so significant changes in this interest rate market could affect the Company's operating performance and financial position.」
The risk that interest rates on the CMS and syndicated loan fluctuate in line with Tokyo interbank market rates is reaffirmed. - FY2020-Q3RestatedAnnual report
「Short-term borrowings are raised mainly through the Odakyu Group CMS (cash management system), while long-term borrowings are raised from multiple financial institutions under a syndicated loan agreement. The interest rates on both types of borrowing fluctuate in line with Tokyo interbank market rates, so significant changes in this interest rate market could affect the Company's operating performance and financial position.」
The risk that interest rates on the CMS and syndicated loan fluctuate in line with Tokyo interbank market rates is reaffirmed. - FY2020-Q2WorsenedAnnual report
「Short-term borrowings are raised mainly through the Odakyu Group CMS (cash management system), while long-term borrowings are raised from multiple financial institutions under a syndicated loan agreement. The interest rates on both types of borrowing fluctuate in line with Tokyo interbank market rates, so significant changes in this interest rate market could affect the Company's operating performance and financial position.」
In addition to the increase in short- and long-term borrowings associated with construction of the new headquarters logistics center, the disclosure identifies both the CMS and the syndicated loan as subject to interest rate risk because their rates fluctuate in line with Tokyo interbank market rates. - FY2019MitigatedAnnual report
「Repayment of ¥21.896 million in short-term borrowings through the Odakyu Group CMS」
The Company repaid ¥21.896 million in short-term borrowings through the Odakyu Group CMS, continuing its measures to mitigate interest rate fluctuation risk. - FY2019-Q1MitigatedAnnual report
「The Company's borrowings are exposed to interest rate fluctuation risk, and a sharp rise in short-term market interest rates in particular could affect its operating performance and financial position through a substantial increase in interest expense. The Company seeks to mitigate interest rate fluctuation risk by reducing outstanding borrowings as appropriate through the Odakyu Group CMS (cash management service).」
Interest rate fluctuation risk continues to exist, but reducing outstanding borrowings through the Odakyu Group CMS is expressly identified as a measure, adding a risk mitigation strategy. - FY2017RestatedAnnual report
「Some borrowings are raised at floating rates, so borrowing rates fluctuate with market interest rates. If market interest rates rise, financing costs may increase in future financial activities, potentially affecting the Company's financial position and operating performance.」
The risk of higher financing costs from floating-rate borrowings and rising market interest rates is reiterated. - FY2016RestatedAnnual report
「The Company's borrowings from financial institutions stood at ¥1,594.168 million at the end of the fiscal year. Some borrowings are raised at floating rates, so borrowing rates fluctuate with market interest rates. If market interest rates rise, financing costs may increase in future financial activities, potentially affecting the Company's financial position and operating performance.」
The risk of higher financing costs from floating-rate borrowings and rising market interest rates is reiterated. - FY2017-Q1First statedAnnual report
「Some borrowings are raised at floating rates, so borrowing rates fluctuate with market interest rates. If market interest rates rise, financing costs may increase in future financial activities, potentially affecting the Company's financial position and operating performance.」
Given the existence of floating-rate borrowings, the disclosure identifies higher financing costs when market interest rates rise as a risk.