Borrowing Dependence and Changes in Funding Conditions
First written in FY2016. 18 of 37 entries say "Mitigated", first in FY2018-Q2. Latest entry: 2026-08-10.
Intrance moved to the "Worse" side of this theme in 2016, 5 years before the typical company in this theme (2021).
The whole theme swung hardest in 2020: 63 of 142 companies on the "Worse" side.
83 other companies' latest entry also says "Mitigated".
- 2026-08-10MitigatedFinancial results presentation
「■ Liabilities decreased from the end of the previous fiscal year, due mainly to bond redemptions, a decrease in the provision for shareholder benefits and a decrease in derivative liabilities.」
Total liabilities decreased from ¥1,908 million at the end of the previous fiscal year to ¥1,555 million, mainly due to bond redemptions and other factors. - FY2026WorsenedAnnual report
「Non-current liabilities increased by ¥1,349.207 million from the end of the previous consolidated fiscal year to ¥1,427.293 million. This was mainly due to an increase of ¥1,309.320 million in convertible bonds with stock acquisition rights and an increase of ¥41.143 million in derivative liabilities. As a result, total liabilities increased by ¥1,584.849 million from the end of the previous consolidated fiscal year to ¥1,908.465 million.」
Although borrowings from financial institutions decreased, total liabilities increased by ¥1,584.849 million, mainly due to ¥1,309.320 million in convertible bonds with stock acquisition rights, significantly changing the funding structure and liabilities exposure. - FY2026-H1Increase in liabilities resulting from recognition of bondsAnnual report
「At the end of the interim consolidated accounting period, current liabilities increased by ¥273.647 million from the end of the previous fiscal year to ¥519.177 million. This was mainly due to a ¥260.000 million increase in bonds due for redemption within one year, among other factors. Non-current liabilities increased by ¥7.487 million from the end of the previous fiscal year to ¥85.573 million. This was mainly due to an ¥8.743 million increase in derivative liabilities, among other factors. As a result, total liabilities increased by ¥281.134 million from the end of the previous fiscal year to ¥604.751 million.」
The balance sheet reflects a shift from a funding structure centered on borrowings from financial institutions to one that includes bonds. Total liabilities increased by ¥281.134 million, mainly due to the recording of ¥260.000 million in bonds due for redemption within one year. - FY2025Transition to a funding structure that includes bondsAnnual report
「At a meeting of the Board of Directors held on 8 May 2025, the Company resolved to issue bonds to ディライトワークス株式会社 as the underwriter, and ¥260 million was received on 9 May.」
While the outstanding balance of long-term borrowings decreased, ¥260 million in unsecured straight bonds was issued after the period-end. Bond financing has been added to the previous funding structure centered on borrowings from financial institutions. - FY2025-H1MitigatedAnnual report
「At the end of the interim consolidated accounting period, current liabilities decreased by ¥56.141 million from the end of the previous fiscal year to ¥231.104 million. This was mainly due to decreases of ¥12.000 million in long-term borrowings due for repayment within one year and ¥38.737 million in provision for shareholder benefit programs, among other factors. Non-current liabilities decreased by ¥5.518 million from the end of the previous fiscal year to ¥4.782 million.」
Both current and non-current liabilities decreased, while total liabilities also decreased by ¥61.659 million. Borrowing-dependence exposure decreased through repayment of long-term borrowings. - FY2024MitigatedAnnual report
「Non-current liabilities decreased by ¥298.877 million from the end of the previous fiscal year to ¥10.300 million. This was mainly due to a ¥262.549 million decrease in long-term borrowings, among other factors. As a result, total liabilities decreased by ¥190.758 million from the end of the previous fiscal year to ¥297.547 million.」
Long-term borrowings decreased by ¥262.549 million and total liabilities by ¥190.758 million, reducing exposure related to borrowing dependence. - FY2024-Q2Repayment of borrowings and recognition of convertible bonds occurred concurrentlyAnnual report
「At the end of the second quarter of the current fiscal year, current liabilities increased by ¥30.359 million from the end of the previous fiscal year to ¥209.486 million. Non-current liabilities increased by ¥16.632 million from the end of the previous fiscal year to ¥325.811 million. This was mainly due to a ¥300.000 million increase in convertible bonds with stock acquisition rights, among other factors. As a result, total liabilities increased by ¥46.992 million from the end of the previous fiscal year to ¥535.298 million.」
Although repayment of long-term borrowings progressed, ¥300.000 million in convertible bonds with stock acquisition rights was recorded, increasing total liabilities by ¥46.992 million from the end of the previous fiscal year. The funding structure is shifting from borrowing dependence toward a funding mix that includes bonds. - FY2024-Q1WorsenedAnnual report
「Non-current liabilities increased by ¥155.900 million from the end of the previous fiscal year to ¥465.079 million. This was mainly due to a ¥300.000 million increase in convertible bonds with stock acquisition rights, among other factors. As a result, total liabilities increased by ¥326.579 million from the end of the previous fiscal year to ¥814.884 million.」
Total liabilities increased by ¥326.579 million from the end of the previous fiscal year, mainly due to the recording of ¥300.000 million in convertible bonds with stock acquisition rights, expanding financial liabilities exposure. - FY2023-Q3MitigatedAnnual report
「Non-current liabilities decreased by ¥34.655 million from the end of the previous fiscal year to ¥315.868 million. As a result, total liabilities decreased by ¥188.984 million from the end of the previous fiscal year to ¥491.620 million.」
Non-current liabilities and total liabilities decreased from the end of the previous fiscal year, and financial exposure related to borrowing dependence continues to decline. - FY2023-Q2MitigatedAnnual report
「Net cash used in financing activities was ¥28.325 million, compared with ¥999.238 million used in the same quarter of the previous year. This was mainly due to cash outflows of ¥28.155 million for repayment of long-term borrowings, among other factors.」
Cash outflows of ¥28.155 million for repayment of long-term borrowings were recorded, and cash used in financing activities during the quarter decreased from the same period of the previous year. The downward trend in borrowing-dependence exposure continues. - FY2023-Q1MitigatedAnnual report
「At the end of the first quarter of the current fiscal year, current liabilities decreased by ¥24.682 million from the end of the previous fiscal year to ¥305.398 million. This was mainly due to a ¥41.459 million decrease in income taxes payable, among other factors. Non-current liabilities decreased by ¥12.756 million from the end of the previous fiscal year to ¥337.767 million. As a result, total liabilities decreased by ¥37.439 million from the end of the previous fiscal year to ¥643.165 million.」
Both current and non-current liabilities decreased, while total liabilities also decreased by ¥37.439 million. Financial exposure related to borrowing dependence continues to decline. - FY2022-Q3MitigatedAnnual report
「At the end of the third quarter of the current fiscal year, current liabilities decreased by ¥1,201.554 million from the end of the previous fiscal year to ¥345.016 million. This was mainly due to a ¥1,011.895 million decrease in long-term borrowings due for repayment within one year, among other factors. Non-current liabilities decreased by ¥1.052 million from the end of the previous fiscal year to ¥329.769 million. As a result, total liabilities decreased by ¥1,202.606 million from the end of the previous fiscal year to ¥674.786 million.」
Long-term borrowings due for repayment within one year decreased by ¥1,011.895 million, while total liabilities also decreased by ¥1,202.606 million. Borrowing-dependence exposure decreased further. - FY2022-Q2MitigatedAnnual report
「At the end of the second quarter of the current fiscal year, current liabilities decreased by ¥1,166.475 million from the end of the previous fiscal year to ¥380.095 million. This was mainly due to a ¥1,008.145 million decrease in long-term borrowings due for repayment within one year resulting from repayments of borrowings, among other factors.」
Long-term borrowings due for repayment within one year decreased by ¥1,008.145 million, while total liabilities also decreased by ¥1,155.043 million. Borrowing-dependence exposure decreased. - FY2022-Q1MitigatedAnnual report
「At the end of the first quarter of the current fiscal year, current liabilities decreased by ¥1,124.132 million from the end of the previous fiscal year to ¥422.438 million. This was mainly due to a ¥1,004.980 million decrease in long-term borrowings due for repayment within one year, among other factors. Non-current liabilities increased by ¥23.773 million from the end of the previous fiscal year to ¥354.596 million. As a result, total liabilities decreased by ¥1,100.358 million from the end of the previous fiscal year to ¥777.034 million.」
Long-term borrowings due for repayment within one year decreased by ¥1,004.980 million, while total liabilities also decreased by ¥1,100.358 million. Borrowing-dependence exposure decreased overall. - FY2021-Q3MitigatedAnnual report
「Non-current liabilities decreased by ¥861.476 million from the end of the previous fiscal year to ¥350.022 million. This was mainly due to an ¥861.074 million decrease in long-term borrowings, among other factors. As a result, total liabilities decreased by ¥225.103 million from the end of the previous fiscal year to ¥1,792.478 million.」
Long-term borrowings decreased by ¥861.074 million, while total liabilities also decreased by ¥225.103 million. Borrowing-dependence exposure decreased overall. - FY2021-Q2MitigatedAnnual report
「At the end of the second quarter of the current fiscal year, current liabilities increased by ¥640.673 million from the end of the previous fiscal year to ¥1,446.757 million. This was mainly due to an ¥880.440 million increase in long-term borrowings due for repayment within one year, despite a ¥274.406 million decrease in short-term borrowings resulting from repayments of borrowings, among other factors. Non-current liabilities decreased by ¥848.140 million from the end of the previous fiscal year to ¥363.359 million. This was mainly due to an ¥847.940 million decrease in long-term borrowings resulting from the reclassification to current liabilities of long-term borrowings due for repayment within one year, among other factors. As a result, total liabilities decreased by ¥207.466 million from the end of the previous fiscal year to ¥1,810.116 million.」
Repayments of short- and long-term borrowings progressed. Although current liabilities increased because amounts due for repayment were reclassified, total liabilities decreased by ¥207.466 million. - FY2021-Q1WorsenedAnnual report
「At the end of the first quarter of the current fiscal year, current liabilities decreased by ¥7.914 million from the end of the previous fiscal year to ¥798.168 million. This was mainly due to an ¥84.406 million decrease in short-term borrowings, despite increases of ¥24.000 million in long-term borrowings due for repayment within one year and ¥53.329 million in other current liabilities, among other factors. Non-current liabilities increased by ¥84.300 million from the end of the previous fiscal year to ¥1,295.800 million. This was mainly due to an ¥84.500 million increase in long-term borrowings, among other factors. As a result, total liabilities increased by ¥76.385 million from the end of the previous fiscal year to ¥2,093.968 million.」
Although short-term borrowings decreased, long-term borrowings due for repayment within one year and long-term borrowings increased, raising total liabilities by ¥76.385 million. - FY2020MitigatedAnnual report
「As a result, total liabilities decreased by ¥41.065 million from the end of the previous fiscal year to ¥2,017.582 million.」
Although long-term borrowings due for repayment within one year and long-term borrowings increased, short-term borrowings decreased, reducing total liabilities by ¥41.065 million. - FY2020-Q3WorsenedAnnual report
「Current liabilities increased by ¥510.078 million from the end of the previous fiscal year to ¥1,376.226 million. This was mainly due to increases of ¥249.506 million in short-term borrowings and ¥150.000 million in long-term borrowings due for repayment within one year, among other factors. Non-current liabilities increased by ¥96.307 million from the end of the previous fiscal year to ¥1,288.807 million. This was mainly due to an ¥88.500 million increase in long-term borrowings, among other factors. As a result, total liabilities increased by ¥606.385 million from the end of the previous fiscal year to ¥2,665.034 million.」
Short-term borrowings, long-term borrowings due for repayment within one year, and long-term borrowings all increased, while total liabilities also increased by ¥606.385 million. Borrowing-dependence exposure is expanding again. - FY2020-Q2WorsenedAnnual report
「At the end of the second quarter of the current fiscal year, current liabilities increased by ¥302.023 million from the end of the previous fiscal year to ¥1,168.171 million. This was mainly due to a ¥249.506 million increase in short-term borrowings, among other factors. Non-current liabilities increased by ¥222.892 million from the end of the previous fiscal year to ¥1,415.392 million. This was mainly due to a ¥214.889 million increase in long-term borrowings, among other factors. As a result, total liabilities increased by ¥524.916 million from the end of the previous fiscal year to ¥2,583.564 million.」
Short-term borrowings increased by ¥249.506 million and long-term borrowings by ¥214.889 million, while total liabilities also increased by ¥524.916 million. Borrowing-dependence exposure is expanding again. - FY2020-Q1WorsenedAnnual report
「At the end of the first quarter of the current fiscal year, current liabilities increased by ¥238.827 million from the end of the previous fiscal year to ¥1,104.975 million. This was mainly due to a ¥179.406 million increase in short-term borrowings, among other factors. Non-current liabilities increased by ¥224.036 million from the end of the previous fiscal year to ¥1,416.536 million. This was mainly due to a ¥218.889 million increase in long-term borrowings, among other factors. As a result, total liabilities increased by ¥462.864 million from the end of the previous fiscal year to ¥2,521.512 million.」
Short-term borrowings increased by ¥179.406 million and long-term borrowings by ¥218.889 million, while total liabilities also increased by ¥462.864 million. Borrowing-dependence exposure is expanding again. - FY2019MitigatedAnnual report
「At the end of the current fiscal year, current liabilities increased by ¥145.205 million from the end of the previous fiscal year to ¥866.148 million. This was mainly due to a ¥485.000 million increase in short-term borrowings, among other factors. Non-current liabilities decreased by ¥1,161.895 million from the end of the previous fiscal year to ¥1,192.500 million. This was mainly due to a ¥1,075.625 million decrease in long-term borrowings, among other factors. As a result, total liabilities decreased by ¥1,016.690 million from the end of the previous fiscal year to ¥2,058.648 million.」
Although short-term borrowings increased by ¥485.000 million, long-term borrowings decreased by ¥1,075.625 million, reducing total liabilities by ¥1,016.690 million. Borrowing-dependence exposure decreased further overall. - FY2019-Q3MitigatedAnnual report
「At the end of the third quarter of the current fiscal year, current liabilities increased by ¥554.142 million from the end of the previous fiscal year to ¥1,275.085 million. This was mainly due to a ¥485.000 million increase in short-term borrowings and a ¥323.743 million increase in income taxes payable, among other factors. Non-current liabilities decreased by ¥1,129.395 million from the end of the previous fiscal year to ¥1,225.000 million. This was mainly due to a ¥1,043.125 million decrease in long-term borrowings, among other factors. As a result, total liabilities decreased by ¥575.253 million from the end of the previous fiscal year to ¥2,500.085 million.」
Although short-term borrowings increased by ¥485.000 million, long-term borrowings decreased by ¥1,043.125 million, reducing total liabilities by ¥575.253 million. Borrowing-dependence exposure decreased overall. - FY2019-Q2MitigatedAnnual report
「At the end of the second quarter of the current fiscal year, current liabilities increased by ¥653.958 million from the end of the previous fiscal year to ¥1,374.901 million. This was mainly due to a ¥485.000 million increase in short-term borrowings and a ¥366.092 million increase in income taxes payable, among other factors. Non-current liabilities decreased by ¥1,249.395 million from the end of the previous fiscal year to ¥1,105.000 million. This was mainly due to a ¥1,163.125 million decrease in long-term borrowings, among other factors. As a result, total liabilities decreased by ¥595.437 million from the end of the previous fiscal year to ¥2,479.901 million.」
Although short-term borrowings increased by ¥485.000 million, long-term borrowings decreased by ¥1,163.125 million, reducing total liabilities by ¥595.437 million. Borrowing-dependence exposure decreased overall. - FY2019-Q1WorsenedAnnual report
「At the end of the first quarter of the current fiscal year, current liabilities increased by ¥499.470 million from the end of the previous fiscal year to ¥1,220.412 million. This was mainly due to a ¥485.000 million increase in short-term borrowings, among other factors. Non-current liabilities decreased by ¥16.583 million from the end of the previous fiscal year to ¥2,337.812 million. This was mainly due to a ¥16.875 million decrease in long-term borrowings, among other factors.」
Although long-term borrowings decreased, short-term borrowings increased by ¥485.000 million, and total liabilities increased as current liabilities rose. Borrowing-dependence exposure is expanding again. - FY2018MitigatedAnnual report
「Net cash used in financing activities was ¥788.051 million, compared with ¥1,415.313 million provided in the previous fiscal year. This was mainly due to cash inflows of ¥424.160 million from long-term borrowings, more than offset by cash outflows of ¥1,093.050 million for repayment of long-term borrowings, among other factors.」
Repayments of ¥1,093.050 million exceeded proceeds from long-term borrowings, reducing the outstanding balance of long-term borrowings from the end of the previous fiscal year. Borrowing-dependence exposure is declining. - FY2018-Q3MitigatedAnnual report
「At the end of the third quarter of the current fiscal year, current liabilities decreased by ¥570.822 million from the end of the previous fiscal year to ¥861.390 million. This was mainly due to a ¥660.450 million decrease in long-term borrowings due for repayment within one year, among other factors. Non-current liabilities decreased by ¥393.265 million from the end of the previous fiscal year to ¥2,317.500 million. This was mainly due to a ¥383.125 million decrease in long-term borrowings, among other factors.」
Both long-term borrowings due for repayment within one year and long-term borrowings decreased, further reducing exposure to liabilities and borrowings. - FY2018-Q2MitigatedAnnual report
「Funds used in financing activities amounted to ¥373.798 million (¥1,529.586 million provided in the same quarter of the previous year). This was mainly attributable to proceeds of ¥100 million from short-term borrowings and ¥424.16 million from long-term borrowings, despite outflows of ¥94 million for repayment of short-term borrowings, ¥726.55 million for repayment of long-term borrowings, and dividend payments of ¥73.651 million, among other factors.」
Although there was income from borrowings, repayments of short- and long-term borrowings progressed, reducing the outstanding balance of borrowings and borrowing-dependence exposure from the end of the previous fiscal year. - FY2018-Q1Changes in the maturity profile of borrowingsAnnual report
「At the end of the first quarter of the current consolidated fiscal year, current liabilities increased by ¥476.721 million from the end of the previous consolidated fiscal year to ¥1,908.933 million. This was mainly attributable to increases of ¥85 million in short-term borrowings and ¥299.85 million in current maturities of long-term borrowings, among other factors. Non-current liabilities decreased by ¥325.51 million from the end of the previous consolidated fiscal year to ¥2,385.254 million. This was mainly attributable to a decrease of ¥316.875 million in long-term borrowings, among other factors.」
While short-term borrowings and current maturities of long-term borrowings increased, long-term borrowings decreased, changing the maturity profile of borrowings. - FY2017WorsenedAnnual report
「Funds provided by financing activities amounted to ¥1,415.313 million. This was mainly attributable to proceeds of ¥2,260 million from long-term borrowings and ¥120 million from short-term borrowings, despite outflows of ¥707.5 million for repayment of short-term borrowings and ¥113.368 million for repayment of long-term borrowings, among other factors, as well as dividend payments of ¥73.74 million.」
Exposure to financing through borrowings increased, including ¥2,260 million raised through long-term borrowings. - FY2017-Q3WorsenedAnnual report
「Fixed liabilities increased by ¥1,479.508 million from the end of the previous consolidated fiscal year to ¥2,772.497 million. This was mainly attributable to an increase of ¥1,480.884 million in long-term borrowings associated with the acquisition of properties for sale, among other factors.」
Long-term borrowings increased by ¥1,480.884 million in connection with the acquisition of properties for sale, increasing exposure related to reliance on borrowings. - FY2017-Q2WorsenedAnnual report
「Funds provided by financing activities amounted to ¥1,529.586 million (¥255.722 million provided in the same quarter of the previous year). This was mainly attributable to proceeds of ¥2,260 million from long-term borrowings, despite outflows of ¥642.5 million for repayment of short-term borrowings and ¥73.74 million for dividend payments, among other factors.」
The disclosure reports ¥2,260 million in financing from long-term borrowings, further increasing exposure related to reliance on borrowings. - FY2017-Q1WorsenedAnnual report
「This was mainly attributable to an increase of ¥941.377 million in long-term borrowings associated with the acquisition of 2 properties for sale, among other factors.」
The disclosure states that long-term borrowings increased by ¥941.377 million in connection with the acquisition of 2 properties for sale, increasing exposure related to reliance on borrowings. - FY2016First statedAnnual report
「Because the Group primarily funds acquisition costs through borrowings from financial institutions, its reliance on interest-bearing debt relative to total assets may become comparatively high.」
The Company describes its reliance on financial institution borrowings to fund property acquisitions and the resulting exposure to higher interest rates and insufficient funding.