Borrowing Dependence, Funding and Interest Rate Risk
First written in FY2016. 23 of 40 entries say "Worsened", first in FY2017-Q1. Latest entry: 2026-10-13.
Toubujyuhan 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 "Worsened".
- 2026-10-13WorsenedEarnings
「これは主として未払法人税が61,088千円減少したものの、短期借入金が443,858千円増加したことなどによるものであります。」
短期借入金が443,858千円増加し、借入依存と資金調達・金利変動リスクのエクスポージャーが拡大した。 - FY2026MitigatedAnnual report
「Interest-bearing debt accounted for 12.7% of total assets at the end of the fiscal year.」
The interest-bearing debt ratio fell from 14.1% in the previous fiscal year to 12.7%. Exposure to reliance on borrowings decreased due to repayments of long-term borrowings and other factors, while short-term borrowings increased. - FY2026-H1WorsenedAnnual report
「This was due to a ¥566.720 million increase in short-term borrowings, despite a ¥65.180 million decrease in income taxes payable. Non-current liabilities amounted to ¥659.116 million, a decrease of ¥115.663 million from the end of the previous fiscal year. This was mainly due to a ¥121.164 million decrease in long-term borrowings.」
While short-term borrowings increased by ¥566.720 million, long-term borrowings decreased by ¥121.164 million, increasing total borrowings. Exposure to reliance on short-term borrowing and to financing and interest-rate fluctuation risks increased. - FY2025MitigatedAnnual report
「Interest-bearing debt accounted for 14.1% of total assets at the end of the fiscal year.」
The interest-bearing debt ratio fell from 24.4% in the previous fiscal year to 14.1%. Repayments of short-term and long-term borrowings progressed, reducing exposure to reliance on borrowings. - FY2025-H1MitigatedAnnual report
「This was mainly due to a ¥46.415 million increase in short-term borrowings and a ¥67.656 million increase in income taxes payable, despite an ¥18.791 million decrease in accounts payable. Non-current liabilities amounted to ¥823.661 million, a decrease of ¥104.366 million from the end of the previous fiscal year. This was mainly due to a ¥107.569 million decrease in long-term borrowings.」
While short-term borrowings increased by ¥46.415 million, long-term borrowings decreased by ¥107.569 million, reducing total interest-bearing debt from the end of the previous fiscal year. Exposure to reliance on borrowings had decreased as of the end of the interim period. - FY2024WorsenedAnnual report
「Interest-bearing debt accounted for 24.4% of total assets at the end of the fiscal year.」
The interest-bearing debt ratio rose from 16.3% in the previous fiscal year to 24.4%. Short-term borrowings increased by ¥429.960 million and long-term borrowings increased by ¥127.570 million, increasing exposure to reliance on borrowings and interest-rate fluctuation risk. - FY2024-Q3WorsenedAnnual report
「This was mainly due to a ¥1,114.480 million increase in short-term borrowings. Non-current liabilities amounted to ¥904.687 million, an increase of ¥111.041 million from the end of the previous fiscal year. This was mainly due to a ¥106.489 million increase in long-term borrowings.」
Short-term borrowings increased by ¥1,114.480 million and long-term borrowings increased by ¥106.489 million, increasing exposure to reliance on borrowings and to financing and interest-rate fluctuation risks. - FY2024-Q2WorsenedAnnual report
「This was mainly due to a ¥944.520 million increase in short-term borrowings, despite a ¥68.398 million decrease in income taxes payable and a ¥28.800 million decrease in accounts payable.」
Short-term borrowings increased by ¥944.520 million, increasing reliance on short-term borrowing and exposure to financing and interest-rate fluctuation risks. - FY2024-Q1WorsenedAnnual report
「This was mainly due to a ¥555.980 million increase in short-term borrowings, despite a ¥32.721 million decrease in accounts payable and a ¥97.824 million decrease in income taxes payable.」
Short-term borrowings increased by ¥555.980 million, while long-term borrowings decreased by ¥40.569 million. Exposure to reliance on short-term borrowing and to financing and interest-rate fluctuation risks increased. - FY2023MitigatedAnnual report
「Interest-bearing debt accounted for 16.3% of total assets at the end of the fiscal year.」
The interest-bearing debt ratio fell from 17.3% in the previous fiscal year to 16.3%. Short-term borrowings decreased by ¥270.000 million, reducing exposure to reliance on borrowings. - FY2023-Q3WorsenedAnnual report
「Current liabilities amounted to ¥1,249.271 million, an increase of ¥169.553 million from the end of the previous fiscal year. This was mainly due to a ¥336.920 million increase in short-term borrowings. Non-current liabilities amounted to ¥669.194 million, an increase of ¥147.418 million from the end of the previous fiscal year. This was mainly due to a ¥141.396 million increase in long-term borrowings.」
Short-term borrowings increased by ¥336.920 million and long-term borrowings increased by ¥141.396 million, increasing exposure to reliance on borrowings and to financing and interest-rate fluctuation risks. - FY2023-Q2WorsenedAnnual report
「Funds provided by financing activities amounted to ¥165.373 million, compared with ¥252.119 million used in the same quarter of the previous year. This was mainly due to proceeds of ¥300.000 million from long-term borrowings and an ¥80.000 million increase in short-term borrowings, despite dividend payments of ¥91.511 million and ¥123.115 million in repayments of long-term borrowings.」
The company received ¥300.000 million from long-term borrowings and increased short-term borrowings by ¥80.000 million, increasing exposure to reliance on borrowings. On the balance sheet, both short-term and long-term borrowings also increased from the end of the previous fiscal year. - FY2023-Q1WorsenedAnnual report
「Current liabilities amounted to ¥1,123.102 million, an increase of ¥43.385 million from the end of the previous fiscal year. This was mainly due to a ¥132.788 million increase in short-term borrowings, despite decreases of ¥33.905 million in accounts payable and ¥59.428 million in income taxes payable, among other factors. Non-current liabilities amounted to ¥732.171 million, an increase of ¥210.395 million from the end of the previous fiscal year. This was mainly due to a ¥209.094 million increase in long-term borrowings.」
Short-term borrowings increased by ¥132.788 million and long-term borrowings increased by ¥209.094 million, increasing exposure to reliance on borrowings from the end of the previous fiscal year. - FY2022MitigatedAnnual report
「Interest-bearing debt accounted for 17.3% of total assets at the end of the fiscal year.」
The interest-bearing debt ratio fell from 19.1% in the previous fiscal year to 17.3%. Long-term borrowings decreased by ¥98.612 million, while short-term borrowings increased by ¥80.000 million. - FY2022-Q3WorsenedAnnual report
「This was mainly due to a ¥373.981 million increase in short-term borrowings, despite a ¥146.628 million decrease in income taxes payable. Non-current liabilities amounted to ¥553.099 million, a decrease of ¥54.600 million from the end of the previous fiscal year. This was mainly due to a ¥56.452 million decrease in long-term borrowings.」
While short-term borrowings increased by ¥373.981 million, long-term borrowings decreased by ¥56.452 million. Exposure to reliance on borrowings increased on the short-term side, and the borrowing mix also changed. - FY2022-Q2MitigatedAnnual report
「This was mainly due to dividend payments of ¥83.435 million, a ¥118.494 million decrease in long-term borrowings, and a ¥50.000 million decrease in short-term borrowings.」
Long-term borrowings decreased by ¥118.494 million and short-term borrowings decreased by ¥50.000 million, reducing exposure to reliance on borrowings from the end of the previous fiscal year. - FY2022-Q1MitigatedAnnual report
「This was mainly due to a ¥21.744 million increase in the provision for bonuses, despite a ¥111.306 million decrease in income taxes payable and an ¥85.937 million decrease in short-term borrowings, among other factors. This was mainly due to a ¥50.486 million decrease in long-term borrowings.」
Both short-term and long-term borrowings decreased from the end of the previous fiscal year, reducing exposure to reliance on borrowings. - FY2021MitigatedAnnual report
「Interest-bearing debt accounted for 19.1% of total assets at the end of the fiscal year.」
The interest-bearing debt ratio fell from 32.2% in the previous fiscal year to 19.1%. Short-term borrowings decreased by ¥778.300 million, reducing exposure to reliance on borrowings. - FY2021-Q3MitigatedAnnual report
「This was mainly due to a ¥340.226 million decrease in short-term borrowings. Fixed liabilities amounted to ¥649.21 million, an increase of ¥76.188 million from the end of the previous fiscal year. This was mainly due to an ¥87.127 million increase in long-term borrowings.」
Short-term borrowings decreased by ¥340.226 million, while long-term borrowings increased by ¥87.127 million. Exposure to reliance on borrowings decreased from the end of the previous fiscal year, while the borrowing mix also shifted from short-term to long-term debt. - FY2021-Q2MitigatedAnnual report
「This was mainly due to a ¥247.832 million decrease in short-term borrowings and a ¥23.614 million decrease in accounts payable. Non-current liabilities amounted to ¥446.147 million, a decrease of ¥126.874 million from the end of the previous fiscal year. This was mainly due to a ¥119.711 million decrease in long-term borrowings.」
Short-term borrowings decreased by ¥247.832 million and long-term borrowings decreased by ¥119.711 million, reducing exposure to reliance on borrowings. - FY2021-Q1MitigatedAnnual report
「This was mainly due to a ¥21.212 million increase in the provision for bonuses, despite a ¥20.310 million decrease in short-term borrowings, among other factors. This was mainly due to a ¥69.290 million decrease in long-term borrowings.」
Both short-term and long-term borrowings decreased from the end of the previous fiscal year, reducing exposure to reliance on borrowings during the quarter. - FY2020WorsenedAnnual report
「Interest-bearing debt accounted for 32.2% of total assets at the end of the fiscal year.」
The interest-bearing debt ratio rose from 21.0% in the previous fiscal year to 32.2%. Short-term borrowings increased by ¥1,018.300 million and long-term borrowings decreased by ¥190.795 million, further increasing reliance on short-term borrowing. - FY2020-Q3WorsenedAnnual report
「Current liabilities amounted to ¥1,682.989 million, an increase of ¥902.700 million from the end of the previous fiscal year. This was mainly due to a ¥970.159 million increase in short-term borrowings. Non-current liabilities amounted to ¥629.548 million, a decrease of ¥134.403 million from the end of the previous fiscal year. This was mainly due to a ¥134.122 million decrease in long-term borrowings.」
While short-term borrowings increased by ¥970.159 million, long-term borrowings decreased by ¥134.122 million, increasing the tilt toward short-term borrowing and exposure to reliance on borrowings. - FY2020-Q2WorsenedAnnual report
「This was mainly due to a ¥658.121 million increase in short-term borrowings and a ¥68.956 million increase in accounts payable. Non-current liabilities amounted to ¥686.143 million, a decrease of ¥77.809 million from the end of the previous fiscal year. This was mainly due to a ¥77.449 million decrease in long-term borrowings.」
While short-term borrowings increased by ¥658.121 million, long-term borrowings decreased by ¥77.449 million, increasing the tilt toward short-term borrowing. - FY2020-Q1WorsenedAnnual report
「This was mainly due to a ¥398.541 million increase in short-term borrowings and a ¥31.941 million increase in accounts payable.」
While short-term borrowings increased by ¥398.541 million, long-term borrowings decreased by ¥19.306 million, increasing reliance on borrowings and the tilt toward short-term borrowing. - FY2019MitigatedAnnual report
「Interest-bearing debt accounted for 21.0% of total assets at the end of the fiscal year.」
The interest-bearing debt ratio fell from 24.0% in the previous fiscal year to 21.0%. While short-term borrowings decreased by ¥510.000 million, long-term borrowings increased, and the shift toward longer-term borrowing continued. - FY2019-Q3Continued decline in short-term borrowings and increase in long-term borrowingsAnnual report
「Current liabilities amounted to ¥717.464 million, a decrease of ¥513.569 million from the end of the previous fiscal year. This was mainly due to a ¥394.169 million decrease in short-term borrowings. Non-current liabilities amounted to ¥824.344 million, an increase of ¥418.162 million from the end of the previous fiscal year. This was mainly due to a ¥417.448 million increase in long-term borrowings.」
While short-term borrowings decreased by ¥394.169 million, long-term borrowings increased by ¥417.448 million, and the shift in the borrowing mix from short-term to long-term debt continued. - FY2019-Q2Shift from short-term to long-term borrowingsAnnual report
「Current liabilities amounted to ¥810.534 million, a decrease of ¥420.499 million from the end of the previous fiscal year. This was mainly due to a ¥421.665 million decrease in short-term borrowings and a ¥36.897 million decrease in accounts payable. Non-current liabilities amounted to ¥844.523 million, an increase of ¥438.341 million from the end of the previous fiscal year. This was mainly due to a ¥438.297 million increase in long-term borrowings.」
A ¥421.665 million decrease in short-term borrowings coincided with a ¥438.297 million increase in long-term borrowings, shifting the borrowing mix from short-term to long-term debt. - FY2019-Q1MitigatedAnnual report
「This was mainly due to a ¥72.160 million decrease in income taxes payable and a ¥77.607 million decrease in short-term borrowings. This was mainly due to a ¥37.011 million decrease in long-term borrowings.」
Both short-term and long-term borrowings decreased from the end of the previous fiscal year, reducing exposure to reliance on borrowings during the quarter. - FY2018WorsenedAnnual report
「Interest-bearing debt accounted for 24.0% of total assets at the end of the fiscal year.」
The interest-bearing debt ratio rose from 20.8% in the previous fiscal year to 24.0%. An increase in both short-term and long-term borrowings was also reported. - FY2018-Q3WorsenedAnnual report
「Current liabilities amounted to ¥963.051 million, an increase of ¥12.305 million from the end of the previous fiscal year. This was mainly due to an ¥84.201 million increase in short-term borrowings. Non-current liabilities amounted to ¥444.701 million, an increase of ¥123.191 million from the end of the previous fiscal year. This was mainly due to a ¥124.044 million increase in long-term borrowings.」
Short-term borrowings increased by ¥84.201 million and long-term borrowings increased by ¥124.044 million, increasing exposure to reliance on borrowings. - FY2018-Q2WorsenedAnnual report
「This was mainly due to an ¥81.189 million increase in short-term borrowings, a ¥31.312 million increase in accounts payable, and a ¥23.865 million increase in income taxes payable. Non-current liabilities amounted to ¥483.491 million, an increase of ¥161.981 million from the end of the previous fiscal year. This was mainly due to a ¥162.724 million increase in long-term borrowings.」
Short-term borrowings increased by ¥81.189 million and long-term borrowings increased by ¥162.724 million, increasing exposure to reliance on borrowings. - FY2018-Q1WorsenedAnnual report
「Current liabilities amounted to ¥989.650 million, an increase of ¥38.904 million from the end of the previous fiscal year. This was mainly due to a ¥51.876 million increase in short-term borrowings, despite a ¥39.727 million decrease in income taxes payable. Non-current liabilities amounted to ¥364.777 million, an increase of ¥43.267 million from the previous fiscal year. This was mainly due to a ¥43.814 million increase in long-term borrowings.」
Short-term borrowings increased by ¥51.876 million and long-term borrowings increased by ¥43.814 million, increasing exposure to reliance on borrowings. - FY2017WorsenedAnnual report
「Interest-bearing debt accounted for 20.8% of total assets at the end of the fiscal year.」
The interest-bearing debt ratio rose from 20.2% in the previous fiscal year to 20.8%. Short-term borrowings increased by ¥280.000 million, while long-term borrowings decreased by ¥115.980 million, increasing reliance on short-term borrowings. - FY2017-Q3WorsenedAnnual report
「Current liabilities amounted to ¥843.470 million, an increase of ¥110.723 million from the end of the previous fiscal year. This was mainly due to a ¥239.801 million increase in short-term borrowings. Non-current liabilities amounted to ¥356.356 million, a decrease of ¥74.210 million from the end of the previous fiscal year. This was mainly due to an ¥80.612 million decrease in long-term borrowings.」
Short-term borrowings increased by ¥239.801 million and long-term borrowings decreased by ¥80.612 million. The borrowing mix shifted toward short-term debt, increasing exposure to reliance on borrowings. - FY2017-Q2WorsenedAnnual report
「This was mainly due to a ¥190.221 million increase in short-term borrowings. This was mainly due to a ¥116.721 million decrease in long-term borrowings.」
Short-term borrowings increased by ¥190.221 million from the end of the previous fiscal year, while long-term borrowings decreased by ¥116.721 million. Total liabilities increased by ¥77.759 million, changing the borrowing mix and the company's reliance on borrowings. - FY2017-Q1WorsenedAnnual report
「This was mainly due to a ¥148.641 million increase in short-term borrowings. This was mainly due to a ¥62.797 million decrease in long-term borrowings.」
While short-term borrowings increased, long-term borrowings decreased, resulting in a change in the borrowing mix. Total interest-bearing debt on the balance sheet increased from the end of the previous fiscal year. - FY2016First statedAnnual report
「At the end of the fiscal year, interest-bearing debt accounted for 20.2% of total assets.」
The company mainly finances property acquisitions through borrowings from financial institutions and states that increased interest expense or an inability to obtain borrowings in a timely manner could affect operating results and financial condition.