Dependence on Interest-Bearing Debt and Interest-Rate Risk
First written in FY2016. 12 of 22 entries say "Worsened", first in FY2017. Latest entry: FY2026.
Delica Foods Holdings moved to the "Worse" side of this theme in 2019, 2 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".
- FY2026MitigatedAnnual report
「Because the Group primarily finances capital investments in factories, distribution centers and other facilities through borrowings from financial institutions, interest-bearing debt as a percentage of total assets was at generally appropriate level of 37.1% for the fiscal year ended March 2026 (interest-bearing debt, including lease obligations: ¥10,962 million / total assets: ¥29,514 million).」
The interest-bearing debt ratio declined from 47.8% in the previous fiscal year to 37.1%, while interest-bearing debt also declined from ¥13,787 million to ¥10,962 million. Disclosures regarding the risk of rising interest rates continue. - 2026-05-13WorsenedEarnings
「Current liabilities increased 32.3% from the end of the previous consolidated fiscal year to ¥11,102 million. This was mainly attributable to increases of ¥1,550 million in short-term borrowings and ¥488 million in accounts payable, among other factors.」
Although long-term borrowings declined, short-term borrowings increased by ¥1,550 million, indicating greater exposure to short-term interest-bearing debt. - FY2026-H1WorsenedAnnual report
「Current liabilities increased 19.5% from the end of the previous consolidated fiscal year to ¥10,031 million. This was mainly due to an increase of ¥1,550 million in short-term borrowings.」
While long-term borrowings declined by ¥335 million, short-term borrowings increased by ¥1,550 million, expanding short-term exposure to interest-bearing debt. - FY2025-H1MitigatedAnnual report
「Non-current liabilities decreased 7.6% from the end of the previous consolidated fiscal year to ¥9,561 million. This was mainly due to a decrease of ¥725 million in long-term borrowings.」
Non-current liabilities declined 7.6% from the end of the previous fiscal year, while long-term borrowings also decreased by ¥725 million, indicating a partial reduction in exposure to reliance on interest-bearing debt. - FY2024MitigatedAnnual report
「Because the Group primarily finances capital investments in factories, distribution centers and other facilities through borrowings from financial institutions, interest-bearing debt as a percentage of total assets was relatively high at 47.8% for the fiscal year ended March 2024 (interest-bearing debt, including lease obligations: ¥13,787 million / total assets: ¥28,848 million).」
The interest-bearing debt ratio declined from 52.3% for the fiscal year ended March 2022 to 47.8%. Meanwhile, interest-bearing debt stood at ¥13,787 million, and disclosures regarding the risk of rising interest rates continue. - FY2024-Q3WorsenedAnnual report
「Non-current liabilities increased 22.5% from the end of the previous consolidated fiscal year to ¥10,085 million. This was mainly due to an increase of ¥1,740 million in long-term borrowings.」
Long-term borrowings increased by ¥1,740 million, while non-current liabilities also rose 22.5% from the end of the same period of the previous year to ¥10,085 million. Exposure to reliance on interest-bearing debt continues to expand. - FY2024-Q2WorsenedAnnual report
「Non-current liabilities increased 2.2% from the end of the previous consolidated fiscal year to ¥8,413 million. This was mainly due to increases of ¥140 million in long-term borrowings and ¥31 million in "Other" non-current liabilities.」
Non-current liabilities increased 2.2% from the end of the previous fiscal year, while long-term borrowings also increased by ¥140 million. This indicates increased exposure to interest-bearing debt, and a borrowing plan totaling ¥2 billion was also disclosed to finance construction of the Osaka FS Center. - FY2024-Q1MitigatedAnnual report
「Non-current liabilities decreased 3.9% from the end of the previous consolidated fiscal year to ¥7,914 million. This was primarily due to a ¥325 million decrease in long-term borrowings, among other factors.」
Non-current liabilities and long-term borrowings declined from the end of the previous consolidated fiscal year, and exposure to reliance on interest-bearing debt continues to contract in part. - FY2023-Q3MitigatedAnnual report
「Non-current liabilities decreased 8.7% from the end of the previous consolidated fiscal year to ¥7,982 million. This was primarily due to a ¥698 million decrease in long-term borrowings, among other factors.」
Non-current liabilities decreased 8.7% from the end of the previous consolidated fiscal year, while long-term borrowings decreased by ¥698 million, indicating a partial reduction in exposure to interest-bearing debt. - FY2023-Q2MitigatedAnnual report
「Non-current liabilities decreased 4.7% from the end of the previous consolidated fiscal year to ¥8,332 million. This was primarily due to a ¥368 million decrease in long-term borrowings, among other factors.」
Non-current liabilities decreased 4.7% from the end of the previous fiscal year, while long-term borrowings decreased by ¥368 million, indicating a partial reduction in exposure related to reliance on interest-bearing debt. - FY2023-Q1MitigatedAnnual report
「Non-current liabilities decreased 4.1% from the end of the previous consolidated fiscal year to ¥8,383 million. This was primarily due to a ¥334 million decrease in long-term borrowings, among other factors.」
Non-current liabilities decreased 4.1% from the end of the previous consolidated fiscal year, while long-term borrowings decreased by ¥334 million, indicating a partial reduction in exposure related to reliance on interest-bearing debt. - FY2022WorsenedAnnual report
「Interest-bearing debt represented a relatively high 52.3% of total assets as of the fiscal year ended March 2022 (interest-bearing debt, including lease liabilities: ¥11,996 million / total assets: ¥22,945 million).」
The interest-bearing debt ratio increased from 51.4% in the previous fiscal year to 52.3%, while the interest-bearing debt balance also increased to ¥11,996 million. - FY2022-Q3MitigatedAnnual report
「Non-current liabilities decreased 6.2% from the end of the previous consolidated fiscal year to ¥8,025 million. This was primarily due to a ¥518 million decrease in long-term borrowings, among other factors.」
Non-current liabilities and long-term borrowings decreased from the end of the previous consolidated fiscal year, reducing part of the exposure to interest-bearing debt. However, short-term borrowings of ¥2,200 million remain. - FY2021WorsenedAnnual report
「Interest-bearing debt represented a relatively high 51.4% of total assets as of the fiscal year ended March 2021 (interest-bearing debt, including lease liabilities: ¥11,636 million / total assets: ¥22,632 million).」
The interest-bearing debt ratio increased from 45.9% in the previous fiscal year to 51.4%, while the interest-bearing debt balance also increased to ¥11,636 million. - FY2021-Q1WorsenedAnnual report
「Current liabilities increased 29.5% from the end of the previous consolidated fiscal year to ¥6,246 million. This was primarily due to a ¥1,940 million increase in short-term borrowings, despite decreases of ¥261 million in other payables and ¥159 million in accounts payable, among other factors.」
Short-term borrowings increased by ¥1,940 million from ¥260 million at the end of the previous fiscal year to ¥2,200 million, expanding short-term exposure to interest-bearing debt. - FY2020WorsenedAnnual report
「Interest-bearing debt represented a relatively high 45.9% of total assets as of the fiscal year ended March 2020 (interest-bearing debt, including lease liabilities: ¥10,034 million / total assets: ¥21,873 million).」
The interest-bearing debt ratio increased from 39.2% in the previous fiscal year to 45.9%, while the interest-bearing debt balance also increased to ¥10,034 million. - FY2020-Q3WorsenedAnnual report
「Non-current liabilities increased 15.7% from the end of the previous consolidated fiscal year to ¥7,885 million. This was primarily due to a ¥1,013 million increase in long-term borrowings, among other factors.」
Long-term borrowings increased by ¥1,013 million and non-current liabilities increased 15.7% from the end of the previous consolidated fiscal year, indicating a continuing expansion in exposure to interest-bearing debt. - FY2020-Q2WorsenedAnnual report
「Non-current liabilities increased 19.3% from the end of the previous consolidated fiscal year to ¥8,128 million. This was primarily due to a ¥1,257 million increase in long-term borrowings, among other factors.」
Long-term borrowings increased by ¥1,257 million from the end of the previous consolidated fiscal year, and non-current liabilities also increased 19.3%. The figures show an expansion in exposure to interest-bearing debt associated with capital investment and other factors. - FY2019WorsenedAnnual report
「Interest-bearing debt represented a relatively high 39.2% of total assets as of the fiscal year ended March 2019 (interest-bearing debt, including lease liabilities: ¥7,755 million / total assets: ¥19,807 million).」
The interest-bearing debt ratio increased from 38.4% in the previous fiscal year to 39.2%, while the interest-bearing debt balance increased from ¥7,398 million to ¥7,755 million. - FY2018MitigatedAnnual report
「Interest-bearing debt represented a relatively high 38.4% of total assets as of the fiscal year ended March 2018 (interest-bearing debt, including lease liabilities: ¥7,398 million / total assets: ¥19,288 million).」
The interest-bearing debt ratio declined from 41.5% in the previous fiscal year to 38.4%, and the interest-bearing debt balance also decreased from ¥7,495 million to ¥7,398 million. However, the interest-rate risk itself continues to be disclosed. - FY2017WorsenedAnnual report
「Interest-bearing debt represented a relatively high 41.5% of total assets as of the fiscal year ended March 2017 (interest-bearing debt, including lease liabilities: ¥7,495 million / total assets: ¥18,062 million).」
The interest-bearing debt ratio increased from 41.3% in the previous fiscal year to 41.5%, while the interest-bearing debt balance increased from ¥7,099 million to ¥7,495 million. - FY2016First statedAnnual report
「Because our group primarily funds capital investments in plants and logistics centers through borrowings from financial institutions, interest-bearing debt represented a relatively high 41.3% of total assets as of the fiscal year ended March 2016 (interest-bearing debt, including lease liabilities: ¥7,099 million / total assets: ¥17,183 million).」
The possibility of an adverse impact on the financial position and operating performance if interest rates rise is disclosed.