Increase in Borrowings and Liquidity Risk Associated with Acquisitions and Store Expansion
First written in FY2018. 6 of 20 entries say "Worsened", first in FY2021-Q1. Latest entry: FY2026.
TORIDOLL Holdings moved to the "Worse" side of this theme in 2023, 1 year before the typical company in this theme (2024).
The whole theme swung hardest in 2025: 16 of 30 companies on the "Worse" side.
15 other companies' latest entry also says "Mitigated".
- FY2026MitigatedAnnual report
「Cash and cash equivalents at the end of the current consolidated fiscal year decreased by ¥12.383 billion from the end of the previous consolidated fiscal year to ¥69.888 billion, down 15.1% year on year. The net leverage ratio also improved by 0.13 from the end of the previous consolidated fiscal year to 1.98.」
Although the cash balance decreased, the net leverage ratio improved from 2.11 to 1.98 due to decreases in short-term and long-term borrowings and an increase in adjusted EBITDA. - FY2025MitigatedAnnual report
「Cash and cash equivalents at the end of the current consolidated fiscal year increased by ¥11.644 billion from the end of the previous consolidated fiscal year to ¥82.271 billion, up 16.5% year on year. The net leverage ratio, which indicates the balance between liabilities and equity, also improved by 0.45 from the end of the previous consolidated fiscal year to 2.11.」
Cash and cash equivalents increased, and the net leverage ratio improved from 2.56 to 2.11. Short-term borrowings decreased, while the liability mix shifted toward bonds. - FY2025-H1Change in liability composition due to a decrease in short-term borrowings and an increase in bondsAnnual report
「Liabilities at the end of the current interim consolidated fiscal period decreased by ¥2.223 billion from the end of the previous consolidated fiscal year to ¥229.080 billion, down 1.0% from the end of the previous fiscal year. This mainly reflected decreases of ¥17.176 billion in short-term borrowings, ¥3.697 billion in other current liabilities, and ¥1.721 billion in trade and other payables, while bonds increased by ¥20.381 billion from the end of the previous consolidated fiscal year.」
Total liabilities decreased, but short-term borrowings decreased by ¥17.176 billion while bonds increased by ¥20.381 billion, changing the funding mix following acquisitions and growth investments. - FY2024Increase in interest-bearing debt and improvement in net leverageAnnual report
「Interest-bearing debt, including bonds, borrowings and lease liabilities, totaled ¥186.898 billion at the end of the current consolidated fiscal year. The net leverage ratio also improved by 0.13 from the end of the previous consolidated fiscal year to 2.63.」
Interest-bearing debt increased to ¥186.898 billion in connection with the acquisition of Fulham Shore and store expansion, while short-term borrowings and lease liabilities also increased. Meanwhile, the net leverage ratio improved due to an increase in adjusted EBITDA. - FY2024-Q3WorsenedAnnual report
「Liabilities at the end of the third quarter of the current consolidated fiscal year increased by ¥40.504 billion from the end of the previous consolidated fiscal year to ¥228.581 billion, up 21.5% from the end of the previous fiscal year. This mainly reflected increases of ¥18.083 billion in lease liabilities and ¥16.104 billion in short-term borrowings, while long-term borrowings and long-term borrowings due for repayment within one year decreased by ¥2.937 billion and ¥1.449 billion, respectively.」
Liabilities increased by ¥40.504 billion from the end of the previous fiscal year amid business expansion, increasing liquidity and financial exposure through higher lease liabilities and short-term borrowings. - FY2024-Q2WorsenedAnnual report
「Liabilities at the end of the second quarter of the current consolidated fiscal year increased by ¥39.432 billion from the end of the previous consolidated fiscal year to ¥227.510 billion, up 21.0% from the end of the previous fiscal year. This mainly reflected increases of ¥20.002 billion in lease liabilities and ¥16.103 billion in short-term borrowings, while long-term borrowings and long-term borrowings due for repayment within one year decreased by ¥2.983 billion and ¥1.413 billion, respectively.」
Against the backdrop of business expansion, including the acquisition of Fulham Shore, liabilities increased by ¥39.432 billion from the end of the previous fiscal year, with increases in lease liabilities and short-term borrowings disclosed. - FY2024-Q1WorsenedAnnual report
「(3) Borrowing amount ¥16.103 billion (5) Drawdown date 7 July 2023 (6) Contract maturity date 5 July 2024」
The company drew down ¥16.103 billion in borrowings in connection with the acquisition of Fulham, adding borrowings and liquidity exposure associated with acquisitions and store expansion. - FY2023-Q3Increase in cash, bonds and long-term borrowingsAnnual report
「Cash and cash equivalents at the end of the third quarter of the current consolidated fiscal year increased by ¥12.313 billion from the end of the previous consolidated fiscal year to ¥65.776 billion, up 23.0% year on year. Liabilities increased by ¥12.848 billion from the end of the previous consolidated fiscal year to ¥183.710 billion, up 7.5% year on year. This mainly reflected increases of ¥3.962 billion in bonds, ¥2.638 billion in long-term borrowings due within one year, and ¥2.097 billion in long-term borrowings from the end of the previous consolidated fiscal year.」
Cash and cash equivalents increased by ¥12.313 billion from the end of the previous fiscal year, while bonds, long-term borrowings due for repayment within one year, and long-term borrowings increased, resulting in a ¥12.848 billion increase in liabilities. - FY2023-Q2Increase in cash and long-term borrowingsAnnual report
「Cash and cash equivalents at the end of the second quarter of the current consolidated fiscal year increased by ¥11.357 billion from the end of the previous consolidated fiscal year to ¥64.820 billion, up 21.2% year on year. This mainly reflected proceeds of ¥9.7 billion from long-term borrowings, while repayments of lease liabilities used ¥9.143 billion and repayments of long-term borrowings used ¥6.554 billion.」
Cash and cash equivalents increased by ¥11.357 billion from the end of the previous fiscal year, while ¥9.7 billion in long-term borrowings and ¥6.554 billion in repayments of long-term borrowings were recorded, indicating a cash flow position involving borrowings. - FY2023-Q1Increase in cash, decrease in long-term borrowingsAnnual report
「Cash and cash equivalents at the end of the first quarter of the current consolidated fiscal year increased by ¥2.294 billion from the end of the previous consolidated fiscal year to ¥55.757 billion, up 4.3% year on year. This mainly reflected increases of ¥4.314 billion in intangible assets and goodwill and ¥2.294 billion in cash and cash equivalents, while right-of-use assets decreased by ¥2.589 billion from the end of the previous consolidated fiscal year.」
Cash and cash equivalents increased by ¥2.294 billion from the end of the previous fiscal year to ¥55.757 billion. Long-term borrowings also decreased by ¥2.988 billion from the end of the previous fiscal year. - FY2022MitigatedAnnual report
「Cash and cash equivalents at the end of the current consolidated fiscal year were ¥53.463 billion, up 114.1% year on year. The net leverage ratio also improved by 3.50 from the end of the previous consolidated fiscal year to 3.30.」
The increase in cash and cash equivalents, decrease in short-term borrowings, and improvement in the net leverage ratio from 6.80 to 3.30 reduced liquidity and financial exposure. - FY2022-Q3Increase in cash and long-term borrowings, decrease in short-term borrowingsAnnual report
「Cash and cash equivalents at the end of the third quarter of the current consolidated fiscal year increased by ¥24.281 billion from the end of the previous consolidated fiscal year to ¥49.250 billion, up 97.2% year on year.」
Cash and cash equivalents increased by ¥24.281 billion from the end of the previous fiscal year. Short-term borrowings decreased by ¥3.0 billion, while long-term borrowings increased by ¥1.276 billion, indicating a cash flow position involving borrowings. - FY2022-Q2Increase in cash and long-term borrowings, decrease in short-term borrowingsAnnual report
「Assets at the end of the second quarter of the current consolidated fiscal year increased by ¥419 million from the end of the previous consolidated fiscal year to ¥209.830 billion, up 0.2% year on year. This mainly reflected a ¥5.003 billion increase in cash and cash equivalents, while right-of-use assets, trade and other receivables, deferred tax assets, and other financial assets decreased by ¥2.143 billion, ¥880 million, ¥743 million, and ¥729 million, respectively, from the end of the previous consolidated fiscal year.」
Cash and cash equivalents increased by ¥5.003 billion from the end of the previous fiscal year. Short-term borrowings decreased by ¥2.999 billion, while long-term borrowings increased by ¥3.998 billion, indicating a cash flow position involving borrowings. - FY2022-Q1Increase in cash and long-term borrowingsAnnual report
「Cash and cash equivalents at the end of the first quarter of the current consolidated fiscal year increased by ¥8.367 billion from the end of the previous consolidated fiscal year to ¥33.336 billion, up 33.5% year on year. This mainly reflected proceeds of ¥12.025 billion from long-term borrowings, while repayments of long-term borrowings used ¥5.563 billion and repayments of lease liabilities used ¥3.902 billion.」
Cash and cash equivalents increased by ¥8.367 billion from the end of the previous fiscal year, while proceeds of ¥12.025 billion from long-term borrowings were also recorded. The company disclosed its cash flow position, which involved borrowing. - FY2021WorsenedAnnual report
「The net leverage ratio also deteriorated by 2.78 from the end of the previous consolidated fiscal year to 6.80. This was mainly due to a ¥1.1479 billion decrease in adjusted EBITDA.」
The net leverage ratio deteriorated from 4.02 to 6.80 due to the decrease in adjusted EBITDA, increasing liquidity and financial risk associated with reliance on borrowings. - FY2021-Q3Decrease in short-term borrowings and increase in cash balanceAnnual report
「Cash and cash equivalents at the end of the third quarter of the current consolidated fiscal year increased by ¥3.074 billion from the end of the previous consolidated fiscal year to ¥28.875 billion, up 11.9% year on year. This mainly reflected a net increase in short-term borrowings of ¥6.994 billion and proceeds of ¥9.146 billion from long-term borrowings, while repayments of long-term borrowings used ¥8.909 billion and repayments of lease liabilities used ¥11.525 billion.」
Cash and cash equivalents increased by ¥3.074 billion from the end of the previous fiscal year, while short-term borrowings increased by ¥6.994 billion. The company disclosed its cash flow position, which relied on borrowings. - FY2021-Q2WorsenedAnnual report
「Cash and cash equivalents at the end of the second quarter of the current consolidated fiscal year decreased by ¥3.777 billion from the end of the previous consolidated fiscal year to ¥22.025 billion, down 14.6% year on year. This mainly reflected a ¥6.994 billion increase in short-term borrowings, while long-term borrowings decreased by ¥5.225 billion from the end of the previous consolidated fiscal year.」
Cash and cash equivalents decreased by ¥3.777 billion from the end of the previous fiscal year, while short-term borrowings increased by ¥6.994 billion, increasing liquidity exposure. - FY2021-Q1WorsenedAnnual report
「Assets at the end of the first quarter of the current consolidated fiscal year decreased by ¥1.178 billion from the end of the previous consolidated fiscal year to ¥208.8 billion, down 0.6% year on year. This mainly reflected a ¥3.679 billion increase in right-of-use assets, while cash and cash equivalents decreased by ¥5.050 billion from the end of the previous consolidated fiscal year.」
Cash and cash equivalents decreased by ¥5.050 billion from the end of the previous fiscal year, while short-term borrowings increased by ¥3.994 billion. The company quantified its cash flow and liquidity exposure. - FY2020MitigatedAnnual report
「The company will use the ¥30.0 billion short-term borrowing facility to maintain sufficient cash on hand.」
To address cash flow risks associated with the COVID-19 pandemic, the company secured ¥30.0 billion in short-term borrowing facilities, comprising a ¥21.0 billion commitment line and a ¥9.0 billion overdraft facility. - FY2018First statedAnnual report
「Liquidity risk is the risk of difficulty in fulfilling obligations related to financial liabilities that the Group settles with cash or other financial assets. The Group manages liquidity risk by preparing and updating cash flow plans for trade payables and borrowings in a timely manner.」
Against the backdrop of acquisitions and other factors, the carrying amount of borrowings was ¥50.024 billion, while contractual cash flows due within one year were ¥39.851 billion. The company described liquidity management through cash flow planning.